Name Published Date Last Update Date File Content
IDOX Half Year Trading Update 19/05/2020 19/05/2020 <div class="dv"> <p style="text-align: center;" class="fq"><strong><span class="fn">Idox plc<br /></span></strong><strong><span class="fn">(</span><span class="fl">'Idox', 'We' or the </span><span class="fl">'Group'</span><span class="fl">)<br /></span></strong><strong><span class="fn">FY20 H1 Trading Update</span></strong></p> <p class="fs"><span class="fi">ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset intensive sectors, is pleased to issue a trading update in respect of the first half of its financial year, the six months ended 30 April 2020 ("FY20 H1").</span></p> <p class="fs"><span class="fi">Idox continues to make strong progress across all its activities and expects to report results for FY20 H1 in line with the Board's expectations.</span></p> <p class="ft"><strong><span class="fi">Financial Summary</span></strong></p> <p class="fs"><span class="fi">The Group expects to report the following results for FY20 H1:</span></p> <ul> <li class="fu"><span class="fw">Revenue of £35.1m (2019 H1: £31.0m restated<sup>1</sup>), an increase of 13% (10% organic).</span></li> <li class="fx"><span class="fd">Adjusted EBITDA<sup>2</sup><span> </span>of £9.6m (</span><span class="fy">2019 H1</span><span class="fd">: £4.1m restated<sup>1</sup>), a significant increase of 138%. Adjusted EBITDA<sup>2</sup><span> </span>margin improved to 27% (</span><span class="fy">2019 H1:</span><span class="fd"><span> </span>13%, restated<sup>1</sup>).</span></li> <li class="fz"><span class="fa">Net debt at 30 April 2020 of £14.3m (30 April 2019: £25.4m, 31 Oct 2019: £26.4m), a significant decrease, giving a net debt to EBITDA ratio of 0.7 (<span class="ga">net debt / trailing 12 months Adjusted EBITDA)</span>.</span></li> </ul> <p class="gb"><sup><span class="ex">1</span></sup><span class="ex"><span> </span>2019 H1 figures restated as disclosed in the FY19 Annual Report.<br /></span><sup><span class="ex">2</span></sup><span class="ex"><span> </span>Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs.</span></p> <p class="ft"><strong><span class="fi">'Four Pillars' programme</span></strong></p> <p class="fs"><span class="fi">We are pleased to advise on our progress across the Group in the following areas:</span></p> <ul> <li class="fz"><strong><span class="ev">Revenue</span></strong><span class="ev"><strong> enhancement</strong><span> </span>- we continue to improve sales governance and execution, including analysing in detail the revenue opportunities in our existing customer base and markets. During the period we have gone live with the Group's first ever business-wide CRM and have consolidated all the Group's marketing activities.</span></li> <li class="fz"><strong><span class="ev">Margin enhancement</span></strong><span class="ev"><span> </span>- we are consolidating common operations and identifying opportunities to move customers and products to the cloud to drive long-term margins. During the period we have completed the consolidation of the Group's nine customer support desks to a single support portal and are firmly on track with the integration of Tascomi, which was acquired in July 2019.</span></li> <li class="fz"><strong><span class="ev">Communication</span></strong><span class="ev"><span> </span>- During the period we completed the Group's first ever business-wide roadshow directly presenting to two-thirds of all employees and have increased regular employee engagement during lockdown.</span></li> <li class="gd"><strong><span class="ev">Organisation simplicity</span></strong><span class="ev"><span> </span>- we have streamlined the Group's activities and responded to employee feedback to remove unnecessary organisational complexity. During the period (and prior to the pandemic) we have exited all operations in Malta and the Republic of Ireland, which were sub-scale, and are in the process of consolidating our UK operations to a single entity to drive further efficiencies.</span></li> </ul> <p class="ge"><strong><span class="fi">Notice of Results</span></strong></p> <p class="fs"><span class="fi">The Group expects to report its FY20 H1 results on Monday 15 June 2020. Management intends to host a results webinar on the day. Please contact MHP Communications to register your interest.</span></p> <p class="gf"><strong><span class="fi">Covid-19 Pandemic</span></strong></p> <p class="a"><span class="fi">The Group continues to regularly assess the impact of the Covid-19 pandemic on its immediate trading and longer-term prospects. The assessments performed and disclosed in our FY19 results in early April 2020 remain valid and the current year financial performance is expected to be in line with existing expectations. As planned, Idox has not needed to participate in any government job retention schemes.</span></p> <p class="a"><span class="fi">Idox has benefitted from the fact that its business model has, for a number of years, included a large number of employees operating remotely. Therefore the move to home working across the Group was seamless and readily adopted and has ensured we have had suitable structures in place to monitor employee health and wellbeing.</span></p> <p class="a"><span class="fi">The Group continues to manage carefully the exposures identified, and support our health, local authority and private sector customers to deal with the ongoing impacts arising from the pandemic.</span></p> <p class="gg"><strong><span class="fi">David Meaden, Chief Executive of Idox said:</span></strong></p> <p class="fs"><span class="fi">"Idox has delivered revenue growth and visibility, improved margins and strong cash generation.  We have focused our efforts around our 'four pillars' programme to improve revenue, margins, communication and organisational simplicity.</span></p> <p class="fs"><span class="fi">"We are now in our 'run' phase, having created a stable baseline of profitable growth and having executed our business plan with greater focus and discipline during the 'walk' phase last year; we are building real momentum across the Group to create value for employees, shareholders and other partners.</span></p> <p class="fs"><span class="fi">"The Group has successfully risen to the challenges caused by the Covid-19 pandemic. Our core business model of home working and focus on the public sector means Idox is well placed to deal with the unfolding impacts of Covid-19. We continue to manage the exposures in the business, and support our customers, employees and wider communities. Consequently, we remain cautiously optimistic about the future."</span></p> <p class="a"><strong><span class="fi">For further information please contact</span><span class="fi">:</span></strong></p> <p><strong>Idox plc                                                      </strong>+44 (0) 870 333 7101<br />Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>Peel Hunt LLP (NOMAD and Broker)         </strong>+44 (0) 20 7418 8900<br />Edward Knight<br />Nick Prowting<br />James Steel</p> <p><strong>MHP Communications                                </strong>+ 44 (0) 203 128 8100<br />Reg Hoare                                                   <a rel="noopener" href="mailto:idox@mhpc.com" target="_blank">idox@mhpc.com</a><br />James Bavister<br />Amy O'Sullivan</p> <p><strong>About Idox plc<br /></strong>For more information see <a rel="noopener" href="https://www.idoxgroup.com/investors/" target="_blank">www.idoxplc.com</a> @Idoxgroup</p> <p class="a"><span class="dw"> </span></p> </div>
Posting of Annual Report and Notice of AGM 01/05/2020 01/05/2020 <p style="text-align: center;" class="bw"><strong><span class="bt">Idox plc<br /></span></strong><span class="by">(</span><strong><span class="bz">'</span><span class="ca">Idox</span></strong><span class="bz">'</span><span class="cb"> </span><span class="cc">or<span> the</span><strong> </strong></span><strong><span class="bz">'</span><span class="cb">Group</span><span class="bz">'</span></strong><span class="cb"> </span><span class="cd">or the </span><strong><span class="bz">'</span><span class="cb">Company</span><span class="bz">'</span></strong><span class="ce">)<br /></span><span class="bt">Posting of Annual Report and Notice of AGM</span></p> <p class="cf"><span class="bm">ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset-intensive sectors, announces that its Annual General Meeting of shareholders will be held at 10.30am on 28 May 2020. In order to comply with relevant legal requirements, this year's AGM will be convened with the minimum necessary quorum of two shareholders. This will be facilitated by the Company.</span></p> <p class="cf"><span class="bm">The Annual Report and Accounts for the financial year ended 31 October 2019 and Notice of Annual General Meeting will be posted today, 1 May 2020, to those shareholders who have elected not to receive electronic communications. Electronic copies are currently  available on the Company's website at<span> </span></span><span class="bk"><a rel="noopener" href="http://www.idoxplc.com/" target="_blank">www.idoxplc.com</a></span><span class="bt">.</span></p> <p class="cf"><span class="bm">The Board of Idox recognises that our AGM represents an opportunity to engage with our shareholders, and a forum that enables shareholders to ask questions of, and speak directly with, our board.  However, following Government guidance, in respect of measures to limit the impact and spread of COVID-19  there is a restriction on all non essential travel and on all gatherings of more than two people in public. This means that regretfully shareholders may not attend this year's AGM.</span></p> <p class="cf"><span class="bm">In addition, members are invited to submit any questions they may have by email to<span> </span></span><span class="bk"><a rel="noopener" href="mailto:agm@idoxgroup.com" target="_blank">agm@idoxgroup.com</a></span><span class="bt"><span> </span>by 10.30 am on 27 May 2020. Responses to questions will be published on our website (</span><span class="bm"><a rel="noopener" href="http://www.idoxplc.com/" target="_blank">www.idoxplc.com</a></span><span class="bt">) following the AGM.</span></p> <p class="cf"><span class="bm">We would encourage our shareholders to cast their votes in respect of the business of the AGM as early as possible.  This can be done by completing a proxy form or submitting proxy instructions electronically.  Shareholders are encouraged to appoint the 'Chair of the meeting' as their proxy to vote on their behalf. Proxy instructions must be received by 26 May 2020.  </span></p> <p class="cf"><span class="bm">Shareholders should continue to monitor the Company's website and announcements for any updates regarding the AGM.</span></p> <p class="cf"><span class="bm">The Board would like to thank all our shareholders for their understanding and support during this time, and look forward to meeting you in person at future AGMs.</span></p> <p class="cg"><strong><span class="bk">Enquiries:</span></strong></p> <p><strong>Idox plc  </strong>                                                    +44 (0) 870 333 7101<br />Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>Peel Hunt LLP (NOMAD and Broker) </strong>       +44 (0) 20 7418 8900<br />Edward Knight<br />Nick Prowting<br />James Steel</p> <p><strong>MHP Communications  </strong>                            + 44 (0) 203 128 8100<br />Reg Hoare                                                  <a rel="noopener" href="mailto:idox@mhpc.com" target="_blank">idox@mhpc.com</a><br />James Bavister<br />Amy O'Sullivan</p> <p class="cm"><strong><span class="ap">About Idox plc</span></strong></p> <p class="cn"><span class="ap">For more information see </span><span class="bi"><a rel="noopener" href="http://www.idoxplc.com/" target="_blank">www.idoxplc.com</a></span><span class="an"> </span><span class="am">@Idoxgroup</span><span class="an"> </span></p>
Holding(s) in Company 28/04/2020 28/04/2020 /media/2996/tr1_notification-of-interest-in-shares.pdf
A New Dawn 20/04/2020 20/04/2020 <p>Idox presents an unusual investment opportunity - a business deeply embedded in customer markets for many years (even decades) but one also ready to benefit from a major revitalisation, to move with its customers to more modern and higher margin SaaS-based delivery and relatively resilient to Covid-19 pressures. We provide an overview of the group, and look forward to 2020 delivering on the back of a solid 2019 result.</p> <p><a href="https://www.progressive-research.com/research/a-new-dawn/">Click here for full analysis</a></p> <p><a href="https://www.progressive-research.com/register/">Subscribe</a> to Progressive's research, which is freely available to every type of investor, and be kept informed about our regular programme of investor engagement.</p> <p><strong>About Progressive</strong>:<br /><br />Progressive is an equity research and investor engagement company. FCA authorised and regulated, the firm has a 15-strong team of highly experienced analysts. We provide Institutional grade research and connect companies with investors across every sector of the market.</p> <p><a href="http://www.progressive-research.com/">www.progressive-research.com</a></p>
Directorate Changes 14/04/2020 14/04/2020 <p style="text-align: center;" class="ca"><strong><span class="bx">Idox plc<br /></span></strong><strong><span class="cc">(</span><span class="cd">'</span><span class="ce">Idox</span><span class="cd">'</span><span class="cf"> </span><span class="cg">or the </span><span class="cd">'</span><span class="cf">Group</span><span class="cd">'</span><span class="cf"> </span><span class="ch">or the </span><span class="cd">'</span><span class="cf">Company</span><span class="cd">'</span><span class="ci">)<br /></span></strong><strong><span class="bx">Directorate Changes</span></strong></p> <p style="text-align: left;" class="cj"><span class="bq">ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset-intensive sectors, announces that Oliver Scott, Non-Executive Director, has decided to step down from the Company's Board with immediate effect. At the same time, Idox is also pleased to announce the appointment of Alice Cummings as a Non-Executive Director, with immediate effect.</span></p> <p class="cj"><span class="bq">Alice is a Vice-Chair of Cottsway Housing Association and a Non-Executive Director of Health Intelligence. She was formerly Group CFO at the InHealth Group, the healthcare services and solutions business for over seven years, where she had responsibilities for risk management, digital and IT, people services and commercial teams. During her career, she also spent over 16 years in commercial, operational and financial roles with the AEA Group, a main listed environmental, energy efficiency and data management consultancy, ultimately as Group CFO. She is qualified as an FCA, having started her career with PricewaterhouseCoopers.</span></p> <p class="ck"><em><strong><span class="bq">Chris Stone, Non-Executive Chairman of Idox, commented on the Board changes:</span></strong></em></p> <p class="cj"><span class="bq">"Oliver joined the Idox board on 1 November 2018 at a time when the Company was facing significant challenges. His appointment was the first step in a major refresh of the Board. Since then, Idox has successfully addressed those challenges and, led by a newly constituted Board, senior management and finance teams, is making good progress in implementing a strategy to deliver value for clients and shareholders. I would like to thank Oliver for his substantial contribution to the Company's progress over this period.</span></p> <p class="cj"><span class="bq">As Oliver steps down, we are pleased to have appointed Alice to Idox's Board. She joins us at an important stage following our turnaround in the last financial year and brings with her excellent judgement and a strong track record of success. Her depth of executive experience in strategy and governance, will enable her to make a significant contribution to the Board."</span></p> <p class="ck"><em><strong><span class="bq">Oliver Scott commented on the Board change:</span></strong></em></p> <p class="cj"><span class="bq">"It has been a pleasure working with Idox over the past 18 months. The team has risen to the challenges faced by the Group in a remarkably short space of time. They have established a clean platform from which to grow and have developed a clear strategy that is now being implemented. Idox is a great company with excellent prospects and I wish the team all the best for the future."</span></p> <p class="cj"><span class="bq">The following information is disclosed in accordance with Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules for Companies:<br /><br /></span></p> <table border="0" cellspacing="0" cellpadding="0" width="561" height="1077" class="cl"> <tbody> <tr> <td class="bl" valign="top"> <p class="cm"><span class="bn">Full name and age:</span></p> </td> <td class="bk" valign="top"> <p class="cm"><span class="bn">Alice Sarah Louise Cummings, aged 56</span></p> </td> </tr> <tr> <td class="bj" valign="top"> <p class="cm"><span class="bn">Current Directorships:</span></p> </td> <td class="bi" valign="top"> <p class="cm"><span class="bn">Cottsway Housing Association Ltd</span></p> <p class="cm"><span class="bn">Cottsway 2 Housing Association</span></p> <p class="cm"><span class="bn">Health Intelligence Limited</span></p> </td> </tr> <tr> <td class="bj" valign="top"> <p class="cm"><span class="bn">Former Directorships (previous 5 years):</span></p> </td> <td class="bi" valign="top"> <p class="cm"><span class="bn">Cardinal InHealth Limited</span></p> <p class="cm"><span class="bn">e-Locum Services Limited</span></p> <p class="cm"><span class="bn">Euroclinics (UK) Limited</span></p> <p class="cm"><span class="bn">InHealth (London) Limited</span></p> <p class="cm"><span class="bn">InHealth CATS Limited</span></p> <p class="cm"><span class="bn">InHealth Community Solutions Limited</span></p> <p class="cm"><span class="bn">InHealth Diagnostic &amp; Imaging Limited</span></p> <p class="cm"><span class="bn">InHealth Diagnostics and Healthcare Solutions Limited</span></p> <p class="cm"><span class="bn">InHealth Echotech Limited (formerly Echotech Limited)</span></p> <p class="cm"><span class="bn">InHealth Endoscopy Limited (Prime Diagnostics Limited formerly)</span></p> <p class="cm"><span class="bn">InHealth Facilities Management Limited</span></p> <p class="cm"><span class="bn">InHealth Group Holdings Plc</span></p> <p class="cm"><span class="bn">InHealth Group Limited</span></p> <p class="cm"><span class="bn">InHealth Limited</span></p> <p class="cm"><span class="bn">InHealth Molecular Imaging Limited</span></p> <p class="cm"><span class="bn">InHealth Pain Management Solutions Limited</span></p> <p class="cm"><span class="bn">InHealth Properties Limited</span></p> <p class="cm"><span class="bn">InHealth Reporting Limited  (formerly Medical Imaging Group Ltd)</span></p> <p class="cm"><span class="bn">InHealth Ventures Limited</span></p> <p class="cm"><span class="bn">Lister InHealth Limited</span></p> <p class="cm"><span class="bn">London Centre for Advanced Diagnostics Limited</span></p> <p class="cm"><span class="bn">Medical Imaging Audit and Accreditation Limited</span></p> <p class="cm"><span class="bn">Preventicum UK Limited</span></p> <p class="cm"><span class="bn">Prime Endoscopy (Bristol) Limited</span></p> <p class="cm"><span class="bn">The London Upright MRI Company Limited</span></p> <p class="cm"><span class="bn">United Open MRI Limited</span></p> <p class="cm"><span class="bn">Vista Diagnostics Limited</span></p> <p class="cm"><span class="bn">Yorkshire Upright MRI Centre Limited</span></p> </td> </tr> </tbody> </table> <p><br />There is no further information required to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies.</p> <p style="text-align: center;"><strong>-Ends-</strong></p> <p><strong>Enquiries</strong>:</p> <p><strong>Idox plc</strong>                                                 +44 (0) 870 333 7101<br />Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>Peel Hunt LLP (NOMAD and Broker)       </strong>+44 (0) 20 7418 8900<br />Edward Knight<br />Nick Prowting<br />James Steel</p> <p><strong>MHP Communications                             </strong>+ 44 (0) 203 128 8100<br />Reg Hoare                                                <a href="mailto:idox@mhpc.com">idox@mhpc.com</a><br />Patrick Hanrahan<br />Amy O'Sullivan</p> <p><strong>About Idox plc</strong></p> <p>For more information see <a href="http://www.idoxplc.com">www.idoxplc.com</a> <a href="https://twitter.com/idoxgroup?lang=en" data-anchor="?lang=en">@Idoxgroup</a></p> <p> </p>
Idox plc Final Results FY2019 14/04/2020 14/04/2020 <p style="text-align: center;"><strong>Idox plc</strong><br /><strong>('Idox' or the 'Group' or the 'Company')</strong><br /><strong>FY19 Results</strong></p> <p style="text-align: left;">ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset intensive sectors, is pleased to report its financial results for the year ended 31 October 2019.</p> <p style="text-align: left;">The Group’s audit has now been finalised with an unmodified audit opinion and the Group reports its final results in line with its trading update of 16 March 2020. This follows earlier announcements that extra time was taken during the audit to ensure that the accounting and disclosure of items identified in respect of prior periods was complete, which was then subsequently extended by the FCA’s moratorium on the publication of results due to Covid-19.</p> <p style="text-align: left;">Idox along with most companies has been impacted by the emerging Covid-19 pandemic. We continue to assess the impact of the Covid-19 pandemic on the business, taking actions to mitigate or limit the impacts on our organisation where we can and supporting our staff, customers and partners in dealing with the emerging situation. As part of the preparation of our FY19 results, the Group has carefully assessed the likely impact of the Covid-19 pandemic on our business and considered specifically changes in the way we engage with our customers, staff, supply chains and banking partners. Idox is fundamentally resilient to the Covid-19 pandemic due to the Group's high recurring revenue base, its focus on public sector markets and the high proportion of staff that routinely work from home. The Group retains significant liquidity with cash and available committed bank facilities and has strong headroom against financial covenants. We continue to monitor the situation as it continues to evolve and adapt our approach as required.</p> <p><strong>Financial highlights:</strong></p> <ul> <li>Revenue of £65.5m (2018: £66.4m for continuing business, restated for prior year adjustments as disclosed in note 4). </li> <li>Revenue visibility significantly improved, with annualised recurring revenue run rate at 31 October 2019 up 20% to £38.9m following adoption of IFRS 15 (16% organic).</li> <li>Order book for contracted software and services up 29% to £12.1m. </li> <li>Adjusted EBITDA*: £14.4m (2018: £13.6m, restated) for continuing business. Adjusted EBITDA* margin improved to 22% (2018: 20%, restated).</li> <li>Cash conversion of Adjusted EBITDA* to net cash from operating activities improved to 86% (2018: 72%, restated).  Free cashflow of £4.4m (2018: £4.2m inflow).</li> <li>Adjusted EPS** for continuing operations 1.30p (2018: 2.23p, restated).</li> <li>Net debt*** at 31 October 2019 down 17% at £26.4m (2018: £31.8m).</li> <li>Post year end, new banking arrangements put in place for a £35m, three-year revolving credit facility.</li> </ul> <p style="text-align: left;"><strong>Statutory Equivalents:</strong></p> <p style="text-align: left;">Reconciliations between adjusted and statutory earnings are contained within these financial statements. The statutory equivalents of the above results are as follows:</p> <ul> <li style="text-align: left;">Loss before tax £0.03m (2018: £30.2m loss, restated) for continuing operations, including an impairment charge of £Nil (2018: £33.3m). Loss before tax on discontinued operations of £0.6m (2018: £9.7m).</li> <li style="text-align: left;">Basic EPS loss of 0.26p (2018: loss 6.67p, restated) for continuing operations. Basic EPS loss of 0.14p (2018: loss 2.19p) on discontinued operations.</li> </ul> <p style="text-align: left;"><em>Alternative Performance Measures</em></p> <p style="text-align: left;">These items are excluded from statutory measures of profit to present a measure of cash earnings from underlying activities on an ongoing basis. This is a standard methodology in the capital markets in which we operate and how management, shareholders and other stakeholders track performance.</p> <p style="text-align: left;">* Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition costs, impairment, financing costs and share option costs. Share option costs are excluded from Adjusted EBITDA as this is a standard measure in the industry and how management and our shareholders track performance.</p> <p style="text-align: left;">** Adjusted profit before tax and adjusted EPS excludes amortisation on acquired intangibles, restructuring, financing, impairment and acquisition costs.</p> <p style="text-align: left;">*** Net debt is defined as cash less third party borrowings less long term bond.</p> <p style="text-align: left;"><strong>Operational highlights:</strong></p> <ul> <li style="text-align: left;">New Board, new senior management and finance teams, with improved accounting practices; enhanced employee, customer and shareholder engagement; full integration of prior period acquisitions; and improved governance throughout the organisation.</li> <li style="text-align: left;">Disposed of our loss-making Digital business in November 2018 which was classed as discontinued operations in the prior year accounts.</li> <li style="text-align: left;">Settled a number of operational legacy issues, including disposal of surplus offices, resolved all outstanding material litigation, resolved a number of customer disputes and initiated focus on recurring revenue, ceased loss-making or unsustainable products, and secured long-term supply arrangements with a number of key software partners.</li> <li style="text-align: left;">Acquired Tascomi, a cloud-native supplier of solutions to our core Local Authority property and environmental services markets, in July 2019 to enhance the Group's technological capabilities and market leading positions.</li> <li style="text-align: left;">The acquisition was funded by a £7.4m equity placing.</li> <li style="text-align: left;">Established new sales and marketing methodologies to identify our strongest markets and align existing and new resources to maximise the growth opportunities we are presented with.</li> <li style="text-align: left;">A continued focus on managing costs to drive increased profitability, and a focus on achieving positive trading terms with our partners to ensure a high level of cash conversion and generation from our operations.</li> </ul> <p><strong>David Meaden, Chief Executive of Idox said:</strong></p> <p>“This has been a turnaround year for Idox. We enter FY20 on a sound footing having secured new financing arrangements, reduced debt, improved recurring income and overhauled our governance structures, addressing the material legacy issues impacting the Group over the previous 18 months. Our attention is now focussed on customer and employee engagement, growing in our chosen markets and improving margins and cash. We have strong products that are essential for high performing organisations, including our large portfolio of public bodies, seeking to modernise and transform the way they deliver their services.</p> <p>Cash conversion in the Group has improved notably within the year compared to prior periods, as our revenues and profit are closer linked to services we provide and so more tightly aligned to payments the Group receives for work delivered to our customers. Following the improvements seen in FY19, the Board has full confidence in the Group’s future prospects and currently intends to introduce a final dividend in respect of the year ending 31 October 2020.</p> <p>We have a high degree of confidence that we will continue to create value at Idox for employees, customers, shareholders and other stakeholders as we build on the achievements of FY19 and deliver on the ambitious targets we have set ourselves for FY20 and beyond”.</p> <p><strong>For further information please contact:</strong><br /><strong>Idox plc </strong>                                                  +44 (0) 870 333 7101<br />Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>Peel Hunt LLP (NOMAD and Broker)</strong>       +44 (0) 20 7418 8900<br />Edward Knight<br />Nick Prowting<br />James Steel<br /><br /><strong>MHP Communications</strong>                              + 44 (0) 203 128 8100<br />Reg Hoare                                                 <a rel="noopener" href="mailto:idox@mhpc.com" target="_blank"> idox@mhpc.com</a><br />Patrick Hanrahan<br />Amy O’Sullivan</p> <p><strong>About Idox plc</strong><br />For more information see <a rel="noopener" href="/ww.idoxplc.com" target="_blank">www.idoxplc.com</a> @Idoxgroup</p> <p><strong>ANNUAL FINANCIAL REPORT ANNOUNCEMENT</strong></p> <p>The extracts below are from the Annual Financial Report 2019. Note references refer to notes included in this Annual Financial Report Announcement 2019.</p> <p><strong>CHAIRMAN’S STATEMENT</strong></p> <p><strong>Introduction</strong><br />I joined our company as Chairman in November 2018, and reflected that the financial year ending in October of that year had been very busy, with the management team and Board spending a lot of time on issues that needed to be resolved for the good of all of our stakeholders, but which were not directly linked to delivering value for our customers.</p> <p>More recently Idox along with most companies has been impacted by the emerging Covid-19 pandemic. We continue to assess the impact of the Covid-19 pandemic on the business, taking actions to mitigate or limit the impacts on our organisation where we can and supporting our staff, customers and partners in dealing with the emerging situation.</p> <p>Idox is a very resilient business, as the core of our Group operates in public sector markets which we anticipate will continue to be robust; in the normal course of business a high proportion of staff are long-term homeworkers meaning the challenges and impact of the switch to predominantly remote working is much lower than for many other organisations. In addition, we have high levels of recurring and repeating revenues, and can continue to deliver products and services remotely with no  need for physical contact. We also have significant headroom in our banking facilities following the successful re-negotiation that was completed on 19 December 2019. We remain very vigilant as to the impact of the pandemic, and we are in a strong operational and trading position to react as necessary. Further details regarding the impact of the Covid-19 pandemic and the Group’s response are provided in the Going Concern disclosures included within note1.</p> <p>As the year ended 31 October 2019 has unrolled, further issues relating to historic accounting and management practices emerged, resulting in various prior period restatements and a number of improvements to our overall governance and controls framework as detailed in our Audit Committee Report and notes to our financial statements. I am pleased to say that, following the audit, all of these issues have been dealt with effectively, and all the indicators, the balance between order book, utilisation, revenue and cash, tell us that there are no more of these historical issues to emerge. I understand the frustration of our shareholders that we have had to spend so much time on these legacy issues, and that they have consequently impacted our expected performance, but I am happy to report that we are at the end of this phase of the Idox story. Our Executive Management Team (EMT) has done an excellent job in working through the issues, dealing with them quickly and in a transparent way, and putting the business on a good footing to go forwards.</p> <p>A major component of the stabilisation programme has been a significant upgrade in our management team. We have welcomed new colleagues to lead our Finance, Software Development, Operations and Sales organisations, and as a result, we have a much stronger team, with the skills and experience to drive the business forwards as we focus on the core of our business, building and delivering products and services that deliver clear value for our customers. This is not a new strategy. As I stated in last year’s Annual Report, our strategy of building discrete software and software enabled services businesses around specific Intellectual Property (IP) assets has allowed us to build market leading positions in a number of very attractive market segments, where we enjoy the benefits of delivering differentiated products and services to customers that deliver tangible and lasting value for them. This has led to us building long lasting relationships based on mutual value creation. The power of such a niche strategy is evident in the length of many of our relationships, the depth of penetration in the segments we target, and the margins that we enjoy as a result of the differentiated value that we deliver. Now that we have dealt with the distractions, and associated cost burdens, of the legacy issues, we can concentrate on doubling down on this strategy, and expect to see the benefits of that focus lead to a significant improvement in our own margins.</p> <p>Last year I wrote in my report about disposing of businesses that had been acquired that did not fit our model. This year I am very pleased to report that, in contrast, we have completed an acquisition that fits our model perfectly. We are thrilled that, with our shareholders support, we have been able to complete the acquisition of Tascomi Limited. Tascomi is a business that has been built from the ground up as a very flexible, cloud-native software business, with its core applications targeted at our markets of Land and Property management. This is an essential direction of travel for the Group and  bringing the Tascomi business together with our existing operations will accelerate our own progress to the cloud significantly, as well as adding some very talented engineers to our teams. We are very pleased to welcome them all to the Group.</p> <p>As with all rebuilding programmes, there is a huge amount of work that goes on in the background to get the foundations right. The benefits of these improvements are not immediately obvious, but it is essential to put the time and effort in to get this stage right so that the value we all want from the further, more obvious work, can be realised. I believe we are now at this stage.</p> <p><strong>Group Strategy</strong><br />The Group continued its focus on providing digital solutions and services to the public sector in the United Kingdom, complemented by our Content business in Europe and Engineering Information Management (EIM) business servicing customers across the world. The key to our success is to ensure we deliver better user results and productivity improvements for customers through focusing on usability, functionality and application of integrated digital and increasingly cloud-based technologies and solutions.</p> <p>As a result of the work described above to fully rectify the legacy problems and deal with the challenges the Group has faced in the year, the Board believes that our business will progress very positively now with a strong improvement in margins and cash generation. We operate in very good markets, with excellent market positions and insights, and we have every confidence that we can continue to deliver growing value from these positions for our customers and all other stakeholders.</p> <p><strong>Board</strong><br />FY19 has seen a number of changes to the Board of Directors:</p> <ul> <li>On 1 November 2018, Rob Grubb joined us as Chief Financial Officer. Rob has brought strong relevant experience of leading the finance function of a publicly quoted technology business, having been CFO of Gresham Technologies from 2009 to 2018.</li> <li>On 1 November 2018, Oliver Scott was appointed as a Non-Executive Director, and Chair of the Nomination Committee. Oliver is a founding Partner of Kestrel LLP, a fund management business which currently holds approximately 10.13% of Idox shares.</li> <li>On the 19th November 2018, Laurence Vaughan resigned from the Board with immediate effect. Following this, I was appointed to the position of Chairman on 22 November 2018.</li> <li>On 29 March 2019, Barbara Moorhouse stepped down from the Board following the Group's Annual General Meeting (AGM) having completed her three year term of office in January 2019. I would like to thank Barbara for her contribution to Idox since 2016 and in particular her work as Chair of the Remuneration Committee from December 2018.</li> <li>On 29 March 2019, Phil Kelly was appointed as a Non-Executive Director, and Chair of the Remuneration Committee. Phil has served as a non-executive director of several listed and private companies in the software and related services sector, and is currently a non-executive director of Castleton Technology plc.</li> <li>On 3 April 2019, Richard Kellett-Clarke stepped down from the Board. I would like to thank Richard for his contribution to Idox in both Executive and Non-Executive roles dating back to 2005.</li> </ul> <p>In addition to the changes listed above, Jeremy Millard has continued in his role as Non-Executive Director, and Chair of the Audit Committee throughout FY19.</p> <p>Each member of the Board brings different skills and experience to the Board and the Board Committees and I am pleased with this balance which has supported the effectiveness of the Board throughout FY19.</p> <p>I am satisfied that there is sufficient diversity in the Board structure to bring a balance of skills, experience, independence and knowledge to the Group however I intend to keep this balance under review and continued assessment.</p> <p><strong>Corporate Governance</strong><br />We are cognisant of the important responsibilities we have in respect of Corporate Governance and shaping our culture to be consistent with our objectives, strategy and business model which we set out in our Strategic Report and our description of  principal risks and uncertainties. The Group is committed to conducting its business fairly, impartially, in an ethical and  proper manner, and in full compliance with all laws and regulations. In conducting our business, integrity is the foundation of all Company relationships, including those with customers, suppliers, communities and employees.</p> <p><strong>Acquisitions</strong><br />As highlighted above, during the financial year the acquisition of Tascomi Limited was completed in line with our strategy. Tascomi represents an expansion of our Local Government offerings and creates synergies and opportunities for cost savings in existing products within the Group, which have contributed in a small part to this year’s financial results. The Board believes Tascomi will deliver earnings enhancing contributions in future periods.</p> <p>The acquisition was funded by means of a placing of new shares which raised gross proceeds of £7.4 million.</p> <p><strong>Dividends</strong><br />The Board has decided no final dividend will be paid (2018: £Nil) for FY19 bringing the total for the year to £Nil (2018: £Nil). This decision was reached after a full consideration of the pace of recovery in our business.</p> <p>Following the improvements seen in the Group in FY19, the Board has full confidence in the Group’s future prospects and currently intends to introduce a final dividend in respect of the year ending 31 October 2020.</p> <p><strong>Summary and Outlook</strong><br />Although this financial year did not turn out exactly as anticipated, the fundamental plan and strategy have held up as expected. The Group enjoys an exceptionally strong market position in the public sector, good products, and has opportunities for growth and improving financial performance.</p> <p>The new leadership team has made a great start to the new financial year, delivering a strong first quarter of trading and securing new long-term bank facilities. I am confident of the Group’s future prospects.</p> <p>Finally, I would like to extend my thanks to the entire workforce of the Group, who have maintained their focus on looking after the most important asset of our business, our customers. Our colleague’s expertise and diligence have continued to  deliver the support and value that our customers expect, and we are fortunate to have them choose Idox.</p> <p><strong>Chris Stone</strong><br />Chairman</p> <p><strong>CHIEF EXECUTIVEʼS REVIEW</strong></p> <p><strong>Overview</strong><br />It has been an intense and transformative year at Idox. The Chairman has referenced the unexpected issues that emerged. It has required a very determined and focussed effort from a talented group of people to lead the business through this set  of circumstances and I am grateful to the newly constituted EMT for embracing the challenge so readily and for their hard  work and single-minded approach. That we have been able to address the issues so effectively and establish a strong basis  for future success has required a commitment and focus across the Group and I would like to record my own thanks for the  engagement of all our staff and their commitment to creating value for our clients during this period.</p> <p>We have been determined to restore the fortunes of the Group by having a laser like focus on the areas where we create distinctive value. As such, the year saw us dispose of the Digital business that required a series of bespoke, non-repeatable solutions and add the market leading, repeatable SaaS solution provided by Tascomi to our offerings in regulatory and licencing services. We believe these activities are important in the key Local Government market and support our future growth plans.</p> <p>During the year we have continued to focus on the Four Pillars initiative. This is well communicated across the Group and allows all employees to actively participate on improving the business through a focus on revenue, margins, simplification and communication.</p> <p><em>Revenue</em><br />We have established strong business controls across the Group to ensure we fully understand the financial and operational implications for each piece of business that we engage in. This ensures that we do not pursue revenue for the sake of growth, but that we focus upon our IP and value propositions and the certainty of delivering lasting value to customers. We have improved the amount of recurring revenue in the business and this provides a strong foundation for future growth in both revenues and margins.</p> <p><em>Margins</em><br />Having captured business, we have focussed on cost management, professional services productivity, delivery of value through the supply chain and standardised ways of working wherever possible. We believe we are well positioned to sustain and improve margins in the business moving forward as we gain share in our respective markets. I said that our focus during the year would be on cash generation and I am pleased to report a further reduction in our ongoing net debt position of £5.4m.</p> <p><em>Simplification<br /></em>We have also focussed on simplifying our business model. During the course of the year we have driven closer integration across previously diverse acquisitions. The supplier list has reduced by two-thirds from approximately 3,000 at the end of FY18 to approximately 900 at the end of FY19. In addition, we have integrated our support operations and reduced the number of service desks from 6 to 2 providing a more coherent and consistent interaction with clients. Our intention is to consolidate this further and create a single service facility during FY20.</p> <p>In FY19 we have also reduced the number of supporting technologies and platforms in use across our Group. We have consolidated our activities on a single ERP system and although there is further work to do, we are now using systems and information across the business to much greater effect.</p> <p>During the year we disposed of our London property lease previously used in conjunction with the Digital business. After the year end we closed the Group’s remaining operations in Malta, following the disposal of the small emCare business having transferred healthcare activities fully to the UK, and exited the Group’s scanning activities based in the Republic of Ireland (ROI) that were originally acquired as part of the 6PM transaction.</p> <p><em>Communication</em><br />Much of our focus this year has been on re-engaging with staff, listening and establishing disciplines across the business that are practical, and that add value. Having set the goal to substantially improve our internal communications we now have an internal magazine, a news channel, CEO broadcasts, relevant and targeted divisional updates, town hall meetings, product videos, and our series of Regional Events, all rounded off by employee engagement surveys to see how we are doing against these goals. I believe these things have been important in reshaping our business and encouraging greater  collaboration and open dialogue. I wish to express my gratitude to everyone that has been involved and engaged with this programme.</p> <p><strong>Products</strong><br />The year has also seen us take significant steps forward with our product portfolio. Each product set now has a clear roadmap for future development, leading to a much clearer engagement with the existing and potential clients that we serve. We believe we have strong technology platforms supporting our core offerings and we have made it clear that as we move forward, a SaaS first strategy is vital, offering our clients the most flexibility possible in their chosen solutions. We were delighted during the year to add Tascomi to our Local Government offering, providing clients with market leading SaaS capabilities. We plan to add further products to the Tascomi platform in due course.</p> <p>The disposal of the Digital business in November 2018 ensured that Idox focuses on niche solutions to the public sector and other regulated markets. In each of these areas we produce software that elegantly resolves complexity and which we invest in for the long term to support our customer’s evolving needs. Whilst the Digital operation was delivering bespoke solutions to unique client needs, our business is now solely focussed on delivering comprehensive repeatable software solutions that we support and maintain with long term contracts.</p> <p>Having taken a number of corrective measures, we are now well positioned to push the business forward and to deliver greater customer and shareholder value.</p> <p><strong>Public Sector Software</strong><br />During the period, revenue reduced by 3% following the adoption of IFRS 15 and generally a more balanced approach to revenue growth. We have sought to improve or exit low-earning or loss-making revenue generating activities in the year which has led to an overall decrease in revenues recorded but higher margin and cash generation overall. We saw new Local Government client wins at South Staffordshire and Wakefield for the EDMS product and a further extension on behalf of the Northern Ireland Planning Portal for our Planning Solution. This continues the existing relationship along with additional developments of the system.</p> <p>We have also seen a number of customers enter into new long-term contracts for existing products, for example Winchester City Council signed a new 4-year contract for the Uniform product and a number of other distinct products. Midlothian Council also extended their existing agreement a further 5 years moving their deployment to our cloudbased hosted environment.</p> <p>Leeds City Council made a further 5 year commitment to our Uniform solution, Idox will also be performing a full operational review to help the Council ensure that they continue to maximise their use of technology both now and in the future. The London Port Authority also became a new customer for our licensing solution with a 3-year contract.</p> <p>During the year we have seen six new customers for our Social Care Education Health and Care Hub (EHC) enabling collaboration of EHC assessments, plans and reviews. The EHC Hub continues to be a vehicle for significant cultural change within Local Authorities providing live case tracking and 24/7 access to information for thousands of parents, carers and  young people involved in statutory SEND (Special Education Needs and Disabilities) processes. Across our customers, the Hub is now being used to create, manage and review over 55,000 EHC Plans in England. We have also partnered with Westminster City Council to develop an innovative new Family Hub which enables multi-agency working with vulnerable families.</p> <p>Our CAFM (Computer Aided Facilities Management) product has enjoyed a successful year with a number of new deals including West Midlands Combined Authority and Serco Justice and Immigration. In all we won 10 new customers including Apex Hotels, Bank of China and Canford Healthcare.</p> <p>In Healthcare, we signed a deal with Virgin Care Services to provide our Lilie software in support of Cheshire West and Chester Council as well as Bolton NHS Foundation Trust. We also secured a long-term five-year extension for iFIT across 3 sites within the Betsi Cadwaladr Health Board, along with continued commitments from Gloucester, North Devon and Cumbria.</p> <p>In Transport we agreed contracts with Highways England to drive integration between Urban Traffic Management and Control systems. During the year we have focussed on concluding a number of significant projects and moving clients to live operation including WECA Bristol.</p> <p>Our Elections team supported over 100 authorities to deliver the Local Elections and European Parliamentary election in May. With less than 7 weeks' notice for delivering the poll, the Group supported customers covering over 12 million electors. Idox was contracted to print 3.8 million election documents and train 7,000 polling staff.</p> <p>Idox also ran managed services across 17 sites to verify the statements and ballots of over 650,000 postal voters. In addition, our Elections business won a contract from the Cabinet Office to implement phases 1 and 2 of the Government's Canvass Reform programme, involving several hundred days of design, development, test, deployment and support, and will allow customers to improve their annual electoral canvass.</p> <p>We also deployed the electronic ballot counting solution on the island of Malta, enabling votes to be counted electronically for the first time. Used in the European and local elections in late May, the solution cut the count duration from a previous record of several days down to a few hours, making Malta one of the first EU countries to issue their official European election results.</p> <p><strong>Engineering Information Management (EIM)</strong><br />The Engineering division saw a revenue reduction of 8% as it continues to transition solutions and customers from an on-premise deployment model to a SaaS delivery which directly impacts the revenue profile of contract wins. In addition, we have sought to improve or exit low-earning or loss-making revenue generation activities in the year which has led to an overall decrease in revenues recorded but higher margin and cash generation overall.</p> <p>EIM continues to progress with its market leading, cloud-based FusionLive product which affords the Group greater EBITDA margins and revenue visibility. In the first half of the year we secured a 5-year contract for our new offering FusionLive with Wood PLC to manage its projects with Exxon Mobile. Other new clients to select FusionLive as their new cloud technology platform included the LNG (Liquid Natural Gas) owner operators NextDecade and GNL, and the engineering company IPS.</p> <p>A number of new projects in the AEC (Architecture, Engineering and Construction) and transport space in Europe were contracted and BNP Paribas renewed its commitment to our solution for a further two years beyond their current contract term.</p> <p>We released a new engineering tag extraction tool to support the digitalisation initiatives within the asset-intensive energy industries. This capability will be fully integrated into our cloud platform in FY20 to provide an additional and significant  differentiator in the EPC (Engineering, Procurement and Construction) and Owner Operators markets.</p> <p>A number of important services projects on our Enterprise platform were contracted and delivered, including Sacramento Municipal Utility District, BC Hydro and Sonatrach.</p> <p>During the year new talent was brought into the organisation including the appointment of a new divisional sales manager from within the industry and we have subsequently restructured the sales team, aimed at providing a greater focus on the UK and the USA in the coming year and in particular, the energy markets, where we believe that we can capitalise on the successful projects delivered during FY19.</p> <p class="acx"><strong><span class="aat">Content<br /></span></strong><span class="aat">The Content division has continued to trade strongly with a 6% growth in revenue, capitalising on the strong domain knowledge we hold in our key target markets.</span></p> <p class="ack"><span class="aat">Our Compliance business delivered an innovative game based GDPR compliance training solution for Statkraft along with a contract with Stada to communicate compliance training in eleven different languages. Other notable contracts in the year were secured with Sto Group, Chevron and Groupe ADP.</span></p> <p class="ack"><span class="aat">There were further wins for our RESEARCHconnect and GRANTfinder products at Imperial College London, Swansea University, a consortium of South African Universities and Orbit Heart of England Housing &amp; Care. The Wildlife Trusts signed a national contract for GRANTfinder in March. The University Grenoble Alpes committed to a 4-year contract for Open4Research and the Welsh Government renewed their Open4Business contract along with re-commitments from the London Borough of Islington, and Technische Universitat Munchen.</span></p> <p class="ack"><span class="aat">London Fire Brigade and the Greater London Authority procured a new 4-year shared services agreement for data library and information services.</span></p> <p class="ack"><span class="aat">The Grants team also had several notable successes including contracts with BITS, N2000 and LightSense SME II, Accenture and ICT Netherlands.</span></p> <p class="ack"><strong><span class="aar">Outlook <br /></span></strong><span class="aat">We continue to explore ways to accelerate the Group's strategy and are confident that we have the right team and engagement throughout the organisation to deliver improved value for all our key stakeholders. A cloud-first approach across each of our business areas is a strategic necessity and we will continue to invest selectively to grow our capabilities and support our customers. The business has a strong foundation in property and asset-based solutions and this, along with our focus on a broader SaaS provision, will underpin our future strategy and growth.</span></p> <p class="acx"><strong><span class="aat">David Meaden <br /></span></strong><span class="aat">Chief Executive Officer</span></p> <p class="acl"><strong><span class="abs">Financial Review<br /></span></strong><span class="abs">The financial year ended 31 October 2019 has been a year of transition for the Group with a number of operational and finance processes being re-established. In particular the Group has adopted a strong focus on sales and commercial governance to ensure that only earnings-enhancing revenues are pursued. This approach has resulted in improving Adjusted EBITDA and improved cash generation from the operations of the Group compared to prior periods.</span></p> <p class="acc"><span class="abs">Prior period adjustments have been recorded in respect of Revenue and Onerous Contracts following extensive and detailed product and contract reviews. Results in respect of FY18 presented have been restated to reflect these prior year adjustments. Further details are included in the Report of the Audit Committee and note 1 to the Group financial statements.</span></p> <p class="acc"><span class="abs">The following table sets out the revenues and Adjusted EBITDA for each of the Group's segments from its continuing activities:</span></p> <table border="0" cellspacing="0" cellpadding="0" class="adc"> <tbody> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="add"> </p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">Restated </span></strong></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="a"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">FY19</span></strong></p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">FY18</span></strong></p> </td> <td class="zg" colspan="2" style="width: 59px;"> <p class="ade"><strong><span class="aas">Variance</span></strong></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="ade"><strong><span class="aas">£000</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="ade"><strong><span class="aas">%</span></strong></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="acl"><strong><span class="aas">Revenue</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Public Sector Software</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    41,642</span></p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">42,539</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">(897)</span></p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"><span class="aas">-2%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Engineering Information Management</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       9,170</span></p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    10,003</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">(833)</span></p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"><span class="aas">-8%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Content</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zd" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    14,680</span></p> </td> <td class="zc" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    13,872</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">808</span></p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"><span class="aas">6%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Total</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    65,492</span></p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">66,414</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">(922)</span></p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"><span class="aas">-1%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 221px;"> <p class="acl"><strong><span class="aas">Revenue</span></strong></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="yx" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Public Sector Software</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">64%</span></p> </td> <td class="yx" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">64%</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Engineering Information Management</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">14%</span></p> </td> <td class="yx" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">15%</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Content</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">22%</span></p> </td> <td class="yx" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">21%</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="acl"><strong><span class="aas">Adjusted EBITDA*</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Public Sector Software</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    11,052</span></p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    10,469</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">583</span></p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"><span class="aas">6%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Engineering Information Management</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       1,410</span></p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       1,361</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">49</span></p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"><span class="aas">4%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Content</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zd" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       1,899</span></p> </td> <td class="zc" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       1,809</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">90</span></p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"><span class="aas">5%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Total</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    14,361</span></p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    13,639</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">722</span></p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"><span class="aas">5%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 221px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zj" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 221px;"> <p class="acl"><strong><span class="aas">Adjusted EBITDA margin</span></strong></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="yx" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Public Sector Software</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">27%</span></p> </td> <td class="yx" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">25%</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Engineering Information Management</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">15%</span></p> </td> <td class="yx" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">14%</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Content</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">13%</span></p> </td> <td class="yx" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">13%</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 221px;"> <p class="a"><span class="aas">- Total</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">22%</span></p> </td> <td class="yx" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">21%</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 26px;"> <p class="adg"> </p> </td> </tr> </tbody> </table> <p class="acc"><span class="abs"> </span><span class="abb">* See page 1 for definition of Adjusted EBITDA</span></p> <p class="acd"><strong><span class="abs">Public Sector Software <br /></span></strong><span class="abs">The PSS division, which now includes Health, due to shared common resources within PSS, accounted for 64% of Group revenues (2018: 64%), delivered revenues of £41.6m (2018: £42.5m).</span><span class="abs"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="adh"> <tbody> <tr class="zi"> <td class="zn" valign="bottom" style="width: 184px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="add"> </p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="aas">Restated</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 44px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 184px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="aas">FY19</span></strong></p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="aas">FY18</span></strong></p> </td> <td class="zg" colspan="2" style="width: 77px;"> <p class="ade"><strong><span class="aas">Variance</span></strong></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 184px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 44px;"> <p class="ade"><strong><span class="aas">£000</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="ade"><strong><span class="aas">%</span></strong></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 184px;"> <p class="acl"><strong><span class="aas">Public Sector Software Revenues</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="adf"> </p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 44px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 184px;"> <p class="a"><span class="aas">- Recurring</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">    24,144</span></p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">    19,239</span></p> </td> <td class="zm" valign="bottom" style="width: 44px;"> <p class="adg"><span class="aas">4,905</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">25%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 184px;"> <p class="a"><span class="aas">- Non-Recurring</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zd" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">    17,498</span></p> </td> <td class="zd" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">    23,300</span></p> </td> <td class="zm" valign="bottom" style="width: 44px;"> <p class="adg"><span class="aas">(5,802)</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">-25%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 184px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">    41,642</span></p> </td> <td class="zk" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">42,539</span></p> </td> <td class="zm" valign="bottom" style="width: 44px;"> <p class="adg"><span class="aas">(897)</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">-2%</span></p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 184px;"> <p class="a"><span class="aas">- Recurring*</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">58%</span></p> </td> <td class="yy" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">45%</span></p> </td> <td class="zm" valign="bottom" style="width: 44px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 184px;"> <p class="a"><span class="aas">- Non-Recurring**</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yy" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">42%</span></p> </td> <td class="yy" valign="bottom" style="width: 57px;"> <p class="adf"><span class="aas">55%</span></p> </td> <td class="zm" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adf"> </p> </td> </tr> </tbody> </table> <p class="acl"><span class="abb">*<span> </span></span><span class="abb">Recurring revenue is defined as revenues associated with access to a specific ongoing service, with invoicing that typically recurs on an annual basis and underpinned by either a multi-year or rolling contract. These services include Support &amp; Maintenance, SaaS fees, Hosting services, and some Managed Service arrangements which involve a fixed fee irrespective of consumption. </span></p> <p class="aco"><span class="abb">** Non-Recurring revenue is defined as revenues without any formal commitment form the customer to recur on an annual basis.</span></p> <p class="acc"><span class="abs">Non-recurring product and services revenue decreased by 25% primarily as a result of the IFRS 15 adoption exercise in our Local Authority business which has resulted in less revenue being recognised as product, and more revenue allocated to ongoing support and maintenance, and hosting obligations, commensurate with our ongoing costs and obligations for those services. Recurring revenues conversely increased markedly year on year as a result.</span></p> <p class="acc"><span class="abs">Adjusted EBITDA increased by 6% to £11.1m (2018: £10.5m), delivering a slightly improved EBITDA margin of 27% (2018: 25%). We continue with our efforts to consolidate individual business units and products within PSS to drive efficiency and anticipate further margin improvement as we continue to leverage our common resources.</span></p> <p class="acd"><strong><span class="abs">Engineering Information Management <br /></span></strong><span class="abs">The EIM division accounted for 14% of Group revenues (2018: 15%) with revenue of £9.2m (2018: £10.0m). The business continued its transition from a traditional on-premise deployment to a SaaS solution.</span></p> <p class="acc"><span class="abs">EIM saw a fall in revenue due to a continued emphasis on SaaS and managed service deals with the orders won being traded over future years. </span><span class="abs"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="adi"> <tbody> <tr class="zi"> <td class="zn" valign="bottom" style="width: 212px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yt" valign="bottom" style="width: 62px;"> <p class="adj"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">Restated</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 212px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yt" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">FY19</span></strong></p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">FY18</span></strong></p> </td> <td class="zg" colspan="2" style="width: 66px;"> <p class="ade"><strong><span class="aas">Variance</span></strong></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 212px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yt" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="ade"><strong><span class="aas">£000</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="ade"><strong><span class="aas">%</span></strong></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 212px;"> <p class="acl"><strong><span class="aas">Engineering Information Management</span></strong></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yt" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 212px;"> <p class="a"><span class="aas">- Recurring</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yt" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       7,100</span></p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       7,285</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">(185)</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">-3%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 212px;"> <p class="a"><span class="aas">- Non-Recurring</span></p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="ys" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       2,070</span></p> </td> <td class="zd" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       2,718</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">(648)</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">-24%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom" style="width: 212px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yt" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">       9,170</span></p> </td> <td class="zk" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">    10,003</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">(833)</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"><span class="aas">-8%</span></p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 212px;"> <p class="a"><span class="aas">- Recurring</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yr" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">77%</span></p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">73%</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom" style="width: 212px;"> <p class="a"><span class="aas">- Non-Recurring</span></p> </td> <td class="yz" valign="bottom" style="width: 3px;"> <p class="a"> </p> </td> <td class="yr" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">23%</span></p> </td> <td class="yy" valign="bottom" style="width: 62px;"> <p class="adf"><span class="aas">27%</span></p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> <td class="zm" valign="bottom" style="width: 33px;"> <p class="a"> </p> </td> </tr> </tbody> </table> <p class="acl"><span class="abs">Adjusted EBITDA increased by 4% to £1.4m (2018: £1.4m), delivering a slightly improved EBITDA margin of 15% (2018: 14%). We continue to control costs tightly as the business transitions from its previous on-premise infrastructure to its present SaaS-led business model.</span></p> <p class="acd"><strong><span class="abs">Content <br /></span></strong><span class="abs">The Content division in the UK and Europe had revenue growth of 6% to £14.7m (2018: £13.9m), driven in the main by continued success in our Dutch consultancy business, and German and Belgian compliance businesses. All other business in the division performed as expected.</span><span class="abs"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="adk"> <tbody> <tr class="zi"> <td class="zn" valign="bottom"> <p class="a"> </p> </td> <td class="zm" valign="bottom"> <p class="a"> </p> </td> <td class="yp" valign="bottom"> <p class="adf"> </p> </td> <td class="yp" valign="bottom"> <p class="add"><strong><span class="aas">Restated</span></strong></p> </td> <td class="zm" valign="bottom"> <p class="a"> </p> </td> <td class="zm" valign="bottom"> <p class="a"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom"> <p class="a"> </p> </td> <td class="zm" valign="bottom"> <p class="a"> </p> </td> <td class="yp" valign="bottom"> <p class="add"><strong><span class="aas">FY19</span></strong></p> </td> <td class="yp" valign="bottom"> <p class="add"><strong><span class="aas">FY18</span></strong></p> </td> <td class="zg" colspan="2"> <p class="ade"><strong><span class="aas">Variance</span></strong></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom"> <p class="a"> </p> </td> <td class="zm" valign="bottom"> <p class="a"> </p> </td> <td class="yp" valign="bottom"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="yp" valign="bottom"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="zm" valign="bottom"> <p class="ade"><strong><span class="aas">£000</span></strong></p> </td> <td class="zm" valign="bottom"> <p class="ade"><strong><span class="aas">%</span></strong></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom"> <p class="acl"><strong><span class="aas">Content</span></strong></p> </td> <td class="zm" valign="bottom"> <p class="a"> </p> </td> <td class="yp" valign="bottom"> <p class="adf"> </p> </td> <td class="yp" valign="bottom"> <p class="adf"> </p> </td> <td class="zm" valign="bottom"> <p class="adg"> </p> </td> <td class="zm" valign="bottom"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom"> <p class="a"><span class="aas">- Recurring</span></p> </td> <td class="zm" valign="bottom"> <p class="a"> </p> </td> <td class="yp" valign="bottom"> <p class="adf"><span class="aas">       4,492</span></p> </td> <td class="yp" valign="bottom"> <p class="adf"><span class="aas">       4,059</span></p> </td> <td class="zm" valign="bottom"> <p class="adg"><span class="aas">433</span></p> </td> <td class="zm" valign="bottom"> <p class="adg"><span class="aas">11%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom"> <p class="a"><span class="aas">- Non-Recurring</span></p> </td> <td class="zm" valign="bottom"> <p class="a"> </p> </td> <td class="yo" valign="bottom"> <p class="adf"><span class="aas">    10,188</span></p> </td> <td class="yo" valign="bottom"> <p class="adf"><span class="aas">       9,813</span></p> </td> <td class="zm" valign="bottom"> <p class="adg"><span class="aas">375</span></p> </td> <td class="zm" valign="bottom"> <p class="adg"><span class="aas">4%</span></p> </td> </tr> <tr class="zi"> <td class="zn" valign="bottom"> <p class="a"> </p> </td> <td class="zm" valign="bottom"> <p class="a"> </p> </td> <td class="yp" valign="bottom"> <p class="adf"><span class="aas">    14,680</span></p> </td> <td class="yp" valign="bottom"> <p class="adf"><span class="aas">    13,872</span></p> </td> <td class="zm" valign="bottom"> <p class="adg"><span class="aas">808</span></p> </td> <td class="zm" valign="bottom"> <p class="adg"><span class="aas">6%</span></p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom"> <p class="a"><span class="aas">- Recurring</span></p> </td> <td class="yz" valign="bottom"> <p class="a"> </p> </td> <td class="yr" valign="bottom"> <p class="adf"><span class="aas">31%</span></p> </td> <td class="yr" valign="bottom"> <p class="adf"><span class="aas">29%</span></p> </td> <td class="zm" valign="bottom"> <p class="adg"> </p> </td> <td class="zm" valign="bottom"> <p class="adg"> </p> </td> </tr> <tr class="zi"> <td class="za" valign="bottom"> <p class="a"><span class="aas">- Non-Recurring</span></p> </td> <td class="yz" valign="bottom"> <p class="a"> </p> </td> <td class="yr" valign="bottom"> <p class="adf"><span class="aas">69%</span></p> </td> <td class="yr" valign="bottom"> <p class="adf"><span class="aas">71%</span></p> </td> <td class="zm" valign="bottom"> <p class="adg"> </p> </td> <td class="zm" valign="bottom"> <p class="adg"> </p> </td> </tr> </tbody> </table> <p class="acl"><span class="abs">Adjusted EBITDA increased slightly to £1.9m (2018: £1.8m), delivering a consistent EBITDA margin of 13% (2018: 13%). We continue to explore ways to improve EBITDA margin, both through targeting higher-margin revenue activities, and also actively managing cost.</span></p> <p class="acd"><strong><span class="abs">Loss Before Tax <br /></span></strong><span class="abs">The following table provides a reconciliation between adjusted EBITDA and statutory loss before taxation.</span></p> <table border="0" cellspacing="0" cellpadding="0" class="adl"> <tbody> <tr> <td class="ym" valign="bottom"> <p class="a"> </p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"> </p> </td> <td class="yj" valign="bottom"> <p class="add"><strong><span class="aas">Restated</span></strong></p> </td> <td class="yi" valign="bottom"> <p class="a"> </p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"> </p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="add"><strong><span class="aas">FY19</span></strong></p> </td> <td class="yj" valign="bottom"> <p class="add"><strong><span class="aas">FY18</span></strong></p> </td> <td class="yh" colspan="2"> <p class="ade"><strong><span class="aas">Variance</span></strong></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"> </p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="yj" valign="bottom"> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="yi" valign="bottom"> <p class="ade"><strong><span class="aas">£000</span></strong></p> </td> <td class="yl" valign="bottom"> <p class="ade"><strong><span class="aas">%</span></strong></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"> </p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"> </p> </td> <td class="yj" valign="bottom"> <p class="adf"> </p> </td> <td class="yi" valign="bottom"> <p class="adg"> </p> </td> <td class="yl" valign="bottom"> <p class="adg"> </p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"><span class="aas">Adjusted EBITDA</span></p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"><span class="aas">    14,361</span></p> </td> <td class="yj" valign="bottom"> <p class="adf"><span class="aas">    13,639</span></p> </td> <td class="yi" valign="bottom"> <p class="adg"><span class="aas">722</span></p> </td> <td class="yl" valign="bottom"> <p class="adg"><span class="aas">5%</span></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"> </p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"> </p> </td> <td class="yj" valign="bottom"> <p class="adf"> </p> </td> <td class="yi" valign="bottom"> <p class="adg"> </p> </td> <td class="yl" valign="bottom"> <p class="adg"> </p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"><span class="aas">Depreciation and Amortisation</span></p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"><span class="aas">    (9,128)</span></p> </td> <td class="yj" valign="bottom"> <p class="adf"><span class="aas">    (9,319)</span></p> </td> <td class="yi" valign="bottom"> <p class="adg"><span class="aas">191</span></p> </td> <td class="yl" valign="bottom"> <p class="adg"><span class="aas">-2%</span></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"><span class="aas">Restructuring costs</span></p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"><span class="aas">    (2,155)</span></p> </td> <td class="yj" valign="bottom"> <p class="adf"><span class="aas">       (436)</span></p> </td> <td class="yi" valign="bottom"> <p class="adg"><span class="aas">(1,719)</span></p> </td> <td class="yl" valign="bottom"> <p class="adg"><span class="aas">394%</span></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"><span class="aas">Acquisition (costs) / credits</span></p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"><span class="aas">       (174)</span></p> </td> <td class="yj" valign="bottom"> <p class="adf"><span class="aas">          856</span></p> </td> <td class="yi" valign="bottom"> <p class="adg"><span class="aas">(1,030)</span></p> </td> <td class="yl" valign="bottom"> <p class="adg"><span class="aas">-120%</span></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"><span class="aas">Impairment</span></p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"><span class="aas">               -</span></p> </td> <td class="yj" valign="bottom"> <p class="adf"><span class="aas">  (33,255)</span></p> </td> <td class="yi" valign="bottom"> <p class="adg"><span class="aas">33,255</span></p> </td> <td class="yl" valign="bottom"> <p class="adg"><span class="aas">-100%</span></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"><span class="aas">Financing costs</span></p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"><span class="aas">       (368)</span></p> </td> <td class="yj" valign="bottom"> <p class="adf"><span class="aas">       (336)</span></p> </td> <td class="yi" valign="bottom"> <p class="adg"><span class="aas">(32)</span></p> </td> <td class="yl" valign="bottom"> <p class="adg"><span class="aas">10%</span></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"><span class="aas">Share option costs</span></p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"><span class="aas">       (859)</span></p> </td> <td class="yj" valign="bottom"> <p class="adf"><span class="aas">         (50)</span></p> </td> <td class="yi" valign="bottom"> <p class="adg"><span class="aas">(809)</span></p> </td> <td class="yl" valign="bottom"> <p class="adg"><span class="aas">1,618%</span></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"><span class="aas">Net finance costs</span></p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"><span class="aas">    (1,702)</span></p> </td> <td class="yj" valign="bottom"> <p class="adf"><span class="aas">    (1,339)</span></p> </td> <td class="yi" valign="bottom"> <p class="adg"><span class="aas">(363)</span></p> </td> <td class="yl" valign="bottom"> <p class="adg"><span class="aas">27%</span></p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"> </p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yg" valign="bottom"> <p class="adf"> </p> </td> <td class="yf" valign="bottom"> <p class="adf"> </p> </td> <td class="yi" valign="bottom"> <p class="adg"> </p> </td> <td class="yl" valign="bottom"> <p class="adg"> </p> </td> </tr> <tr> <td class="ym" valign="bottom"> <p class="a"><span class="aas">Loss before taxation</span></p> </td> <td class="yl" valign="bottom"> <p class="a"> </p> </td> <td class="yk" valign="bottom"> <p class="adf"><span class="aas">          (25)</span></p> </td> <td class="yj" valign="bottom"> <p class="adf"><span class="aas">  (30,240)</span></p> </td> <td class="yi" valign="bottom"> <p class="adg"><span class="aas">30,215</span></p> </td> <td class="yl" valign="bottom"> <p class="adg"><span class="aas">-100%</span></p> </td> </tr> </tbody> </table> <p class="acc"><span class="abs">The reported loss before tax was £0.03m (2018: £30.2m loss).</span></p> <p class="acc"><span class="abs">Restructuring costs were £2.2m (2018: £0.4m) as the new Management team assessed in detail all operations of the Group in the year; restructuring business units and Group processes to improve the Group's current and future financial performance and prospects.</span></p> <p class="acc"><span class="abs">Acquisition costs of £0.2m (2018: £0.9m credit) relates to the acquisition of Tascomi Limited. The prior year credit was in respect to an adjustment to deferred contingent consideration in relation to a prior period acquisition.</span></p> <p class="acc"><span class="abs">There were no impairments in the year (2018: £33.3m).</span></p> <p class="acc"><span class="abs">Net finance costs have increased to £1.7m (2018: £1.3m) as a direct consequence of the Group refinancing in February 2019 at more expensive terms to the previous financing arrangements. This has since been superseded by improved commercial terms achieved for the Group's new 3-year financing agreed in December 2019.</span></p> <p class="acc"><span class="abs">The Group continues to invest in developing innovative technology solutions and has incurred capitalised development costs of £4.4m (2018: £3.6m).</span></p> <p class="acd"><strong><span class="abs">Taxation <br /></span></strong><span class="abs">The effective tax rate (ETR) for the period was (190.07%) (2018: 8.39%).</span></p> <p class="acc"><span class="abs">The main factors for the lower ETR on the net loss before tax position were threefold. New share options granted during the year, some of which were fully-vested on issue, resulted in a significant disallowable P&amp;L impact. This was the same for costs incurred as part of the Digital division disposal and the acquisition of Tascomi.</span></p> <p class="acc"><span class="abs">Lastly, non-recognition of losses in certain jurisdictions, owing to uncertainty over their future utilisation, decreased ETR significantly. The main jurisdiction impact was in France which, alongside non-recognition of current-year losses, elected to derecognise losses brought forward from prior years. This downward pressure on ETR was mitigated slightly by recognition of previously unrecognised losses in Malta, following taxable profits in some of the subsidiaries based there.  </span></p> <p class="acc"><span class="abs">Unrelieved trading losses of £0.4m, across the UK and the US, remain available to offset against future taxable trading profits with both likely to be extinguished during FY20. This number excludes substantial carried-forward losses not recognised for deferred tax purposes to date, owing to adoption of a prudent loss recognition position. The gross value of these losses not recognised to date totals £11.6m, split across Malta (£7.6m), the UK (£1.7m), Germany (£1.1m) and France (£1.2m). The Board is hopeful that the Group will benefit from these unrecognised tax losses in future and will be recognised at the point where utilisation becomes more certain.</span></p> <p class="acl"><strong><span class="abs">Earnings Per Share and Dividends <br /></span></strong><span class="abs">Basic earnings per share for continuing and discontinued operations improved to (0.41)p (2018: (8.86)p) as a result of the impact of the impairment charge in FY18. Diluted earnings per share improved to (0.41)p (2018: (8.86)p).</span></p> <p class="acc"><span class="abs">Adjusted earnings per share for continuing operations fell to 1.30p (2018: 2.23p) as a result of the impact of the restructuring costs in year. Adjusted diluted earnings per share fell to 1.29p (2018: 2.21p).</span></p> <p class="acc"><span class="abs">The Board proposes a final dividend of £Nil as the business transitions to a more stable platform, giving a total dividend for the year of £Nil.</span></p> <p class="acc"><strong>Balance Sheet and Cash Flows <br /></strong>The Group's net assets have reduced to £44.6m compared to £47.9m at 31 October 2018. The constituent movements are detailed in the Group's consolidated Statement of Changes in Equity: which are summarised as follows:</p> <div class="dt"> <table border="0" cellspacing="0" cellpadding="0" class="ado"> <tbody> <tr class="xz"> <td class="yb" valign="bottom"> <p class="a"> </p> </td> <td class="ya" valign="top"> <p class="add"><span class="aas"> </span></p> <p class="add"><strong><span class="aas">12 months to</span></strong></p> <p class="add"><strong><span class="aas">31 October 2019</span></strong></p> <p class="add"><strong><span class="aas">(audited)</span></strong></p> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom"> <p class="a"> </p> </td> <td class="xx" valign="top"> <p class="adf"> </p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom"> <p class="a"><span class="aas">Total Equity as per FY18 Financial Report</span></p> </td> <td class="xx" valign="bottom"> <p class="adf"><span class="abs">49,786</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom"> <p class="a"><span class="aas">FY19 Prior Year Adjustment</span></p> </td> <td class="xv" valign="bottom"> <p class="adf"><span class="abs">(1,918)</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom"> <p class="a"><span class="aas">Total Equity as per FY18 Financial Report Restated</span></p> </td> <td class="xv" valign="bottom"> <p class="adf"><span class="abs">4</span><span class="abs">7,868</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom"> <p class="a"><span class="aas">IFRS 15 adoption, net of deferred tax</span></p> </td> <td class="xu" valign="bottom"> <p class="adf"><span class="abs">(9,588)</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom"> <p class="a"><span class="aas">Transactions with owners (primarily issue of equity in respect of Tascomi acquisition)</span></p> </td> <td class="xx" valign="bottom"> <p class="adf"><span class="abs">8,330</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom"> <p class="a"><span class="aas">Loss for the year</span></p> </td> <td class="xx" valign="bottom"> <p class="adf"><span class="abs">(1,706)</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom"> <p class="a"><span class="aas">Non-controlling interest</span></p> </td> <td class="xx" valign="bottom"> <p class="adf"><span class="abs">(113)</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom"> <p class="a"><span class="aas">Exchange gains on translation of foreign operations</span></p> </td> <td class="xx" valign="bottom"> <p class="adf"><span class="abs">(180)</span></p> </td> </tr> <tr class="xr"> <td class="xt" valign="bottom"> <p class="a"><span class="aas">Total Equity as per FY19 Financial Report</span></p> </td> <td class="xs" valign="bottom"> <p class="adf"><span class="abs">44,611</span></p> </td> </tr> </tbody> </table> <p class="adn"><span class="abs">This movement is principally due to the IFRS 15 adoption, partially offset by the increase in intangible assets in the year of £7.2m due to the acquisition of Tascomi Limited, which was funded by the issue of the equity noted above.</span></p> <p class="adn"><span class="abs">Cash generated from operating activities after tax as a percentage of Adjusted EBITDA was 86% (2018: 72%). Cash conversion has improved within the year as revenues (and therefore profit) are better linked to services and so more tightly aligned to payments the Group receives for work undertaken for our customers (in accordance with full adoption of the principles of IFRS 15).</span></p> <p class="adn"><span class="abs">The Group ended the year with net debt of £26.4m (2018: £31.8m), a significant improvement on the previous year. Net debt comprised cash of £7.0m less bank borrowings of £21.8m and the Malta Stock Exchange listed bond of £11.6m.</span></p> <p class="adn"><span class="abs">The Group's total signed debt facilities at 31 October 2019 stood at £28.8m, a combination of a £5.75m term loan and £23m revolving credit facility, split £5.75m with the Royal Bank of Scotland and £23m with Silicon Valley Bank respectively (the "Lenders"). Post year end, the Group has refinanced with The Royal Bank of Scotland plc, Silicon Valley Bank and Santander UK plc. The new facilities, which comprise a revolving credit facility of £35m and £10m accordion facility, are committed until December 2022, with an option to extend this commitment for a further two years.</span></p> <p class="adn"><span class="abs">Contract liabilities, representing invoiced maintenance and SaaS contracts yet to be recognised in revenue stood at £20.3m (2018: £17.9m). Contract receivables, representing future cash flows, decreased to £7.2m (2018: £18.4m). This reduction is a direct result of the adoption of IFRS 15 and more balanced revenue recognition assessment being made in the year.</span></p> <p class="adn"><span class="abs">The Group has carefully assessed the likely impact of the Covid-19 pandemic on the business and our customers. Idox is fundamentally resilient due to the Group's high recurring revenue base, its focus on public sector markets and the high proportion of staff that routinely work from home. The Group retains significant liquidity with cash and available committed bank facilities</span><span class="abs"> </span><span class="aar">and has strong headroom against financial covenants</span><span class="abs">. We continue to monitor the situation and adapt our approach as required.</span></p> <p class="acd"><strong><span class="abs">IFRS 15 <br /></span></strong><span class="abs">The Group adopted IFRS 15 Revenue from Contracts with Customers with effect from 1 November 2018 using the cumulative effect method. The two most significant impacts of implementing the standard are:</span></p> <ul> <li class="adq"><span class="aar">Software license revenue previously recognised once a customer commitment was confirmed are now instead recognised over the duration of the project implementation period as milestones are achieved.</span></li> <li class="adq"><span class="aar">Where software revenues are unbundled to individually recognise individual performance obligations (notably initial license fees versus ongoing support and maintenance, and hosting obligations) this unbundling is performed against pre-determined criteria to ensure that revenues recognised in the future for ongoing obligations are commensurate with the ongoing costs of those obligations.</span></li> </ul> <p class="acc"><span class="abs">The new standard more closely aligns our revenue recognition with the commercial substance of our contracts. The application of IFRS 15 has no impact on the lifetime profitability or cash flows of our contracts, or on the majority of our transactional businesses. Instead, the resulting changes in the timing of revenue and cost recognition more closely aligns our financial results with the timing of the delivery of our sales and services to our clients.</span></p> <p class="acc"><span class="abs">Under the cumulative effect method the impact of the change to IFRS 15 has been recorded as an adjustment to the opening contract receivables, contract liabilities and retained earnings position. The comparative statement of comprehensive income figures have therefore not been restated.</span></p> <p class="acc"><span class="abs">Further detail regarding the adoption of IFRS 15 is included within note 3, Accounting Policies, and note 5, Segmental Analysis.</span></p> <p class="acl"><strong><span class="abs">Rob Grubb <br /></span></strong><span class="abs">Chief Financial Officer</span></p> <div class="du"> <table border="0" cellspacing="0" cellpadding="0" class="adr"> <tbody> <tr class="xe"> <td class="xm" valign="bottom"> <p class="ads"><span class="abo"> </span></p> <p class="ads"><span class="abo"> </span></p> <p class="ads"><span class="abo"> </span></p> <p class="ads"><span class="abo"> </span></p> </td> <td class="xj" valign="bottom"> <p class="adt"><strong><span class="xl">Note</span></strong></p> </td> <td class="xi" valign="bottom"> <p class="ao"> </p> </td> <td class="xh" valign="bottom"> <p class="ao"><strong><span class="xl">2019</span></strong></p> </td> <td class="xg" valign="bottom"> <p class="ao"> </p> </td> <td class="xf" valign="bottom"> <p class="ao"><strong><span class="xl"> Restated* 2018</span></strong></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"> </p> </td> <td class="xc" valign="bottom"> <p class="adt"> </p> </td> <td class="xb" valign="bottom"> <p class="ao"> </p> </td> <td class="xa" valign="bottom"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="wz" valign="bottom"> <p class="ao"> </p> </td> <td class="wy" valign="bottom"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Continuing operations</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Revenue</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"><span class="abo">5</span></p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">65,492</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">66,414</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Cost of sales</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adv"> </p> </td> <td class="ww" valign="bottom"> <p class="adu"><span class="abo">(19,481)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wv" valign="bottom"> <p class="adu"><span class="abo">(18,115)</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Gross profit</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adv"> </p> </td> <td class="xa" valign="bottom"> <p class="adw"><strong><span class="abo">46,011</span></strong></p> </td> <td class="wz" valign="bottom"> <p class="adw"> </p> </td> <td class="wy" valign="bottom"> <p class="adw"><strong><span class="abo">48,299</span></strong></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Administrative expenses</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(44,334)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">(77,200)</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Operating profit / (loss)</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="wu" valign="bottom"> <p class="adw"><strong><span class="abo">1,677</span></strong></p> </td> <td class="wz" valign="bottom"> <p class="adx"> </p> </td> <td class="ws" valign="bottom"> <p class="adw"><strong><span class="abo">(28,901)</span></strong></p> </td> </tr> <tr class="wx"> <td class="wr" valign="bottom"> <p class="ads"> </p> </td> <td class="wq" valign="bottom"> <p class="adu"> </p> </td> <td class="wp" valign="bottom"> <p class="adu"> </p> </td> <td class="ww" valign="bottom"> <p class="adu"> </p> </td> <td class="wn" valign="bottom"> <p class="ady"> </p> </td> <td class="wv" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="wm" valign="bottom"> <p class="ads"><strong><span class="abo">Analysed as:</span></strong></p> </td> <td class="wl" valign="bottom"> <p class="adu"> </p> </td> <td class="wk" valign="bottom"> <p class="adu"> </p> </td> <td class="wj" valign="bottom"> <p class="adu"> </p> </td> <td class="wi" valign="bottom"> <p class="ady"> </p> </td> <td class="wh" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="wm" valign="bottom"> <p class="ads"><strong><span class="abo">Earnings before depreciation, amortisation, restructuring, acquisition costs, impairment, financing costs and share option costs</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"><span class="abo">5</span></p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adw"><strong><span class="abo">14,361</span></strong></p> </td> <td class="wz" valign="bottom"> <p class="adx"> </p> </td> <td class="wh" valign="bottom"> <p class="adw"><span class="abo"><strong>13,639</strong></span></p> </td> </tr> <tr class="wx"> <td class="wm" valign="bottom"> <p class="al"><span class="abo">Depreciation</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(839)</span></p> </td> <td class="wz" valign="bottom"> <p class="ady"> </p> </td> <td class="wh" valign="bottom"> <p class="adu"><span class="abo">(1,106)</span></p> </td> </tr> <tr class="wx"> <td class="wm" valign="bottom"> <p class="al"><span class="abo">Amortisation</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(8,289)</span></p> </td> <td class="wz" valign="bottom"> <p class="ady"> </p> </td> <td class="wh" valign="bottom"> <p class="adu"><span class="abo">(8,213)</span></p> </td> </tr> <tr class="wx"> <td class="wm" valign="bottom"> <p class="al"><span class="abo">Restructuring costs</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(2,155)</span></p> </td> <td class="wz" valign="bottom"> <p class="ady"> </p> </td> <td class="wh" valign="bottom"> <p class="adu"><span class="abo">(436)</span></p> </td> </tr> <tr class="wx"> <td class="wm" valign="bottom"> <p class="al"><span class="abo">Acquisition (costs) / credit</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(174)</span></p> </td> <td class="wz" valign="bottom"> <p class="ady"> </p> </td> <td class="wh" valign="bottom"> <p class="adu"><span class="abo">856</span></p> </td> </tr> <tr class="wx"> <td class="wm" valign="bottom"> <p class="al"><span class="abo">Impairment</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">-</span></p> </td> <td class="wz" valign="bottom"> <p class="ady"> </p> </td> <td class="wh" valign="bottom"> <p class="adu"><span class="abo">(33,255)</span></p> </td> </tr> <tr class="wx"> <td class="wm" valign="bottom"> <p class="al"><span class="abo">Financing costs</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(368)</span></p> </td> <td class="wz" valign="bottom"> <p class="ady"> </p> </td> <td class="wh" valign="bottom"> <p class="adu"><span class="abo">(336)</span></p> </td> </tr> <tr class="wx"> <td class="wg" valign="bottom"> <p class="al"><span class="abo">Share option costs</span></p> </td> <td class="wq" valign="bottom"> <p class="adu"> </p> </td> <td class="wp" valign="bottom"> <p class="adu"> </p> </td> <td class="ww" valign="bottom"> <p class="adu"><span class="abo">(859)</span></p> </td> <td class="wn" valign="bottom"> <p class="ady"> </p> </td> <td class="wf" valign="bottom"> <p class="adu"><span class="abo">(50)</span></p> </td> </tr> <tr class="wx"> <td class="we" valign="bottom"> <p class="ads"> </p> </td> <td class="wl" valign="bottom"> <p class="adu"> </p> </td> <td class="wk" valign="bottom"> <p class="adu"> </p> </td> <td class="wj" valign="bottom"> <p class="adu"> </p> </td> <td class="wi" valign="bottom"> <p class="ady"> </p> </td> <td class="wd" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Finance income</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">172</span></p> </td> <td class="wz" valign="bottom"> <p class="ady"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">449</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Finance costs</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(1,874)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">(1,788)</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="ww" valign="bottom"> <p class="adw"> </p> </td> <td class="wz" valign="bottom"> <p class="adx"> </p> </td> <td class="wv" valign="bottom"> <p class="adw"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Loss before taxation</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="wj" valign="bottom"> <p class="adw"><strong><span class="abo">(25)</span></strong></p> </td> <td class="wz" valign="bottom"> <p class="adx"> </p> </td> <td class="wd" valign="bottom"> <p class="adw"><strong><span class="abo">(30,240)</span></strong></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Income tax (charge) / credit</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(1,192)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">2,680</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="ww" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wv" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Loss for the year from continuing operations</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="wj" valign="bottom"> <p class="adu"><span class="abo">(1,217)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wd" valign="bottom"> <p class="adu"><span class="abo">(27,560)</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Discontinued operations</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Loss for the year from discontinued operations</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"><span class="abo">6</span></p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(602)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">(9,067)</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="ww" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wv" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Loss for the year</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="wj" valign="bottom"> <p class="adu"><span class="abo">(1,819)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wd" valign="bottom"> <p class="adu"><span class="abo">(36,627)</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Non-controlling interest</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">113</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">6</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="ww" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wv" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Loss for the year attributable to the owners of the parent</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="wj" valign="bottom"> <p class="adu"><span class="abo">(1,706)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wd" valign="bottom"> <p class="adu"><span class="abo">(36,621)</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Other comprehensive loss for the year</span></strong></p> <p class="al"><span class="abo">Items that will be reclassified subsequently to profit or loss:</span></p> <p class="al"><span class="abo">Exchange losses on translation of foreign operations net of tax</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="ww" valign="bottom"> <p class="adu"><span class="abo">(180)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wv" valign="bottom"> <p class="adu"><span class="abo">(133)</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Other comprehensive loss for the year, net of tax</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="ww" valign="bottom"> <p class="adu"><span class="abo">(180)</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wv" valign="bottom"> <p class="adu"><span class="abo">(133)</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><span class="abo"><strong>Total comprehensive loss for the year</strong>T</span></p> </td> <td class="xc" valign="bottom"> <p class="adw"> </p> </td> <td class="xb" valign="bottom"> <p class="adw"> </p> </td> <td class="wc" valign="bottom"> <p class="adw"><strong><span class="abo">(1,999)</span></strong></p> </td> <td class="wz" valign="bottom"> <p class="adw"> </p> </td> <td class="wb" valign="bottom"> <p class="adw"><span class="abo"><strong>(36,760)</strong></span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Total comprehensive loss for the year attributable to owners of the parent</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adw"> </p> </td> <td class="xb" valign="bottom"> <p class="adw"> </p> </td> <td class="wc" valign="bottom"> <p class="adw"><strong><span class="abo">(1,886)</span></strong></p> </td> <td class="wz" valign="bottom"> <p class="adw"> </p> </td> <td class="wb" valign="bottom"> <p class="adw"><strong><span class="abo">(36,754)</span></strong></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"> </p> </td> <td class="xc" valign="bottom"> <p class="adw"> </p> </td> <td class="xb" valign="bottom"> <p class="adw"> </p> </td> <td class="wj" valign="bottom"> <p class="adw"> </p> </td> <td class="wz" valign="bottom"> <p class="adw"> </p> </td> <td class="wd" valign="bottom"> <p class="adw"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="ads"><strong><span class="abo">Earnings per share attributable to owners of the parent during the year</span></strong></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">From continuing operations</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Basic</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(0.26)p</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">(6.67)p</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Diluted</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(0.26)p</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">(6.67)p</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"> </p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">From continuing and discontinued operations</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Basic</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(0.41)p</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">(8.86)p</span></p> </td> </tr> <tr class="wx"> <td class="xd" valign="bottom"> <p class="al"><span class="abo">Diluted</span></p> </td> <td class="xc" valign="bottom"> <p class="adu"> </p> </td> <td class="xb" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">(0.41)p</span></p> </td> <td class="wz" valign="bottom"> <p class="adu"> </p> </td> <td class="wy" valign="bottom"> <p class="adu"><span class="abo">(8.86)p</span></p> </td> </tr> </tbody> </table> <p class="a"><span class="abb">*See Note 1 for restatement reconciliation</span></p> <p class="a"><span class="abs">The accompanying accounting policies and notes form an integral part of these financial statements.</span></p> </div> <div class="dv"> <table border="0" cellspacing="0" cellpadding="0" class="adr"> <tbody> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"> </p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adt"><strong><span class="xl">Note</span></strong></p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adz"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="ao"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="aea"> </p> </td> <td class="vu" valign="top" style="width: 57px;"> <p class="ao"><strong><span class="xl">Restated</span></strong></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="ao"> </p> </td> <td class="vt" valign="top" style="width: 57px;"> <p class="ao"><strong><span class="xl">Restated</span></strong></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"> </p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adt"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adz"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="ao"><strong><span class="xl">2019</span></strong></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="aea"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="ao"><strong><span class="xl">2018</span></strong></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="ao"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><strong><span class="xl">2017</span></strong></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"> </p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adt"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="aea"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="aea"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="ao"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">ASSETS</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Non-current assets</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Property, plant and equipment</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">1,162</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">1,211</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">1,743</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Intangible assets</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"><span class="abo">7</span></p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">86,004</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">78,787</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">122,754</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Investment</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">18</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">18</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">18</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Deferred tax assets</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">1,368</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">1,107</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">1,086</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Total non-current assets</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vr" valign="bottom" style="width: 52px;"> <p class="ady"><span class="abo">88,552</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vr" valign="bottom" style="width: 57px;"> <p class="ady"><span class="abo">81,123</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="ady"> </p> </td> <td class="vq" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">125,601</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"> </p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 52px;"> <p class="ady"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 57px;"> <p class="ady"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="ady"> </p> </td> <td class="vn" valign="bottom" style="width: 57px;"> <p class="ady"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Current assets</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Stock</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">77</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">115</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">163</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Trade and other receivables</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">19,972</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">32,502</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">42,216</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Current tax receivable</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">251</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">1,382</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">-</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Cash and cash equivalents</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="al"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">7,023</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">5,534</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">3,248</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Total current assets</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">27,323</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vr" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">39,533</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vq" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">45,627</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"> </p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vn" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Assets classified as held for sale</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">1,114</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">-</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><span class="abo">Total assets</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="al"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">115,875</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vr" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">121,770</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vq" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">171,228</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"> </p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="al"> </p> </td> <td class="vo" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vn" valign="bottom" style="width: 57px;"> <p class="ao"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">LIABILITIES</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="al"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Current liabilities</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Trade and other payables</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">7,136</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">7,957</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">10,893</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Deferred consideration</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">381</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">750</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">1,600</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Other liabilities</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">23,892</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">21,201</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">25,746</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Provisions</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">384</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">356</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">427</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Current tax payable</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">190</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Borrowings</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">21,809</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">3,289</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">3,102</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Total current liabilities</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">53,602</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vr" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">33,553</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vq" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">41,958</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"> </p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vn" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Liabilities directly associated with assets classified as held for sale</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">963</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">-</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"> </p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Non-current liabilities</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Deferred tax liabilities</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">4,015</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">3,724</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">7,010</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Deferred consideration</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">74</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">-</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Other liabilities</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">1,878</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">1,288</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">1,616</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Provisions</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">111</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">378</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">645</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Bonds in issue</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">11,584</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">11,491</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">11,238</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Borrowings</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">22,505</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vj" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">21,519</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Total non-current liabilities</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">17,662</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">39,386</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vj" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">42,028</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Total liabilities</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">71,264</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">73,902</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vj" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">83,986</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Net assets</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vi" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">44,611</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vi" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">47,868</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vh" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">87,242</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"> </p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vn" valign="bottom" style="width: 57px;"> <p class="ao"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">EQUITY</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"> </p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Called up share capital</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">4,446</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">4,169</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">4,145</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Capital redemption reserve</span></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">1,112</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">1,112</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">1,112</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Share premium account</span></p> </td> <td class="vx" valign="top" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">41,348</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">34,188</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">34,109</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Treasury reserve</span></p> </td> <td class="vx" valign="top" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">(621)</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">(621)</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">(621)</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Share option reserve</span></p> </td> <td class="vx" valign="top" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">1,837</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">1,232</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">1,730</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Other reserves</span></p> </td> <td class="vx" valign="top" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">7,528</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">7,528</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">7,528</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">ESOP trust</span></p> </td> <td class="vx" valign="top" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">(365)</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">(399)</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">(349)</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Foreign currency translation reserve</span></p> </td> <td class="vx" valign="top" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">(64)</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">116</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">249</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Retained earnings</span></p> </td> <td class="vx" valign="top" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">(10,500)</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">540</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vj" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">39,330</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Issued capital and reserves attributable to the owners of the parent</span></strong></p> </td> <td class="vx" valign="top" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="top" style="width: 52px;"> <p class="adu"><span class="abo">44,721</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vo" valign="top" style="width: 57px;"> <p class="adu"><span class="abo">47,865</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vn" valign="top" style="width: 57px;"> <p class="ao"><span class="vs">87,233</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="al"><span class="abo">Non-controlling interest</span></p> </td> <td class="vx" valign="top" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">(110)</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vm" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">3</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vj" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">9</span></p> </td> </tr> <tr class="wx"> <td class="vy" valign="bottom" style="width: 378px;"> <p class="ads"><strong><span class="abo">Total equity</span></strong></p> </td> <td class="vx" valign="bottom" style="width: 32px;"> <p class="adu"> </p> </td> <td class="vv" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vi" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">44,611</span></p> </td> <td class="xc" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vi" valign="bottom" style="width: 57px;"> <p class="adu"><span class="abo">47,868</span></p> </td> <td class="xc" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="vh" valign="bottom" style="width: 57px;"> <p class="ao"><span class="vs">87,242</span></p> </td> </tr> <tr class="ux"> <td class="ve" valign="bottom" style="width: 378px;"> <p class="al"> </p> </td> <td class="vc" valign="top" style="width: 32px;"> <p class="adg"> </p> </td> <td class="vb" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="va" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="uz" valign="bottom" style="width: 3px;"> <p class="adu"> </p> </td> <td class="va" valign="bottom" style="width: 57px;"> <p class="adu"> </p> </td> <td class="uz" valign="top" style="width: 3px;"> <p class="adu"> </p> </td> <td class="uy" valign="top" style="width: 57px;"> <p class="adu"> </p> </td> </tr> </tbody> </table> <p class="m"><span class="uw">The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2020 and are signed on its behalf by:</span></p> <p class="aeb"><span class="uw"><strong>David Meaden    </strong>                                            <strong>Rob Grubb<br /></strong></span><span><span class="uw">Chief Executive Officer                                      Chief Financial Officer</span></span><span class="uw">                                                                      </span></p> <p class="m"><span class="uw">The accompanying accounting policies and notes form an integral part of these financial statements. <br /></span><span class="uw">Company name: Idox plc                     Company number: 03984070</span></p> </div> <p> </p> <div class="dw"> <table border="0" cellspacing="0" cellpadding="0" class="aec"> <tbody> <tr class="un"> <td class="uv" valign="bottom" style="width: 890px;"> <p class="acl"> </p> </td> <td class="uu" valign="top" style="width: 10px;"> <p class="add"><strong><span class="abb"> </span></strong></p> <p class="add"><strong><span class="abb">Called up<br />share capital</span></strong></p> <p class="add"><strong><span class="zb">£000</span></strong></p> </td> <td class="ut" valign="top" style="width: 73px;"> <p class="add"><strong><span class="zb"> </span></strong></p> <p class="add"><strong><span class="zb">Capital redemption<br /></span></strong><strong><span class="zb">reserve <br /></span></strong></p> <p class="add"><strong><span class="zb"><br />£000</span></strong></p> </td> <td class="us" valign="top" style="width: 57px;"> <p class="add"><strong><span class="zb"> </span></strong></p> <p class="add"><strong><span class="zb">Share <br /></span></strong><strong><span class="zb">premium<br /></span></strong><strong><span class="zb">account</span></strong></p> <p class="add"><strong><span class="zb"><br />£000</span></strong></p> </td> <td class="ur" valign="top" style="width: 59px;"> <p class="add"><strong><span class="zb"> </span></strong></p> <p class="add"><strong><span class="zb">Treasury reserve</span></strong></p> <p class="add"> </p> <p class="add"><strong><span class="zb">£000</span></strong></p> </td> <td class="uq" valign="top" style="width: 47px;"> <p class="add"><strong><span class="zb"> </span></strong></p> <p class="add"><strong><span class="zb">Share<br /></span></strong><strong><span class="zb">option<br /></span></strong><strong><span class="zb">reserve</span></strong></p> <p class="add"><strong><span class="zb"><br />£000</span></strong></p> </td> <td class="uq" valign="top" style="width: 56px;"> <p class="add"><strong><span class="zb"> </span></strong></p> <p class="add"><strong><span class="zb">Other reserves</span></strong></p> <p class="add"><strong><span class="zb"><br /><br />£000</span></strong></p> </td> <td class="ur" valign="top" style="width: 38px;"> <p class="add"><strong><span class="zb"> </span></strong></p> <p class="add"><strong><span class="zb">E</span></strong><strong><span class="zb">SOP<br /></span></strong><strong><span class="zb">trust<br /><br /><br /></span></strong></p> <p class="add"><strong><span class="zb">£000</span></strong></p> </td> <td class="us" valign="top" style="width: 102px;"> <p class="add"> </p> <p class="add"><strong><span class="zb">Foreign currency translation reserve</span></strong></p> <p class="add"><strong><span class="zb">£000</span></strong></p> <p class="add"><strong><span class="zb"> </span></strong></p> </td> <td class="up" valign="top" style="width: 78px;"> <p class="add"><strong><span class="zb"> </span></strong></p> <p class="add"><strong><span class="zb">Restated retained earnings</span></strong></p> <p class="add"><strong><span class="zb"><br />£000</span></strong></p> </td> <td class="uo" valign="bottom" style="width: 130px;"> <p class="add"> </p> <p class="add"><strong><span class="zb">Non-controlling interest*</span></strong></p> <p class="add"> </p> <p class="add"><strong><span class="zb">£000</span></strong></p> <p class="add"><strong><span class="zb"> </span></strong></p> </td> <td class="uu" valign="top" style="width: 10px;"> <p class="add"><strong><span class="zb"> </span></strong></p> <p class="add"><strong><span class="zb">T</span></strong><strong><span class="zb">otal</span></strong></p> <p class="add"> </p> <p class="add"> </p> <p class="add"><strong><span class="zb">£000</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" style="width: 890px;"> <p class="acl"><strong><span class="zb">Balance at 1 November 2017</span></strong></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">4,145</span></strong></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="add"><strong><span class="abb">1,112</span></strong></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="abb">34,109</span></strong></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="add"><strong><span class="abb">(621)</span></strong></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="add"><strong><span class="abb">1,730</span></strong></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="add"><strong><span class="abb">7,528</span></strong></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="add"><strong><span class="abb">(349)</span></strong></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="add"><strong><span class="abb">249</span></strong></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="add"><strong><span class="abb">40,669</span></strong></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="add"><strong><span class="abb">9</span></strong></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">88,581</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" style="width: 890px;"> <p class="a"><span class="zb">FY19 Prior period adjustment (note 4)</span></p> </td> <td class="ud" valign="bottom" style="width: 10px;"> <p class="add"><span class="abb">-</span></p> </td> <td class="uc" valign="bottom" style="width: 73px;"> <p class="add"><span class="abb">-</span></p> </td> <td class="ub" valign="bottom" style="width: 57px;"> <p class="add"><span class="abb">-</span></p> </td> <td class="ua" valign="bottom" style="width: 59px;"> <p class="add"><span class="abb">-</span></p> </td> <td class="tz" valign="bottom" style="width: 47px;"> <p class="add"><span class="abb">-</span></p> </td> <td class="tz" valign="bottom" style="width: 56px;"> <p class="add"><span class="abb">-</span></p> </td> <td class="ty" valign="bottom" style="width: 38px;"> <p class="add"><span class="abb">-</span></p> </td> <td class="ub" valign="bottom" style="width: 102px;"> <p class="add"><span class="abb">-</span></p> </td> <td class="tx" valign="bottom" style="width: 78px;"> <p class="add"><span class="abb">(1,339)</span></p> </td> <td class="tw" valign="bottom" style="width: 130px;"> <p class="add"><span class="abb">-</span></p> </td> <td class="ud" valign="bottom" style="width: 10px;"> <p class="add"><span class="abb"><strong>(1,339)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" style="width: 890px;"> <p class="acl"><strong><span class="zb">Restated balance at 1 November 2017</span></strong></p> </td> <td class="tv" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">4,145</span></strong></p> </td> <td class="tu" valign="bottom" style="width: 73px;"> <p class="add"><strong><span class="abb">1,112</span></strong></p> </td> <td class="tt" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="abb">34,109</span></strong></p> </td> <td class="ts" valign="bottom" style="width: 59px;"> <p class="add"><strong><span class="abb">(621)</span></strong></p> </td> <td class="tr" valign="bottom" style="width: 47px;"> <p class="add"><strong><span class="abb">1,730</span></strong></p> </td> <td class="tr" valign="bottom" style="width: 56px;"> <p class="add"><strong><span class="abb">7,528</span></strong></p> </td> <td class="tq" valign="bottom" style="width: 38px;"> <p class="add"><strong><span class="abb">(349)</span></strong></p> </td> <td class="tp" valign="bottom" style="width: 102px;"> <p class="add"><strong><span class="abb">249</span></strong></p> </td> <td class="to" valign="bottom" style="width: 78px;"> <p class="add"><strong><span class="abb">39,330</span></strong></p> </td> <td class="tn" valign="bottom" style="width: 130px;"> <p class="add"><strong><span class="abb">9</span></strong></p> </td> <td class="tv" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">87,242</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Issue of share capital</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="abb">24</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="abb">79</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"> </p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="abb"><strong>103</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Share option costs</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="abb">50</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">50</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Exercise of share options</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"> </p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="abb">(548)</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="abb">548</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="abb">-</span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">ESOP trust</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="abb">(50)</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="abb"><strong>(50)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Equity dividends paid</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="abb">(2,717)</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="abb"><strong>(2,717)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="acl"><strong><span class="abb">Transactions with owners</span></strong></p> </td> <td class="tm" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">24</span></strong></p> </td> <td class="tl" valign="bottom" style="width: 73px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="tk" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="abb">79</span></strong></p> </td> <td class="tj" valign="bottom" style="width: 59px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="ti" valign="bottom" style="width: 47px;"> <p class="add"><strong><span class="abb">(498)</span></strong></p> </td> <td class="ti" valign="bottom" style="width: 56px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="tj" valign="bottom" style="width: 38px;"> <p class="add"><strong><span class="abb">(50)</span></strong></p> </td> <td class="tk" valign="bottom" style="width: 102px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="th" valign="bottom" style="width: 78px;"> <p class="add"><strong><span class="abb">(2,169)</span></strong></p> </td> <td class="tg" valign="bottom" style="width: 130px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="tm" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">(2,614)</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Loss for the year</span></p> </td> <td class="tv" valign="bottom" style="width: 10px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tu" valign="bottom" style="width: 73px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tt" valign="bottom" style="width: 57px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ts" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="tr" valign="bottom" style="width: 47px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tr" valign="bottom" style="width: 56px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tq" valign="bottom" style="width: 38px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tp" valign="bottom" style="width: 102px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="to" valign="bottom" style="width: 78px;"> <p class="adf"><span class="zb">(36,042)</span></p> </td> <td class="tn" valign="bottom" style="width: 130px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tv" valign="bottom" style="width: 10px;"> <p class="add"><span class="zb"><strong>(36,042)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">FY19 Prior period adjustment (note 4)</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="zb">(579)</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="zb"><strong>(579)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Non-controlling interest</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="zb">(6)</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="zb"><strong>(6)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="acl"><strong><span class="zb">Other comprehensive loss</span></strong></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"> </p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"> </p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"> </p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"> </p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"> </p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"> </p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"> </p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"> </p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"> </p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"> </p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"> </p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Exchange movement on translation of foreign operations</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="zb">(133)</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="zb"><strong>(133)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="acl"><span class="zb"><strong>Total comprehensive loss for the year</strong></span></p> </td> <td class="tm" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tl" valign="bottom" style="width: 73px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tk" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tj" valign="bottom" style="width: 59px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="ti" valign="bottom" style="width: 47px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="ti" valign="bottom" style="width: 56px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tj" valign="bottom" style="width: 38px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tk" valign="bottom" style="width: 102px;"> <p class="add"><strong><span class="zb">(133)</span></strong></p> </td> <td class="th" valign="bottom" style="width: 78px;"> <p class="add"><strong><span class="zb">(36,621)</span></strong></p> </td> <td class="tg" valign="bottom" style="width: 130px;"> <p class="add"><strong><span class="zb">(6)</span></strong></p> </td> <td class="tm" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="zb">(36,760)</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="acl"><strong><span class="zb">Restated Balance at 31 October 2018</span></strong></p> </td> <td class="tf" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="zb">4,169</span></strong></p> </td> <td class="te" valign="bottom" style="width: 73px;"> <p class="add"><strong><span class="zb">1,112</span></strong></p> </td> <td class="td" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="zb">34,188</span></strong></p> </td> <td class="tc" valign="bottom" style="width: 59px;"> <p class="add"><strong><span class="abb">(621)</span></strong></p> </td> <td class="tb" valign="bottom" style="width: 47px;"> <p class="add"><strong><span class="zb">1,232</span></strong></p> </td> <td class="tb" valign="bottom" style="width: 56px;"> <p class="add"><strong><span class="zb">7,528</span></strong></p> </td> <td class="ta" valign="bottom" style="width: 38px;"> <p class="add"><strong><span class="zb">(399)</span></strong></p> </td> <td class="td" valign="bottom" style="width: 102px;"> <p class="add"><strong><span class="abb">116</span></strong></p> </td> <td class="sz" valign="bottom" style="width: 78px;"> <p class="add"><strong><span class="abb">540</span></strong></p> </td> <td class="sy" valign="bottom" style="width: 130px;"> <p class="add"><strong><span class="abb">3</span></strong></p> </td> <td class="tf" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">47,868</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">IFRS 15 opening adjustment</span></p> </td> <td class="tv" valign="bottom" style="width: 10px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tu" valign="bottom" style="width: 73px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tt" valign="bottom" style="width: 57px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ts" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="tr" valign="bottom" style="width: 47px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tr" valign="bottom" style="width: 56px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tq" valign="bottom" style="width: 38px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tp" valign="bottom" style="width: 102px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="to" valign="bottom" style="width: 78px;"> <p class="adf"><span class="zb">(11,532)</span></p> </td> <td class="tn" valign="bottom" style="width: 130px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="tv" valign="bottom" style="width: 10px;"> <p class="add"><span class="zb"><strong>(11,532)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">IFRS 15 deferred tax opening adjustment</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="zb">1,944</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="zb">1,944</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"> </p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"> </p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"> </p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"> </p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"> </p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"> </p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"> </p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"> </p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"> </p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"> </p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"> </p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"> </p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Issue of share capital</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="abb">277</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="abb">7,160</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">7,437</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Share option costs</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="abb">859</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">859</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Exercise / lapses of share options</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="abb">(254)</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="abb">254</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="abb">-</span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">ESOP trust</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="abb">34</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">34</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="acl"><strong><span class="zb">Transactions with owners</span></strong></p> </td> <td class="tm" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">277</span></strong></p> </td> <td class="tl" valign="bottom" style="width: 73px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="tk" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="abb">7,160</span></strong></p> </td> <td class="tj" valign="bottom" style="width: 59px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="ti" valign="bottom" style="width: 47px;"> <p class="add"><strong><span class="abb">605</span></strong></p> </td> <td class="ti" valign="bottom" style="width: 56px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="tj" valign="bottom" style="width: 38px;"> <p class="add"><strong><span class="abb">34</span></strong></p> </td> <td class="tk" valign="bottom" style="width: 102px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="th" valign="bottom" style="width: 78px;"> <p class="add"><strong><span class="abb">254</span></strong></p> </td> <td class="tg" valign="bottom" style="width: 130px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="tm" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">8,330</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Loss for the year</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="zb">(1,706)</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="zb"><strong>(1,706)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Non-controlling interest</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="zb">(113)</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="zb"><strong>(113)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="acl"><strong><span class="zb">Other comprehensive loss</span></strong></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"> </p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"> </p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"> </p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"> </p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"> </p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"> </p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"> </p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"> </p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"> </p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"> </p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"> </p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="a"><span class="zb">Exchange movement on translation of foreign operations</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uk" valign="bottom" style="width: 73px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 57px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 59px;"> <p class="adf"><span class="abb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 47px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uh" valign="bottom" style="width: 56px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ui" valign="bottom" style="width: 38px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uj" valign="bottom" style="width: 102px;"> <p class="adf"><span class="zb">(180)</span></p> </td> <td class="ug" valign="bottom" style="width: 78px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="uf" valign="bottom" style="width: 130px;"> <p class="adf"><span class="zb">-</span></p> </td> <td class="ul" valign="bottom" style="width: 10px;"> <p class="add"><span class="zb"><strong>(180)</strong></span></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="acl"><strong><span class="zb">Total comprehensive loss for the year</span></strong></p> </td> <td class="tm" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tl" valign="bottom" style="width: 73px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tk" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tj" valign="bottom" style="width: 59px;"> <p class="add"><strong><span class="abb">-</span></strong></p> </td> <td class="ti" valign="bottom" style="width: 47px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="ti" valign="bottom" style="width: 56px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tj" valign="bottom" style="width: 38px;"> <p class="add"><strong><span class="zb">-</span></strong></p> </td> <td class="tk" valign="bottom" style="width: 102px;"> <p class="add"><strong><span class="zb">(180)</span></strong></p> </td> <td class="th" valign="bottom" style="width: 78px;"> <p class="add"><strong><span class="zb">(1,706)</span></strong></p> </td> <td class="tg" valign="bottom" style="width: 130px;"> <p class="add"><strong><span class="zb">(113)</span></strong></p> </td> <td class="tm" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="zb">(1,999)</span></strong></p> </td> </tr> <tr class="ue"> <td class="um" valign="bottom" style="width: 890px;"> <p class="acl"><strong><span class="zb">At 31 October 2019</span></strong></p> </td> <td class="tf" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">4,446</span></strong></p> </td> <td class="te" valign="bottom" style="width: 73px;"> <p class="add"><strong><span class="abb">1,112</span></strong></p> </td> <td class="td" valign="bottom" style="width: 57px;"> <p class="add"><strong><span class="abb">41,348</span></strong></p> </td> <td class="tc" valign="bottom" style="width: 59px;"> <p class="add"><strong><span class="abb">(621)</span></strong></p> </td> <td class="tb" valign="bottom" style="width: 47px;"> <p class="add"><strong><span class="abb">1,837</span></strong></p> </td> <td class="tb" valign="bottom" style="width: 56px;"> <p class="add"><strong><span class="abb">7,528</span></strong></p> </td> <td class="ta" valign="bottom" style="width: 38px;"> <p class="add"><strong><span class="abb">(365)</span></strong></p> </td> <td class="td" valign="bottom" style="width: 102px;"> <p class="add"><strong><span class="abb">(64)</span></strong></p> </td> <td class="sz" valign="bottom" style="width: 78px;"> <p class="add"><strong><span class="abb">(10,500)</span></strong></p> </td> <td class="sy" valign="bottom" style="width: 130px;"> <p class="add"><strong><span class="abb">(110)</span></strong></p> </td> <td class="tf" valign="bottom" style="width: 10px;"> <p class="add"><strong><span class="abb">44,611</span></strong></p> </td> </tr> </tbody> </table> <p class="m"><span class="abo">The accompanying accounting policies and notes form an integral part of these financial statements. <br /></span><span class="uw">*relates to a 30% non-controlling interest Six-PM Health Solutions (Ireland) Ltd, a subsidiary of 6PM Holdings plc.</span></p> <table border="0" cellspacing="0" cellpadding="0" class="aed"> <tbody> <tr class="sq"> <td class="sw" valign="bottom"> <p class="a"> </p> </td> <td class="sv" valign="bottom"> <p class="adt"> </p> </td> <td class="su" valign="bottom"> <p class="ao"> </p> </td> <td class="st" valign="bottom"> <p class="ao"> </p> </td> <td class="ss" valign="bottom"> <p class="ao"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><strong><span class="xl">Restated</span></strong></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="a"> </p> </td> <td class="sv" valign="bottom"> <p class="adt"> </p> </td> <td class="su" valign="bottom"> <p class="ao"> </p> </td> <td class="st" valign="bottom"> <p class="ao"><strong><span class="xl">2019</span></strong></p> </td> <td class="ss" valign="bottom"> <p class="ao"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><strong><span class="xl">2018</span></strong></p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"> </p> </td> <td class="so" valign="bottom"> <p class="adt"> </p> </td> <td class="sn" valign="bottom"> <p class="ao"> </p> </td> <td class="sm" valign="bottom"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="sl" valign="bottom"> <p class="ao"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"><strong><span class="abo">Cash flows from operating activities</span></strong></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"> </p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Loss for the year before taxation</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">(627)</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">(39,983)</span></p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"><span class="abo">Adjustments for:</span></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"> </p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"> </p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Depreciation of property, plant and equipment</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">839</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">1,144</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Amortisation of intangible assets</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="al"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">8,289</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">8,615</span></p> </td> </tr> <tr class="sc"> <td class="si" valign="bottom"> <p class="al"><span class="abo">Acquisition credits - release of deferred consideration</span></p> </td> <td class="sh" valign="bottom"> <p class="adu"> </p> </td> <td class="sg" valign="bottom"> <p class="al"> </p> </td> <td class="sf" valign="bottom"> <p class="adu"><span class="abo">(750)</span></p> </td> <td class="se" valign="bottom"> <p class="adu"> </p> </td> <td class="sd" valign="bottom"> <p class="ao"><span class="vs">(684)</span></p> </td> </tr> <tr class="sc"> <td class="si" valign="bottom"> <p class="al"><span class="abo">Impairment</span></p> </td> <td class="sh" valign="bottom"> <p class="adu"> </p> </td> <td class="sg" valign="bottom"> <p class="al"> </p> </td> <td class="sf" valign="bottom"> <p class="adu"><span class="abo">-</span></p> </td> <td class="se" valign="bottom"> <p class="adu"> </p> </td> <td class="sd" valign="bottom"> <p class="ao"><span class="vs">39,530</span></p> </td> </tr> <tr class="sc"> <td class="si" valign="bottom"> <p class="al"><span class="abo">Finance income</span></p> </td> <td class="sh" valign="bottom"> <p class="adu"> </p> </td> <td class="sg" valign="bottom"> <p class="al"> </p> </td> <td class="sf" valign="bottom"> <p class="adu"><span class="abo">(172)</span></p> </td> <td class="se" valign="bottom"> <p class="adu"> </p> </td> <td class="sd" valign="bottom"> <p class="ao"><span class="vs">(211)</span></p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"><span class="abo">Finance costs</span></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"><span class="abo">1,629</span></p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"><span class="vs">1,666</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Debt issue costs amortisation</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">(54)</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">90</span></p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"><span class="abo">Research and development tax credit</span></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"><span class="abo">(182)</span></p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"><span class="vs">(832)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Share option costs</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">859</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">50</span></p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"><span class="abo">Movement in stock</span></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"><span class="abo">38</span></p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"><span class="vs">48</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Movement in receivables</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">4,923</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">8,671</span></p> </td> </tr> <tr class="sc"> <td class="si" valign="bottom"> <p class="al"><span class="abo">Movement in payables</span></p> </td> <td class="sh" valign="bottom"> <p class="adu"> </p> </td> <td class="sg" valign="bottom"> <p class="al"> </p> </td> <td class="sb" valign="bottom"> <p class="adu"><span class="abo">(3,595)</span></p> </td> <td class="se" valign="bottom"> <p class="adu"> </p> </td> <td class="sa" valign="bottom"> <p class="ao"><span class="vs">(7,456)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"><strong><span class="abo">Cash generated by operations</span></strong></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rz" valign="bottom"> <p class="adu"><span class="abo">11,197</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="ry" valign="bottom"> <p class="ao"><span class="vs">10,648</span></p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"> </p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"> </p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"> </p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Tax on loss refunded / (tax on profit paid)</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rx" valign="bottom"> <p class="adu"><span class="abo">1,185</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="rw" valign="bottom"> <p class="ao"><span class="vs">(760)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"><strong><span class="abo">Net cash from operating activities</span></strong></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rx" valign="bottom"> <p class="adu"><span class="abo">12,382</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="rw" valign="bottom"> <p class="ao"><span class="vs">9,888</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"> </p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rz" valign="bottom"> <p class="adu"> </p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="ry" valign="bottom"> <p class="aee"> </p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="ads"><strong><span class="abo">Cash flows from investing activities</span></strong></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"> </p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="aee"> </p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Acquisition of subsidiaries</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">(6,394)</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">(209)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Net cash arising on disposal of discontinued operations</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">44</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">-</span></p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"><span class="abo">Purchase of property, plant and equipment</span></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"><span class="abo">(780)</span></p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"><span class="vs">(606)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Purchase of intangible assets</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">(5,871)</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">(3,868)</span></p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"><span class="abo">Finance income</span></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="ru" valign="bottom"> <p class="adu"><span class="abo">172</span></p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="rt" valign="bottom"> <p class="ao"><span class="vs">211</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"><strong><span class="abo">Net cash used in investing activities</span></strong></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rx" valign="bottom"> <p class="adu"><span class="abo">(12,829)</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="rw" valign="bottom"> <p class="ao"><span class="vs">(4,472)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"> </p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rz" valign="bottom"> <p class="adu"> </p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="ry" valign="bottom"> <p class="aee"> </p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"><strong><span class="abo">Cash flows from financing activities</span></strong></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"> </p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="aee"> </p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"><span class="abo">Interest paid</span></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"><span class="abo">(1,423)</span></p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"><span class="vs">(1,484)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">New loans</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">8,000</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">6,500</span></p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="al"><span class="abo">Loan related costs</span></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"><span class="abo">(81)</span></p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"><span class="vs">42</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Loan repayments</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">(12,039)</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">(5,500)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Equity dividends paid</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">-</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">(2,717)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Issue of own shares</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="al"> </p> </td> <td class="rx" valign="bottom"> <p class="adu"><span class="abo">7,350</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="rw" valign="bottom"> <p class="ao"><span class="vs">(53)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"><strong><span class="abo">Net cash flows from / (used in) financing activities</span></strong></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rz" valign="bottom"> <p class="adu"><span class="abo">1,807</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="ry" valign="bottom"> <p class="ao"><span class="vs">(3,212)</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"> </p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rx" valign="bottom"> <p class="adu"> </p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="rw" valign="bottom"> <p class="ao"> </p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"><strong><span class="abo">Net movement in cash and cash equivalents</span></strong></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"><span class="abo">1,360</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"><span class="vs">2,204</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"> </p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="st" valign="bottom"> <p class="adu"> </p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="sr" valign="bottom"> <p class="ao"> </p> </td> </tr> <tr class="sj"> <td class="sp" valign="bottom"> <p class="ads"><strong><span class="abo">Cash and cash equivalents at the beginning of the year</span></strong></p> </td> <td class="so" valign="bottom"> <p class="adu"> </p> </td> <td class="sn" valign="bottom"> <p class="adu"> </p> </td> <td class="sm" valign="bottom"> <p class="adu"><span class="abo">5,534</span></p> </td> <td class="sl" valign="bottom"> <p class="adu"> </p> </td> <td class="sk" valign="bottom"> <p class="ao"><span class="vs">3,248</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="al"><span class="abo">Exchange gains on cash and cash equivalents</span></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rx" valign="bottom"> <p class="adu"><span class="abo">129</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="rw" valign="bottom"> <p class="ao"><span class="vs">82</span></p> </td> </tr> <tr class="sq"> <td class="sw" valign="bottom"> <p class="ads"><strong><span class="abo">Cash and cash equivalents at the end of the year</span></strong></p> </td> <td class="sv" valign="bottom"> <p class="adu"> </p> </td> <td class="su" valign="bottom"> <p class="adu"> </p> </td> <td class="rs" valign="bottom"> <p class="adu"><span class="abo">7,023</span></p> </td> <td class="ss" valign="bottom"> <p class="adu"> </p> </td> <td class="rr" valign="bottom"> <p class="ao"><span class="vs">5,534</span></p> </td> </tr> </tbody> </table> <p class="b"><span class="abo">The accompanying accounting policies and notes form an integral part of these financial statements.</span></p> <p class="af"><strong><span class="rp">NOTES TO THE CONDENSED FINANCIAL STATEMENTS</span></strong></p> <p class="aeb"><strong><span class="abo">1 BASIS OF PREPARATION</span></strong></p> <p class="adm"><span class="abg">The financial information contained in these condensed financial statements does not constitute the Group's statutory accounts within the meaning of the Companies Act 2006.</span></p> <p class="adm"><span class="abg">Statutory accounts for the year ended 31 October 2018 and 31 October 2019 have been reported on, with a qualified opinion for 31 October 2018 by the Group's auditor due to insufficient appropriate evidence available in respect of the acquired sub-group headed by 6pm Holdings plc. The audit opinion in respect of 31 October 2019 is unqualified.</span></p> <p class="adm"><span class="abg">Whilst the financial information included in this Annual Financial Report Announcement has been computed in accordance with International Financial Reporting Standards (IFRS) this announcement, due to its condensed nature, does not itself contain sufficient information to comply with IFRS.</span></p> <p class="adm"><span class="abg">This Annual Financial Report Announcement includes note references that refer to notes in this Annual Financial Report Announcement 2019.</span></p> <p class="adm"><span class="abg">Statutory accounts for the year ended 31 October 2018 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 31 October 2019, prepared under IFRS, are available on the Group's website:</span><span> </span><span class="abo"><a rel="noopener" href="https://www.idoxgroup.com/investors/financial-reporting/" target="_blank">https://www.idoxgroup.com/investors/financial-reporting/</a></span> and will be delivered to the Registrar in due course. The Group's principal accounting policies as set out in the 2018 statutory accounts have been applied consistently in all material respects.</p> <p class="aef"><em><span class="abg">Going Concern</span></em></p> <p class="aeg"><span class="abo">The Directors, having made suitable enquiries and analysis of the accounts, consider that the Group has adequate resources to continue in business for the foreseeable future. In making this assessment, the Directors have considered the Group's budget, cash flow forecasts, available banking facility with appropriate headroom in facilities and financial covenants, in addition to levels of contracted and recurring revenue.</span></p> <p class="aeg"><span class="abo">It was announced on 19 December 2019 that the Group had refinanced with the Royal Bank of Scotland plc, Silicon Valley Bank and Santander UK plc. The new facilities, which comprise a revolving credit facility of £35,000,000 and £10,000,000 accordion facility, are committed until December 2022, with an option to extend this commitment for a further two years. The new facility is on improved commercial terms with a lower margin grid and standard financial covenants in respect of leverage and cash flow cover.</span></p> <p class="acc"><span class="abs">As the Group has net current liabilities of £26.3m as at 31 October 2019, the Directors have specifically considered whether this represents an indication of an issue with the going concern basis for the Group's accounting, particularly as the corresponding balance as at 31 October 2018 was a net current asset position of £6.1m. The Directors have identified that:</span></p> <ul> <li class="aeh"><span class="abs">the FY19 closing position includes our £21.8m borrowings which are secured for up to five years, being disclosed in less than one year due to the timing of finalising our new banking arrangement post year end, whereas the borrowings in FY18 were in the main disclosed as greater than 12 months due to that refinancing being an extension of additional facilities, and therefore excluded from current liabilities; and</span></li> <li class="aeh"><span class="abs">in FY19 the Group has seen a large opening adjustment in FY19 that has reduced contract receivables and increased contract liabilities by a total of £12.6m following the adoption of IFRS 15.</span></li> </ul> <p class="acc"><span class="abs">After adjusting for these items to present an appropriate year on year comparison, the Group's net current asset position has improved by £2m from FY18 to FY19. Therefore, the Directors do not consider the net current liabilities reported as at 31 October 2019 to be an indicator of any issue with the Group's going concern assessment.</span></p> <p class="aei"><em><span class="abs">Covid-19 pandemic impact on Going Concern assessment</span></em></p> <p class="acc"><span class="abs">Idox along with most companies has been impacted by the emerging Covid-19 pandemic. We continue to assess the impact of the Covid-19 pandemic on the business, taking actions to mitigate or limit the impacts on our organisation where we can and supporting our staff, customers and partners in dealing with the emerging situation.</span></p> <p class="acc"><span class="abs">As part of the preparation of our FY19 results, the Group has carefully assessed the likely impact of the Covid-19 pandemic on our business and specifically considered if it creates any material uncertainty in our going concern assessment. We have considered in detail anticipated changes in the way we engage with our customers, staff, supply chains and banking partners as a result of the Covid-19 pandemic.</span><span class="abo"> </span></p> <p class="acc"><span class="abs">Idox is fundamentally resilient to the Covid-19 pandemic due to the Group's high recurring revenue base, its focus on public sector markets and the high proportion of staff that routinely work from home. The Group retains significant liquidity with cash and available committed bank facilities and has strong headroom against financial covenants. We continue to monitor the situation as it continues to evolve and adapt our approach as required.</span><span class="abo"> </span></p> <p class="acc"><span class="abs">The exposures identified to date are as follows:</span></p> <ul> <li class="adq"><span class="aar">Our Public Sector Software business is exposed to government policy in response to the Covid-19 pandemic, notably the recent postponement of the local and mayoral elections originally scheduled for May 2020 to May 2021 which will impact the Elections sub-segment of this business. However, the overall PSS business has strong levels of recurring revenues from a well-established existing customer base and growing markets.</span></li> <li class="adq"><span class="aar">Our EIM business has seen significant reduction in travel given its cross-border operations which has had a limited impact but we continue to provide the majority of solutions and service customers remotely. Our EIM business also has strong existing high recurring revenues which account for approximately 80% of its revenue targets, and is well-placed given its increasing focus on cloud-based solutions.</span></li> <li class="aej"><span class="abs">Our Content business has operations in Germany and Netherlands, however, the impact of the Covid-19 pandemic to-date has been minimal. We are not anticipating any impact on the UK element of our Content business which is all recurring in nature and in respect of public sector customers.</span> </li> </ul> <p class="aeg"><span class="abo">The Group has introduced a number of cost controls over new and existing spend which, together with linked Cost of Sale reductions, will mitigate any potential reduction in revenue from the Covid-19 pandemic. Management continue to anticipate future earnings and cash will be in line with its previous expectations.</span><span class="abo"> </span></p> <p class="aeg"><span class="abo">We have performed detailed financial forecasting of a number of credible potential Covid-19 pandemic scenarios, as well as severe stress-testing in our financial modelling which includes potential restructuring in order to preserve the Group as a going concern in the event of the most extreme possible impact on our Group of the Covid-19 pandemic.</span></p> <p class="acc"><span class="abs">The key assumptions in these scenarios are:</span></p> <ul> <li class="acc"><span class="abs">There will be a direct impact period until most of the current restrictions are lifted as well as a recovery period until commercial and social life has broadly returned to normal (recovery period).</span></li> <li class="aek"><span class="abs">Revenues from existing support and recurring services contracts will not be materially impacted.</span></li> <li class="aek"><span class="abs">Revenues from new business and from current projects will be impacted by delays and some cancellation of procurements in the current pipeline.</span></li> <li class="aek"><span class="abs">Cost management actions will be taken, consistent with these assumptions and the impacts experienced.</span></li> </ul> <p class="acc"><span class="abs">The scenarios considered most credible for the markets in which we operate and the customer base we have are:</span></p> <p class="ael"><span class="abs">A.    A direct impact period of 3 months and a recovery period of 3 months. This scenario assumes 20% to 50% of procurements are delayed but the majority resume. Project work recovers and any backlog is cleared by the end of the recovery period.</span></p> <p class="ael"><span class="abs">B.    A direct impact period of 6 months and a recovery period of 9 months. This scenario assumes 30% to 70% of procurements are delayed into the recovery period and a number are cancelled. Project work recovers and any backlog is cleared by the end of the longer recovery period.</span></p> <p class="acc"><span class="abs">We are satisfied these are valid and reasonable assumptions and that the scenarios tested are the most appropriate and credible as the Group has high levels of recurring revenue and repeating revenues from a diverse customer base across a number of business units. Both scenario A (our anticipated impact based on current information) and scenario B (further sensitivity test) demonstrate the business is expected to have significant liquidity available from cash in hand and from committed facilities</span><span class="abs"><span> </span>and has strong headroom against financial covenants. In both scenario A and B, the Group is forecasting liquidity in excess of £20m and headroom of at least 100% on financial covenants. Therefore, this supports the going concern assessment for the business.</span></p> <p class="acc"><span class="abs">In our severe stress testing financial modelling we have sought to identify an extreme set of circumstances that would result in the Group breaching banking covenants and extinguishing its available liquidity. In order to create such a set of circumstances we further adjusted scenario B to reduce all Group revenues by 50% for the period April 2020 to June 2021, but with no further action on cost.</span></p> <p class="acc"><span class="abs">Whilst it is informative to identify extreme circumstances to test the Group's liquidity, this scenario is considered highly unlikely due to the high levels of recurring revenues the Group has in respect of software that is often either central to the customer, or a specific regulatory requirement under statute. Furthermore, in the event the Group did find revenues deteriorated further beyond the scenario's modelled, the Group has identified mitigating actions to preserve its liquidity. These actions include reducing any operations that may have become severely loss-making due to the Covid-19 pandemic either through further reduction in operational spend, restructuring of business units, or utilising available government financial support with job retention schemes.   </span></p> <p class="aeg"><span class="abg">The Annual Financial Report Announcement was approved by the Board of Directors on 9 April 2020 and signed on its behalf by David Meaden and Rob Grubb.</span></p> <p class="aeb"><strong><span class="abo">2 RESPONSIBILITY STATEMENTS UNDER THE DISCLOSURE AND TRANSPARENCY RULES</span></strong><span class="abo"> </span></p> <p class="m"><span class="abo">The Directors confirm that:</span></p> <ul> <li class="aen"><span class="abs">the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole;</span></li> <li class="aen"><span class="abs">the strategic report includes a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and</span></li> <li class="aen"><span class="abs">the annual report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the company's position and performance, business model and strategy.</span></li> </ul> <p><span class="abs">The name and function of each of the Directors for the year ended 31 October 2019 are set out in the Annual Financial Report 2019.</span></p> <p class="aeo"><strong><span class="abg">3 IFRS 15 'REVENUE FROM CONTRACTS WITH CUSTOMERS'</span></strong></p> <p class="acc"><span class="abs">IFRS 15 '</span><span class="abs">Revenue from Contracts with Customers - the standard was adopted for the first time in the year ending 31 October 2019. The Group applied IFRS 15 on a cumulative effect basis from the date of initial application (1 November 2018), without restatement of comparative amounts. The adoption of IFRS 15 does not alter the total contract value, the timing of cash flows or the Group's ability to pay dividends</span><span class="abs">.</span></p> <p class="acc"><span class="abs">IFRS 15 provides a single, principles-based five-step model to be applied to all sales contracts, based on the transfer of control of goods and services to customers. The Group has undertaken a review of all the services and products the businesses provide and the main types of commercial arrangements used with each service and product. Both the UK and the overseas businesses are impacted by IFRS 15 and the most significant impact of implementing the standard is as follows</span><span class="abs">:</span></p> <ul> <li class="aep"><span class="abs">Software licence revenue: Under previous accounting policies revenue from software licences was mainly recognised as the licences are issued to the customers. For bundled contracts this results in the revenue for software licences being recognised earlier than it would be under IFRS 15 as software licences do not meet the criteria of being a distinct performance obligation. IFRS 15 resulted in the software licence fees in bundled contracts being combined with other promises in the contract, specifically implementation services, and recognised over the implementation term. This resulted in a delay in revenue previously recognised and an increase in contract liabilities going forward. There was no change to the net contract values.</span></li> <li class="aer"><span class="abs">Hardware revenue: Under previous accounting policies revenue from hardware was mainly recognised as the hardware is issued to the customers. For bundled contracts this resulted in the revenue for hardware being recognised earlier than it would be under IFRS 15 as hardware does not meet the criteria of being a distinct performance obligation. IFRS 15 resulted in the hardware fees in bundled contracts being combined with other promises in the contract, specifically implementation services, and recognised over the implementation term. This resulted in a delay in revenue previously recognised and an increase in contract liabilities going forward. There was no change to the net contract values.</span></li> <li class="aer"><span class="abq"><span> </span></span><span class="abs">Quantitative impact: The following table summarises the entries arising from the adoption of IFRS 15:</span> </li> </ul> <table border="0" cellspacing="0" cellpadding="0" class="aet"> <tbody> <tr class="ra"> <td class="rd" valign="top"> <p class="bt"> </p> </td> <td class="rc" valign="top"> <p class="ao"> </p> </td> <td class="rb" valign="top"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> </tr> <tr class="qw"> <td class="qz" valign="top"> <p class="bt"> </p> </td> <td class="qy" valign="top"> <p class="bt"> </p> </td> <td class="qx" valign="top"> <p class="bt"> </p> </td> </tr> <tr class="qs"> <td class="qv" valign="top"> <p class="a"><span class="abs">Deferral of revenues previously reported</span></p> </td> <td class="qu" valign="top"> <p class="adu"> </p> </td> <td class="qt" valign="top"> <p class="adu"><span class="abo">11,880</span></p> </td> </tr> <tr class="qs"> <td class="qv" valign="top"> <p class="a"><span class="abs">Eliminate discounting of contract receivables balances greater than one year</span></p> </td> <td class="qu" valign="top"> <p class="adu"> </p> </td> <td class="qt" valign="top"> <p class="adu"><span class="abo">(348)</span></p> </td> </tr> <tr class="qw"> <td class="qz" valign="top"> <p class="a"><span class="abs">Associated deferred tax</span></p> </td> <td class="qy" valign="top"> <p class="adu"> </p> </td> <td class="qr" valign="top"> <p class="adu"><span class="abo">(1,944)</span></p> </td> </tr> <tr class="qw"> <td class="qz" valign="top"> <p class="acl"><strong><span class="abs">IFRS 15 impact</span><span class="abs"></span></strong></p> </td> <td class="qy" valign="top"> <p class="adw"> </p> </td> <td class="qq" valign="top"> <p class="adw"><strong><span class="abo">9,588</span></strong></p> </td> </tr> </tbody> </table> <ul> <li class="aeu"><span class="abb">Q</span><span class="abs">uantitative impact: The impact of adoption of IFRS 15 on our financial statements for the year ended 31 October 2019 was as follows:</span></li> </ul> <table border="0" cellspacing="0" cellpadding="0" class="aex"> <tbody> <tr class="qh"> <td class="qo" valign="top"> <p class="bt"> </p> </td> <td class="qn" valign="top"> <p class="ao"> </p> </td> <td class="qm" valign="top"> <p class="ao"><strong><span class="xl"> </span></strong></p> <p class="ao"><strong><span class="xl">Restated*</span></strong></p> <p class="ao"><strong><span class="xl">2018</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="ql" valign="top"> <p class="aey"> </p> </td> <td class="qk" valign="top"> <p class="ao"><strong><span class="xl"> </span></strong></p> <p class="ao"><strong><span class="xl">IFRS 15 Impact</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="qi" valign="top"> <p class="bt"> </p> </td> <td class="qm" valign="top"> <p class="ao"><strong><span class="xl">Opening </span></strong></p> <p class="ao"><strong><span class="xl">balance</span></strong></p> <p class="ao"><strong><span class="xl">2019</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> </tr> <tr class="qa"> <td class="qg" valign="top"> <p class="bt"> </p> </td> <td class="qf" valign="top"> <p class="bt"> </p> </td> <td class="qe" valign="top"> <p class="bt"> </p> </td> <td class="qd" valign="top"> <p class="bt"> </p> </td> <td class="qc" valign="top"> <p class="bt"> </p> </td> <td class="qb" valign="top"> <p class="bt"> </p> </td> <td class="qe" valign="top"> <p class="ao"> </p> </td> </tr> <tr class="pt"> <td class="pz" valign="top"> <p class="a"><span class="abs">Contract receivables</span></p> </td> <td class="py" valign="top"> <p class="adu"> </p> </td> <td class="px" valign="top"> <p class="adu"><span class="abo">18,432</span></p> </td> <td class="pw" valign="top"> <p class="bt"> </p> </td> <td class="pv" valign="top"> <p class="adu"><span class="abo">(5,872)</span></p> </td> <td class="pu" valign="top"> <p class="bt"> </p> </td> <td class="px" valign="top"> <p class="adu"><span class="abo">12,560</span></p> </td> </tr> <tr class="qa"> <td class="qg" valign="top"> <p class="a"><span class="abs">Deferred tax asset</span></p> </td> <td class="qf" valign="top"> <p class="adu"> </p> </td> <td class="qe" valign="top"> <p class="adu"><span class="abo">1,107</span></p> </td> <td class="qd" valign="top"> <p class="bt"> </p> </td> <td class="qc" valign="top"> <p class="adu"><span class="abo">1,944</span></p> </td> <td class="qb" valign="top"> <p class="bt"> </p> </td> <td class="qe" valign="top"> <p class="adu"><span class="abo">3,051</span></p> </td> </tr> <tr class="qa"> <td class="qg" valign="top"> <p class="a"><span class="abs">Contract liabilities</span></p> </td> <td class="qf" valign="top"> <p class="adu"> </p> </td> <td class="qe" valign="top"> <p class="adu"><span class="abo">(17,859)</span></p> </td> <td class="qd" valign="top"> <p class="bt"> </p> </td> <td class="qc" valign="top"> <p class="adu"><span class="abo">(5,660)</span></p> </td> <td class="qb" valign="top"> <p class="bt"> </p> </td> <td class="qe" valign="top"> <p class="adu"><span class="abo">(23,519)</span></p> </td> </tr> <tr class="qa"> <td class="qg" valign="top"> <p class="a"><span class="abs">Retained earnings</span></p> </td> <td class="qf" valign="top"> <p class="adu"> </p> </td> <td class="qe" valign="top"> <p class="adu"><span class="abo">(540)</span></p> </td> <td class="qd" valign="top"> <p class="bt"> </p> </td> <td class="qc" valign="top"> <p class="adu"><span class="abo">9,588</span></p> </td> <td class="qb" valign="top"> <p class="bt"> </p> </td> <td class="qe" valign="top"> <p class="adu"><span class="abo">9,048</span></p> </td> </tr> </tbody> </table> <p class="aez"><span class="abb">*Balances restated for the impact of prior period adjustments as detailed in the next section.</span></p> <p class="aez"><span class="abs">Further detail regarding the adoption of IFRS 15 are included within note 5, Segmental Analysis.</span></p> <p class="aeo"><strong><span class="abg">4 RESTATEMENT OF COMPARATIVE FIGURES</span></strong></p> <p class="afa"><em><span class="abs">Reallocation of Cost of Delivery<br /></span></em><span class="abs">There has been a reallocation of £9,588,000 between Administrative expenses and Cost of Sales in the FY18 comparatives to include an element of employment costs within the Cost of Sales to be more representative of gross margin generated from revenue.</span></p> <p class="acc"><span class="abs">This reallocation has no impact on earnings.</span></p> <p class="afa"><em><span class="abs">Contract Irregularities<br /></span></em>In March 2019, the new management team identified a small number of contract documentation irregularities in respect to the 2016 year-end. As part of our more stringent approach to contract monitoring and execution we identified three instances of irregularities in historic customer contracts, signed and recognised in the year ended 31 October 2016 (FY16) that had been inappropriately amended by a small number of employees whom have since left the Idox Group.</p> <p class="acc"><span class="abs">These contract irregularities amounted to £497,000, and as a result contract receivables and retained earnings within the opening balance sheet for FY18 have been reduced by £497,000.</span></p> <p class="afa"><em><span class="abs">Onerous Contract <br /></span></em><span class="abs">Following identification of a loss-making contract during the audit process, it was subsequently identified as an onerous contract that should have been recorded in prior periods.</span></p> <p class="acc"><span class="abs">As a result of this contract being identified, the Audit Committee commissioned a review of all material contracts in the Group and commissioned a report by the Group's Chief Process and Transformation Officer to identify how the onerous contract had not previously been identified. These reviews concluded there were no other such examples of onerous contracts within the Group and resulted in several recommendations to strengthen the link between operational controls and financial reporting which the Audit Committee and Executive Management have fully adopted.</span></p> <p class="acc"><span class="abs">As a result, an onerous contract provision of £911,000 has been recorded and an associated revision to brought-forward retained earnings as at 31 October 2017. This provision has been partially realised by £267,000 in the restated FY18 Consolidated Statement of Comprehensive Income, with a remaining onerous contract provision of £644,000 as at 31 October 2018 and £378,000 as at 31 October 2019.</span></p> <p class="afa"><em><span class="abs">Other Items <br /></span></em><span class="abs">In addition to the adjustments noted above, there were further contracts identified, during the IFRS 15 review, in which revenue overstatements in prior periods have been identified whereby revenue was recognised by previous Management teams despite not being permissible under IAS 18 Revenue, the applicable accounting standard at the time. Management has concluded whilst these overstatements in respect of prior periods individually are not significant, they are of sufficient quantum cumulatively to be represented as a prior year adjustment in these financial statements.</span></p> <p class="acc"><span class="abs">As a result of these adjustments, the impact on the prior year's results are noted in the table below:</span><span class="abs"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="afb"> <tbody> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"> </p> </td> <td class="pq" valign="bottom"> <p class="add"><strong><span class="aas">Pre FY18</span></strong></p> </td> <td class="pp" valign="bottom"> <p class="add"><strong><span class="aas">FY18</span></strong></p> </td> </tr> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"> </p> </td> <td class="pq" valign="bottom"> <p class="adf"><strong><span class="aas"> </span><span class="abs">£000</span></strong></p> </td> <td class="pp" valign="bottom"> <p class="adf"><strong><span class="aas"> </span><span class="abs">£000</span></strong></p> </td> </tr> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"><span class="aas">Reduction in revenue</span></p> </td> <td class="pq" valign="bottom"> <p class="adf"><span class="aas">(30)</span></p> </td> <td class="pp" valign="bottom"> <p class="adf"><span class="aas">(1,029)</span></p> </td> </tr> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"><span class="aas">Increase in administrative expenses</span></p> </td> <td class="pn" valign="bottom"> <p class="adf"><span class="aas">-</span></p> </td> <td class="pm" valign="bottom"> <p class="adf"><span class="aas">(16)</span></p> </td> </tr> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"> </p> </td> <td class="pl" valign="bottom"> <p class="adf"><span class="aas">(30)</span></p> </td> <td class="pk" valign="bottom"> <p class="adf"><span class="aas">(1,045)</span></p> </td> </tr> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"> </p> </td> <td class="pj" valign="bottom"> <p class="adf"> </p> </td> <td class="pi" valign="bottom"> <p class="adf"> </p> </td> </tr> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"><span class="aas">Reduction in contract receivables</span></p> </td> <td class="pq" valign="bottom"> <p class="adf"><span class="aas">(30)</span></p> </td> <td class="pp" valign="bottom"> <p class="adf"><span class="aas">(194)</span></p> </td> </tr> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"><span class="aas">Increase in accruals</span></p> </td> <td class="pq" valign="bottom"> <p class="adf"><span class="aas">-</span></p> </td> <td class="pp" valign="bottom"> <p class="adf"><span class="aas">(16)</span></p> </td> </tr> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"><span class="aas">Increase in contract liabilities</span></p> </td> <td class="pn" valign="bottom"> <p class="adf"><span class="aas">-</span></p> </td> <td class="pm" valign="bottom"> <p class="adf"><span class="aas">(835)</span></p> </td> </tr> <tr class="po"> <td class="pr" valign="bottom"> <p class="a"> </p> </td> <td class="pl" valign="bottom"> <p class="adf"><span class="aas">(30)</span></p> </td> <td class="pk" valign="bottom"> <p class="adf"><span class="aas">(1,045)</span></p> </td> </tr> </tbody> </table> <p class="afa"><em><span class="abs">Overall <br /></span></em><span class="abs">The following tables summarise the impact of the reclassification of employment costs and the prior period errors in the financial statements of the Group.</span><span class="abs"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="ado"> <tbody> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="acl"><strong><span class="abs">Consolidated Statement of Comprehensive Income</span></strong></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="add"><strong><span class="abs">Reclassification</span></strong></p> </td> <td class="pe" colspan="3" valign="top" style="width: 366px;"> <p class="ade"><strong><span class="abs">Prior Period Adjustments</span></strong></p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="add"><strong><span class="abs">31 October 2018</span></strong></p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="acl"> </p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="add"> </p> </td> <td class="pc" valign="top" style="width: 201px;"> <p class="add"><strong><span class="abs">Contract <br />Irregularities</span></strong></p> </td> <td class="pb" valign="top" style="width: 97px;"> <p class="add"><strong><span class="abs">Onerous Contract</span></strong></p> </td> <td class="pa" valign="top" style="width: 68px;"> <p class="add"><strong><span class="abs">Other Items</span></strong></p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="add"> </p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="acl"> </p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"> </p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"> </p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"> </p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"> </p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"> </p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"> </p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"><span class="abs">Loss for the year from continuing operations as originally presented</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"> </p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"> </p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"> </p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"> </p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"><span class="abs">(26,981)</span></p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"> </p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"> </p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"> </p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"> </p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"> </p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"> </p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="acn"><span class="abs">Reclassification of employment costs:</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"> </p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"> </p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"> </p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"> </p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"> </p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"><span class="abs">Cost of sales</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"><span class="abs">(9,588)</span></p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"><span class="abs">(9,588)</span></p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"><span class="abs">Employment costs</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"><span class="abs">9,588</span></p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"><span class="abs">9,588</span></p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"> </p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"> </p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"> </p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"> </p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"> </p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"> </p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="acn"><span class="abs">Restatement due to contract irregularities and other contract reviews:</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"> </p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"> </p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"> </p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"> </p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"> </p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"><span class="abs">Revenue</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"><span class="abs">(1,029)</span></p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"><span class="abs">(1,029)</span></p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"><span class="abs">Cost of sales</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"><span class="abs">267</span></p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"><span class="abs">267</span></p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"><span class="abs">Administrative expenses</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"><span class="abs">(16)</span></p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"><span class="abs">(16)</span></p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"><span class="abs">Income tax</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"><span class="abs">199</span></p> </td> <td class="pd" valign="top" style="width: 106px;"> <p class="adf"><span class="abs">199</span></p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"> </p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"> </p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"> </p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"> </p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"> </p> </td> <td class="ow" valign="top" style="width: 106px;"> <p class="adf"> </p> </td> </tr> <tr> <td class="pg" valign="top" style="width: 387px;"> <p class="a"><span class="abs">Loss for the year from continuing operations as restated</span></p> </td> <td class="pf" valign="top" style="width: 20px;"> <p class="adf"> </p> </td> <td class="oz" valign="top" style="width: 201px;"> <p class="adf"> </p> </td> <td class="oy" valign="top" style="width: 97px;"> <p class="adf"> </p> </td> <td class="ox" valign="top" style="width: 68px;"> <p class="adf"> </p> </td> <td class="ov" valign="top" style="width: 106px;"> <p class="adf"><span class="abs">(27,560)</span></p> </td> </tr> </tbody> </table> <p class="acc"><span class="abb"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="ado"> <tbody> <tr> <td class="ou" valign="top"> <p class="acl"><strong><span class="abs">Consolidated Balance Sheet</span></strong></p> </td> <td class="ot" valign="top"> <p class="add"><strong><span class="abs">Contract Irregularities £000</span></strong></p> </td> <td class="os" valign="top"> <p class="add"><strong><span class="abs">Onerous Contract £000</span></strong></p> </td> <td class="or" valign="top"> <p class="add"><strong><span class="abs">Other Items £000</span></strong></p> </td> <td class="oq" valign="top"> <p class="add"><strong><span class="abs">31 October 2018</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"> </p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oq" valign="top"> <p class="adf"> </p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">Opening retained earnings as at 1 November 2017 as presented in FY18 Annual Report</span></p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oq" valign="bottom"> <p class="adf"><span class="abs">40,669</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"> </p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oq" valign="top"> <p class="adf"> </p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="acn"><span class="abs">Restatement of:</span></p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oq" valign="top"> <p class="adf"> </p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">FY17 trade and other receivables</span></p> </td> <td class="ot" valign="top"> <p class="adf"><span class="abs">(497)</span></p> </td> <td class="os" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="or" valign="top"> <p class="adf"><span class="abs">(30)</span></p> </td> <td class="oq" valign="top"> <p class="adf"><span class="abs">(527)</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">FY17 provisions</span></p> </td> <td class="ot" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="os" valign="top"> <p class="adf"><span class="abs">(911)</span></p> </td> <td class="or" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oq" valign="top"> <p class="adf"><span class="abs">(911)</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">FY17 current tax payable</span></p> </td> <td class="ot" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="os" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="or" valign="top"> <p class="adf"><span class="abs">99</span></p> </td> <td class="oq" valign="top"> <p class="adf"><span class="abs">99</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"> </p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="op" valign="top"> <p class="adf"> </p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">Opening retained earnings as restated</span></p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="op" valign="top"> <p class="adf"><span class="abs">39,330</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"> </p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oo" valign="top"> <p class="adf"> </p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"> </p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oq" valign="top"> <p class="adf"> </p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">Closing Net assets as originally presented</span></p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oq" valign="top"> <p class="adf"><span class="abs">49,786</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"> </p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oq" valign="top"> <p class="adf"> </p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="acn"><span class="abs">Restatement of:</span></p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oq" valign="top"> <p class="adf"> </p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">Trade and other receivables </span></p> </td> <td class="ot" valign="top"> <p class="adf"><span class="abs">(497)</span></p> </td> <td class="os" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="or" valign="top"> <p class="adf"><span class="abs">(224)</span></p> </td> <td class="oq" valign="top"> <p class="adf"><span class="abs"> (721)</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">Current tax receivable</span></p> </td> <td class="ot" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="os" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="or" valign="top"> <p class="adf"><span class="abs">298</span></p> </td> <td class="oq" valign="top"> <p class="adf"><span class="abs">298</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">Trade and other payables</span></p> </td> <td class="ot" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="os" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="or" valign="top"> <p class="adf"><span class="abs">(16)</span></p> </td> <td class="oq" valign="top"> <p class="adf"><span class="abs">(16)</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">Other liabilities</span></p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"><span class="abs">(835)</span></p> </td> <td class="oq" valign="top"> <p class="adf"><span class="abs">(835)</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">Provisions</span></p> </td> <td class="ot" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="os" valign="top"> <p class="adf"><span class="abs">(644)</span></p> </td> <td class="or" valign="top"> <p class="adf"><span class="abs">-</span></p> </td> <td class="oq" valign="top"> <p class="adf"><span class="abs">(644)</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"> </p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oq" valign="top"> <p class="adf"> </p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"><span class="abs">Closing Net assets as restated</span></p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="on" valign="top"> <p class="adf"><span class="abs">47,868</span></p> </td> </tr> <tr> <td class="ou" valign="top"> <p class="a"> </p> </td> <td class="ot" valign="top"> <p class="adf"> </p> </td> <td class="os" valign="top"> <p class="adf"> </p> </td> <td class="or" valign="top"> <p class="adf"> </p> </td> <td class="oo" valign="top"> <p class="adf"> </p> </td> </tr> </tbody> </table> <p class="adm"><span class="om"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="afc"> <tbody> <tr> <td class="ol" valign="top"> <p class="acl"><strong><span class="abs">Earnings per share from continuing and discontinued operations</span></strong></p> </td> <td class="ok" valign="top"> <p class="add"><strong><span class="abs">31 October 2018</span></strong></p> </td> </tr> <tr> <td class="ol" valign="top"> <p class="a"> </p> </td> <td class="ok" valign="bottom"> <p class="adf"> </p> </td> </tr> <tr> <td class="ol" valign="top"> <p class="a"><span class="abs">Basic EPS as originally presented</span></p> </td> <td class="ok" valign="bottom"> <p class="adf"><span class="abs">(8.72)p</span></p> </td> </tr> <tr> <td class="ol" valign="top"> <p class="a"><span class="abs">Impact on loss for the year (£000)</span></p> </td> <td class="ok" valign="bottom"> <p class="adf"><span class="abs">(579)</span></p> </td> </tr> <tr> <td class="ol" valign="top"> <p class="a"><span class="abs">Basic EPS as restated</span></p> </td> <td class="ok" valign="bottom"> <p class="adf"><span class="abs">(8.86)p</span></p> </td> </tr> <tr> <td class="ol" valign="top"> <p class="a"> </p> </td> <td class="ok" valign="bottom"> <p class="adf"> </p> </td> </tr> <tr> <td class="ol" valign="top"> <p class="a"><span class="abs">Diluted EPS as originally presented</span></p> </td> <td class="ok" valign="bottom"> <p class="adf"><span class="abs">(8.65)p</span></p> </td> </tr> <tr> <td class="ol" valign="top"> <p class="a"><span class="abs">Impact on loss for the year (£000)</span></p> </td> <td class="ok" valign="bottom"> <p class="adf"><span class="abs">(579)</span></p> </td> </tr> <tr> <td class="ol" valign="top"> <p class="a"><span class="abs">Diluted EPS as restated</span></p> </td> <td class="ok" valign="bottom"> <p class="adf"><span class="abs">(8.86)p</span></p> </td> </tr> </tbody> </table> <p class="aeo"><strong><span class="abg">5 SEGMENTAL ANALYSIS</span></strong></p> <p class="acc"><span class="abs">As at 31 October 2019, the Group was organised into three operating segments, which are detailed below.</span></p> <p class="acc"><span class="abs">Financial information is reported to the chief operating decision maker, which comprises the Chief Executive Officer and the Chief Financial Officer, monthly on a business unit basis with revenue and operating profits split by business unit. Each business unit is deemed an operating segment as each offers different products and services.</span><span class="abs"> </span></p> <ul> <li class="afe"><span class="abs">Public Sector Software (PSS) - delivering specialist information management solutions and services to the public sector.</span></li> <li class="aff"><span class="abs">Engineering Information Management (EIM) - delivering engineering document management and control solutions to asset intensive industry sectors.</span></li> <li class="afg"><span class="abs">Content (CONT) - delivering funding and compliance solutions to corporate, public and commercial customers.</span></li> </ul> <p class="acc"><span class="abs">Health is now included in PSS as it shares resources within PSS and is no longer separately identifiable.</span></p> <p class="acc"><span class="abs">On 2nd November 2018 the Digital segment was sold. As Digital was a separately identifiable division the results for the period ended 31 October 2019 and comparative period have been classified as a discontinued operation.</span></p> <p class="acc"><span class="abs">Segment revenue comprises sales to external customers and excludes gains arising on the disposal of assets and finance income. Segment profit reported to the Board represents the profit earned by each segment before the allocation of taxation, Group interest payments and Group acquisition costs. The assets and liabilities of the Group are not reviewed by the chief operating decision maker on a segment basis. The Group does not place reliance on any specific customer and has no individual customer that generates 10% or more of its total Group revenue.</span></p> <p class="m"><span class="abo">The segment revenues by geographic location are as follows:</span><span class="qj"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="adr"> <tbody> <tr class="wx"> <td class="og" valign="bottom"> <p class="afh"><strong><span class="abi">2019</span></strong></p> </td> <td class="of" valign="bottom"> <p class="bt"> </p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="oe" valign="top"> <p class="ao"><strong><span class="xl">Continuing</span></strong></p> <p class="ao"><strong><span class="xl">2019</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="od" valign="top"> <p class="aey"> </p> </td> <td class="oc" valign="top"> <p class="ao"><strong><span class="xl">Discontinued </span></strong></p> <p class="ao"><strong><span class="xl">2019</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" colspan="2" valign="top"> <p class="ao"><strong><span class="xl">Total Group</span></strong></p> <p class="ao"><strong><span class="xl">2019</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="ob"> <p class="a"> </p> </td> </tr> <tr class="wx"> <td class="og" valign="bottom"> <p class="afh"><strong><span class="abi">Revenues from external customers</span></strong></p> </td> <td class="of" valign="bottom"> <p class="bt"> </p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="oe" valign="top"> <p class="bt"> </p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="bt"> </p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" colspan="2" valign="top"> <p class="ao"> </p> </td> <td class="ob"> <p class="a"> </p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">United Kingdom</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="oe" valign="top"> <p class="adu"><span class="abo">43,416</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nz" colspan="2" valign="top"> <p class="adu"><span class="abo">43,416</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">USA</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="oe" valign="top"> <p class="adu"><span class="abo">5,448</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nz" colspan="2" valign="top"> <p class="adu"><span class="abo">5,448</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Europe</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="oe" valign="top"> <p class="adu"><span class="abo">14,948</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nz" colspan="2" valign="top"> <p class="adu"><span class="abo">14,948</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Australia</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="oe" valign="top"> <p class="adu"><span class="abo">315</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nz" colspan="2" valign="top"> <p class="adu"><span class="abo">315</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Rest of World</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">1,365</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nw" colspan="2" valign="top"> <p class="adu"><span class="abo">1,365</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"> </p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="nv" valign="top"> <p class="adu"><span class="abo">65,492</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nt" colspan="2" valign="top"> <p class="adu"><span class="abo">65,492</span></p> </td> </tr> <tr> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> </tr> </tbody> </table> <p class="aeo"><span class="abg"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="adr"> <tbody> <tr class="wx"> <td class="og" valign="bottom"> <p class="afh"><strong><span class="abi">2018</span></strong></p> </td> <td class="of" valign="bottom"> <p class="bt"> </p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="nr" valign="top"> <p class="ao"><strong><span class="xl">Restated <br />Continuing<br /></span></strong><strong><span class="xl">2018</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="od" valign="top"> <p class="aey"> </p> </td> <td class="oc" valign="top"> <p class="ao"><strong><span class="xl">Discontinued <br />2018<br /><br /></span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" colspan="2" valign="top"> <p class="ao"><strong><span class="xl">Total <br />Group <br />Restated<br /></span></strong><strong><span class="xl">2018<br /></span></strong><strong><span class="xl">£000</span></strong></p> </td> <td class="ob"> <p class="a"> </p> </td> </tr> <tr class="wx"> <td class="og" valign="bottom"> <p class="afh"><strong><span class="abi">Revenues from external customers</span></strong></p> </td> <td class="of" valign="bottom"> <p class="bt"> </p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="nr" valign="top"> <p class="bt"> </p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="bt"> </p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" colspan="2" valign="top"> <p class="ao"> </p> </td> <td class="ob"> <p class="a"> </p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">United Kingdom</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="nr" valign="top"> <p class="adu"><span class="abo">45,584</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="adu"><span class="abo">5,995</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nz" colspan="2" valign="top"> <p class="adu"><span class="abo">51,579</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">USA</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="nr" valign="top"> <p class="adu"><span class="abo">4,921</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nz" colspan="2" valign="top"> <p class="adu"><span class="abo">4,921</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Europe</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="nr" valign="top"> <p class="adu"><span class="abo">15,070</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="adu"><span class="abo">205</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nz" colspan="2" valign="top"> <p class="adu"><span class="abo">15,275</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Australia</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="nr" valign="top"> <p class="adu"><span class="abo">475</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="oc" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nz" colspan="2" valign="top"> <p class="adu"><span class="abo">475</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Rest of World</span></p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="nq" valign="top"> <p class="adu"><span class="abo">364</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">21</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nw" colspan="2" valign="top"> <p class="adu"><span class="abo">385</span></p> </td> </tr> <tr class="wx"> <td class="vy" colspan="2" valign="bottom"> <p class="afi"> </p> </td> <td class="xc" valign="top"> <p class="bt"> </p> </td> <td class="np" valign="top"> <p class="adu"><span class="abo">66,414</span></p> </td> <td class="od" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">6,221</span></p> </td> <td class="oa" colspan="2" valign="top"> <p class="bt"> </p> </td> <td class="nt" colspan="2" valign="top"> <p class="adu"><span class="abo">72,635</span></p> </td> </tr> <tr> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> <td class="ns"> </td> </tr> </tbody> </table> <p class="m"><span class="abo">Revenues are attributed to individual countries on the basis of the location of the customer. </span></p> <p class="m"><span class="abo">The segment revenues by type are as follows:</span></p> <table border="0" cellspacing="0" cellpadding="0" class="afj"> <tbody> <tr class="wx"> <td class="no" valign="bottom"> <p class="afh"><strong><span class="abi">2019</span></strong></p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="ao"><strong><span class="xl">Continuing</span></strong></p> <p class="ao"><strong><span class="xl">2019</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="nl" valign="top"> <p class="aey"> </p> </td> <td class="nk" valign="top"> <p class="ao"><strong><span class="xl">Discontinued</span></strong></p> <p class="ao"><strong><span class="xl">2019</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="bottom"> <p class="ao"><strong><span class="xl">Total Group</span></strong></p> <p class="ao"><strong><span class="xl">2019</span></strong></p> <p class="ao"><strong><span class="xl"> £000</span></strong></p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afh"><span class="abi">Revenues by type</span></p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="bt"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="bt"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="bottom"> <p class="bt"> </p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Recurring revenues - PSS</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">24,144</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">24,144</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Recurring revenues - EIM</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">7,100</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">7,100</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Recurring revenues - Content</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">4,492</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">4,492</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Recurring revenues</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">35,736</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">35,736</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Non-recurring revenues - PSS</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">17,498</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">17,498</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Non-recurring revenues - EIM</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">2,070</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">2,070</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Non-recurring revenues - Content</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">10,188</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">10,188</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Non-recurring revenues</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">29,756</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">29,756</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nv" valign="top"> <p class="adu"><span class="abo">65,492</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">65,492</span></p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afi"> </p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="bt"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="bottom"> <p class="bt"> </p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afi"><span class="abi">Revenue from sale of goods</span></p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">23,247</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">23,247</span></p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afi"><span class="abi">Revenue from rendering of services</span></p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">42,245</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">42,245</span></p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afi"> </p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nv" valign="top"> <p class="adu"><span class="abo">65,492</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">65,492</span></p> </td> </tr> </tbody> </table> <p class="m"><span class="nh"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="afj"> <tbody> <tr class="wx"> <td class="no" valign="bottom"> <p class="afh"><strong><span class="abi">2018</span></strong></p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="ao"><strong><span class="xl">Restated </span></strong></p> <p class="ao"><strong><span class="xl">Continuing</span></strong></p> <p class="ao"><strong><span class="xl">2018</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="nl" valign="top"> <p class="aey"> </p> </td> <td class="nk" valign="top"> <p class="ao"><strong><span class="xl"> </span></strong></p> <p class="ao"><strong><span class="xl">Discontinued</span></strong></p> <p class="ao"><strong><span class="xl">2018</span></strong></p> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="bottom"> <p class="ao"><strong><span class="xl">Group Restated 2018</span></strong></p> <p class="ao"><strong><span class="xl"> £000</span></strong></p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afh"><span class="abi">Revenues by type</span></p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="bt"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="bt"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="bottom"> <p class="bt"> </p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Recurring revenues - PSS</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">19,239</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">19,239</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Recurring revenues - EIM</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">7,285</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">7,285</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Recurring revenues - Content</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">4,059</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">4,059</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Recurring revenues - Digital</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">3,276</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">3,276</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Recurring revenues</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">30,583</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">3,276</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">33,859</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Non-recurring revenues - PSS</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">23,300</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">23,300</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Non-recurring revenues - EIM</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">2,718</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">2,718</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Non-recurring revenues - Content</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">9,813</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">9,813</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Non-recurring revenues - Digital</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">2,945</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">2,945</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"><span class="abi">Non-recurring revenues</span></p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">35,831</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">2,945</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">38,776</span></p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="nj" colspan="2" valign="bottom"> <p class="afi"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nv" valign="top"> <p class="adu"><span class="abo">66,414</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">6,221</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">72,635</span></p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afi"> </p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="bt"> </p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="bottom"> <p class="bt"> </p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afi"><span class="abi">Revenue from sale of goods</span></p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nm" valign="top"> <p class="adu"><span class="abo">17,335</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">61</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nk" valign="top"> <p class="adu"><span class="abo">17,396</span></p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afi"><span class="abi">Revenue from rendering of services</span></p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="ny" valign="top"> <p class="adu"><span class="abo">49,079</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">6,160</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nx" valign="top"> <p class="adu"><span class="abo">55,239</span></p> </td> </tr> <tr class="wx"> <td class="no" valign="bottom"> <p class="afi"> </p> </td> <td class="nn" valign="bottom"> <p class="bt"> </p> </td> <td class="wl" valign="top"> <p class="bt"> </p> </td> <td class="nv" valign="top"> <p class="adu"><span class="abo">66,414</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">6,221</span></p> </td> <td class="nl" valign="top"> <p class="bt"> </p> </td> <td class="nu" valign="top"> <p class="adu"><span class="abo">72,635</span></p> </td> </tr> </tbody> </table> <p class="acc"><span class="abs">Recurring revenue is income generated from customers on an annual contractual basis. Recurring revenue amounts to approximately 55% (2018: 46%) of continuing revenue, which is revenue generated annually from sales to existing customers.</span></p> <p class="acc"><span class="abs">All revenues are recognised over the period of the contract, unless our only performance obligation is to license or re-license a customer's existing user without any further obligations, in which case the revenue is recognised upon completion of the obligation.</span></p> <p class="acc"><span class="abs">All contracts are issued with commercial payment terms without any unusual financial or deferred arrangements and do not include any amounts of variable consideration that are constrained.</span></p> <p class="acc"><span class="abs">The Group's total outstanding contracted performance obligations at 31 October 2019 was £56,410,000 and it is anticipated that 73% of this will be recognised as revenue in FY20.</span></p> <p class="afa"><em><span class="abs">IFRS 15 adoption<br /></span></em><span class="abs">The following table sets out the impact the opening IFRS 15 adjustment has on FY19 and future periods, as at 1 November 2018 when it was recorded: </span><span class="abs"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="ado"> <tbody> <tr class="ne"> <td class="ng" valign="bottom" style="width: 318px;"> <p class="a"> </p> </td> <td class="nf" valign="top" style="width: 121px;"> <p class="acl"><span class="aas"> </span></p> <p class="add"><strong><span class="aas">12 months to</span></strong></p> <p class="add"><strong><span class="aas">31 October 2019</span></strong></p> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom" style="width: 318px;"> <p class="a"> </p> </td> <td class="xx" valign="top" style="width: 121px;"> <p class="adf"> </p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom" style="width: 318px;"> <p class="a"><span class="aas">IFRS 15 adoption opening adjustment (gross of deferred tax)</span></p> </td> <td class="xx" valign="bottom" style="width: 121px;"> <p class="adf"><span class="abs">11,532</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom" style="width: 318px;"> <p class="a"> </p> </td> <td class="xx" valign="bottom" style="width: 121px;"> <p class="adf"> </p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom" style="width: 318px;"> <p class="acn"><span class="aas">Anticipated realisation:</span></p> </td> <td class="xx" valign="bottom" style="width: 121px;"> <p class="adf"> </p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom" style="width: 318px;"> <p class="afk"><span class="aas">-       FY19</span></p> </td> <td class="xx" valign="bottom" style="width: 121px;"> <p class="adf"><span class="abs">6,026</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom" style="width: 318px;"> <p class="afk"><span class="aas">-       FY20</span></p> </td> <td class="xx" valign="bottom" style="width: 121px;"> <p class="adf"><span class="abs">2,820</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom" style="width: 318px;"> <p class="afk"><span class="aas">-       FY21</span></p> </td> <td class="xx" valign="bottom" style="width: 121px;"> <p class="adf"><span class="abs">1,685</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom" style="width: 318px;"> <p class="afk"><span class="aas">-       FY22</span></p> </td> <td class="xx" valign="bottom" style="width: 121px;"> <p class="adf"><span class="abs">757</span></p> </td> </tr> <tr class="xw"> <td class="xy" valign="bottom" style="width: 318px;"> <p class="afk"><span class="aas">-       FY23 - FY25</span></p> </td> <td class="xx" valign="bottom" style="width: 121px;"> <p class="adf"><span class="abs">244</span></p> </td> </tr> <tr class="xr"> <td class="xt" valign="bottom" style="width: 318px;"> <p class="a"> </p> </td> <td class="nc" valign="bottom" style="width: 121px;"> <p class="adf"><span class="abs">11,532</span></p> </td> </tr> </tbody> </table> <p class="acc"><span class="abs">The following table sets out the Group's estimation of the financial reporting of FY19 had IFRS 15 not been adopted: </span></p> <table border="0" cellspacing="0" cellpadding="0" class="afl"> <tbody> <tr class="po"> <td class="nb"> <p class="acl"> </p> </td> <td class="na"> <p class="add"><strong><span class="aas"> IFRS 15</span></strong></p> </td> <td class="mz"> <p class="add"><strong><span class="aas"> IAS 18</span></strong></p> </td> </tr> <tr class="mv"> <td class="my"> <p class="adf"> </p> </td> <td class="mx"> <p class="add"><strong><span class="aas"> £000</span></strong></p> </td> <td class="mw"> <p class="add"><strong><span class="aas"> £000</span></strong></p> </td> </tr> <tr class="po"> <td class="nb"> <p class="a"> </p> </td> <td class="na"> <p class="a"> </p> </td> <td class="mz"> <p class="a"> </p> </td> </tr> <tr class="mv"> <td class="my"> <p class="a"><span class="aas"> Revenue</span></p> </td> <td class="mx"> <p class="adf"><span class="aas">   65,492</span></p> </td> <td class="mw"> <p class="adf"><span class="aas">   59,116</span></p> </td> </tr> <tr class="po"> <td class="nb"> <p class="a"><span class="aas"> Cost of sales</span></p> </td> <td class="na"> <p class="adf"><span class="aas">(19,481)</span></p> </td> <td class="mz"> <p class="adf"><span class="aas">(19,481)</span></p> </td> </tr> <tr class="po"> <td class="nb"> <p class="a"><span class="aas"> Administrative expenses</span></p> </td> <td class="na"> <p class="adf"><span class="aas">(44,334)</span></p> </td> <td class="mz"> <p class="adf"><span class="aas">(44,334)</span></p> </td> </tr> <tr class="po"> <td class="nb"> <p class="a"><span class="aas"> Net finance cost</span></p> </td> <td class="na"> <p class="adf"><span class="aas">  (1,702)</span></p> </td> <td class="mz"> <p class="adf"><span class="aas">  (1,500)</span></p> </td> </tr> <tr class="po"> <td class="nb"> <p class="a"><span class="aas"> Income tax charge</span></p> </td> <td class="mu"> <p class="adf"><span class="aas">  (1,192)</span></p> </td> <td class="mt"> <p class="adf"><span class="aas">       (19)</span></p> </td> </tr> <tr class="po"> <td class="nb"> <p class="a"><span class="aas"> Loss for the year from continuing operations</span></p> </td> <td class="na"> <p class="adf"><span class="aas"> (1,217)</span></p> </td> <td class="mz"> <p class="adf"><span class="aas">  (6,218)</span></p> </td> </tr> <tr class="po"> <td class="nb"> <p class="a"> </p> </td> <td class="na"> <p class="adf"> </p> </td> <td class="mz"> <p class="adf"> </p> </td> </tr> <tr class="po"> <td class="nb"> <p class="a"><span class="aas"> Net Assets</span></p> </td> <td class="na"> <p class="adf"><span class="aas">   44,611</span></p> </td> <td class="mz"> <p class="adf"><span class="aas">   39,610</span></p> </td> </tr> </tbody> </table> <p class="acc"><span class="abs">Whilst the IAS 18 estimation of FY19 presents lower revenues and a larger retained loss from continuing activities, it is important to note following the introduction of a new Board and Management team, the Group's approach to revenue recognition in FY19 is more cautious than in prior periods irrespective of the distinctions between IAS 18 and IFRS 15.</span></p> <p class="acc"><span class="abs">The changes in the way the revenue is recorded in FY19 and future periods as a result of the adoption of IFRS 15, better reflect the Group's delivery of performance obligations with its customers.</span></p> <p class="acc"><span class="abs">T</span><span class="abo">he segment results by business unit for the year ended 31 October 2019: </span></p> <table border="0" cellspacing="0" cellpadding="0" class="ado" style="width: 845px;"> <tbody> <tr class="mk"> <td class="mr" valign="bottom" style="width: 542px;"> <p class="adf"> </p> </td> <td class="mq" valign="top" style="width: 44px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">PSS</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="mp" valign="top" style="width: 34px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">EIM</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="mo" valign="top" style="width: 61px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">CONTENT</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="mn" valign="top" style="width: 70px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">Continuing</span></strong></p> <p class="add"><strong><span class="abs">Operations</span></strong></p> <p class="add"><strong><span class="abs">Total</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="mm" valign="top" style="width: 83px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">Discontinued</span></strong></p> <p class="add"><strong><span class="abs">Operations</span></strong></p> <p class="add"><strong><span class="abs">Digital</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="ml" valign="top" style="width: 11px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">Total</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> </tr> <tr class="mc"> <td class="mj" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Revenue</span></p> </td> <td class="mi" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">41,642</span></p> </td> <td class="mh" valign="bottom" style="width: 34px;"> <p class="adf"><span class="abs">9,170</span></p> </td> <td class="mg" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">14,680</span></p> </td> <td class="mf" valign="bottom" style="width: 70px;"> <p class="add"><strong><span class="abs"> 65,492</span></strong></p> </td> <td class="me" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="md" valign="bottom" style="width: 11px;"> <p class="add"><strong><span class="abs"> 65,492</span></strong></p> </td> </tr> <tr class="mc"> <td class="mj" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs"> </span></p> <p class="a"><span class="abs">Earnings before depreciation, amortisation, restructuring, acquisition costs, impairment, financing costs and share option costs</span></p> </td> <td class="mi" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">11,052</span></p> </td> <td class="mh" valign="bottom" style="width: 34px;"> <p class="adf"><span class="abs">1,410</span></p> </td> <td class="mg" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">1,899</span></p> </td> <td class="mf" valign="bottom" style="width: 70px;"> <p class="add"><strong><span class="abs"> 14,361</span></strong></p> </td> <td class="me" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="md" valign="bottom" style="width: 11px;"> <p class="add"><strong><span class="abs"> 14,361</span></strong></p> </td> </tr> <tr class="mc"> <td class="mj" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Depreciation</span></p> </td> <td class="mb" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(720)</span></p> </td> <td class="ma" valign="bottom" style="width: 34px;"> <p class="adf"><span class="abs">(93)</span></p> </td> <td class="lz" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(26)</span></p> </td> <td class="ly" valign="bottom" style="width: 70px;"> <p class="add"><strong> (839)</strong></p> </td> <td class="lx" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="lw" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"><strong> (839)</strong></span></p> </td> </tr> <tr class="mc"> <td class="mj" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Amortisation - software licences, customer lists, order backlog and R&amp;D</span></p> </td> <td class="lv" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(2,991)</span></p> </td> <td class="lu" valign="bottom" style="width: 34px;"> <p class="adf"><span class="abs">(772)</span></p> </td> <td class="lt" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(340)</span></p> </td> <td class="ls" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(4,103)</strong></span></p> </td> <td class="lr" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="lq" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>(4,103)</strong></span></p> </td> </tr> <tr class="mc"> <td class="mj" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Amortisation - acquired intangibles</span></p> </td> <td class="lv" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(3,270)</span></p> </td> <td class="lu" valign="bottom" style="width: 34px;"> <p class="adf"><span class="abs">(440)</span></p> </td> <td class="lt" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(476)</span></p> </td> <td class="ls" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(4,186)</strong></span></p> </td> <td class="lr" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="lq" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>(4,186)</strong></span></p> </td> </tr> <tr class="mc"> <td class="mj" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Restructuring costs</span></p> </td> <td class="lv" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(1,613)</span></p> </td> <td class="lu" valign="bottom" style="width: 34px;"> <p class="adf"><span class="abs">(30)</span></p> </td> <td class="lt" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(512)</span></p> </td> <td class="ls" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(2,155)</strong></span></p> </td> <td class="lr" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="lq" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>(2,155)</strong></span></p> </td> </tr> <tr class="mc"> <td class="mj" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Acquisition costs</span></p> </td> <td class="lv" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(174)</span></p> </td> <td class="lu" valign="bottom" style="width: 34px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="lt" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="ls" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(174)</strong></span></p> </td> <td class="lr" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="lq" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>(174)</strong></span></p> </td> </tr> <tr class="mc"> <td class="mj" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Share option costs</span></p> </td> <td class="mi" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(850)</span></p> </td> <td class="mh" valign="bottom" style="width: 34px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="mg" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(9)</span></p> </td> <td class="mf" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(859)</strong></span></p> </td> <td class="me" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="md" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>(859)</strong></span></p> </td> </tr> <tr class="mc"> <td class="mj" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs"> </span></p> <p class="a"><span class="abs">Adjusted segment operating profit</span></p> </td> <td class="mi" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">1,434</span></p> </td> <td class="mh" valign="bottom" style="width: 34px;"> <p class="adf"><span class="abs">75</span></p> </td> <td class="mg" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">536</span></p> </td> <td class="mf" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>2,045</strong></span></p> </td> <td class="me" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="md" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>2,045</strong></span></p> </td> </tr> <tr class="li"> <td class="lp" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Financing costs</span></p> </td> <td class="lo" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="ln" valign="bottom" style="width: 34px;"> <p class="adf"> </p> </td> <td class="lm" valign="bottom" style="width: 61px;"> <p class="adf"> </p> </td> <td class="ll" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(368)</strong></span></p> </td> <td class="lk" valign="top" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="lj" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>(368)</strong></span></p> </td> </tr> <tr class="li"> <td class="lp" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Loss from the sale of discontinued operations</span></p> </td> <td class="lh" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="lg" valign="bottom" style="width: 34px;"> <p class="adf"> </p> </td> <td class="lf" valign="bottom" style="width: 61px;"> <p class="adf"> </p> </td> <td class="le" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs">-</span></p> </td> <td class="ld" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">(602)</span></p> </td> <td class="lc" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>(602)</strong></span></p> </td> </tr> <tr class="li"> <td class="lp" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Finance income</span></p> </td> <td class="lh" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="lg" valign="bottom" style="width: 34px;"> <p class="adf"> </p> </td> <td class="lf" valign="bottom" style="width: 61px;"> <p class="adf"> </p> </td> <td class="le" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>172</strong></span></p> </td> <td class="ld" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="lc" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>172</strong></span></p> </td> </tr> <tr class="li"> <td class="lp" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Finance costs</span></p> </td> <td class="lh" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="lg" valign="bottom" style="width: 34px;"> <p class="adf"> </p> </td> <td class="lf" valign="bottom" style="width: 61px;"> <p class="adf"> </p> </td> <td class="lb" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(1,874)</strong></span></p> </td> <td class="la" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="kz" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>(1,874)</strong></span></p> </td> </tr> <tr class="li"> <td class="lp" valign="bottom" style="width: 542px;"> <p class="a"><span class="abs">Loss before taxation</span></p> </td> <td class="lh" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="lg" valign="bottom" style="width: 34px;"> <p class="adf"> </p> </td> <td class="lf" valign="bottom" style="width: 61px;"> <p class="adf"> </p> </td> <td class="lb" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(25)</strong></span></p> </td> <td class="la" valign="bottom" style="width: 83px;"> <p class="adf"><span class="abs">(602)</span></p> </td> <td class="kz" valign="bottom" style="width: 11px;"> <p class="add"><span class="abs"> <strong>(627)</strong></span></p> </td> </tr> </tbody> </table> <p class="m"><span class="abo">The corporate recharge to the business unit EBITDA is allocated on a head count basis in FY19, compared to a revenue basis in FY18.</span></p> <p class="m"><span class="abo">The restated segment results by business unit for the year ended 31 October 2018:</span><span class="abo"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="afm"> <tbody> <tr class="ko"> <td class="kx" valign="bottom" style="width: 409px;"> <p class="adf"> </p> </td> <td class="kw" valign="top" style="width: 44px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">PSS</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="kv" valign="top" style="width: 44px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">EIM</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="ku" valign="top" style="width: 61px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">CONTENT</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="kt" valign="top" style="width: 63px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">DIGITAL*</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="ks" valign="top" style="width: 52px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">HEALTH</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="kr" valign="top" style="width: 70px;"> <p class="add"><strong><span class="abs"><br />Continuing Operations<br /></span></strong><strong><span class="abs">Total</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="kq" valign="top" style="width: 85px;"> <p class="add"><strong><span class="abs"><br />Discontinued Operations <br /></span></strong><strong><span class="abs">Digital</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> <td class="kp" valign="top" style="width: 51px;"> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs"> </span></strong></p> <p class="add"><strong><span class="abs">Total</span></strong></p> <p class="add"><strong><span class="abs">£000</span></strong></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Revenue</span></p> </td> <td class="km" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">33,285</span></p> </td> <td class="kl" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">10,003</span></p> </td> <td class="kk" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">13,604</span></p> </td> <td class="kj" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">268</span></p> </td> <td class="ki" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">9,254</span></p> </td> <td class="kh" valign="bottom" style="width: 70px;"> <p class="add"><strong><span class="abs"> 66,414</span></strong></p> </td> <td class="kg" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">6,221</span></p> </td> <td class="kf" valign="bottom" style="width: 51px;"> <p class="add"><strong><span class="abs"> 72,635</span></strong></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs"> </span></p> <p class="a"><span class="abs">Earnings before depreciation, amortisation, restructuring, acquisition costs, impairment, financing costs and share option costs</span></p> </td> <td class="km" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">8,939</span></p> </td> <td class="kl" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">1,361</span></p> </td> <td class="kk" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">2,295</span></p> </td> <td class="kj" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">(486)</span></p> </td> <td class="ki" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">1,530</span></p> </td> <td class="kh" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> </span></p> <p class="add"><span class="abs"> </span></p> <p class="add"><span class="abs"> </span></p> <p class="add"><span class="abs"> </span></p> <p class="add"><span class="abs"> </span></p> <p class="add"><strong><span class="abs"> 13,639</span></strong></p> </td> <td class="kg" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">(2,834)</span></p> </td> <td class="kf" valign="bottom" style="width: 51px;"> <p class="add"><strong><span class="abs"> 10,805</span></strong></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Depreciation</span></p> </td> <td class="kd" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(779)</span></p> </td> <td class="kc" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(196)</span></p> </td> <td class="kb" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(14)</span></p> </td> <td class="ka" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="jz" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">(117)</span></p> </td> <td class="jy" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"><strong> (1,106)</strong></span></p> </td> <td class="jx" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">(38)</span></p> </td> <td class="jw" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"><strong> (1,144)</strong></span></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Amortisation - software licences, order backlog and R&amp;D</span></p> </td> <td class="jv" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(2,355)</span></p> </td> <td class="ju" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(651)</span></p> </td> <td class="jt" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(176)</span></p> </td> <td class="js" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="jr" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">(536)</span></p> </td> <td class="jq" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(3,718)</strong></span></p> </td> <td class="jp" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">(28)</span></p> </td> <td class="jo" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>(3,746)</strong></span></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Amortisation - acquired intangibles</span></p> </td> <td class="jv" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(2,052)</span></p> </td> <td class="ju" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(468)</span></p> </td> <td class="jt" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(493)</span></p> </td> <td class="js" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="jr" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">(1,482)</span></p> </td> <td class="jq" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(4,495)</strong></span></p> </td> <td class="jp" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">(374)</span></p> </td> <td class="jo" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>(4,869)</strong></span></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Restructuring costs</span></p> </td> <td class="jv" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(104)</span></p> </td> <td class="ju" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(239)</span></p> </td> <td class="jt" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(38)</span></p> </td> <td class="js" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">(8)</span></p> </td> <td class="jr" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">(47)</span></p> </td> <td class="jq" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(436)</strong></span></p> </td> <td class="jp" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">(194)</span></p> </td> <td class="jo" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>(630)</strong></span></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Acquisition costs</span></p> </td> <td class="jv" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">850</span></p> </td> <td class="ju" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="jt" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">6</span></p> </td> <td class="js" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="jr" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="jq" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>856</strong></span></p> </td> <td class="jp" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="jo" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>856</strong></span></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Impairment</span></p> </td> <td class="jv" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(6,079)</span></p> </td> <td class="ju" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(1,800)</span></p> </td> <td class="jt" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="js" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="jr" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">(25,376)</span></p> </td> <td class="jq" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(33,255)</strong></span></p> </td> <td class="jp" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">(6,275)</span></p> </td> <td class="jo" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>(39,530)</strong></span></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Share option costs</span></p> </td> <td class="km" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(46)</span></p> </td> <td class="kl" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="kk" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">(4)</span></p> </td> <td class="kj" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="ki" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="kh" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(50)</strong></span></p> </td> <td class="kg" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="kf" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>(50)</strong></span></p> </td> </tr> <tr class="ke"> <td class="kn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs"> </span></p> <p class="a"><span class="abs">Adjusted segment operating (loss) / profit</span></p> </td> <td class="km" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(1,626)</span></p> </td> <td class="kl" valign="bottom" style="width: 44px;"> <p class="adf"><span class="abs">(1,993)</span></p> </td> <td class="kk" valign="bottom" style="width: 61px;"> <p class="adf"><span class="abs">1,576</span></p> </td> <td class="kj" valign="bottom" style="width: 63px;"> <p class="adf"><span class="abs">(494)</span></p> </td> <td class="ki" valign="bottom" style="width: 52px;"> <p class="adf"><span class="abs">(26,028)</span></p> </td> <td class="kh" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(28,565)</strong></span></p> </td> <td class="kg" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">(9,743)</span></p> </td> <td class="kf" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>(38,308)</strong></span></p> </td> </tr> <tr class="je"> <td class="jn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Financing costs</span></p> </td> <td class="jm" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="jl" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="jk" valign="bottom" style="width: 61px;"> <p class="adf"> </p> </td> <td class="jj" valign="bottom" style="width: 63px;"> <p class="adf"> </p> </td> <td class="ji" valign="bottom" style="width: 52px;"> <p class="adf"> </p> </td> <td class="jh" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(336)</strong></span></p> </td> <td class="jg" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="jf" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>(336)</strong></span></p> </td> </tr> <tr class="je"> <td class="jn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Finance income</span></p> </td> <td class="jd" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="jc" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="jb" valign="bottom" style="width: 61px;"> <p class="adf"> </p> </td> <td class="ja" valign="bottom" style="width: 63px;"> <p class="adf"> </p> </td> <td class="iz" valign="bottom" style="width: 52px;"> <p class="adf"> </p> </td> <td class="iy" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>449</strong></span></p> </td> <td class="ix" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="iw" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>449</strong></span></p> </td> </tr> <tr class="je"> <td class="jn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Finance costs</span></p> </td> <td class="jd" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="jc" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="jb" valign="bottom" style="width: 61px;"> <p class="adf"> </p> </td> <td class="ja" valign="bottom" style="width: 63px;"> <p class="adf"> </p> </td> <td class="iz" valign="bottom" style="width: 52px;"> <p class="adf"> </p> </td> <td class="iv" valign="bottom" style="width: 70px;"> <p class="add"><span class="abs"> <strong>(1,788)</strong></span></p> </td> <td class="iu" valign="bottom" style="width: 85px;"> <p class="adf"><span class="abs">-</span></p> </td> <td class="it" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>(1,788)</strong></span></p> </td> </tr> <tr class="je"> <td class="jn" valign="bottom" style="width: 409px;"> <p class="a"><span class="abs">Loss before taxation</span></p> </td> <td class="jd" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="jc" valign="bottom" style="width: 44px;"> <p class="adf"> </p> </td> <td class="jb" valign="bottom" style="width: 61px;"> <p class="adf"> </p> </td> <td class="ja" valign="bottom" style="width: 63px;"> <p class="adf"> </p> </td> <td class="iz" valign="bottom" style="width: 52px;"> <p class="adf"> </p> </td> <td class="is" valign="top" style="width: 70px;"> <p class="add"><span class="abs"> </span></p> <p class="add"><span class="abs"> <strong>(30,240)</strong></span></p> </td> <td class="ir" valign="top" style="width: 85px;"> <p class="adf"><span class="abs"> </span></p> <p class="adf"><span class="abs">(9,743)</span></p> </td> <td class="it" valign="bottom" style="width: 51px;"> <p class="add"><span class="abs"> <strong>(39,983)</strong></span></p> </td> </tr> </tbody> </table> <p class="acc"><span class="abb">*Results for the Knowledge Exchange for the period to 30th April 2018. On the 1st May 2018 following an internal reorganisation the Knowledge Exchange sub division was transferred to the Content segment. Results also include the corporate recharge for the Digital segment which remain as continuing as the cost are not clearly identifiable as costs of the segment.</span></p> <p class="afn"><strong><span class="abg">6 DISCONTINUED OPERATIONS</span></strong></p> <p class="adm"><span class="abg">On 12 September 2018 the Group resolved to seek to dispose of the Digital division which carried out the Groups digital consultancy operations. The disposal was effected in order to limit the Group's exposure to future losses and liabilities and improve the working capital position. The disposal was completed on 2nd November 2018, on which date control of the Digital division was passed to the acquirer.</span></p> <p class="adm"><span class="abg">The results of the discontinued operations, which have been excluded in the consolidated statement of comprehensive income, were as follows:</span></p> <table border="0" cellspacing="0" cellpadding="0" class="ado"> <tbody> <tr> <td class="io" valign="top"> <p class="al"> </p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="pf" valign="top"> <p class="adw"> </p> </td> <td class="im" valign="top"> <p class="adw"> </p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"> </p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="pf" valign="top"> <p class="adw"><strong><span class="abo">2019</span></strong></p> </td> <td class="im" valign="top"> <p class="adw"><strong><span class="abo">2018</span></strong></p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"> </p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="pf" valign="top"> <p class="adw"><strong><span class="abo">£000</span></strong></p> </td> <td class="im" valign="top"> <p class="adw"><strong><span class="abo">£000</span></strong></p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"> </p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="pf" valign="top"> <p class="adu"> </p> </td> <td class="im" valign="top"> <p class="adu"> </p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"><span class="abo">Revenue</span></p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="pf" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="im" valign="top"> <p class="adu"><span class="abo">6,221</span></p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"><span class="abo">Expenses</span></p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="pf" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="im" valign="top"> <p class="adu"><span class="abo">(15,964)</span></p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"><span class="abo">Loss on Disposal</span></p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="pf" valign="top"> <p class="adu"><span class="abo">(602)</span></p> </td> <td class="im" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"> </p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="il" valign="top"> <p class="adu"> </p> </td> <td class="ik" valign="top"> <p class="adu"> </p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"><span class="abo">Loss before tax</span></p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="ij" valign="top"> <p class="adu"><span class="abo">(602)</span></p> </td> <td class="ii" valign="top"> <p class="adu"><span class="abo">(9,743)</span></p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"> </p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="pf" valign="top"> <p class="adu"> </p> </td> <td class="im" valign="top"> <p class="adu"> </p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"><span class="abo">Attributable tax credit</span></p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="pf" valign="top"> <p class="adu"><span class="abo">-</span></p> </td> <td class="im" valign="top"> <p class="adu"><span class="abo">676</span></p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"> </p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="il" valign="top"> <p class="adu"> </p> </td> <td class="ik" valign="top"> <p class="adu"> </p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"><span class="abo">Net loss attributable to discontinued operations</span></p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="ih" valign="top"> <p class="adu"><span class="abo">(602)</span></p> </td> <td class="ig" valign="top"> <p class="adu"><span class="abo">(9,067)</span></p> </td> </tr> <tr> <td class="io" valign="top"> <p class="al"> </p> </td> <td class="in" valign="top"> <p class="al"> </p> </td> <td class="ij" valign="top"> <p class="adu"> </p> </td> <td class="ii" valign="top"> <p class="adu"> </p> </td> </tr> </tbody> </table> <p class="m"><span class="qj">D</span><span class="abg">uring the year, Digital contributed £Nil (2018: (£1,856k)) to the Group's net operating cash flows, paid £Nil (2018: £Nil) in respect of investing and financing activities. Expenses for discontinued operations in FY19 relate to disposal costs.</span></p> <p class="adm"><span class="abg">For the year ending 31 October 2018 the Digital operations were classified as a disposal group held for sale and presented separately on the balance sheet. Non-current assets were fully impaired at April 2018 with an impairment loss of £6.3m recognised. No further impairment loss was recognised on the classification of these operations held for sale.</span></p> <p class="m"><span class="abg">The major classes of assets and liabilities comprising the operations classified as held for sale are as follows: </span><span class="abo"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="ado"> <tbody> <tr> <td class="if" valign="top"> <p class="m"> </p> </td> <td class="ie" valign="top"> <p class="afo"><strong><span class="abo">2019</span></strong></p> </td> <td class="ot" valign="top"> <p class="afo"><strong><span class="abo">2018</span></strong></p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"> </p> </td> <td class="ie" valign="top"> <p class="afo"><strong><span class="abo">£000</span></strong></p> </td> <td class="ot" valign="top"> <p class="afo"><strong><span class="abo">£000</span></strong></p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"> </p> </td> <td class="ie" valign="top"> <p class="afo"> </p> </td> <td class="ot" valign="top"> <p class="afp"> </p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"><span class="abo">Trade and other receivables</span></p> </td> <td class="ie" valign="top"> <p class="afp"><span class="abo">-</span></p> </td> <td class="ot" valign="top"> <p class="afp"><span class="abo">1,114</span></p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"> </p> </td> <td class="id" valign="top"> <p class="afp"> </p> </td> <td class="ic" valign="top"> <p class="afp"> </p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"><span class="abo">Total assets classified as held for sale</span></p> </td> <td class="id" valign="top"> <p class="afp"><span class="abo">-</span></p> </td> <td class="ic" valign="top"> <p class="afp"><span class="abo">1,114</span></p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"> </p> </td> <td class="ib" valign="top"> <p class="afp"> </p> </td> <td class="ia" valign="top"> <p class="afp"> </p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"><span class="abo">Trade and other payables</span></p> </td> <td class="ie" valign="top"> <p class="afp"><span class="abo">-</span></p> </td> <td class="ot" valign="top"> <p class="afp"><span class="abo">384</span></p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"><span class="abo">Other liabilities</span></p> </td> <td class="ie" valign="top"> <p class="afp"><span class="abo">-</span></p> </td> <td class="ot" valign="top"> <p class="afp"><span class="abo">579</span></p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"> </p> </td> <td class="id" valign="top"> <p class="afp"> </p> </td> <td class="ic" valign="top"> <p class="afp"> </p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"><span class="abo">Total liabilities associated with assets classified as held for sale</span></p> </td> <td class="id" valign="top"> <p class="afp"><span class="abo">-</span></p> </td> <td class="ic" valign="top"> <p class="afp"><span class="abo">963</span></p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"> </p> </td> <td class="ib" valign="top"> <p class="afp"> </p> </td> <td class="ia" valign="top"> <p class="afp"> </p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"><span class="abo">Net assets of disposal group</span></p> </td> <td class="hz" valign="top"> <p class="afp"><span class="abo">-</span></p> </td> <td class="hy" valign="top"> <p class="afp"><span class="abo">151</span></p> </td> </tr> <tr> <td class="if" valign="top"> <p class="m"> </p> </td> <td class="ib" valign="top"> <p class="m"> </p> </td> <td class="ia" valign="top"> <p class="afp"> </p> </td> </tr> </tbody> </table> <p class="afq"><strong><span class="hx">7 INTANGIBLE ASSETS</span><span class="hw">   </span></strong></p> <table border="0" cellspacing="0" cellpadding="0" class="adr" style="width: 1402px;"> <tbody> <tr class="ho"> <td class="hu" valign="bottom" style="width: 838px;"> <p class="ads"> </p> </td> <td class="ht" valign="bottom" style="width: 10px;"> <p class="ao"><strong><span class="uw">Goodwill</span></strong></p> </td> <td class="hs" valign="bottom" style="width: 107px;"> <p class="ao"><strong><span class="uw">Customer relation-</span></strong></p> <p class="ao"><strong><span class="uw">ships</span></strong></p> </td> <td class="hr" valign="bottom" style="width: 73px;"> <p class="ao"><strong><span class="uw">Trade names</span></strong></p> </td> <td class="hq" valign="bottom" style="width: 52px;"> <p class="ao"><strong><span class="uw">Software</span></strong></p> </td> <td class="hr" valign="bottom" style="width: 112px;"> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw">Develop-ment costs</span></strong></p> </td> <td class="hp" valign="bottom" style="width: 80px;"> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw">Order backlog</span></strong></p> </td> <td class="ht" valign="bottom" style="width: 125px;"> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw">Customer lists</span></strong></p> </td> <td class="hp" valign="bottom" style="width: 10px;"> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw"> </span></strong></p> <p class="ao"><strong><span class="uw">Total</span></strong></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"> </p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="ao"><strong><span class="uw">£000</span></strong></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="ao"><strong><span class="uw">£000</span></strong></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="ao"><strong><span class="uw">£000</span></strong></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="ao"><strong><span class="uw">£000</span></strong></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="ao"><strong><span class="uw">£000</span></strong></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="ao"><strong><span class="uw">£000</span></strong></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="ao"><strong><span class="uw">£000</span></strong></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="ao"><strong><span class="uw">£000</span></strong></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="ads"><strong><span class="abo">Cost</span></strong></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"> </p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"> </p> </td> <td class="hl" valign="top" style="width: 52px;"> <p class="adu"> </p> </td> <td class="hm" valign="top" style="width: 112px;"> <p class="adu"> </p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"> </p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"> </p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="afr"><span class="abo">At 1 November 2017</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">77,263</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">30,807</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">12,593</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">16,002</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">12,671</span></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">307</span></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>149,643</strong> </span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Foreign exchange</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">1</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">17</span></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">4</span></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">- </span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>22</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Additions</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">222</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">3,646</span></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>3,868</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Additions on acquisition</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">240</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">14</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>254</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Additions on hive-in</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">14</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><strong><span class="abo"> 14</span></strong></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Impairment</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">(1,694)</span></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"><strong><span class="abo">-</span></strong></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><strong><span class="abo"> (1,694)</span></strong></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Disposals</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">(189)</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">(524)</span></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>(713)</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Disposals on hive-in</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">(14)</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>(14)</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Fair value adjustment</span></p> </td> <td class="vj" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">61</span></p> </td> <td class="vm" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hi" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hh" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">(12)</span></p> </td> <td class="hi" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hg" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vj" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hg" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>49</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="ads"><strong><span class="abo">At 31 October 2018</span></strong></p> </td> <td class="vn" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">77,564</span></p> </td> <td class="vo" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">30,807</span></p> </td> <td class="hf" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">12,593</span></p> </td> <td class="he" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">16,038</span></p> </td> <td class="hf" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">14,116</span></p> </td> <td class="hd" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">311</span></p> </td> <td class="vn" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hd" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>151,429</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Foreign exchange</span></p> </td> <td class="vt" valign="top" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="top" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="top" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="top" style="width: 52px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="top" style="width: 112px;"> <p class="adu"><span class="abo">22</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">9</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>31</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Additions</span></p> </td> <td class="vt" valign="top" style="width: 10px;"> <p class="adu"><span class="abo">8</span></p> </td> <td class="vu" valign="top" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="top" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="top" style="width: 52px;"> <p class="adu"><span class="abo">2,206</span></p> </td> <td class="hm" valign="top" style="width: 112px;"> <p class="adu"><span class="abo">4,351</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">273</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>6,838</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Additions on acquisition</span></p> </td> <td class="vt" valign="top" style="width: 10px;"> <p class="adu"><span class="abo">2,269</span></p> </td> <td class="vu" valign="top" style="width: 107px;"> <p class="adu"><span class="abo">1,151</span></p> </td> <td class="hm" valign="top" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="top" style="width: 52px;"> <p class="adu"><span class="abo">4,448</span></p> </td> <td class="hm" valign="top" style="width: 112px;"> <p class="adu"><span class="abo">799</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>8,667</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Disposals</span></p> </td> <td class="vt" valign="top" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="top" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="top" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="top" style="width: 52px;"> <p class="adu"><span class="abo">(5)</span></p> </td> <td class="hm" valign="top" style="width: 112px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>(5)</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="ads"><strong><span class="abo">At 31 October 2019</span></strong></p> </td> <td class="hc" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">79,841</span></p> </td> <td class="hb" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">31,958</span></p> </td> <td class="ha" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">12,593</span></p> </td> <td class="gz" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">22,687</span></p> </td> <td class="ha" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">19,288</span></p> </td> <td class="gy" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">320</span></p> </td> <td class="hc" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">273</span></p> </td> <td class="gy" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>166,960</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"> </p> </td> <td class="vn" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 107px;"> <p class="adu"> </p> </td> <td class="hf" valign="bottom" style="width: 73px;"> <p class="adu"> </p> </td> <td class="he" valign="top" style="width: 52px;"> <p class="adu"> </p> </td> <td class="hf" valign="top" style="width: 112px;"> <p class="adu"> </p> </td> <td class="hd" valign="top" style="width: 80px;"> <p class="adu"> </p> </td> <td class="vn" valign="top" style="width: 125px;"> <p class="adu"> </p> </td> <td class="hd" valign="bottom" style="width: 10px;"> <p class="adw"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="ads"><strong><span class="abo">Amortisation</span></strong></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"> </p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"> </p> </td> <td class="hl" valign="top" style="width: 52px;"> <p class="adu"> </p> </td> <td class="hm" valign="top" style="width: 112px;"> <p class="adu"> </p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"> </p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"> </p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">At 1 November 2017</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">3,878</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">9,814</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">4,292</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">5,217</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">3,609</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">79</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>26,889</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Foreign exchange</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">7</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">3</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>10</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Amortisation for the year</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">1,909</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">859</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">2,979</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">2,784</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">84</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>8,615</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Additions on acquisition</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">5</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>5</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Impairment</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">27,831</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">5,754</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">2,717</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">2,041</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">(507)</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>37,836</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Disposals</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">(189)</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">(524)</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>(713)</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><strong><span class="abo">At 31 October 2018</span></strong></p> </td> <td class="gx" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">31,709</span></p> </td> <td class="gw" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">17,477</span></p> </td> <td class="gv" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">7,868</span></p> </td> <td class="gu" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">10,053</span></p> </td> <td class="gv" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">5,369</span></p> </td> <td class="gt" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">166</span></p> </td> <td class="gx" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="gt" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>72,642</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Foreign exchange</span></p> </td> <td class="vt" valign="top" style="width: 10px;"> <p class="adu">-</p> </td> <td class="vu" valign="top" style="width: 107px;"> <p class="adu"><span class="abo">2</span></p> </td> <td class="hm" valign="top" style="width: 73px;"> <p class="adu">-</p> </td> <td class="hl" valign="top" style="width: 52px;"> <p class="adu">-</p> </td> <td class="hm" valign="top" style="width: 112px;"> <p class="adu"><span class="abo">17</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">7</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">(1)</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>25</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Amortisation for the year</span></p> </td> <td class="vt" valign="top" style="width: 10px;"> <p class="adu">-</p> </td> <td class="vu" valign="top" style="width: 107px;"> <p class="adu"><span class="abo">1,663</span></p> </td> <td class="hm" valign="top" style="width: 73px;"> <p class="adu"><span class="abo">697</span></p> </td> <td class="hl" valign="top" style="width: 52px;"> <p class="adu"><span class="abo">2,512</span></p> </td> <td class="hm" valign="top" style="width: 112px;"> <p class="adu"><span class="abo">3,172</span></p> </td> <td class="hk" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">85</span></p> </td> <td class="vt" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">160</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>8,289</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="ads"><strong><span class="abo">At 31 October 2019</span></strong></p> </td> <td class="hc" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">31,709</span></p> </td> <td class="hb" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">19,142</span></p> </td> <td class="ha" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">8,565</span></p> </td> <td class="gz" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">12,565</span></p> </td> <td class="ha" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">8,558</span></p> </td> <td class="gy" valign="top" style="width: 80px;"> <p class="adu"><span class="abo">258</span></p> </td> <td class="hc" valign="top" style="width: 125px;"> <p class="adu"><span class="abo">159</span></p> </td> <td class="gy" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>80,956</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"> </p> </td> <td class="vn" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 107px;"> <p class="adu"> </p> </td> <td class="hf" valign="bottom" style="width: 73px;"> <p class="adu"> </p> </td> <td class="he" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="hf" valign="bottom" style="width: 112px;"> <p class="adu"> </p> </td> <td class="hd" valign="top" style="width: 80px;"> <p class="adu"> </p> </td> <td class="vn" valign="top" style="width: 125px;"> <p class="adu"> </p> </td> <td class="hd" valign="bottom" style="width: 10px;"> <p class="adw"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="ads"><strong><span class="abo">Carrying amount at 31 October 2019</span></strong></p> </td> <td class="vh" valign="bottom" style="width: 10px;"> <p class="adw"><strong><span class="abo">48,132</span></strong></p> </td> <td class="vi" valign="bottom" style="width: 107px;"> <p class="adw"><strong><span class="abo">12,816</span></strong></p> </td> <td class="gs" valign="bottom" style="width: 73px;"> <p class="adw"><strong><span class="abo">4,028</span></strong></p> </td> <td class="gr" valign="bottom" style="width: 52px;"> <p class="adw"><strong><span class="abo">10,122</span></strong></p> </td> <td class="gs" valign="bottom" style="width: 112px;"> <p class="adw"><strong><span class="abo">10,730</span></strong></p> </td> <td class="gq" valign="bottom" style="width: 80px;"> <p class="adw"><strong><span class="abo">62</span></strong></p> </td> <td class="vh" valign="bottom" style="width: 125px;"> <p class="adw"><strong><span class="abo">114</span></strong></p> </td> <td class="gq" valign="bottom" style="width: 10px;"> <p class="adw"><span class="abo"> <strong>86,004</strong></span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"> </p> </td> <td class="vn" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 107px;"> <p class="adu"> </p> </td> <td class="hf" valign="bottom" style="width: 73px;"> <p class="adu"> </p> </td> <td class="he" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="hf" valign="bottom" style="width: 112px;"> <p class="adu"> </p> </td> <td class="hd" valign="top" style="width: 80px;"> <p class="adu"> </p> </td> <td class="vn" valign="top" style="width: 125px;"> <p class="adu"> </p> </td> <td class="hd" valign="bottom" style="width: 10px;"> <p class="adw"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">Carrying amount at 31 October 2018</span></p> </td> <td class="vh" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">45,855</span></p> </td> <td class="vi" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">13,330</span></p> </td> <td class="gs" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">4,725</span></p> </td> <td class="gr" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">5,985</span></p> </td> <td class="gs" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">8,747</span></p> </td> <td class="gq" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">145</span></p> </td> <td class="vh" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">-</span></p> </td> <td class="gq" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">78,787</span></p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"> </p> </td> <td class="vn" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> <td class="vo" valign="bottom" style="width: 107px;"> <p class="adu"> </p> </td> <td class="hf" valign="bottom" style="width: 73px;"> <p class="adu"> </p> </td> <td class="he" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="hf" valign="bottom" style="width: 112px;"> <p class="adu"> </p> </td> <td class="hd" valign="bottom" style="width: 80px;"> <p class="adu"> </p> </td> <td class="vn" valign="bottom" style="width: 125px;"> <p class="adu"> </p> </td> <td class="hd" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="ads"><strong><span class="abo">Average remaining amortisation period (years)</span></strong></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"> </p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"> </p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"> </p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"> </p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"> </p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"> </p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"> </p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"> </p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"> </p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="ads"><strong><span class="abo">31 October 2019</span></strong></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adw"><strong><span class="abo">n/a</span></strong></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adw"><strong><span class="abo">7.7</span></strong></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adw"><strong><span class="abo">5.8</span></strong></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adw"><strong><span class="abo">4.0</span></strong></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adw"><strong><span class="abo">3.4</span></strong></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adw"><strong><span class="abo">0.7</span></strong></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adw"><strong><span class="abo">0.7</span></strong></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"> </p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"> </p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"> </p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"> </p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"> </p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"> </p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"> </p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="hn" valign="bottom" style="width: 838px;"> <p class="al"><span class="abo">31 October 2018</span></p> </td> <td class="vt" valign="bottom" style="width: 10px;"> <p class="adu"><span class="abo">n/a</span></p> </td> <td class="vu" valign="bottom" style="width: 107px;"> <p class="adu"><span class="abo">7.0</span></p> </td> <td class="hm" valign="bottom" style="width: 73px;"> <p class="adu"><span class="abo">5.5</span></p> </td> <td class="hl" valign="bottom" style="width: 52px;"> <p class="adu"><span class="abo">2.0</span></p> </td> <td class="hm" valign="bottom" style="width: 112px;"> <p class="adu"><span class="abo">3.1</span></p> </td> <td class="hk" valign="bottom" style="width: 80px;"> <p class="adu"><span class="abo">1.7</span></p> </td> <td class="vt" valign="bottom" style="width: 125px;"> <p class="adu"><span class="abo">n/a</span></p> </td> <td class="hk" valign="bottom" style="width: 10px;"> <p class="adu"> </p> </td> </tr> </tbody> </table> <p class="adm"><span class="abg">During the year, goodwill and intangibles were reviewed for impairment in accordance with IAS 36, 'Impairment of Assets'. An impairment charge of £Nil (2018: £31,455,000) was processed in the period in relation to the PSS division, £Nil (2018: £6,275,000) in relation to the Digital division and £Nil (2018: £1,800,000) in relation to the EIM division</span><span class="abo">.</span></p> <p class="aft"><strong><span class="go">Impairment test for goodwill<br /></span></strong><span class="abg">For this review, goodwill was allocated to individual Cash Generating Unit groupings (CGUs) on the basis of the Group's operations as disclosed in the segmental analysis. As the Board reviews results on a segmental level, the Group monitors goodwill on the same basis. This was previously separated as, Local Authority, Transport, Social Care, Computer Aided Facilities Management and Health.</span></p> <p class="afu"><span class="abg">The carrying value of goodwill by each CGU is as follows:</span></p> <table border="0" cellspacing="0" cellpadding="0" class="adr"> <tbody> <tr class="wx"> <td class="gl" valign="bottom"> <p class="al"> </p> </td> <td class="xa" valign="bottom"> <p class="ao"><strong><span class="xl">2019</span></strong></p> </td> <td class="xa" valign="bottom"> <p class="ao"><strong><span class="xl">2018</span></strong></p> </td> </tr> <tr class="wx"> <td class="gl" valign="bottom"> <p class="ads"><strong><span class="abo">Cash Generating Unit Groupings</span></strong></p> </td> <td class="xa" valign="bottom"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> <td class="xa" valign="bottom"> <p class="ao"><strong><span class="xl">£000</span></strong></p> </td> </tr> <tr class="wx"> <td class="gl" valign="bottom"> <p class="al"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> <td class="xa" valign="bottom"> <p class="adu"> </p> </td> </tr> <tr class="wx"> <td class="gl" valign="bottom"> <p class="al"><span class="abo">Public Sector Software</span></p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">30,737</span></p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">28,468</span></p> </td> </tr> <tr class="wx"> <td class="gl" valign="bottom"> <p class="al"><span class="abo">Engineering Information Management</span></p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">9,974</span></p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">9,974</span></p> </td> </tr> <tr class="wx"> <td class="gl" valign="bottom"> <p class="al"><span class="abo">Content</span></p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">7,421</span></p> </td> <td class="xa" valign="bottom"> <p class="adu"><span class="abo">7,413</span></p> </td> </tr> <tr class="wx"> <td class="gl" valign="bottom"> <p class="al"> </p> </td> <td class="gk" valign="bottom"> <p class="adu"><span class="abo">48,132</span></p> </td> <td class="gk" valign="bottom"> <p class="adu"><span class="abo">45,855</span></p> </td> </tr> </tbody> </table> <p class="afs"><span class="uw">T</span><span class="abo">he recoverable amount of all CGUs has been determined using value-in-use calculations. These calculations use pre-tax cash flow projections based on financial budgets approved by management covering the next five financial years. The key assumptions used in the financial budgets relate to revenue and EBITDA growth targets. Cash flows beyond this period are extrapolated using the estimated growth rates stated below. Growth rates are reviewed in line with historic actuals to ensure reasonableness and are based on an increase in market share.</span></p> <p class="afs"><span class="abo">For value-in-use calculations, the growth rates and margins used to estimate future performance are based on financial year 2020 budgets (as approved by the Board) which is management's best estimate of short term performance based on an assessment of market opportunities and macro-economic conditions. In the year to 31 October 2019, the Weighted Average Cost of Capital for each CGU has been used as an appropriate discount rate to apply to cash flows. The same basis was used in the year to 31 October 2018.</span></p> <p class="afs"><span class="abo">The assumptions used for the value-in-use calculations are as follows and are considered appropriate for each of the risk profiles of the respective CGUs: </span><span class="abb"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="afx"> <tbody> <tr class="gb"> <td class="gh" valign="top"> <p class="ads"><strong><span class="abo">Cash Generating Unit Groupings</span></strong></p> </td> <td class="gg" valign="top"> <p class="adw"><strong><span class="abo">Discount rate</span></strong></p> <p class="adw"><strong><span class="abo">Current year</span></strong></p> </td> <td class="gf" valign="top"> <p class="adw"><strong><span class="abo">Compound Annual Growth Rate</span></strong></p> </td> <td class="ge" valign="top"> <p class="adw"><strong><span class="abo">Long term growth rate</span></strong></p> <p class="adw"><strong><span class="abo">Current year</span></strong></p> </td> <td class="gd" valign="top"> <p class="adw"><strong><span class="abo">Discount rate</span></strong></p> <p class="adw"><strong><span class="abo">Prior year</span></strong></p> </td> <td class="gc" valign="top"> <p class="adw"><strong><span class="abo"> </span></strong></p> <p class="adw"><strong><span class="abo"> </span></strong></p> <p class="adw"><span class="abo"><strong>Growth rate Prior yea</strong>r</span></p> </td> </tr> <tr class="fu"> <td class="ga" valign="top"> <p class="al"><span class="abo">Public Sector Software</span></p> </td> <td class="fz" valign="top"> <p class="adu"><span class="abo">12.4%</span></p> </td> <td class="fy" valign="top"> <p class="adu"><span class="abo">5.7%</span></p> </td> <td class="fx" valign="top"> <p class="adu"><span class="abo">1.5%</span></p> </td> <td class="fw" valign="top"> <p class="adu"><span class="abo">11.7%</span></p> </td> <td class="fv" valign="top"> <p class="adu"><span class="abo">1.5%</span></p> </td> </tr> <tr class="fn"> <td class="ft" valign="top"> <p class="al"><span class="abo">Engineering Information Management</span></p> </td> <td class="fs" valign="top"> <p class="adu"><span class="abo">13.1%</span></p> </td> <td class="fr" valign="top"> <p class="adu"><span class="abo">9.9%</span></p> </td> <td class="fq" valign="top"> <p class="adu"><span class="abo">1.5%</span></p> </td> <td class="fp" valign="top"> <p class="adu"><span class="abo">13.9%</span></p> </td> <td class="fo" valign="top"> <p class="adu"><span class="abo">1.5%</span></p> </td> </tr> <tr class="fu"> <td class="ga" valign="top"> <p class="al"><span class="abo">Content</span></p> </td> <td class="fz" valign="top"> <p class="adu"><span class="abo">11.8%</span></p> </td> <td class="fy" valign="top"> <p class="adu"><span class="abo">6.5%</span></p> </td> <td class="fx" valign="top"> <p class="adu"><span class="abo">1.5%</span></p> </td> <td class="fw" valign="top"> <p class="adu"><span class="abo">12.2%</span></p> </td> <td class="fv" valign="top"> <p class="adu"><span class="abo">1.5%</span></p> </td> </tr> </tbody> </table> <p class="afs"><span class="abo">Individual Weighted Average Costs of Capital were calculated for each CGU and adjusted for the market's assessment of the risks attaching to each CGUs cash flows. The Weighted Average Cost of Capital is recalculated at each period end. </span></p> <p class="afs"><span class="abo">Management considered the level of intangible assets within the Group in comparison to the future budgets and have processed an impairment charge of £Nil within the year (2018: £39,530,000). The charge in FY18 was broken down on a divisional and then business unit level as; PSS Transport £6,079,000, Health £25,376,000, EIM £1,800,000, Digital £6,275,000.</span></p> <p class="afs"><span class="abo">The Group has conducted sensitivity analysis on the impairment test of each CGU and the group of units carrying value. Sensitivities have been run on the discount rate applied and management are satisfied that a reasonable increase in the discount rate used would not lead to the carrying amount of each CGU exceeding the recoverable amount.</span></p> <p class="afs"><span class="abo">Sensitivities have also been run on cash flow forecasts for all CGUs EBITDA by 10%. Management are satisfied that this change would not lead to the carrying amount of each CGU exceeding the recoverable amount.</span></p> <p class="afs"><span class="abo">Sensitivities have also been run on cash flow forecasts for all CGUs reducing the growth rate to 0%. Management are satisfied that this change would not lead to the carrying amount of the PSS and Content CGU exceeding the recoverable amount. A growth rate of 4.9% in EIM would result in CGU carrying amount equalling its recoverable amount. A growth rate of less than 4.9% would result in an impairment in EIM. If growth rates reduced to 0% in EIM, this would cause its CGU carrying amount to exceed its recoverable amount by £5.0m which would result in an impairment in EIM.</span></p> <p class="afv"><span class="abs">Management have further considered the CGUs for which prior period impairments were recorded to reduce the value-in-use of those CGUs to their recoverable amount, and how such carrying values are subject to the current year sensitivities noted above.</span></p> <p class="afv"><span class="abs">Whilst the current year impairment reviews and sensitivities have not provided any indicators of further impairment on these assets, management have considered whether a reversal of the prior period impairment is required and concluded this is not appropriate at this time due to the ongoing transformation and improvement of those businesses.</span></p> <p class="acl"><strong><span class="abs">8 ACQUISITIONS</span></strong></p> <p class="acl"><strong><span class="abs">Tascomi Limited</span></strong></p> <p class="acc"><span class="abs">On 9 August 2019, the Group acquired the entire share capital of Tascomi Limited (Tascomi).</span></p> <p class="acc"><span class="abs">Tascomi is a cloud-native supplier of solutions to Local Authority property and environmental services markets, and will complement the Group's existing Local Authority business within the PSS division.</span></p> <p class="acc"><span class="abs">Goodwill arising on the acquisition of Tascomi has been capitalised and consists largely of the value of the workforce, synergies and economies of scale expected from combining the operations of Tascomi with Idox. None of the goodwill recognised is expected to be deductible for income tax purposes. The purchase of Tascomi has been accounted for using the acquisition method of accounting. </span><span class="abs"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="afy"> <tbody> <tr class="fh"> <td class="fl" valign="bottom"> <p class="a"> </p> </td> <td class="fk" valign="top"> <p class="add"><strong><span class="aas"> </span></strong></p> <p class="add"><strong><span class="aas">Book value</span></strong></p> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> <td class="fj" valign="top"> <p class="add"> </p> </td> <td class="fi" valign="top"> <p class="add"><strong><span class="aas"> </span></strong></p> <p class="add"><strong><span class="aas">Fair value</span></strong></p> <p class="add"><strong><span class="aas">£000</span></strong></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"> </p> </td> <td class="ff" valign="bottom"> <p class="adf"> </p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"> </p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Intangible Assets</span></p> </td> <td class="ff" valign="bottom"> <p class="adf"><span class="aas">799</span></p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">799</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Property, plant and equipment</span></p> </td> <td class="ff" valign="bottom"> <p class="adf"><span class="aas">83</span></p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">50</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Trade receivables</span></p> </td> <td class="ff" valign="bottom"> <p class="adf"><span class="aas">162</span></p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">207</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Other receivables</span></p> </td> <td class="ff" valign="bottom"> <p class="adf"><span class="aas">-</span></p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">8</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Cash at bank</span></p> </td> <td class="fc" valign="bottom"> <p class="adf"><span class="aas">2</span></p> </td> <td class="fb" valign="bottom"> <p class="adf"> </p> </td> <td class="fa" valign="bottom"> <p class="adf"><span class="aas">2</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Total Assets</span></p> </td> <td class="ez" valign="bottom"> <p class="adf"><span class="aas">1,046</span></p> </td> <td class="ey" valign="bottom"> <p class="adf"> </p> </td> <td class="ex" valign="bottom"> <p class="adf"><span class="aas">1,066</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"> </p> </td> <td class="ff" valign="bottom"> <p class="adf"> </p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"> </p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Trade payables</span></p> </td> <td class="ff" valign="bottom"> <p class="adf"><span class="aas">(239)</span></p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">(239)</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Other liabilities</span></p> </td> <td class="ff" valign="bottom"> <p class="adf"><span class="aas">(37)</span></p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">-</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Contract liabilities</span></p> </td> <td class="ff" valign="bottom"> <p class="adf"><span class="aas">(661)</span></p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">(875)</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Social security and other taxes</span></p> </td> <td class="ff" valign="bottom"> <p class="adf"><span class="aas">(303)</span></p> </td> <td class="fe" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">(160)</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Deferred tax liability</span></p> </td> <td class="fc" valign="bottom"> <p class="adf"><span class="aas">-</span></p> </td> <td class="fb" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">(941)</span></p> </td> </tr> <tr class="es"> <td class="ew" valign="bottom"> <p class="a"><span class="aas">Total Liabilities</span></p> </td> <td class="ev" valign="bottom"> <p class="adf"><span class="aas">(1,240)</span></p> </td> <td class="eu" valign="bottom"> <p class="adf"> </p> </td> <td class="et" valign="bottom"> <p class="adf"><span class="aas">(2,215)</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"><span class="aas">Net Assets</span></p> </td> <td class="ff" valign="top"> <p class="adf"> </p> </td> <td class="fe" valign="top"> <p class="adf"> </p> </td> <td class="fa" valign="bottom"> <p class="adf"><span class="aas">(1,149)</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="a"> </p> </td> <td class="ff" valign="top"> <p class="adf"> </p> </td> <td class="fe" valign="top"> <p class="adf"> </p> </td> <td class="ex" valign="bottom"> <p class="adf"> </p> </td> </tr> <tr class="es"> <td class="ew" valign="bottom"> <p class="a"><span class="aas">Goodwill arising on acquisition</span></p> </td> <td class="er" valign="top"> <p class="adf"> </p> </td> <td class="eq" valign="top"> <p class="adf"> </p> </td> <td class="ep" valign="bottom"> <p class="adf"><span class="aas">2,269</span></p> </td> </tr> <tr class="es"> <td class="ew" valign="bottom"> <p class="a"><span class="aas">Purchased customer relationships capitalised</span></p> </td> <td class="er" valign="top"> <p class="adf"> </p> </td> <td class="eq" valign="top"> <p class="adf"> </p> </td> <td class="ep" valign="bottom"> <p class="adf"><span class="aas">1,151</span></p> </td> </tr> <tr class="es"> <td class="ew" valign="bottom"> <p class="a"><span class="aas">Purchased software capitalised</span></p> </td> <td class="er" valign="top"> <p class="adf"> </p> </td> <td class="eq" valign="top"> <p class="adf"> </p> </td> <td class="eo" valign="bottom"> <p class="adf"><span class="aas">4,448</span></p> </td> </tr> <tr class="mv"> <td class="fg" valign="bottom"> <p class="acl"><strong><span class="aas">Total consideration</span></strong></p> </td> <td class="ff" valign="top"> <p class="adf"> </p> </td> <td class="fe" valign="top"> <p class="adf"> </p> </td> <td class="en" valign="bottom"> <p class="adf"><span class="aas">6,719</span></p> </td> </tr> </tbody> </table> <p class="a"><span class="abs">Satisfied by:</span></p> <table border="0" cellspacing="0" cellpadding="0" class="afy"> <tbody> <tr class="mv"> <td class="el" valign="bottom"> <p class="a"><span class="aas">Cash to vendor</span></p> </td> <td class="fd" valign="bottom"> <p class="adf"> </p> </td> <td class="ek" valign="bottom"> <p class="adf"> </p> </td> <td class="fd" valign="bottom"> <p class="adf"><span class="aas">6,394</span></p> </td> </tr> <tr class="es"> <td class="ej" valign="bottom"> <p class="a"><span class="aas">Earn out consideration</span></p> </td> <td class="ep" valign="bottom"> <p class="adf"> </p> </td> <td class="ei" valign="bottom"> <p class="adf"> </p> </td> <td class="ep" valign="bottom"> <p class="adf"><span class="aas">325</span></p> </td> </tr> <tr class="mv"> <td class="el" valign="bottom"> <p class="acl"><strong><span class="aas">Total consideration</span></strong></p> </td> <td class="fd" valign="bottom"> <p class="adf"> </p> </td> <td class="ek" valign="bottom"> <p class="adf"> </p> </td> <td class="eh" valign="bottom"> <p class="adf"><span class="aas">6,719</span></p> </td> </tr> </tbody> </table> <p class="acc"><span class="abs">The revenue included in the consolidated statement of comprehensive income since 9 August 2019 contributed by Tascomi was £536,000. Tascomi also made a profit after tax of £127,000 for the same period. If Tascomi had been included from 1 November 2018, it would have contributed £2,144,000 to Group revenue and a profit after tax of £507,000.</span></p> <p class="acc"><span class="abs">Acquisition costs of £174,000 have been written off in the consolidated statement of comprehensive income.</span></p> <p class="acl"><strong><span class="abs">9 POST BALANCE SHEET EVENTS</span></strong></p> <p class="afz"><em><span class="eg">Refinancing<br /></span></em><span class="abo">It was announced on 19 December 2019 that the Group had refinanced with the Royal Bank of Scotland plc, Silicon Valley Bank and Santander UK plc. The new facilities, which comprise a revolving credit facility of £35,000,000 and £10,000,000 accordion facility, are committed until December 2022, with an option to extend this commitment for a further two years.</span></p> <p class="acn"><em><span class="abs">Disposal of SIX-PM Health Solutions (Ireland) Limited<br /></span></em><span class="abo">The Group agreed on 22 November 2019 to sell its shareholding in SIX-PM Health Solutions (Ireland) Limited, a medical-record scanning business based in Limerick, to its Managing Director for €1. During the year ended 31 October 2019 6PM Ireland Limited recorded revenues of €392,000 (2018: €587,000) and loss before tax on a standalone basis of €378,000 (2018: €12,000 loss).</span></p> <p class="afz"><em><span class="eg">Disposal of emCare Business<br /></span></em><span class="abo">On 31 December 2019, the Group sold the trade and assets of its emCare business to Go plc, a telecoms business based in Malta, for cash consideration of €100,000. During the year ended 31 October 2019 emCare business recorded revenues of €317,000 (2018: €338,000) and profit before tax of €128,000 (2018: €115,000). Despite the profitability recorded in the business in FY18 &amp; FY19, the business was anticipated to become loss-making for the foreseeable future.</span></p> <p class="aga"><em><span class="abo">UK Corporation Tax<br /></span></em><span class="abo">On the 11 March 2020, the UK Government announced its intention to scrap its planned reduction of UK Corporation tax from its current rate of 19% to a reduced rate of 17% starting 1 April 2020. The Group's UK deferred tax assets and liabilities at 31 October 2019 are measured at 17% being the rate previously announced and enacted at the balance sheet date. The impact on our deferred tax balances had they been recognised at the revised rate is as follows:</span></p> <table border="0" cellspacing="0" cellpadding="0" class="agb"> <tbody> <tr class="ea"> <td class="ed" valign="bottom"> <p class="adz"> </p> </td> <td class="ec" valign="top"> <p class="ao"> </p> </td> <td class="eb" valign="bottom"> <p class="ao"><strong><span class="xl">Current at 17%</span></strong></p> </td> <td class="eb" valign="bottom"> <p class="ao"><strong><span class="xl">Revised to 19%</span></strong></p> </td> </tr> <tr class="ea"> <td class="ed" valign="bottom"> <p class="ao"> </p> </td> <td class="ec" valign="top"> <p class="ao"> </p> </td> <td class="eb" valign="top"> <p class="ao"><span class="xl">£000</span></p> </td> <td class="eb" valign="top"> <p class="ao"><span class="xl">£000</span></p> </td> </tr> <tr class="ea"> <td class="ed" valign="bottom"> <p class="ao"> </p> </td> <td class="ec" valign="top"> <p class="ao"> </p> </td> <td class="eb" valign="top"> <p class="ao"> </p> </td> <td class="eb" valign="top"> <p class="ao"> </p> </td> </tr> <tr class="ea"> <td class="ed" valign="bottom"> <p class="adu"><span class="abo">Deferred tax assets</span></p> </td> <td class="ec" valign="top"> <p class="adu"> </p> </td> <td class="eb" valign="top"> <p class="adu"><span class="abo">1,368</span></p> </td> <td class="eb" valign="top"> <p class="adu"><span class="abo">1,529</span></p> </td> </tr> <tr class="ea"> <td class="ed" valign="bottom"> <p class="adu"><span class="abo">Deferred tax liabilities</span></p> </td> <td class="ec" valign="top"> <p class="adu"> </p> </td> <td class="dz" valign="top"> <p class="adu"><span class="abo">(4,015)</span></p> </td> <td class="dz" valign="top"> <p class="adu"><span class="abo">(4,487)</span></p> </td> </tr> <tr class="ea"> <td class="ed" valign="bottom"> <p class="adu"> </p> </td> <td class="ec" valign="top"> <p class="adu"> </p> </td> <td class="dy" valign="top"> <p class="adu"><span class="abo">(2,647)</span></p> </td> <td class="dy" valign="top"> <p class="adu"><span class="abo">(2,958)</span></p> </td> </tr> </tbody> </table> <p class="aeg"><em><span class="abo">Covid-19<br /></span></em><span class="abo">The Group continues to monitor the impact of the Covid-19 pandemic. Idox is well placed because of the Group's high recurring revenue base, its focus on public sector markets and the high proportion of staff that routinely work from home.</span></p> <p class="aeg"><span class="abo">Further details of our assessment of the impact of the Covid-19 pandemic on the Group is included in the Going Concern disclosures included within note1.</span></p> <p class="acl"><strong><span class="abs">10 ADDITIONAL INFORMATION</span></strong></p> <p class="acn"><em><span class="abs">Related Party Transactions</span></em></p> <p class="a"><span class="abs">No related party transactions have taken place during the year that have materially affected the financial position or performance of the Company.</span></p> <p class="acn"><em><span class="abs">Principal Risks and Uncertainties</span></em></p> <p class="a"><span class="abs">The principal risk and uncertainties facing the Group together with the actions being taken to mitigate them and future potential items for consideration are set out in the Strategic Report section of the Annual Financial Report 2019.</span></p> </div> </div>
Notice of Results Update 23/03/2020 23/03/2020 <p style="text-align: center;" class="bu"><span class="br">I<strong>dox plc<br /></strong></span><strong><span class="bw">(</span><span class="bx">'</span><span class="by">Idox</span><span class="bx">'</span><span class="bz"> </span><span class="ca">or the </span><span class="bx">'</span><span class="bz">Group</span><span class="bx">'</span><span class="bz"> </span><span class="cb">or the </span><span class="bx">'</span><span class="bz">Company</span><span class="bx">'</span><span class="cc">)<br /></span></strong><strong><span class="br">Notice of Results Update</span></strong></p> <p class="cd"><span class="bk">ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset-intensive sectors, provides an update on its Notice of Results for the financial year ended 31 October 2019 ("FY2019").<br /></span><span class="bk"><br />Following the FCA's strong request that all listed companies observe a moratorium on the publication of preliminary financial statements for at least two weeks, the Board has decided that its FY2019 results announcement will now be postponed further.<br /></span><br />The Company had expected to issue its results for FY2019 on 24<sup>th</sup> March 2020. The results for FY2019 remain in line with the Board's expectations as stated in the trading update issued on 16 March 2020.</p> <p style="text-align: center;" class="a"><span class="bs">-Ends-</span></p> <p class="ce"><span class="bi"><strong>Enquiries</strong>:</span></p> <p><strong>Idox plc</strong>                                               +44 (0) 870 333 7101<br />Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>Peel Hunt LLP (NOMAD and Broker)    </strong>+44 (0) 20 7418 8900<br />Edward Knight<br />Nick Prowting<br />James Steel</p> <p><strong>MHP Communications</strong>                             + 44 (0) 203 128 8100<br />Reg Hoare                                                 <a href="mailto:idox@mhpc.com">idox@mhpc.com</a><br />Patrick Hanrahan<br />Amy O'Sullivan</p> <p class="ck"><strong><span class="an">About Idox plc</span></strong></p> <p class="cl"><span class="an">For more information see </span><span class="bg"><a href="http://www.idoxplc.com/">www.idoxplc.com</a></span><span class="al"> </span><a href="https://twitter.com/Idoxgroup?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" data-anchor="?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor"><span class="ak">@Idoxgroup</span></a><span class="al"> </span></p>
IDOX Trading Update and Notice of Results update 16/03/2020 16/03/2020 <p style="text-align: center;" class="cj"><span class="cg"><strong>Idox plc</strong><br /></span><span class="cl">(</span><span class="cm">'</span><strong><span class="cn">Idox</span></strong><span class="cm">'</span><span class="co"> </span><span class="cp">or<span> <strong>the</strong></span> </span><span class="cm">'</span><strong><span class="co">Group</span></strong><span class="cm">'</span><span class="co"> </span><span class="cq">or the </span><span class="cm">'</span><strong><span class="co">Company</span></strong><span class="cm">'</span><span class="cr">)<br /></span><strong><span class="cg">FY20 Q1 Trading Update<br /></span><span class="cg">Dividend Update<br /></span><span class="cg">FY19 Trading Update<br /></span><span class="cg">Notice of Results</span></strong></p> <p class="cs"><span class="bz">ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset-intensive sectors, is pleased to issue a trading update for the first quarter of its financial year ending 31 October 2020 ("FY20").</span><span class="cg"> </span></p> <p class="ct"><em><span class="bz">Highlights in the first quarter of FY20 include:</span></em></p> <ul> <li><span class="bv">Significantly stronger financial performance with improved revenues and earnings compared to the same period last year:<br /></span>        o  <span class="bv">Q1 financial performance is consistent with the Board's expectations for FY20 as a whole.</span></li> <li><span class="bv">Material reduction in closing net debt as at 31 January 2020 at £27.5m (FY19: £35.5m) representing leverage* of below 1.6 times, underpinning a much stronger financial position.</span></li> <li class="cu"><span class="bv">The Group continues to make good strategic and commercial progress across the business; our Tascomi business acquired in August 2019 is integrating well and is performing as planned.</span></li> <li class="cu"><span class="bv">All historical issues identified in FY19 have been fully resolved: Idox entered FY20 with no material remaining outstanding litigation or property issues. All non-core businesses have been disposed, and new financial reporting and operational controls are now fully embedded throughout the Group.</span></li> <li class="cu"><span class="bv">The Board intends to introduce a final dividend in respect of FY20 which it anticipates will be approximately 30% of retained earnings.</span></li> </ul> <p class="cw"><span class="bv">In summary, we are progressing well against our plans for FY20 and remain encouraged by the opportunities; the Board remains confident in the prospects of the business for FY20 and beyond.</span></p> <p class="cx"><span class="smallerFont"><sup><span class="bq">†</span></sup><span class="bq">  Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs.<br /></span><sup><span class="bq">*   </span></sup><span class="bq">Net debt / trailing 12 months Adjusted EBITDA</span></span></p> <p class="cz"><strong><span class="bz">FY19 Trading Upda</span>te</strong></p> <p class="cz">Further to the Trading Update on FY19 the Group provided on 25 November 2019, the Group expects to report the following results for its financial year ended 31 October 2019:</p> <p class="ct"><em><span class="bz">Financial highlights:</span></em></p> <ul> <li class="ct">Revenue of £65.5m (2018: £66.4m for continuing business, restated for prior year adjustments).</li> <li class="cu"><span class="bv">Revenue visibility significantly improved, with annualised recurring revenue run rate at 31 October 2019 up 20% to £38.9m following adoption of IFRS 15 (16% organic).</span></li> <li class="cu"><span class="bv">Contracted software and services order book up 29% to £12.1m.</span></li> <li class="cu"><span class="bv">Adjusted EBITDA</span><sup><span class="bq">†</span></sup><span class="bv">: £14.4m (2018: £13.6m, restated) for continuing business.</span></li> <li class="cu"><span class="bv">Net debt at 31 October 2019 down 17% at £26.4m (2018: £31.8m).</span></li> <li class="cu"><span class="bv">Statutory loss before tax £0.03m (2018: £27.6m loss, restated) for continuing operations.</span></li> </ul> <p class="cx"><span class="smallerFont"><sup><span class="bq">†</span></sup><span class="bq"> Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition costs, impairment, financing costs and share option costs.</span></span></p> <p class="da"><strong><span class="bz">Notice of Results</span></strong></p> <p class="cs"><span class="bz">The Group continues to work closely with its auditor to resolve an outstanding historical matter that has arisen on finalisation of its FY19 results in respect of the FY17 financial reporting period, associated with the acquisition of 6PM Holdings plc. This remaining item does not have any impact on the Group's expected FY19 results or its future prospects.</span></p> <p class="cs"><span class="bz">The Group expects to resolve the matter shortly, and expects to issue its FY19 results announcement as soon as practical.</span></p> <p class="cz"><strong><span class="bz">Statement on Covid-19</span></strong></p> <p class="cs"><span class="bz">The Group has considered the impact of the ongoing Covid-19 pandemic. The Board believes Idox is well placed because of the Group's high recurring revenue base, the high proportion of staff that work from home, and the limited exposure to the geographies currently most impacted by the virus. We continue to monitor the situation and adapt our approach as required.</span></p> <p class="cs"><span class="bz">The exposures identified to date are as follows:</span></p> <ul> <li class="db"><span class="cg">our EIM Business has cross-border operations; any impact is tempered by its existing high recurring revenues which account for approximately 80% of its revenue targets;</span></li> <li class="dc"><span class="cg">our Public Sector Software business is exposed to government policy in response to Covid-19, notably the recent postponement of the local and mayoral elections originally scheduled for May 2020 to May 2021;</span></li> <li class="dd"><span class="cg">overall, no material impact has been identified to date. </span></li> </ul> <p class="cs"><span class="bz">We continue to update our contingency planning and risk assessments in respect of Covid-19 as the impact of the virus develops.</span></p> <p class="df"><strong><span class="bv">David Meaden, Chief Executive of Idox, commented:</span></strong></p> <p class="dg"><span class="cg">"We entered FY20 with encouraging momentum following the extensive reform of the business in the previous year and it is therefore pleasing to report a strong first quarter performance, consistent with our expectations.</span></p> <p class="dg"><span class="cg">The business is benefitting from our strategy to significantly increase engagement with our customers, staff and other stakeholders and from the introduction of new products and extended service offerings. During FY20, we are planning further integration of our activities and refinement of our operating models to drive further efficiencies.</span></p> <p class="de"><span class="cg">We are pleased with the progress we have made but are not complacent. We remain committed to establishing Idox as a leader in Public Sector Software with market-leading cloud-based products and an efficient operating model to drive high levels of recurring revenue, strong margins and consistent cash<span> </span></span><span class="cg">generation."</span></p> <p class="a"><span class="ch">-Ends-</span></p> <p class="dh"><strong><span class="bf">Enquiries:</span></strong></p> <p class="dh"><strong><span class="bf">Idox plc                                          </span></strong><span class="bf">       </span><span class="bf">+44 (0) 870 333 7101 <br /></span><span class="bf">Chris Stone, Non-Executive Chairman <br />David Meaden, Chief Executive <br /></span><span class="bf">Rob Grubb, Chief Financial Officer </span><strong><span class="bf"><br /><br />Peel Hunt LLP (NOMAD and Broker)    </span></strong><span class="bf">+44 (0) 20 7418 8900</span><strong><span class="bf"><br /></span></strong><span class="bf">Edward Knight </span><span class="bf"><br />Nick Prowting <br /></span><span class="bf">James Steel </span><strong><span class="bf"><br /><br />MHP Communications                           </span></strong><span class="bf">+ 44 (0) 203 128 8100</span><strong><span class="bf"><br /></span></strong><span class="bf">Reg Hoare                                              idox@mhpc.com </span><span class="bf"><br />Patrick Hanrahan <br /></span><span class="bf">Amy O’Sullivan  </span></p> <p class="a"><strong><span class="al">About Idox plc</span></strong></p> <p class="do"><span class="al">For more information see </span><span class="bv"><a href="http://www.idoxplc.com/">www.idoxplc.com</a></span><span class="aj"> </span><span class="ai">@Idoxgroup</span><span class="aj"> </span></p> <p class="de"><span class="bj"> </span></p> <p class="de"><span class="cg"> </span></p> <p class="da"><span class="bz"> </span></p>
Notice of Results (Change of Date) 07/02/2020 07/02/2020 <p style="text-align: center;"><strong>Idox plc<br /></strong><strong>('Idox' or the 'Group' or the 'Company')<br /></strong><strong>Notice of Results (Change of Date)</strong></p> <p>ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset intensive sectors, provides an update to its previous announcement on 23 January 2020 regarding its Notice of Results.</p> <p>The Group now intends to announce its results for the twelve months ended 31 October 2019 in early March (previously 11 February 2020). The Group continues to expect to report results in line with its Year End Trading Update issued on 25 November 2019.</p> <p>The Group has decided to allow for extra time to ensure the accounting and disclosure of items identified in respect of prior periods is complete following the improved governance throughout the Group.</p> <p>The Board confirms that this process, and the ongoing audit, do not reflect any issues concerning the underlying trading or economic position of Idox.</p> <p>There are no matters in connection with this process or the audit which, in the view of the Board, need to be brought to the attention of shareholders.</p> <p>As previously stated, Idox management will be hosting a presentation for analysts on the day of its final results. Please contact MHP Communications for further information.</p> <p style="text-align: center;">-Ends-</p> <p style="text-align: left;"><strong>Enquiries</strong>:</p> <p><strong>Idox plc                                                      </strong>+44 (0) 870 333 7101<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>Peel Hunt LLP (NOMAD and Broker)         </strong>+44 (0) 20 7418 8900<br />Edward Knight<br />Nick Prowting<br />James Steel<br /><br /><strong>MHP Communications                                 </strong>+ 44 (0) 203 128 8100<br />Reg Hoare                                                              <a href="mailto:mhpc@idoxgroup.com">idox@mhpc.com</a></p> <p><strong>About Idox plc<br /></strong>For more information see <a href="http://www.idoxplc.com">www.idoxplc.com</a> <a href="https://twitter.com/idoxgroup?lang=en" data-anchor="?lang=en">@Idoxgroup</a></p>
Holding(s) in Company 07/02/2020 07/02/2020 /media/2877/tr1_notification-of-interest-in-shares_7-february.pdf
Change of Adviser and Notice of Results 23/01/2020 23/01/2020 <p style="text-align: center;" class="bt"><strong><span class="bq">Idox plc<br /></span></strong><strong><span class="bv">(</span><span class="bw">'</span><span class="bx">Idox</span><span class="bw">'</span><span class="by"> </span><span class="bz">or the </span><span class="bw">'</span><span class="by">Group</span><span class="bw">'</span><span class="by"> </span><span class="ca">or the </span><span class="bw">'</span><span class="by">Company</span><span class="bw">'</span><span class="cb">)<br /></span></strong><strong><span class="bq">Change of Adviser and Notice of Results</span></strong></p> <p>ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset-intensive sectors, is pleased to announce that it has appointed Peel Hunt LLP to act as the Company's Nominated Advisor and sole corporate broker with effect from 23 January 2020.</p> <p>The Group expects to announce its results for the twelve months ended 31 October 2019 on 11 February 2020.</p> <p>An analyst presentation, hosted by David Meaden, Chief Executive Officer and Rob Grubb, Chief Financial Officer, will be held at 9.30am on Tuesday, 11th February 2020, at the offices of MHP Communications, located at 6 Agar Street, London, WC2N 4HN. Please email Idox@mhpc.com if you wish to register your interest in attending.</p> <p style="text-align: center;"><strong>-Ends-</strong></p> <p style="text-align: left;"><strong>Enquiries</strong>:<br /><br /><strong>Idox plc </strong>                                                +44 (0) 870 333 7101<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer<br /><strong><br />Peel Hunt LLP (NOMAD and Broker)     </strong>+44 (0) 20 7418 8900<br />Edward Knight<br />Nick Prowting<br />James Steel<br /><strong><br />MHP Communications                           </strong>+ 44 (0) 203 128 8100<br />Reg Hoare                                                           idox@mhpc.com</p> <p><strong>About Idox plc<br /></strong>For more information see <a href="http://www.idoxplc.com">www.idoxplc.com</a> <a href="https://twitter.com/idoxgroup?lang=en" data-anchor="?lang=en">@Idoxgroup</a></p>
AIM Rule 17 Schedule Two (g) Update 22/01/2020 22/01/2020 <p style="text-align: center;" class="by"><strong><span class="bv">Idox plc<br /></span></strong><span class="ca">(</span><strong><span class="cb">'</span><span class="cc">Idox'</span></strong><span class="cd"> </span><span class="ce">or<strong> the </strong></span><strong><span class="cb">'</span><span class="cd">Group'</span></strong><span class="cd"> </span><span class="cf">or the<strong> </strong></span><strong><span class="cb">'</span><span class="cd">Company'</span></strong><span class="cg">)<br /></span><strong><span class="bo">AIM Rule 17 Schedule Two (g) Update</span></strong></p> <p class="ch"><span class="bn"> </span><span class="bn">ldox plc (AIM: IDOX), announces the following information relating to director disclosure under Schedule Two, Paragraph (g) of the AIM Rules for Companies.</span></p> <p class="ch"><span class="bn">On 15 October 2018, the Company announced Rob Grubb was appointed as Chief Financial Officer with effect from 1 November 2018. In addition to Gresham Technologies plc, Mr Grubb's previously held directorships, which were all in subsidiaries of Gresham Technologies plc, in the five years prior to 1 November 2018 were as follows:</span></p> <p><strong>Former directorships<br />(within five years prior to 1 November 2018):<br /></strong>Gresham Technologies (UK) Limited<br />Gresham Technologies (Solutions) Limited<br />C24 Technologies Limited<br />Gresham Technologies (Australia) Pty Limited<br />Gresham Computing Sdn Bhd<br />Gresham Computing Pte. Limited<br />Gresham Technologies (US) Inc<br />Gresham Enterprise Storage Inc<br />GMS Loan Technologies Limited<br />Gresham Consultancy Services Limited<br />Gresham Tech Limited<br />Gresham Telecomputing Limited<br />Circa Business Systems Limited<br />Cheerkeep Limited<br />Casablanca Software Limited<br />Circa Selection Limited<br />ITEC Computer Broking Limited<br />Gresham Computer Personnel Limited<br />Clareti Systems Limited</p> <p><strong>Enquiries:<br /></strong><strong>Idox plc                                              </strong>+44 (0) 870 333 7101<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>N+1 Singer (NOMAD and Broker)     </strong>+44 (0) 20 7496 3000<br />Shaun Dobson / Ben Farrow (Corporate Finance)<br />Tom Salvesen (Corporate Broking)</p> <p><strong>MHP Communications                       </strong>+ 44 (0) 203 128 8100<br />Reg Hoare                                           <a rel="noopener" href="mailto:idox@mhpc.com" target="_blank">idox@mhpc.com</a></p> <p><strong>About Idox plc<br /></strong>For more information see <a href="http://www.idoxgroup.com">www.idoxplc.com</a> @Idoxgroup</p>
Directors' Dealings & Holdings in Company 17/01/2020 17/01/2020 <p class="cv"><span class="cw">Idox plc (LSE:IDOX, "Company" or "Idox") received notification on 15 January 2020 from Kestrel Partners LLP ("Kestrel") that on 14 January 2020 it transferred, on behalf of a discretionary client, 105,720 ordinary shares of 1p each ("Shares") in the Company from accounts managed by Kestrel to the client's broker accounts. This transfer by Kestrel was made at the request of the client and there is no change in ultimate beneficial ownership. The notification also included the matters set out below.</span></p> <p class="cv"><span class="cw">Mr Scott, a non-executive director of Idox, is a partner of, and holds a beneficial interest in Kestrel. Mr Scott is also a shareholder in one of Kestrel's clients ("Kestrel Opportunities") and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding in Idox.</span></p> <p class="cv"><span class="cw">Following this transaction, Kestrel Opportunities holds<span> </span></span><span class="ch">(and consequently Mr Scott is deemed to have a beneficial interest in)</span><span class="cx"><span> </span>33,537,916 shares in the Company, and other clients of Kestrel, in which Mr Scott has no beneficial interest hold 12,338,642 Shares in the Company.</span></p> <p class="cv"><span class="cf">On a combined basis, Kestrel indirectly holds voting rights over 45,876,558 shares in the Company,<span> </span></span><span class="cx">which represents 10.35% per cent of the Company's issued share capital.</span></p> <p class="cv"><span class="cw">Kestrel's interest in the Shares in the Company is held through the following nominees:</span><span class="cw"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="cy"> <tbody> <tr> <td class="cc" valign="top"> <p class="cz"><span class="da">Holding type</span></p> </td> <td class="cb" valign="top"> <p class="cz"><span class="da">Nominee</span></p> </td> <td class="bz" valign="top"> <p class="db"><span class="da"> </span></p> </td> <td class="by" valign="top"> <p style="text-align: right;" class="db"><span class="da">No. of shares</span></p> </td> <td class="bx" valign="top"> <p style="text-align: right;" class="db"><span class="da">% of issued share capital</span></p> </td> </tr> <tr> <td class="cc" valign="top"> <p class="cz"><span class="da">Indirect</span></p> </td> <td class="cb" valign="top"> <p class="cz"><span class="da">Bank of New York Nominees Ltd</span></p> </td> <td class="bz" valign="top"> <p class="dc"><span class="dd"> </span></p> </td> <td class="by" valign="top" style="text-align: right;"> <p class="dc"><span class="dd">33,537,916</span></p> </td> <td class="bx" valign="top" style="text-align: right;"> <p class="dc"><span class="dd">7.57%</span></p> </td> </tr> <tr> <td class="cc" valign="top"> <p class="cz"><span class="da">Indirect</span></p> </td> <td class="cb" valign="top"> <p class="cz"><span class="da">JIM Nominees Limited</span></p> </td> <td class="bz" valign="top"> <p class="dc"><span class="dd"> </span></p> </td> <td class="by" valign="top" style="text-align: right;"> <p class="dc"><span class="dd">2,351,509</span></p> </td> <td class="bx" valign="top" style="text-align: right;"> <p class="dc"><span class="dd">0.53%</span></p> </td> </tr> <tr> <td class="cc" valign="top"> <p class="cz"><span class="da">Indirect</span></p> </td> <td class="cb" valign="top"> <p class="cz"><span class="da">Bank of New York Nominees Ltd</span></p> </td> <td class="bz" valign="top"> <p class="db"><span class="da"> </span></p> </td> <td class="by" valign="top" style="text-align: right;"> <p class="db"><span class="da">9,752,823</span></p> </td> <td class="bx" valign="top" style="text-align: right;"> <p class="db"><span class="da">2.20%</span></p> </td> </tr> <tr class="bp"> <td class="bu" valign="top"> <p class="cz"><span class="da">Indirect</span></p> </td> <td class="bt" valign="top"> <p class="cz"><span class="da">Bank of New York Nominees Ltd</span></p> </td> <td class="bs" valign="top"> <p class="db"><span class="da"> </span></p> </td> <td class="br" valign="top" style="text-align: right;"> <p class="db"><span class="da">234,310</span></p> </td> <td class="bq" valign="top" style="text-align: right;"> <p class="db"><span class="da">0.05%</span></p> </td> </tr> </tbody> </table> <p><br />For further information contact:</p> <div class="r"> <p><strong>Idox plc     </strong>                                      +44 (0) 870 333 7101<br />Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>N+1 Singer (NOMAD and Broker)</strong>   +44 (0) 20 7496 3000<br />Shaun Dobson / Ben Farrow (Corporate Finance)<br />Tom Salvesen (Corporate Broking)</p> <p style="text-align: center;" class="df"><span class="bk"> <br /></span><strong><span class="bk">ANNEX<br /></span></strong></p> <p style="text-align: center;" class="df"><strong><span class="bh">Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them</span></strong></p> <table border="0" cellspacing="0" cellpadding="0" class="dn"> <tbody> <tr> <td class="am" valign="top" style="width: 14px;"> <p class="do"><span class="ap">1</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="al" colspan="2" valign="top" style="width: 555px;"> <p class="do"><span class="ap">Details of the person discharging managerial responsibilities / person closely associated</span></p> <p class="dp"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">a)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Name</span><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dp"><span class="bk">Kestrel Partners LLP ('Kestrel')</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="do"><span class="ap">2</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top" style="width: 555px;"> <p class="do"><span class="ap">Reason for the notification</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">a)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Position/status</span><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dp"><span class="bk">PCA - Oliver Rupert Andrew Scott (non-executive director of Idox plc and Partner in Kestrel)</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">b)</span></p> <p class="dr"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Initial notification /Amendment</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dp"><span class="bk">Initial</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="do"><span class="ap">3</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top" style="width: 555px;"> <p class="do"><span class="ap">Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">a)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Name</span><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dp"><span class="bk">IDOX Plc</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">b)</span></p> <p class="dr"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">LEI</span><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dp"><span class="ad">213800Z3FE6PWVSUGE70</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="do"><span class="ap">4</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top" style="width: 555px;"> <p class="do"><span class="ap">Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">a)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Description of the financial instrument, type of instrument</span></p> <p class="dq"><span class="ak"> </span></p> <p class="dp"><span class="bk">Identification code</span><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dq"><span class="ak">1p Ordinary Shares</span></p> <p class="dq"><span class="ak"> </span></p> <p class="dq"><span class="ak"> <br /></span><span class="ak">ISIN: GB0002998192</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">b)</span></p> <p class="dr"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Nature of the transaction</span><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dp"><span class="bk">Transfer for a client account managed by Kestrel to client account held at separate broker. No change of beneficial ownership.</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">c)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Price(s) and volume(s)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <table border="0" cellspacing="0" cellpadding="0" width="337" height="222" class="ds"> <tbody> <tr class="z"> <td class="ab" valign="top"> <p class="dt"><span class="bk">Price(s)</span></p> </td> <td class="aa" valign="top"> <p class="dt"><span class="bk">Volume(s)</span></p> </td> </tr> <tr class="z"> <td class="y" valign="top"> <p class="dt"><span class="bk">N</span>/A</p> </td> <td class="x" valign="top"> <p class="dt"><span class="bk">1</span>05,720<span class="bk"><span> </span>Shares</span><span class="bk"> </span></p> </td> </tr> <tr class="z"> <td class="y" valign="top"> </td> <td class="x" valign="top"> <p class="dt"><span class="bk"> </span></p> </td> </tr> </tbody> </table> <p class="dp"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">d)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Aggregated information</span></p> <p class="dp"><span class="bk"> </span></p> <p class="dq"><span class="bk"> </span></p> <p class="dq"><span class="ak">- Aggregated volume</span></p> <p class="dq"><span class="ak"> </span></p> <p class="dq"><span class="ak"> </span></p> <p class="dq"><span class="ak">- Price</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dq"><span class="ak"> T</span><span class="v">ransfer of 105,720 shares at zero cost.</span></p> <p class="dq"><span class="ak"> </span></p> <p class="dq"><span class="ak"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">e)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Date of the transaction</span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dp"><span class="bk">2020-01-14</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 14px;"> <p class="dq"><span class="ak">f)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 176px;"> <p class="dq"><span class="ak">Place of the transaction</span></p> </td> <td class="ag" valign="top" style="width: 379px;"> <p class="dp"><span class="bk">London Stock Exchange</span></p> </td> </tr> </tbody> </table> <p class="du"><span class="t"> </span></p> </div>
Directors' Dealings & Holdings in Company 03/01/2020 17/01/2020 <p style="text-align: center;"><strong>Idox Plc<br /></strong><strong>Directors' Dealings &amp; Holdings in Company</strong></p> <p class="cu"><span class="cv">Idox plc (LSE:IDOX, "Company" or "Idox") received notification on 02 January 2020 from Kestrel Partners LLP ("Kestrel") that on 02 January 2020 it acquired, on behalf of its discretionary clients, 500,000 ordinary shares of 1p each ("Shares") in the Company at a price of £0.343 per share. The notification also included the matters set out below.</span></p> <p class="cu"><span class="cv">Mr Scott, a non-executive director of Idox, is a partner of, and holds a beneficial interest in Kestrel. Mr Scott is also a shareholder in one of Kestrel's clients ("Kestrel Opportunities") and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding in Idox.</span></p> <p class="cu"><span class="cv">Following this transaction, Kestrel Opportunities holds (and consequently Mr Scott is deemed to have a beneficial interest in) 33,537,916 Shares in the Company, and other clients of Kestrel, in which Mr Scott has no beneficial interest hold 12,444,362 Shares in the Company.</span></p> <p class="cu"><span class="cv">On a combined basis, Kestrel indirectly holds voting rights over 45,982,278 shares in the Company, which represents 10.38% per cent of the Company's issued share capital.</span></p> <p class="cu"><span class="cv">Kestrel's interest in the Shares in the Company is held through the following nominees:</span></p> <table border="0" cellspacing="0" cellpadding="0" class="cw" style="height: 215px;"> <tbody> <tr style="height: 43px;"> <td class="ca" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">Holding type</span></p> </td> <td class="bz" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">Nominee</span></p> </td> <td class="bx" valign="top" style="height: 43px;"> <p class="cz"><span class="cy">No. of shares</span></p> </td> <td class="bw" valign="top" style="height: 43px;"> <p class="cz"><span class="cy">% of issued share capital</span></p> </td> </tr> <tr style="height: 43px;"> <td class="ca" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">Indirect</span></p> </td> <td class="bz" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">Bank of New York Nominees Ltd</span></p> </td> <td class="bx" valign="top" style="height: 43px;"> <p class="da"><span class="db">33,537,916</span></p> </td> <td class="bw" valign="top" style="height: 43px;"> <p class="da"><span class="db">7.57%</span></p> </td> </tr> <tr style="height: 43px;"> <td class="ca" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">Indirect</span></p> </td> <td class="bz" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">JIM Nominees Limited</span></p> </td> <td class="bx" valign="top" style="height: 43px;"> <p class="da"><span class="db">2,457,229</span></p> </td> <td class="bw" valign="top" style="height: 43px;"> <p class="da"><span class="db">0.55%</span></p> </td> </tr> <tr style="height: 43px;"> <td class="ca" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">Indirect</span></p> </td> <td class="bz" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">Bank of New York Nominees Ltd</span></p> </td> <td class="bx" valign="top" style="height: 43px;"> <p class="cz"><span class="cy">9,752,823</span></p> </td> <td class="bw" valign="top" style="height: 43px;"> <p class="cz"><span class="cy">2.21%</span></p> </td> </tr> <tr class="bp" style="height: 43px;"> <td class="bt" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">Indirect</span></p> </td> <td class="bs" valign="top" style="height: 43px;"> <p class="cx"><span class="cy">Bank of New York Nominees Ltd</span></p> </td> <td class="br" valign="top" style="height: 43px;"> <p class="cz"><span class="cy">234,310</span></p> </td> <td class="bq" valign="top" style="height: 43px;"> <p class="cz"><span class="cy">0.05</span></p> </td> </tr> </tbody> </table> <p> </p> <p><span>For further information contact:</span></p> <p><span><strong>Idox plc</strong>                                                      +44 (0) 870 333 7101</span></p> <p>Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>N+1 Singer (NOMAD and Broker)</strong>            +44 (0) 20 7496 3000</p> <p>Shaun Dobson / Ben Farrow (Corporate Finance)<br />Tom Salvesen (Corporate Broking)</p> <p style="text-align: center;" class="di"><strong><span class="bk">ANNEX<br /></span></strong><strong><span class="bh">Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them</span></strong></p> <table border="0" cellspacing="0" cellpadding="0" class="dl"> <tbody> <tr> <td class="am" valign="top"> <p class="dm"><span class="ap">1</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="al" colspan="2" valign="top"> <p class="dm"><span class="ap">Details of the person discharging managerial responsibilities / person closely associated</span><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">a)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Name</span><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="dn"><span class="bk">Kestrel Partners LLP ('Kestrel')</span></p> <p class="dn"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="dm"><span class="ap">2</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top"> <p class="dm"><span class="ap">Reason for the notification</span><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">a)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Position/status</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="dn"><span class="bk">PCA - Oliver Rupert Andrew Scott (non-executive director of Idox plc and Partner in Kestrel)</span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">b)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Initial notification /Amendment</span><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="dn"><span class="bk">Initial</span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="dm"><span class="ap">3</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top"> <p class="dm"><span class="ap">Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor</span><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">a)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Name</span><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="dn"><span class="bk">IDOX Plc</span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">b)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">LEI</span><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="dn"><span class="ad">213800Z3FE6PWVSUGE70</span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="dm"><span class="ap">4</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top"> <p class="dm"><span class="ap">Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted</span></p> <p class="dn"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">a)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Description of the financial instrument, type of instrument</span><span class="ak"> </span></p> <p class="dn"><span class="bk">Identification code</span><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="do"><span class="ak">1p Ordinary Shares</span><span class="ak"> </span></p> <p class="do"><span class="ak"> </span><span class="ak">ISIN: GB0002998192</span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">b)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Nature of the transaction</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="dn"><span class="bk">Transfer for a client account managed by Kestrel to client account held at separate broker. No change of beneficial ownership.</span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">c)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Price(s) and volume(s)</span></p> </td> <td class="ag" valign="top"> <table border="0" cellspacing="0" cellpadding="0" class="dq"> <tbody> <tr class="z"> <td class="ab" valign="top"> <p class="dr"><span class="bk">Price(s)</span><span class="bk"> </span></p> </td> <td class="aa" valign="top"> <p class="dr"><span class="bk">Volume(s)</span></p> </td> </tr> <tr class="z"> <td class="y" valign="top"> <p class="dr"><span class="bk">GBP 0.343</span><span class="bk"> </span></p> </td> <td class="x" valign="top"> <p class="dr"><span class="bk">500,000 Shares</span></p> <p class="dr"><span class="bk"> </span></p> </td> </tr> <tr class="z"> <td class="y" valign="top"> <p class="dr"><span class="bk"> </span></p> <p class="dr"><span class="bk"> </span></p> </td> <td class="x" valign="top"> <p class="dr"><span class="bk"> </span><span class="bk"> </span></p> </td> </tr> </tbody> </table> <p class="dn"><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">d)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Aggregated information</span></p> <p class="do"><span class="bk"> </span></p> <p class="do"><span class="ak">- Aggregated volume</span><span class="ak"> </span></p> <p class="do"><span class="ak"> </span></p> <p class="do"><span class="ak">- Price</span><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="do"><span class="ak"> </span><span class="ak">Bought 500,000</span><span class="v"><span> </span>Shares in total at £0.343 per share</span></p> <p class="do"><span class="ak"> </span></p> <p class="do"><span class="ak"> </span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">e)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Date of the transaction</span><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="dn"><span class="bk">2020-01-02</span></p> </td> </tr> <tr> <td class="ai" valign="top"> <p class="do"><span class="ak">f)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top"> <p class="do"><span class="ak">Place of the transaction</span><span class="bk"> </span></p> </td> <td class="ag" valign="top"> <p class="dn"><span class="bk">London Stock Exchange</span></p> </td> </tr> </tbody> </table>
Directors' Dealings & Holdings in Company 02/01/2020 17/01/2020 <p style="text-align: center;" class="cq"><strong><span class="ck">Idox Plc<br /></span><span class="cg">Directors' Dealings &amp; Holdings in Company</span></strong></p> <p class="cu"><span class="cv">Idox plc (LSE:IDOX, "Company" or "Idox") received notification on 24 December 2019 from Kestrel Partners LLP ("Kestrel") that on 20 December 2019 it acquired, on behalf of its discretionary clients, 300,000 ordinary shares of 1p each ("Shares") in the Company at a price of £0.34 per share. The notification also included the matters set out below.</span></p> <p class="cu"><span class="cv">Mr Scott, a non-executive director of Idox, is a partner of, and holds a beneficial interest in Kestrel. Mr Scott is also a shareholder in one of Kestrel's clients ("Kestrel Opportunities") and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding in Idox.</span></p> <p class="cu"><span class="cv">Following this transaction, Kestrel Opportunities holds (and consequently Mr Scott is deemed to have a beneficial interest in) 33,537,916 Shares in the Company, and other clients of Kestrel, in which Mr Scott has no beneficial interest hold 11,944,362 Shares in the Company.</span></p> <p class="cu"><span class="cv">On a combined basis, Kestrel indirectly holds voting rights over 45,482,278 Shares in the Company, which represents 10.26% per cent of the Company's issued share capital.</span></p> <p class="cu"><span class="cv">Kestrel's interest in the Shares in the Company is held through the following nominees:</span><span class="cv"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="cw"> <tbody> <tr> <td class="ca" valign="top"> <p class="cx"><span class="cy">Holding type</span></p> </td> <td class="bz" valign="top"> <p class="cx"><span class="cy">Nominee</span></p> </td> <td class="bx" valign="top"> <p class="cz"><span class="cy">No. of shares</span></p> </td> <td class="bw" valign="top"> <p class="cz"><span class="cy">% of issued share capital</span></p> </td> </tr> <tr> <td class="ca" valign="top"> <p class="cx"><span class="cy">Indirect</span></p> </td> <td class="bz" valign="top"> <p class="cx"><span class="cy">Bank of New York Nominees Ltd</span></p> </td> <td class="bx" valign="top"> <p class="da"><span class="db">33,537,916</span></p> </td> <td class="bw" valign="top"> <p class="da"><span class="db">7.57%</span></p> </td> </tr> <tr> <td class="ca" valign="top"> <p class="cx"><span class="cy">Indirect</span></p> </td> <td class="bz" valign="top"> <p class="cx"><span class="cy">JIM Nominees Limited</span></p> </td> <td class="bx" valign="top"> <p class="da"><span class="db">2,457,229</span></p> </td> <td class="bw" valign="top"> <p class="da"><span class="db">0.55%</span></p> </td> </tr> <tr> <td class="ca" valign="top"> <p class="cx"><span class="cy">Indirect</span></p> </td> <td class="bz" valign="top"> <p class="cx"><span class="cy">Bank of New York Nominees Ltd</span></p> </td> <td class="bx" valign="top"> <p class="cz"><span class="cy">9,252,823</span></p> </td> <td class="bw" valign="top"> <p class="cz"><span class="cy">2.09%</span></p> </td> </tr> <tr class="bp"> <td class="bt" valign="top"> <p class="cx"><span class="cy">Indirect</span></p> </td> <td class="bs" valign="top"> <p class="cx"><span class="cy">Bank of New York Nominees Ltd</span></p> </td> <td class="br" valign="top"> <p class="cz"><span class="cy">234,310</span></p> </td> <td class="bq" valign="top"> <p class="cz"><span class="cy">0.05%</span></p> </td> </tr> </tbody> </table> <p class="dd"><span class="cy">For further information contact:</span><span class="bk"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="de"> <tbody> <tr class="ax"> <td class="bb" valign="top"> <p class="a"><strong><span class="bj">Idox plc</span></strong><span class="bi"><strong>   </strong>                                                                       +44 (0) 870 333 7101</span></p> <p class="df"><span class="bh">Chris Stone, Non-Executive Chairman<br /></span><span class="bh">David Meaden, Chief Executive<br /></span><span class="bh">Rob Grubb, Chief Financial Officer</span></p> <p class="a"><span><span class="bj"><strong>N+1 Singer (NOMAD and Broker) </strong>                                 </span></span><span class="be">+44 (0) 20 7496 3000</span></p> <p class="df"><span class="bh">Shaun Dobson / Jen Boorer (Corporate Finance)<br /></span><span class="bh">Tom Salvesen (Corporate Broking)</span></p> </td> </tr> </tbody> </table> <p style="text-align: center;" class="di"> </p> <p style="text-align: center;" class="di"><strong><span class="bk">ANNEX<br /></span></strong><span class="as"> </span><span class="bh">Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them</span></p> <table border="0" cellspacing="0" cellpadding="0" class="dl" style="height: 1836px;"> <tbody> <tr style="height: 41px;"> <td class="am" valign="top" style="height: 41px;"> <p class="dm"><span class="ap">1</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="al" colspan="2" valign="top" style="height: 41px;"> <p class="dm"><span class="ap">Details of the person discharging managerial responsibilities / person closely associated</span></p> </td> </tr> <tr style="height: 107px;"> <td class="ai" valign="top" style="height: 107px;"> <p class="do"><span class="ak">a)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 107px;"> <p class="do"><span class="ak">Name</span></p> <p class="dn"><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 107px;"> <p class="dn"><span class="bk">Kestrel Partners LLP ('Kestrel')</span></p> </td> </tr> <tr style="height: 75px;"> <td class="ai" valign="top" style="height: 75px;"> <p class="dm"><span class="ap">2</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top" style="height: 75px;"> <p class="dm"><span class="ap">Reason for the notification</span></p> <p class="dn"><span class="bk"> </span></p> </td> </tr> <tr style="height: 107px;"> <td class="ai" valign="top" style="height: 107px;"> <p class="do"><span class="ak">a)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 107px;"> <p class="do"><span class="ak">Position/status</span></p> <p class="do"><span class="ak"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 107px;"> <p class="dn"><span class="bk">PCA - Oliver Rupert Andrew Scott (non-executive director of Idox plc and Partner in Kestrel)</span></p> </td> </tr> <tr style="height: 107px;"> <td class="ai" valign="top" style="height: 107px;"> <p class="do"><span class="ak">b)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 107px;"> <p class="do"><span class="ak">Initial notification /Amendment</span></p> <p class="dn"><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 107px;"> <p class="dn"><span class="bk">Initial</span></p> </td> </tr> <tr style="height: 75px;"> <td class="ai" valign="top" style="height: 75px;"> <p class="dm"><span class="ap">3</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top" style="height: 75px;"> <p class="dm"><span class="ap">Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor</span></p> <p class="dn"><span class="bk"> </span></p> </td> </tr> <tr style="height: 107px;"> <td class="ai" valign="top" style="height: 107px;"> <p class="do"><span class="ak">a)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 107px;"> <p class="do"><span class="ak">Name</span></p> <p class="dn"><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 107px;"> <p class="dn"><span class="bk">IDOX Plc</span></p> </td> </tr> <tr style="height: 107px;"> <td class="ai" valign="top" style="height: 107px;"> <p class="do"><span class="ak">b)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 107px;"> <p class="do"><span class="ak">LEI</span></p> <p class="dn"><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 107px;"> <p class="dn"><span class="ad">213800Z3FE6PWVSUGE70</span></p> </td> </tr> <tr style="height: 75px;"> <td class="ai" valign="top" style="height: 75px;"> <p class="dm"><span class="ap">4</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top" style="height: 75px;"> <p class="dm"><span class="ap">Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted</span></p> <p class="dn"><span class="bk"> </span></p> </td> </tr> <tr style="height: 203px;"> <td class="ai" valign="top" style="height: 203px;"> <p class="do"><span class="ak">a)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 203px;"> <p class="do"><span class="ak">Description of the financial instrument, type of instrument</span></p> <p class="do"><span class="ak"> </span></p> <p class="dn"><span class="bk">Identification code</span></p> </td> <td class="ag" valign="top" style="height: 203px;"> <p class="do"><span class="ak">1p Ordinary Shares</span></p> <p class="do"><span class="ak"> </span></p> <p class="do"><span class="ak"> </span><span class="ak">ISIN: GB0002998192</span></p> </td> </tr> <tr style="height: 107px;"> <td class="ai" valign="top" style="height: 107px;"> <p class="do"><span class="ak">b)</span></p> <p class="dp"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 107px;"> <p class="do"><span class="ak">Nature of the transaction</span></p> <p class="dn"><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 107px;"> <p class="dn"><span class="bk">Transfer for a client account managed by Kestrel to client account held at separate broker. No change of beneficial ownership.</span></p> </td> </tr> <tr style="height: 308px;"> <td class="ai" valign="top" style="height: 308px;"> <p class="do"><span class="ak">c)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 308px;"> <p class="do"><span class="ak">Price(s) and volume(s)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 308px;"> <table border="0" cellspacing="0" cellpadding="0" class="dq"> <tbody> <tr class="z"> <td class="ab" valign="top"> <p class="dr"><span class="bk">Price(s)</span></p> <p class="dr"><span class="bk"> </span></p> </td> <td class="aa" valign="top"> <p class="dr"><span class="bk">Volume(s)</span></p> </td> </tr> <tr class="z"> <td class="y" valign="top"> <p class="dr"><span class="bk">GBP 0.34</span></p> <p class="dr"><span class="bk"> </span></p> </td> <td class="x" valign="top"> <p class="dr"><span class="bk">300,000 Shares</span></p> <p class="dr"><span class="bk"> </span></p> </td> </tr> <tr class="z"> <td class="y" valign="top"> <p class="dr"><span class="bk"> </span></p> <p class="dr"><span class="bk"> </span></p> </td> <td class="x" valign="top"> <p class="dr"><span class="bk"> </span></p> <p class="dr"><span class="bk"> </span></p> </td> </tr> </tbody> </table> <p class="dn"><span class="bk"> </span></p> <p class="dn"><span class="bk"> </span></p> </td> </tr> <tr style="height: 267px;"> <td class="ai" valign="top" style="height: 267px;"> <p class="do"><span class="ak">d)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 267px;"> <p class="do"><span class="ak">Aggregated information</span></p> <p class="dn"><span class="bk"> </span></p> <p class="do"><span class="bk"> </span></p> <p class="do"><span class="ak">- Aggregated volume</span></p> <p class="do"><span class="ak"> </span></p> <p class="do"><span class="ak"> </span></p> <p class="do"><span class="ak">- Price</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 267px;"> <p class="do"><span class="ak"> </span><span class="ak">Bought 300,000</span><span class="v"><span> </span>Shares in total at £0.34 per share</span></p> <p class="do"><span class="ak"> </span></p> <p class="do"><span class="ak"> </span></p> </td> </tr> <tr style="height: 75px;"> <td class="ai" valign="top" style="height: 75px;"> <p class="do"><span class="ak">e)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 75px;"> <p class="do"><span class="ak">Date of the transaction</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 75px;"> <p class="dn"><span class="bk">2019-12-20</span></p> </td> </tr> <tr style="height: 75px;"> <td class="ai" valign="top" style="height: 75px;"> <p class="do"><span class="ak">f)</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="height: 75px;"> <p class="do"><span class="ak">Place of the transaction</span></p> <p class="dn"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="height: 75px;"> <p class="dn"><span class="bk">London Stock Exchange</span></p> </td> </tr> </tbody> </table>
New Banking Facilities 19/12/2019 19/12/2019 <div class="ag"> <p style="text-align: center;" class="bs"><strong><span class="bp">Idox plc<br /></span></strong><span class="bu">(</span><strong><span class="bv">'</span><span class="bw">Idox</span><span class="bv">'</span></strong><span class="bx"> </span><span class="by">or<span> the</span> </span><strong><span class="bv">'</span><span class="bx">Group</span><span class="bv">'</span><span class="bx"> </span></strong><span class="bz">or the </span><strong><span class="bv">'</span><span class="bx">Company</span><span class="bv">'</span></strong><span class="ca">)<br /></span><strong><span class="bp">New Banking Facilities</span></strong></p> <p style="text-align: left;" class="cb"><span class="bi">ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset intensive sectors, is pleased to confirm that, as anticipated in the Company's year end trading update of 25 November 2019, it has successfully finalised new multi-year committed borrowing facilities.</span></p> <p class="cb"><span class="bi">New banking arrangements have been agreed with NatWest, Silicon Valley Bank and Santander for a three-year term ending December 2022, with an option to extend for two one-year renewal periods. The new banking arrangements are on improved commercial terms and include a larger overall facility, incorporating a £35 million revolving credit facility with the option for further borrowings of £10 million under an accordion arrangement. The previous facilities provided by NatWest and Silicon Valley Bank will be fully discharged and cancelled.</span></p> <p class="cc"><span class="bg"> </span><strong><em><span class="bg">David Meaden, Chief Executive of Idox, commented:</span></em></strong></p> <p class="cb"><span class="bi"> "Having undertaken a competitive tender process, we are delighted to have added Santander to our banking consortium. These new, larger financial arrangements on improved terms bring further stability to our Group and, whilst we have no current plans to draw down the additional element of these facilities, they give us flexibility to finance and execute on growth strategies in our core public-sector software markets whilst maintaining our focus on strong margins and cash generation."</span></p> <p class="cb"><span class="bi"> </span><span class="bq">-Ends-</span></p> <p class="a"><strong><span class="bc">Enquiries:</span></strong></p> <p class="a"><strong><span class="bc">Idox plc                                             </span></strong><span class="bc"><span class="ax">+44 (0) 870 333 7101</span></span></p> <p class="a"><span class="bc"><span class="ax"><span class="ba">David Meaden, Chief Executive<br /></span></span></span><span class="bc"><span class="ax"><span class="ba">Rob Grubb, Chief Financial Officer</span></span></span></p> <p class="a"><span class="bc"><span class="ax"><span class="ba"><strong>N+1 Singer (NOMAD and Broker)   </strong>+44 (0) 20 7496 3000</span></span></span></p> <p class="a"><span class="bc"><span class="ax"><span class="ba">Shaun Dobson / Ben Farrow (Corporate Finance)<br />Tom Salvesen (Corporate Broking)<br /></span></span></span></p> <p class="a"><span class="bc"><span class="ax"><span class="ba"><strong>MHP Communications                     </strong>+ 44 (0) 203 128 8100</span></span></span></p> <span><span>Reg Hoare                                        idox@mhpc.com</span></span> <p class="ce"><strong><span class="aj">About Idox plc</span></strong></p> <p class="a"><span class="ai">For more information see </span><span class="bc"><a rel="noopener" href="http://www.idoxplc.com/" target="_blank">www.idoxplc.com</a></span><span class="bn"> </span><span class="ah">@Idoxgroup</span><span class="bk"> </span></p> </div>
Directors' Dealings & Holdings in Company 02/12/2019 02/12/2019 <p class="cp"><strong><span class="cq">Idox plc (LSE:IDOX, "Company" or "Idox") received notification on 02 December 2019 from Kestrel Partners LLP ("Kestrel") that on 29 November 2019 it acquired, on behalf of its discretionary clients, 200,000 ordinary shares of 1p each ("Shares") in the Company at a price of £0.3515 per share. The notification also included the matters set out below.</span></strong></p> <p class="cp"><span class="cq">Mr Scott, a non-executive director of Idox, is a partner of, and holds a beneficial interest in Kestrel. Mr Scott is also a shareholder in one of Kestrel's clients ("Kestrel Opportunities") and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding in Idox.</span></p> <p class="cp"><span class="cq">Following this transaction, Kestrel Opportunities holds (and consequently Mr Scott is deemed to have a beneficial interest in) 33,537,916 Shares in the Company, and other clients of Kestrel, in which Mr Scott has no beneficial interest hold 11,559,362 Shares in the Company.</span></p> <p class="cp"><span class="cq">On a combined basis, Kestrel indirectly holds voting rights over 45,097,278 Shares in the Company, which represents 10.18% per cent of the Company's issued share capital.</span></p> <p class="cp"><span class="cq">Kestrel's interest in the Shares in the Company is held through the following nominees:</span><span class="cq"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="cr" style="width: 504px;"> <tbody> <tr> <td class="bv" valign="top" style="width: 101px;"> <p class="cs"><span class="ct">Holding type</span></p> </td> <td class="bu" valign="top" style="width: 182px;"> <p class="cs"><span class="ct">Nominee</span></p> </td> <td class="bs" valign="top" style="width: 64px; text-align: right;"> <p class="cu"><span class="ct">No. of shares</span></p> </td> <td class="br" valign="top" style="width: 157px; text-align: right;"> <p class="cu"><span class="ct">% of issued share capital</span></p> </td> </tr> <tr> <td class="bv" valign="top" style="width: 101px;"> <p class="cs"><span class="ct">Indirect</span></p> </td> <td class="bu" valign="top" style="width: 182px;"> <p class="cs"><span class="ct">Bank of New York Nominees Ltd</span></p> </td> <td class="bs" valign="top" style="width: 64px; text-align: right;"> <p class="cv"><span class="cw">33,537,916</span></p> </td> <td class="br" valign="top" style="width: 157px; text-align: right;"> <p class="cv"><span class="cw">7.57%</span></p> </td> </tr> <tr> <td class="bv" valign="top" style="width: 101px;"> <p class="cs"><span class="ct">Indirect</span></p> </td> <td class="bu" valign="top" style="width: 182px;"> <p class="cs"><span class="ct">JIM Nominees Limited</span></p> </td> <td class="bs" valign="top" style="width: 64px; text-align: right;"> <p class="cv"><span class="cw">2,421,001</span></p> </td> <td class="br" valign="top" style="width: 157px; text-align: right;"> <p class="cv"><span class="cw">0.55%</span></p> </td> </tr> <tr> <td class="bv" valign="top" style="width: 101px;"> <p class="cs"><span class="ct">Indirect</span></p> </td> <td class="bu" valign="top" style="width: 182px;"> <p class="cs"><span class="ct">Bank of New York Nominees Ltd</span></p> </td> <td class="bs" valign="top" style="width: 64px; text-align: right;"> <p class="cu"><span class="ct">8,921,616</span></p> </td> <td class="br" valign="top" style="width: 157px; text-align: right;"> <p class="cu"><span class="ct">2.01%</span></p> </td> </tr> <tr> <td class="bv" valign="top" style="width: 101px;"> <p class="cs"><span class="ct">Indirect</span></p> </td> <td class="bu" valign="top" style="width: 182px;"> <p class="cs"><span class="ct">Bank of New York Nominees Ltd</span></p> </td> <td class="bs" valign="top" style="width: 64px; text-align: right;"> <p class="cu"><span class="ct">225,745</span></p> </td> <td class="br" valign="top" style="width: 157px; text-align: right;"> <p class="cu"><span class="ct">0.05%</span></p> </td> </tr> </tbody> </table> <p class="cx"> </p> <p class="cx"><span class="ct">For further information contact:</span></p> <p><br /><strong>Idox plc</strong>                                              +44 (0) 870 333 7101<br />Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>N+1 Singer (NOMAD and Broker)</strong>       +44 (0) 20 7496 3000<br />Shaun Dobson / Jen Boorer (Corporate Finance)<br />Tom Salvesen (Corporate Broking)</p> <div class="r"> <p style="text-align: center;" class="dd"><strong><span class="bk">ANNEX<br /></span><span class="bh">Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them</span></strong></p> <table border="0" cellspacing="0" cellpadding="0" class="dg"> <tbody> <tr> <td class="am" valign="top" style="width: 96px;"> <p class="dh"><span class="ap">1</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="al" colspan="2" valign="top" style="width: 473px;"> <p class="dh"><strong><span class="ap">Details of the person discharging managerial responsibilities / person closely associated</span></strong></p> <p class="di"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">a)</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Name</span></p> <p class="di"><span class="bk"> </span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="di"><span class="bk">Kestrel Partners LLP ('Kestrel')</span></p> <p class="di"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dh"><span class="ap">2</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top" style="width: 473px;"> <p class="dh"><strong><span class="ap">Reason for the notification</span></strong></p> <p class="di"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">a)</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Position/status</span></p> <p class="dj"><span class="ak"> </span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="di"><span class="bk">PCA - Oliver Rupert Andrew Scott (non-executive director of Idox plc and Partner in Kestrel)</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">b)</span></p> <p class="dk"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Initial notification /Amendment</span></p> <p class="di"><span class="bk"> </span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="di"><span class="bk">Initial</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dh"><span class="ap">3</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top" style="width: 473px;"> <p class="dh"><strong><span class="ap">Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor</span></strong></p> <p class="di"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">a)</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Name</span></p> <p class="di"><span class="bk"> </span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="di"><span class="bk">IDOX Plc</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">b)</span></p> <p class="dk"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">LEI</span></p> <p class="di"><span class="bk"> </span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="di"><span class="ad">213800Z3FE6PWVSUGE70</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dh"><span class="ap">4</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="af" colspan="2" valign="top" style="width: 473px;"> <p class="dh"><strong><span class="ap">Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted</span></strong></p> <p class="di"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">a)</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Description of the financial instrument, type of instrument</span></p> <p class="dj"><span class="ak"> </span></p> <p class="di"><span class="bk">Identification code</span></p> <p class="di"><span class="bk"> </span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="dj"><span class="ak">1p Ordinary Shares</span></p> <p class="dj"><span class="ak"> </span></p> <p class="dj"><span class="ak"> </span></p> <p class="dj"><span class="ak"> </span></p> <p class="dj"><span class="ak">ISIN: GB0002998192</span></p> <p class="dj"><span class="ak"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">b)</span></p> <p class="dk"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Nature of the transaction</span></p> <p class="di"><span class="bk"> </span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="di"><span class="bk">Transfer for a client account managed by Kestrel to client account held at separate broker. No change of beneficial ownership.</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">c)</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Price(s) and volume(s)</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <table border="0" cellspacing="0" cellpadding="0" class="dl"> <tbody> <tr class="z"> <td class="ab" valign="top"> <p class="dm"><span class="bk">Price(s)</span></p> <p class="dm"><span class="bk"> </span></p> </td> <td class="aa" valign="top"> <p class="dm"><span class="bk">Volume(s)</span></p> </td> </tr> <tr class="z"> <td class="y" valign="top"> <p class="dm"><span class="bk">GBP 0.3515</span></p> <p class="dm"><span class="bk"> </span></p> </td> <td class="x" valign="top"> <p class="dm"><span class="bk">200,000 Shares</span></p> <p class="dm"><span class="bk"> </span></p> </td> </tr> </tbody> </table> <p class="di"><span class="bk"> </span></p> <p class="di"><span class="bk"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">d)</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Aggregated information</span></p> <p class="di"><span class="bk"> </span></p> <p class="dj"><span class="bk"> </span></p> <p class="dj"><span class="ak">- Aggregated volume</span></p> <p class="dj"><span class="ak"> </span></p> <p class="dj"><span class="ak"> </span></p> <p class="dj"><span class="ak">- Price</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="dj"><span class="ak"> </span></p> <p class="dj"><span class="ak">Bought 200,000</span><span class="v"><span> </span>Shares in total at £0.3515 per share</span></p> <p class="dj"><span class="ak"> </span></p> <p class="dj"><span class="ak"> </span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">e)</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Date of the transaction</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="di"><span class="bk">2019-11-29</span></p> </td> </tr> <tr> <td class="ai" valign="top" style="width: 96px;"> <p class="dj"><span class="ak">f)</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ah" valign="top" style="width: 93px;"> <p class="dj"><span class="ak">Place of the transaction</span></p> <p class="di"><span class="bk"> </span></p> </td> <td class="ag" valign="top" style="width: 380px;"> <p class="di"><span class="bk">London Stock Exchange</span></p> </td> </tr> </tbody> </table> <p class="dn"><span class="t"> </span></p> </div>
Directors' Dealings & Holdings in Company 27/11/2019 02/12/2019 <p class="ci"><strong><span class="cj">Idox plc (LSE:IDOX, "Company" or "Idox") received notification on 27 November 2019 from Kestrel Partners LLP ("Kestrel") that on 26 November 2019 it acquired, on behalf of its discretionary clients, 300,000 ordinary shares of 1p each ("Shares") in the Company at a price of £0.352833 per share. The notification also included the matters set out below.</span></strong></p> <p class="ci"><span class="cj">Mr Scott, a non-executive director of Idox, is a partner of, and holds a beneficial interest in Kestrel. Mr Scott is also a shareholder in one of Kestrel's clients ("Kestrel Opportunities") and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding in Idox.</span></p> <p class="ci"><span class="cj">Following this transaction, Kestrel Opportunities holds (and consequently Mr Scott is deemed to have a beneficial interest in) 33,537,916 Shares in the Company, and other clients of Kestrel, in which Mr Scott has no beneficial interest hold<span> </span></span><span class="bw">11,359,362<span class="h"><span> </span>Shares in the Company.</span></span></p> <p class="ci"><span class="cj">On a combined basis, Kestrel indirectly holds voting rights over 44,897,278 Shares in the Company, which represents approximately 10.13% per cent of the Company's issued share capital.</span></p> <p class="ci"><span class="cj">Kestrel's interest in the Shares in the Company is held through the following nominees:</span></p> <table border="0" cellspacing="0" cellpadding="0" class="ck"> <tbody> <tr> <td class="bs" valign="top" style="width: 112px;"> <p class="cl"><span class="cm">Holding type</span></p> </td> <td class="br" valign="top" style="width: 311px;"> <p class="cl"><span class="cm">Nominee</span></p> </td> <td class="bp" valign="top" style="width: 10px;"> <p style="text-align: right;" class="cn"><span class="cm">No. of shares</span></p> </td> <td class="bo" valign="top" style="width: 83px;"> <p style="text-align: right;" class="cn"><span class="cm">% of issued share capital</span></p> </td> </tr> <tr> <td class="bs" valign="top" style="width: 112px;"> <p class="cl"><span class="cm">Indirect</span></p> </td> <td class="br" valign="top" style="width: 311px;"> <p class="cl"><span class="cm">Bank of New York Nominees Ltd</span></p> </td> <td class="bp" valign="top" style="width: 10px; text-align: right;"> <p class="co"><span class="cp">33,537,916</span></p> </td> <td class="bo" valign="top" style="width: 83px; text-align: right;"> <p class="co"><span class="cp">7.57%</span></p> </td> </tr> <tr> <td class="bs" valign="top" style="width: 112px;"> <p class="cl"><span class="cm">Indirect</span></p> </td> <td class="br" valign="top" style="width: 311px;"> <p class="cl"><span class="cm">JIM Nominees Limited</span></p> </td> <td class="bp" valign="top" style="width: 10px; text-align: right;"> <p class="co"><span class="cp">2,410,375</span></p> </td> <td class="bo" valign="top" style="width: 83px; text-align: right;"> <p class="co"><span class="cp">0.54%</span></p> </td> </tr> <tr> <td class="bs" valign="top" style="width: 112px;"> <p class="cl"><span class="cm">Indirect</span></p> </td> <td class="br" valign="top" style="width: 311px;"> <p class="cl"><span class="cm">Bank of New York Nominees Ltd</span></p> </td> <td class="bp" valign="top" style="width: 10px; text-align: right;"> <p class="cn"><span class="cm">8,723,242</span></p> </td> <td class="bo" valign="top" style="width: 83px; text-align: right;"> <p class="cn"><span class="cm">1.97%</span></p> </td> </tr> <tr> <td class="bs" valign="top" style="width: 112px;"> <p class="cl"><span class="cm">Indirect</span></p> </td> <td class="br" valign="top" style="width: 311px;"> <p class="cl"><span class="cm">Bank of New York Nominees Ltd</span></p> </td> <td class="bp" valign="top" style="width: 10px; text-align: right;"> <p class="cn"><span class="cm">225,745</span></p> </td> <td class="bo" valign="top" style="width: 83px; text-align: right;"> <p class="cn"><span class="cm">0.05%</span></p> </td> </tr> </tbody> </table> <p><strong><br />For further information contact</strong>:</p> <p><strong>Idox plc</strong>                                                +44 (0) 870 333 7101<br />Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer<br /><br /><strong>N+1 Singer (NOMAD and Broker)</strong>        +44 (0) 20 7496 3000<br />Shaun Dobson / Ben Farrow (Corporate Finance)<br /><span class="bg">Tom Salvesen (Corporate Broking)<br /><br /></span><strong><span class="bu">ANNEX</span></strong></p> <p class="cx"><strong><span class="bg">Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them</span></strong></p> <table border="0" cellspacing="0" cellpadding="0" class="cz" style="width: 573px; height: 1861px;"> <tbody> <tr style="height: 74px;"> <td class="al" valign="top" style="width: 53px; height: 74px;"> <p class="da"><span class="ao">1</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ak" colspan="2" valign="top" style="width: 520px; height: 74px;"> <p class="da"><strong><span class="ao">Details of the person discharging managerial responsibilities / person closely associated</span></strong></p> </td> </tr> <tr style="height: 105px;"> <td class="ah" valign="top" style="width: 53px; height: 105px;"> <p class="dc"><span class="aj">a)</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 105px;"> <p class="dc"><span class="aj">Name</span></p> <p class="db"><span class="bu"> </span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="af" valign="top" style="width: 384px; height: 105px;"> <p class="db"><span class="bu">Kestrel Partners LLP ('Kestrel')</span></p> <p class="db"><span class="bu"> </span></p> </td> </tr> <tr style="height: 54px;"> <td class="ah" valign="top" style="width: 53px; height: 54px;"> <p class="da"><span class="ao">2</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ae" colspan="2" valign="top" style="width: 520px; height: 54px;"> <p class="da"><strong><span class="ao">Reason for the notification</span></strong></p> </td> </tr> <tr style="height: 105px;"> <td class="ah" valign="top" style="width: 53px; height: 105px;"> <p class="dc"><span class="aj">a)</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 105px;"> <p class="dc"><span class="aj">Position/status</span></p> </td> <td class="af" valign="top" style="width: 384px; height: 105px;"> <p class="db"><span class="bu">PCA - Oliver Rupert Andrew Scott (non-executive director of Idox plc and Partner in Kestrel)</span></p> </td> </tr> <tr style="height: 126px;"> <td class="ah" valign="top" style="width: 53px; height: 126px;"> <p class="dc"><span class="aj">b)</span></p> <p class="dd"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 126px;"> <p class="dc"><span class="aj">Initial notification /Amendment</span></p> </td> <td class="af" valign="top" style="width: 384px; height: 126px;"> <p class="db"><span class="bu">Initial</span></p> </td> </tr> <tr style="height: 95px;"> <td class="ah" valign="top" style="width: 53px; height: 95px;"> <p class="da"><span class="ao">3</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ae" colspan="2" valign="top" style="width: 520px; height: 95px;"> <p class="da"><strong><span class="ao">Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor</span></strong></p> </td> </tr> <tr style="height: 105px;"> <td class="ah" valign="top" style="width: 53px; height: 105px;"> <p class="dc"><span class="aj">a)</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 105px;"> <p class="dc"><span class="aj">Name</span></p> </td> <td class="af" valign="top" style="width: 384px; height: 105px;"> <p class="db"><span class="bu">IDOX Plc</span></p> </td> </tr> <tr style="height: 105px;"> <td class="ah" valign="top" style="width: 53px; height: 105px;"> <p class="dc"><span class="aj">b)</span></p> <p class="dd"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 105px;"> <p class="dc"><span class="aj">LEI</span><span class="bu"> </span></p> </td> <td class="af" valign="top" style="width: 384px; height: 105px;"> <p class="db"><span class="ac">213800Z3FE6PWVSUGE70</span></p> </td> </tr> <tr style="height: 115px;"> <td class="ah" valign="top" style="width: 53px; height: 115px;"> <p class="da"><span class="ao">4</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ae" colspan="2" valign="top" style="width: 520px; height: 115px;"> <p class="da"><span class="ao">Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted</span></p> <p class="db"><span class="bu"> </span></p> </td> </tr> <tr style="height: 210px;"> <td class="ah" valign="top" style="width: 53px; height: 210px;"> <p class="dc"><span class="aj">a)</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 210px;"> <p class="dc"><span class="aj">Description of the financial instrument, type of instrument</span></p> <p class="dc"><span class="aj"> </span></p> <p class="db"><span class="bu">Identification code</span></p> <p class="db"><span class="bu"> </span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="af" valign="top" style="width: 384px; height: 210px;"> <p class="dc"><span class="aj">1p Ordinary Shares</span></p> <p class="dc"><span class="aj"> </span></p> <p class="dc"><span class="aj"> </span></p> <p class="dc"><span class="aj"> </span></p> <p class="dc"><span class="aj">ISIN: GB0002998192</span></p> <p class="dc"><span class="aj"> </span></p> </td> </tr> <tr style="height: 126px;"> <td class="ah" valign="top" style="width: 53px; height: 126px;"> <p class="dc"><span class="aj">b)</span></p> <p class="dd"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 126px;"> <p class="dc"><span class="aj">Nature of the transaction</span></p> <p class="db"><span class="bu"> </span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="af" valign="top" style="width: 384px; height: 126px;"> <p class="db"><span class="bu">Transfer for a client account managed by Kestrel to client account held at separate broker. No change of beneficial ownership.</span></p> </td> </tr> <tr style="height: 229px;"> <td class="ah" valign="top" style="width: 53px; height: 229px;"> <p class="dc"><span class="aj">c)</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 229px;"> <p class="dc"><span class="aj">Price(s) and volume(s)</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="af" valign="top" style="width: 384px; height: 229px;"> <table border="0" cellspacing="0" cellpadding="0" class="de"> <tbody> <tr class="y"> <td class="aa" valign="top"> <p class="df"><span class="bu">Price(s)</span></p> <p class="df"><span class="bu"> </span></p> </td> <td class="z" valign="top"> <p class="df"><span class="bu">Volume(s)</span></p> </td> </tr> <tr class="y"> <td class="x" valign="top"> <p class="df"><span class="bu">GBP 0.352833</span></p> <p class="df"><span class="bu"> </span></p> </td> <td class="w" valign="top"> <p class="df"><span class="bu">300,000 Shares</span></p> <p class="df"><span class="bu"> </span></p> </td> </tr> </tbody> </table> <p class="db"><span class="bu"> </span></p> <p class="db"><span class="bu"> </span></p> </td> </tr> <tr style="height: 264px;"> <td class="ah" valign="top" style="width: 53px; height: 264px;"> <p class="dc"><span class="aj">d)</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 264px;"> <p class="dc"><span class="aj">Aggregated information</span></p> <p class="db"><span class="bu"> </span></p> <p class="dc"><span class="bu"> </span></p> <p class="dc"><span class="aj">- Aggregated volume</span></p> <p class="dc"><span class="aj"> </span></p> <p class="dc"><span class="aj"> </span></p> <p class="dc"><span class="aj">- Price</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="af" valign="top" style="width: 384px; height: 264px;"> <p class="dc"><span class="aj"> </span></p> <p class="dc"><span class="aj">Bought 300,000</span><span class="u"><span> </span>Shares in total at £0.352833 per share</span></p> <p class="dc"><span class="aj"> </span></p> <p class="dc"><span class="aj"> </span></p> </td> </tr> <tr style="height: 74px;"> <td class="ah" valign="top" style="width: 53px; height: 74px;"> <p class="dc"><span class="aj">e)</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 74px;"> <p class="dc"><span class="aj">Date of the transaction</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="af" valign="top" style="width: 384px; height: 74px;"> <p class="db"><span class="bu">2019-1</span>1<span class="bu">-26</span></p> </td> </tr> <tr style="height: 74px;"> <td class="ah" valign="top" style="width: 53px; height: 74px;"> <p class="dc"><span class="aj">f)</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="ag" valign="top" style="width: 136px; height: 74px;"> <p class="dc"><span class="aj">Place of the transaction</span></p> <p class="db"><span class="bu"> </span></p> </td> <td class="af" valign="top" style="width: 384px; height: 74px;"> <p class="db"><span class="bu">London Stock Exchange</span></p> </td> </tr> </tbody> </table> <p class="dg"><span class="bn"> </span></p> <p> </p> <p> </p>
Holding(s) in Company 27/11/2019 27/11/2019 /media/2861/tr1_notification-of-major-interest-in-shares_november_2.pdf
Holding(s) in Company (7) 27/11/2019 27/11/2019 /media/2860/tr1_notification_of_major_interest_in_shares_november_1.pdf
Year End Trading Update 25/11/2019 25/11/2019 <p style="text-align: center;" class="bv"><strong><span class="bs">Idox plc<br /></span></strong><strong><span class="bx">(</span><span class="by">'</span><span class="bz">Idox</span><span class="by">'</span><span class="ca"> </span><span class="cb">or the </span><span class="by">'</span><span class="ca">Group</span><span class="by">'</span><span class="ca"> </span><span class="cc">or the </span><span class="by">'</span><span class="ca">Company</span><span class="by">'</span><span class="cd">)<br /></span></strong><strong><span class="bs">Year End Trading Update</span></strong><span class="bs"></span></p> <p class="ce"><strong><span class="bl">ldox plc (AIM: IDOX), a leading supplier of specialist information management solutions and services, today is pleased to issue a trading update for its financial year ended 31 October 2019.</span><span class="bj"> </span></strong></p> <p class="cf"><span class="bj">The Group continues to make good strategic and commercial progress across the business and expects to report results in line with the Board's expectations:</span></p> <ul> <li class="cf"><span class="bg">revenues of £66.0m (2018: £67.4m).</span></li> <li class="cf">revenue visibility significantly improved, with annualised recurring revenue run rate at 31 October 2019 up 20% to £38.9m following adoption of IFRS 15 (16% organic)</li> <li class="cf">contracted software and services order book up 29% to £12.1m.</li> <li class="cf">adjusted EBITDA<sup>†</sup> £14.4m (2018: £14.4m).</li> <li class="cf">net debt at 31 October 2019 down 17% at £26.4m (2018: £31.8m).</li> <li class="cf">statutory profit before tax of £0.3m (2018: loss of £27.0m) for continuing operations.</li> </ul> <p class="ch"><span class="bl">The Group has made significant progress over the last year following the appointment of a new Board, new senior management and finance teams, with improved accounting practises, enhanced employee, customer and shareholder engagement, and full integration of prior period acquisitions. Idox continues to be focused on its core of Public Sector software, supported by our valuable Content and Engineering divisions.</span></p> <p class="ch"><span class="bl">Sustaining and improving levels of recurring revenues remains a priority as the Group's products transition to cloud-based technologies. The acquisition of Tascomi completed in August 2019, enhances the Group's technological capabilities and market leading positions as well as building the recurring SaaS revenue profile.  Tascomi is being integrated into the Group and is performing to plan.</span></p> <p class="ch"><span class="bl">Further to the update provided in the half year results, we anticipate announcing new multi-year committed borrowing facilities prior to our FY2019 results announcement.</span></p> <p class="cf"><span class="bj">The Group expects to issue its FY2019 results announcement in early February 2020.</span></p> <p class="ci"><sup><span class="bd">†</span></sup><span class="bd">Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs.</span></p> <p class="ci"><strong><em><span class="bb">David Meaden, Chief Executive of Idox, commented:<br /></span></em></strong><span class="bl"><br />"Our 2019 financial year has seen extensive and positive changes throughout the business as we have re-established how we organise, measure and run operations across the Group.</span></p> <p class="ch"><span class="bl">"We continue to focus on driving full value from the Group's assets and working intelligently to drive high margin and cash generation. </span></p> <p class="ch"><span class="bl">"I am excited by the team we have assembled, and the opportunities presented to us to build value for our employees, customers and stakeholders. We remain excited and confident in the ongoing prospects for the Group."</span></p> <p style="text-align: center;" class="a"><span class="bt">-Ends-</span></p> <p class="a"><span class="az">This announcement is released by Idox plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the trading update described herein, and is disclosed in accordance with the Company's obligations under Article 17 of MAR.</span></p> <p class="ck"><span class="bj"><strong>Enquiries</strong>:</span></p> <p class="ck"><strong>Idox plc                                              </strong>+44 (0) 870 333 7101<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p class="ck"><strong>N+1 Singer (NOMAD and Broker)     </strong>+44 (0) 20 7496 3000<br />Shaun Dobson / Ben Farrow (Corporate Finance)<br />Tom Salvesen (Corporate Broking)</p> <p class="cq"><strong><span class="au">About Idox plc</span></strong></p> <p class="cr"><span class="au">For more information see </span><span class="bg"><a href="http://www.idoxplc.com/">www.idoxplc.com</a></span><span class="ax"> </span><a href="https://twitter.com/idoxgroup?lang=en" data-anchor="?lang=en"><span class="af">@Idoxgroup</span></a><span class="ax"> </span></p> <p class="a"><span class="bt"> </span></p>
Exercise of Share Options & Total Voting Rights 03/10/2019 03/10/2019 <p style="text-align: center;" class="bc"><strong>Idox plc<br /></strong><strong><span class="be">(</span><span class="bf">'</span><span class="bg">Idox</span><span class="bf">'</span><span class="bh"> </span><span class="bi">or the </span><span class="bf">'</span><span class="bh">Group</span><span class="bf">'</span><span class="bh"> </span><span class="bj">or the </span><span class="bf">'</span><span class="bh">Company</span><span class="bf">'</span><span class="bj">)<br /></span>Exercise of Share Options &amp;</strong><br /><strong>Total Voting Rights</strong></p> <p class="w"><span class="aw">Idox plc (AIM: IDOX) a leading supplier of specialist information management solutions and services, announces that it has issued 1,682,927 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") pursuant to an exercise of options by an employee under its share option plan.</span></p> <p class="x"><span class="av">Application has been made for the 1,682,927 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur at 8.00 a.m. on or around 9 October 2019.</span></p> <p class="x"><span class="av">The total number of Ordinary Shares in issue following Admission will be 444,631,006. The Company holds 1,491,219 Ordinary Shares in treasury. Therefore the total number of Ordinary Shares with voting rights in the Company will be 443,139,787.</span></p> <p class="x"><span class="av">The above figure of 443,139,787 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.</span></p> <p style="text-align: center;" class="a">-Ends-</p> <p class="bk"><strong>Enquiries</strong>:</p> <table border="0" cellspacing="0" cellpadding="0" class="bl" style="height: 440px;"> <tbody> <tr class="ap" style="height: 42px;"> <td class="as" valign="top" style="height: 42px;"> <p class="bm"><strong><span class="az">Idox plc</span></strong></p> </td> <td class="aq" colspan="2" valign="top" style="height: 42px;"> <p class="bn"><span class="az"> </span></p> </td> </tr> <tr class="al" style="height: 42px;"> <td class="an" valign="top" style="height: 42px;"> <p class="bo"><span class="az">David Meaden, Chief Executive</span></p> </td> <td class="am" colspan="2" valign="top" style="height: 42px;"> <p class="bn"><span class="az">+44 (0) 870 333 7101</span></p> </td> </tr> <tr class="al" style="height: 42px;"> <td class="an" valign="top" style="height: 42px;"> <p class="bo"><span class="az">Rob Grubb, Chief Financial Officer</span></p> </td> <td class="am" colspan="2" valign="top" style="height: 42px;"> <p class="bn"><span class="az">+44 (0) 333 011 1461</span></p> </td> </tr> <tr class="al" style="height: 42px;"> <td class="an" valign="top" style="height: 42px;"> <p class="bo"><span class="az">Chris Stone, Chairman</span></p> </td> <td class="am" colspan="2" valign="top" style="height: 42px;"> <p class="bn"><span class="az">+44 (0) 333 011 1382</span></p> </td> </tr> <tr class="ah" style="height: 42px;"> <td class="ak" valign="top" style="height: 42px;"> <p class="bo"><span class="az"> </span></p> </td> <td class="ai" colspan="2" valign="top" style="height: 42px;"> <p class="bp"><span class="az"> </span></p> </td> </tr> <tr class="ah" style="height: 42px;"> <td class="ak" valign="top" style="height: 42px;"> <p class="bm"><strong><span class="az">N+1 Singer (NOMAD and Broker)</span></strong></p> </td> <td class="ai" colspan="2" valign="top" style="height: 42px;"> <p class="bn"><span class="az">+44 (0) 20 7496 3000</span></p> </td> </tr> <tr class="al" style="height: 42px;"> <td class="an" valign="top" style="height: 42px;"> <p class="bo"><span class="az">Shaun Dobson</span></p> </td> <td class="am" colspan="2" valign="top" style="height: 42px;"> <p class="bp"><span class="az"> </span></p> </td> </tr> <tr class="ah" style="height: 42px;"> <td class="ak" valign="top" style="height: 42px;"> <p class="bo"><span class="az">Ben Farrow</span></p> </td> <td class="ai" colspan="2" valign="top" style="height: 42px;"> <p class="bp"><span class="az"> </span></p> </td> </tr> </tbody> </table> <p class="bq"><strong><span class="az">About Idox plc<br /></span></strong><span class="az">For more information see </span><a href="http://www.idoxplc.com/">www.idoxplc.com</a><span class="az"> </span><a href="https://twitter.com/Idoxgroup?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" data-anchor="?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor"><span class="aa">@Idoxgroup</span></a><span class="az"> </span></p>
Holding(s) in Company (6) 17/09/2019 17/09/2019 /media/2833/long-path-notifications-major-interests-shares.pdf
Holding(s) in Company 30/08/2019 09/09/2019 /media/2828/notification-of-major-interest-in-shares_30-august_2019_2.pdf
Holding(s) in Company 30/08/2019 09/09/2019 /media/2827/notification-of-major-interest-in-shares_30-august_2019_1.pdf
Holding(s) in Company 30/08/2019 09/09/2019 /media/2829/notification-of-major-interest-in-shares_30-august_2019_3.pdf
Directors' Dealings & Holdings in Company 30/08/2019 17/01/2020 <p style="text-align: center;" class="cr"><strong><span class="cl">Idox Plc<br /></span><span class="ch">Directors' Dealings &amp; Holdings in Company</span></strong></p> <p class="cv"><span class="cw">Idox plc (LSE:IDOX, "Company" or "Idox") received notification on 29 August 2019 from Kestrel Partners LLP ("Kestrel") that on 29 August 2019 it transferred 47,525 ordinary shares of 1p each ("Shares") in the Company between Kestrel discretionary clients at a price of £0.3045 per share. The notification also included the matters set out below.</span></p> <p class="cv"><span class="cw">Mr Scott, a non-executive director of Idox, is a partner of, and holds a beneficial interest in Kestrel. Mr Scott is also a shareholder in one of Kestrel's clients ("Kestrel Opportunities") and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding in Idox.</span></p> <p class="cv"><span class="cw">Following this transaction, Kestrel Opportunities holds (and consequently Mr Scott is deemed to have a beneficial interest in) 33,537,916 Shares in the Company, and other clients of Kestrel, in which Mr Scott has no beneficial interest hold 11,331,582 Shares in the Company.</span></p> <p class="cv"><span class="cw">On a combined basis, there are no changes to the total number of shares controlled by Kestrel. Kestrel continues to indirectly hold voting rights over 44,869,498 Shares in the Company, which represents approximately 10.16% percent of the Company's issued share capital.</span></p> <p class="cv"><span class="cw">Kestrel's interest in the Shares in the Company is held through the following nominees:</span></p> <table border="0" cellspacing="0" cellpadding="0" class="cx"> <tbody> <tr class="bw"> <td class="cc"> <p class="a"><span class="cd">Holding type</span></p> </td> <td class="cb"> <p class="a"><span class="cd">Nominee</span></p> </td> <td class="by"> <p style="text-align: right;" class="cy"><span class="ca">No. of shares</span></p> </td> <td class="bx"> <p style="text-align: right;" class="cy"><span class="ca"> % of issued share capital</span></p> </td> </tr> <tr class="br"> <td class="bv"> <p class="a"><span class="cd">Indirect</span></p> </td> <td class="bu"> <p class="a"><span class="cd">Bank of New York Nominees Ltd</span></p> </td> <td class="bt" style="text-align: right;"> <p class="cy"><span class="ca">33,537,916</span></p> </td> <td class="bs" style="text-align: right;"> <p class="cy"><span class="ca">7.60%</span></p> </td> </tr> <tr class="bm"> <td class="bq"> <p class="a"><span class="cd">Indirect</span></p> </td> <td class="bp"> <p class="a"><span class="cd">JIM Nominees Limited</span></p> </td> <td class="bo" style="text-align: right;"> <p class="cy"><span class="ca">2,665,965</span></p> </td> <td class="bn" style="text-align: right;"> <p class="cy"><span class="ca">0.60%</span></p> </td> </tr> <tr class="bm"> <td class="bq"> <p class="a"><span class="cd">Indirect</span></p> </td> <td class="bp"> <p class="a"><span class="cd">Bank of New York Nominees Ltd</span></p> </td> <td class="bo" style="text-align: right;"> <p class="cy"><span class="ca">8,450,557</span></p> </td> <td class="bn" style="text-align: right;"> <p class="cy"><span class="ca">1.91%</span></p> </td> </tr> <tr class="bm"> <td class="bq"> <p class="a"><span class="cd">Indirect</span></p> </td> <td class="bp"> <p class="a"><span class="cd">Bank of New York Nominees Ltd</span></p> </td> <td class="bo" style="text-align: right;"> <p class="cy"><span class="ca">215,060</span></p> </td> <td class="bn" style="text-align: right;"> <p class="cy"><span class="ca">0.05%</span></p> </td> </tr> </tbody> </table> <p class="cz"><span class="da"><br />For further information contact:</span><span class="bi"> <br /></span></p> <p><strong>Idox plc</strong>                                           +44 (0) 870 333 7101<br />Chris Stone, Non-Executive Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p style="text-align: left;"><strong>N+1 Singer (NOMAD and Broker</strong>)     +44 (0) 20 7496 3000<br />Shaun Dobson / Ben Farrow (Corporate Finance)<br />Tom Salvesen (Corporate Broking)<br /><br /><span class="bi"></span></p> <p style="text-align: center;"><strong><span class="bi">ANNEX</span></strong></p> <p style="text-align: center;" class="dg"><strong><span class="bf">Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them</span></strong></p> <table border="0" cellspacing="0" cellpadding="0" class="di"> <tbody> <tr> <td class="al" valign="top"> <p class="dj"><span class="ao">1</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ak" colspan="2" valign="top"> <p class="dj"><span class="ao">Details of the person discharging managerial responsibilities / person closely associated</span></p> <p class="dk"><span class="bi"> </span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">a)</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Name</span></p> </td> <td class="af" valign="top"> <p class="dk"><span class="bi">Kestrel Partners LLP ('Kestrel')</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dj"><span class="ao">2</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ae" colspan="2" valign="top"> <p class="dj"><span class="ao">Reason for the notification</span><span class="ao"></span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">a)</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Position/status</span></p> <p class="dl"> </p> </td> <td class="af" valign="top"> <p class="dk"><span class="bi">PCA - Oliver Rupert Andrew Scott (non-executive director of Idox plc and Partner in Kestrel)</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">b)</span></p> <p class="dm"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Initial notification /Amendment</span></p> </td> <td class="af" valign="top"> <p class="dk"><span class="bi">Initial</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dj"><span class="ao">3</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ae" colspan="2" valign="top"> <p class="dj"><span class="ao">Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">a)</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Name</span></p> </td> <td class="af" valign="top"> <p class="dk"><span class="bi">Idox Plc</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">b)</span></p> <p class="dm"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">LEI</span></p> </td> <td class="af" valign="top"> <p class="dk"><span class="ac">213800Z3FE6PWVSUGE70</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dj"><span class="ao">4</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ae" colspan="2" valign="top"> <p class="dj"><span class="ao">Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">a)</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Description of the financial instrument, type of instrument</span></p> <p class="dl"><span class="aj"> </span></p> <p class="dk"><span class="bi">Identification code</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="af" valign="top"> <p class="dl"><span class="aj">1p Ordinary Shares</span></p> <p class="dl"> </p> <p class="dl"><span class="aj"> </span></p> <p class="dl"><span class="aj">ISIN: GB0002998192</span></p> <p class="dl"><span class="aj"> </span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">b)</span></p> <p class="dm"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Nature of the transaction</span></p> <p class="dk"> </p> </td> <td class="af" valign="top"> <p class="dk"><span class="bi">Transfer from two client accounts managed by Kestrel to another Kestrel client account held at separate custodian.</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">c)</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Price(s) and volume(s)</span></p> <p class="dk"> </p> </td> <td class="af" valign="top"> <table border="0" cellspacing="0" cellpadding="0" class="dn"> <tbody> <tr class="y"> <td class="aa" valign="top"> <p class="do"><span class="bi">Price(s)</span></p> <p class="do"><span class="bi"> </span></p> </td> <td class="z" valign="top"> <p class="do"><span class="bi">Volume(s)</span></p> </td> </tr> <tr class="y"> <td class="x" valign="top"> <p class="do"><span class="bi">GBP 0.3045</span></p> <p class="do"><span class="bi"> </span></p> </td> <td class="w" valign="top"> <p class="do"><span class="bi">47,525 Shares</span></p> <p class="do"><span class="bi"> </span></p> </td> </tr> </tbody> </table> <p class="dk"> </p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">d)</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Aggregated information</span></p> <p class="dk"><span class="bi"> - </span><span class="aj">Aggregated volume</span></p> <p class="dl"><span class="aj"> </span><span class="aj">- Price</span></p> </td> <td class="af" valign="top"> <p class="dl"><span class="aj"> </span><span class="aj">47,525</span><span class="bi"><span> </span>Shares in total at £0.3045 per share</span></p> <p class="dl"><span class="aj"> </span></p> <p class="dl"><span class="aj"> </span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">e)</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Date of the transaction</span></p> </td> <td class="af" valign="top"> <p class="dk"><span class="bi">2019-08-29</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dl"><span class="aj">f)</span></p> <p class="dk"><span class="bi"> </span></p> </td> <td class="ag" valign="top"> <p class="dl"><span class="aj">Place of the transaction</span></p> </td> <td class="af" valign="top"> <p class="dk"><span class="bi">London Stock Exchange</span></p> </td> </tr> </tbody> </table> <p class="dp"><span class="t"> </span></p> <p class="cz"><span class="bi"><br /></span><span class="bi"></span></p>
Holding(s) in Company (2) 20/08/2019 20/08/2019 /media/2825/notification-of-major-intrerest-in-shares.pdf
Completion of Acquisition of Tascomi Ltd 09/08/2019 09/08/2019 <p style="text-align: center;" class="bw"><strong><span class="bu">Idox plc<br /></span></strong><strong><span class="by">(</span><span class="bz">'</span><span class="ca">Idox</span><span class="bz">'</span><span class="cb"> </span><span class="cc">or the </span><span class="bz">'</span><span class="cb">Group</span><span class="bz">'</span><span class="cb"> </span><span class="cd">or the </span><span class="bz">'</span><span class="cb">Company</span><span class="bz">'</span><span class="ce">)<br /></span></strong><strong><span class="bu">Completion of Acquisition of Tascomi Ltd</span></strong></p> <p class="cf"><span class="bn">ldox plc (AIM: IDOX), a leading supplier of specialist information management solutions and services, is pleased to confirm that it has completed the acquisition of Tascomi Ltd, details of which were announced on 31 July 2019.</span></p> <p class="cg"><strong><span class="ch">David Meaden, CEO of Idox, commented</span></strong><span class="ci">:<br /><br /></span><span class="ck">"We are pleased to complete this Acquisition which brings a strong technology platform with which to enhance our strategy and market-leading positions.<span> </span></span><span class="cl">We w</span><span class="cm">elcome Tascomi to Idox and are excited by the opportunities provided as a combined Group</span><span class="cn">".</span></p> <p class="co"><span class="bf"><strong>Enquiries</strong>:<br /><br /></span><span class="bk"></span><strong>Idox plc</strong>                                            +44 (0) 333 333 7101<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>N+1 Singer (NOMAD and Broker)</strong>    +44 (0) 20 7496 3000<br />Shaun Dobson / Jen Boorer (Corporate Finance)<br />Tom Salvesen (Corporate Broking)</p> <p class="cu"><strong><span class="bi">About Idox plc<br /><br /></span></strong><span class="bi">For more information see </span><span class="am"><a href="http://www.idoxplc.com/">www.idoxplc.com</a></span><span class="bk"> </span><a href="https://twitter.com/idoxgroup?lang=en"><span class="al">@Idoxgroup</span></a></p>
Holding(s) in Company (1) 08/08/2019 08/08/2019 /media/2822/notification-of-major-interest-in-shares_august_2019.pdf
Directors' Dealings & Holdings in Company 06/08/2019 06/08/2019 <p style="text-align: center;" class="ck"><strong><span class="ce">Idox Plc<br /></span></strong><strong><span class="cm"> </span></strong><strong><span class="ca">Directors' Dealings &amp; Holdings in Company</span></strong></p> <p class="co"><span class="cp">Idox plc (LSE:IDOX, "Company" or "Idox") received notification on 6 August 2019 from Kestrel Partners LLP ("Kestrel") that on 6 August 2019 it acquired, on behalf of its discretionary clients, 2,456,140 ordinary shares of 1p each ("Shares") in the Company at a price of £0.285 per share. The notification also included the matters set out below.</span></p> <p class="co"><span class="cp">Mr Scott, a non-executive director of Idox, is a partner of, and holds a beneficial interest in Kestrel. Mr Scott is also a shareholder in one of Kestrel's clients ("Kestrel Opportunities") and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding in Idox.</span></p> <p class="co"><span class="cp">Following this transaction, Kestrel Opportunities holds (and consequently Mr Scott is deemed to have a beneficial interest in) 33,537,916 Shares in the Company, and other clients of Kestrel, in which Mr Scott has no beneficial interest hold 11,331,582 Shares in the Company.</span></p> <p>On a combined basis, Kestrel indirectly holds voting rights over 44,869,498 Shares in the Company, which represents approximately 10.16% per cent of the Company's issued share capital.</p> <p>Kestrel's interest in the Shares in the Company is held through the following nominees:</p> <table border="0" cellspacing="0" cellpadding="0" class="cq" style="border-style: none !important; padding: 0 !important;"> <tbody> <tr> <td class="bu" valign="top"> <p>Holding type</p> </td> <td class="bt" valign="top"> <p>Nominee</p> </td> <td class="br" valign="top"> <p>No. of shares</p> </td> <td class="bq" valign="top"> <p>% of issued share capital</p> </td> </tr> <tr> <td class="bu" valign="top"> <p class="cr"><span class="cs">Indirect</span></p> </td> <td class="bt" valign="top"> <p>Bank of New York Nominees Ltd</p> </td> <td class="br" valign="top"> <p>33,537,916</p> </td> <td class="bq" valign="top"> <p>7.60%</p> </td> </tr> <tr> <td class="bu" valign="top"> <p>Indirect</p> </td> <td class="bt" valign="top"> <p>JIM Nominees Limited</p> </td> <td class="br" valign="top"> <p>2,701,895</p> </td> <td class="bq" valign="top"> <p class="cu"><span class="cv">0.61%</span></p> </td> </tr> <tr> <td class="bu" valign="top"> <p>Indirect</p> </td> <td class="bt" valign="top"> <p>Bank of New York Nominees Ltd</p> </td> <td class="br" valign="top"> <p>8,403,032</p> </td> <td class="bq" valign="top"> <p>1.90%</p> </td> </tr> <tr> <td class="bu" valign="top"> <p>Indirect</p> </td> <td class="bt" valign="top"> <p>Bank of New York Nominees Ltd</p> </td> <td class="br" valign="top"> <p>226,655</p> </td> <td class="bq" valign="top"> <p>0.05%</p> </td> </tr> </tbody> </table> <p><span class="cs">For further information contact:</span><span class="bj"> </span></p> <table border="0" cellspacing="0" cellpadding="0" class="cy" style="border-style: none !important; ; border: 0px;"> <tbody> <tr class="aw"> <td class="ba" valign="top"> <p class="a"><strong><span class="bi">Idox plc</span></strong><span class="bh"><strong>  </strong>                                                                       +44 (0) 870 333 7101<br /></span><span class="bg">Chris Stone, Non-Executive Chairman<br /></span><span class="bg">David Meaden, Chief Executive<br /></span><span class="bg">Rob Grubb, Chief Financial Officer</span></p> <p class="a"><span class="bi"><strong>N+1 Singer (NOMAD and Broker) </strong>                                </span><span class="bd">+44 (0) 20 7496 3000<br /></span><span class="bg">Shaun Dobson / Jen Boorer (Corporate Finance)<br /></span><span class="bg">Tom Salvesen (Corporate Broking)</span></p> </td> </tr> </tbody> </table> <p style="text-align: center;" class="cw"><span class="bm"> <br /></span><strong><span class="bj">ANNEX</span></strong></p> <p style="text-align: center;" class="dd"><span class="ar"> </span><span class="bg"><strong>Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them</strong></span></p> <table border="1" cellspacing="0" cellpadding="0" class="df"> <tbody> <tr> <td class="al" valign="top"> <p class="dg"><span class="ao">1</span></p> </td> <td class="ak" colspan="2" valign="top"> <p class="dg"><span class="ao">Details of the person discharging managerial responsibilities / person closely associated</span><span class="bj"> </span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">a)</span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Name</span></p> </td> <td class="af" valign="top"> <p class="dh"><span class="bj">Kestrel Partners LLP ('Kestrel')</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dg"><span class="ao">2</span></p> </td> <td class="ae" colspan="2" valign="top"> <p class="dg"><span class="ao">Reason for the notification</span><span class="bj"> </span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">a)</span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Position/status</span><span class="aj"> </span><span class="bj"> </span></p> </td> <td class="af" valign="top"> <p class="dh"><span class="bj">PCA - Oliver Rupert Andrew Scott (non-executive director of Idox plc and Partner in Kestrel)</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">b)</span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Initial notification /Amendment</span><span class="bj"> </span><span class="bj"> </span></p> </td> <td class="af" valign="top"> <p class="dh"><span class="bj">Initial</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dg"><span class="ao">3</span></p> </td> <td class="ae" colspan="2" valign="top"> <p class="dg"><span class="ao">Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor</span><span class="bj"> </span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">a)</span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Name</span></p> </td> <td class="af" valign="top"> <p class="dh"><span class="bj">Idox Plc</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">b)</span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">LEI</span></p> </td> <td class="af" valign="top"> <p class="dh"><span class="ac">213800Z3FE6PWVSUGE70</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="dg"><span class="ao">4</span><span class="bj"> </span></p> </td> <td class="ae" colspan="2" valign="top"> <p class="dg"><span class="ao">Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted</span><span class="bj"> </span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">a</span><span class="bj"> </span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Description of the financial instrument, type of instrument</span></p> <p class="dh"><span class="bj">Identification code</span></p> </td> <td class="af" valign="top"> <p class="di"><span class="aj">1p Ordinary Shares</span><span class="aj"> </span></p> <p class="di"><span class="aj"> </span><span class="aj">ISIN: GB0002998192</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">b)</span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Nature of the transaction</span></p> </td> <td class="af" valign="top"> <p class="dh"><span class="bj">Transfer for a client account managed by Kestrel to client account held at separate broker. No change of beneficial ownership.</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">c)</span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Price(s) and volume(s)</span></p> </td> <td class="af" valign="top"> <table border="1" cellspacing="0" cellpadding="0" class="dk"> <tbody> <tr class="y"> <td class="aa" valign="top"> <p class="dl"><span class="bj">Price(s)</span></p> </td> <td class="z" valign="top"> <p class="dl"><span class="bj">Volume(s)</span></p> </td> </tr> <tr class="y"> <td class="x" valign="top"> <p class="dl"><span class="bj">GBP 0.285</span></p> </td> <td class="w" valign="top"> <p class="dl"><span class="bj">2,456,140 Shares</span></p> </td> </tr> </tbody> </table> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">d)</span></p> <p class="dh"><span class="bj"> </span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Aggregated information</span></p> <p class="dh"><span class="bj"> </span><span class="bj"> </span><span class="aj">- Aggregated volume</span></p> <p class="di"><span class="aj"> </span><span class="aj"> </span><span class="aj">- Price</span><span class="bj"> </span></p> </td> <td class="af" valign="top"> <p class="di"><span class="aj"> </span><span class="aj">2,</span><span class="bj">456,140 Shares in total at £0.285 per share</span></p> <p class="di"><span class="aj"> </span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">e)</span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Date of the transaction</span><span class="bj"> </span></p> </td> <td class="af" valign="top"> <p class="dh"><span class="bj">2019-08-06</span></p> </td> </tr> <tr> <td class="ah" valign="top"> <p class="di"><span class="aj">f)</span></p> </td> <td class="ag" valign="top"> <p class="di"><span class="aj">Place of the transaction</span><span class="bj"> </span></p> </td> <td class="af" valign="top"> <p class="dh"><span class="bj">London Stock Exchange</span></p> </td> </tr> </tbody> </table>
Further Details on the Fundraising and Participation of Directors and Significant Shareholders in the Fundraising 31/07/2019 07/08/2019 <p style="text-align: left;" class="ey"><strong><span class="ez">THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM</span><span class="fa"> </span><span class="fb">THE UNITED STATES</span><span class="ez">,</span><span class="fa"> </span><span class="fb">CANADA</span><span class="ez">,</span><span class="fa"> </span><span class="fb">JAPAN</span><span class="ez">, THE</span><span class="fa"> </span><span class="fb">REPUBLIC OF SOUTH AFRICA, AUSTRALIA, NEW ZEALAND</span><span class="ez">OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.</span></strong></p> <p class="fc"><strong><span class="fd">THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN IDOX PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF IDOX PLC.</span></strong></p> <p class="fc"><strong><span class="fd">THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION</span><span class="fe"> 596/2014.  UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.</span></strong></p> <p style="text-align: center;" class="fg"><strong><span class="es">Idox plc<br /></span><span class="es">("Idox", "the Company" or "the Group")<br /></span><span class="es">Further Details on the Fundraising and Participation of Directors and </span><span class="es">Significant Shareholders in the Fundraising</span></strong></p> <p class="fh"><span class="es">Idox plc (AIM: IDOX), a leading supplier of specialist information management solutions and services, is pleased to announce that, further to the announcement made earlier today, it has raised net proceeds of c. £7 million through an oversubscribed Placing of 25,964,912 new ordinary shares with certain existing and new institutional investors at a Placing Price of 28.5 pence per share. The Placing Price of 28.5 pence represents a 3.1 per cent. discount to the Closing Price of 29.4 pence on 30 July 2019, the last business day before the announcement of the Placing.</span></p> <p class="fi"><strong><span class="en">Directors participation in the Fundraising</span></strong></p> <p class="fk"><span class="el"><span>Certain </span></span><span class="ed">of the<span> </span><span class="ek">Directors<span> </span></span><span class="ej">have</span><span> </span><span class="ei">agreed</span><span> </span><span class="ek">to</span><span> </span><span class="ek">subscribe</span><span> </span><span class="eh">for</span><span> </span>Placing<span> </span><span class="ek">Shares</span><span> </span>at the Placing Price<span class="ek">.<span> </span></span>The<span class="ek"> </span>number<span class="ek"> </span>of Placing<span class="ek"><span> </span>Shares subscribed<span> </span></span><span class="ej">for</span><span class="ek"><span> </span>by</span><span> </span>each<span class="ek"> </span>of<span class="ei"> </span>these<span class="ek"><span> </span>Directors</span><span class="ek">pursuant</span><span class="eg"> </span><span class="ek">to</span><span class="ef"> </span>the<span class="eg"> </span>Placing<span class="ek">,</span><span class="eg"> </span>and<span class="eg"> </span>their<span class="eg"> <br /></span><span class="ek">resulting</span><span class="eg"> </span><span class="ek">shareholdings</span><span class="eg"> </span>on<span class="eg"> </span>Admission<span class="ek">,</span><span class="ej"> </span><span class="ek">are</span><span class="ee"> </span><span class="ek">set</span><span class="ee"> </span>out<span class="ej"> </span><span class="ek">below:</span></span></p> <table border="0" cellspacing="0" cellpadding="0" class="fl" style="width: 569px;"> <tbody> <tr class="dr"> <td class="dz" valign="top" style="width: 137px;"> <p class="fm"><em><span class="fn">Director</span></em></p> </td> <td class="dx" valign="top" style="width: 83px; text-align: center;"> <p style="text-align: center;" class="fo"><em><span class="fn">Number of Existing<br />Ordinary Shares</span></em></p> </td> <td class="dx" valign="top" style="width: 150px;"> <p style="text-align: center;" class="fo"><em><span class="fn">Number of Placing Shares subscribed for in the Placing</span></em></p> </td> <td class="dx" valign="top" style="width: 104px; text-align: center;"> <p style="text-align: center;" class="fp"><em><span class="dw">Number of Ordinary Shares held<br />on Admission</span></em></p> </td> <td class="ds" valign="top" style="width: 95px;"> <p style="text-align: center;" class="fq"><span class="fr"><em>Percentage of Enlarged</em><br /><em>Share Capital on Admission</em>*</span></p> </td> </tr> <tr class="dl"> <td class="dp" valign="top" style="width: 137px;"> <p class="fs"><span class="es">Christopher Stone<sup>(1)</sup></span></p> </td> <td class="dn" valign="top" style="width: 83px; text-align: center;"> <p class="ft"><span class="es">585,500</span></p> </td> <td class="dn" valign="top" style="width: 150px; text-align: center;"> <p class="ft"><span class="es">350,877</span></p> </td> <td class="dn" valign="top" style="width: 104px; text-align: center;"> <p class="ft"><span class="es">936,377</span></p> </td> <td class="dm" valign="top" style="width: 95px; text-align: center;"> <p class="ft"><span class="es">0.21%</span></p> </td> </tr> <tr class="dl"> <td class="dp" valign="top" style="width: 137px;"> <p class="fs"><span class="es">David Meaden</span></p> </td> <td class="dn" valign="top" style="width: 83px; text-align: center;"> <p class="ft"><span class="es">292,700</span></p> </td> <td class="dn" valign="top" style="width: 150px; text-align: center;"> <p class="ft"><span class="es">175,439</span></p> </td> <td class="dn" valign="top" style="width: 104px; text-align: center;"> <p class="ft"><span class="es">468,139</span></p> </td> <td class="dm" valign="top" style="width: 95px; text-align: center;"> <p class="ft"><span class="es">0.11%</span></p> </td> </tr> <tr class="dl"> <td class="dp" valign="top" style="width: 137px;"> <p class="fs"><span class="es">Rob Grubb</span></p> </td> <td class="dn" valign="top" style="width: 83px; text-align: center;"> <p class="ft"><span class="es">-</span></p> </td> <td class="dn" valign="top" style="width: 150px; text-align: center;"> <p class="ft"><span class="es">70,175</span></p> </td> <td class="dn" valign="top" style="width: 104px; text-align: center;"> <p class="ft"><span class="es">70,175</span></p> </td> <td class="dm" valign="top" style="width: 95px; text-align: center;"> <p class="ft"><span class="es">0.02%</span></p> </td> </tr> <tr class="dl"> <td class="dp" valign="top" style="width: 137px;"> <p class="fs"><span class="es">Phil Kelly</span></p> </td> <td class="dn" valign="top" style="width: 83px;"> <p class="ft"><span class="es">-</span></p> </td> <td class="dn" valign="top" style="width: 150px; text-align: center;"> <p class="ft"><span class="es">105,263</span></p> </td> <td class="dn" valign="top" style="width: 104px; text-align: center;"> <p class="ft"><span class="es">105,263</span></p> </td> <td class="dm" valign="top" style="width: 95px; text-align: center;"> <p class="ft"><span class="es">0.02%</span></p> </td> </tr> </tbody> </table> <p class="fu"><span class="dj">(1)   Held through Pet Lamb Holdings Limited (a family investment company)</span></p> <p class="fj"><strong><span class="en">Significant Shareholders participation in the Fundraising</span></strong></p> <p class="fk"><span class="el">Certain<span> </span></span><span class="ed">of the<span> </span><span class="ek">Significant Shareholders, and associated<br />entities,<span> </span></span><span class="ej">have</span><span> </span><span class="ek">agreed</span><span> </span><span class="ei">to</span><span> </span><span class="ek">subscribe</span><span> </span><span class="ej">for</span><span> </span>Placing<span> </span><span class="ei">Shares</span><span> </span>at the Placing Price<span class="ek">.<span> </span></span>The<span class="ek"> </span>number<span class="ek"> </span>of Placing<span class="ei"><span> </span>Shares subscribed<span> </span></span><span class="ej">for</span><span class="ek">by</span><span> </span>the Significant Shareholders<span> </span><span class="ek">pursuant</span><span class="eg"> </span><span class="ek">to</span><span class="ef"> </span>the<span class="eg"> </span>Placing<span class="ek">,</span><span class="eg"> </span>and<span class="eg"> </span>their<span class="eg"> </span><span class="ek">resulting</span><span class="eg"> </span><span class="ek">shareholdings</span><span class="eg"> </span>on<span class="eg"> <br /></span>Admission<span class="ek">,</span><span class="ej"> </span><span class="ek">are</span><span class="ee"> </span><span class="ek">set</span><span class="ee"> </span>out<span class="ej"> </span><span class="ek">below:</span></span></p> <table border="0" cellspacing="0" cellpadding="0" class="fv"> <tbody> <tr class="dr"> <td class="dh" valign="top" style="width: 167px;"> <p class="fm"><em><span class="fn">Significant Shareholder</span></em></p> </td> <td class="dx" valign="top" style="text-align: center; width: 97px;"> <p class="fo"><em><span class="fn">Number of Existing Ordinary Shares</span></em></p> </td> <td class="dx" valign="top" style="text-align: center; width: 108px;"> <p class="fo"><em><span class="fn">Number of Placing Shares subscribed for in the Placing</span></em></p> </td> <td class="dx" valign="top" style="text-align: center; width: 104px;"> <p class="fp"><em><span class="dw">Number of Ordinary Shares held<br />on Admission</span></em></p> </td> <td class="ds" valign="top" style="text-align: center; width: 93px;"> <p class="fq"><em><span class="fr">Percentage of Enlarged<br />Share Capital on Admission*</span></em></p> </td> </tr> <tr class="dd"> <td class="dg" valign="top" style="width: 167px;"> <p class="fs"><span class="es">Kestrel Partners LLP<span> </span><sup>(2)</sup></span></p> </td> <td class="df" valign="top" style="text-align: center; width: 97px;"> <p class="ft"><span class="es">43,174,280</span></p> </td> <td class="df" valign="top" style="text-align: center; width: 108px;"> <p class="ft"><span class="es">2,456,140</span></p> </td> <td class="df" valign="top" style="text-align: center; width: 104px;"> <p class="ft"><span class="es">45,630,420</span></p> </td> <td class="de" valign="top" style="text-align: center; width: 93px;"> <p class="ft"><span class="es">10.34%</span></p> </td> </tr> <tr class="dl"> <td class="dc" valign="top" style="width: 167px;"> <p class="fs"><span class="es">Canaccord Genuity Group</span></p> </td> <td class="dn" valign="top" style="text-align: center; width: 97px;"> <p class="ft"><span class="es">69,190,617</span></p> </td> <td class="dn" valign="top" style="text-align: center; width: 108px;"> <p class="ft"><span class="es">3,508,772</span></p> </td> <td class="dn" valign="top" style="text-align: center; width: 104px;"> <p class="ft"><span class="es">72,699,389</span></p> </td> <td class="dm" valign="top" style="text-align: center; width: 93px;"> <p class="ft"><span class="es">16.47%</span></p> </td> </tr> <tr class="cy"> <td class="db" valign="top" style="width: 167px;"> <p class="fs"><span class="es">Soros Fund Management</span></p> </td> <td class="da" valign="top" style="text-align: center; width: 97px;"> <p class="ft"><span class="es">40,659,318</span></p> </td> <td class="da" valign="top" style="text-align: center; width: 108px;"> <p class="ft"><span class="es">10,363,985</span></p> </td> <td class="da" valign="top" style="text-align: center; width: 104px;"> <p class="ft"><span class="es">51,023,303</span></p> </td> <td class="cz" valign="top" style="text-align: center; width: 93px;"> <p class="ft"><span class="es">11.56%</span></p> </td> </tr> </tbody> </table> <p class="fs"><span class="cw">(2) Kestrel Partners LLP holds investments through<span> </span></span><span class="es">Kestrel Partners LLP and Kestrel Investment Partners LLP.<span> </span></span><span class="cv">Oliver Scott is a founding partner of Kestrel LLP and a Non-Executive Director of the Company.</span></p> <p class="fj"><strong><span class="en">Admission and dealings</span></strong></p> <p class="fx"><span class="es">Application will be made to the London Stock Exchange for the 25,964,912 Placing Shares to be admitted to trading on AIM. It is expected that Admission will occur and dealings will commence in on 6 August 2019 at 8.00 a.m. (or such later date as N+1 Singer and the Company may agree, being not later than 8.00 a.m. on 31 August 2019).<span> </span><span class="cs">The Placing is conditional upon, amongst other things, Admission becoming effective. The Placing is also conditional on the placing agreement between the Company and N+1 Singer not being terminated in accordance with its terms prior to Admission.</span></span></p> <p class="fj"><strong><span class="en">Total Voting Rights</span></strong></p> <p class="fi"><span class="es">Following Admission, the Company will have 442,948,079 Ordinary Shares in issue. The Company holds 1,491,219 Ordinary Shares in treasury.</span></p> <p class="fi"><span class="es">Therefore, the Company hereby confirms that the total number of voting rights in the Company will, following Admission, be 441,456,860. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.</span></p> <p class="fi"><span class="es">Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the announcement with respect to the Placing released by the Company earlier today.</span></p> <p class="fi"><strong><span class="es">David Meaden, CEO of Idox, commented</span></strong></p> <p class="fy"><span class="es">"We are delighted to close this oversubscribed Placing and to formalise our acquisition.  We thank our existing shareholders for their support and welcome new shareholders to the Group in supporting our efforts to accelerate our strategy in enhancing our<span class="cs"><span> </span>technological capabilities and market leading positions.</span></span></p> <p class="fy"><span class="en">We w</span><span class="es">elcome Tascomi, and its staff and customers in to the Idox Group and look forward to a strong and fruitful collaboration over the coming months and years.</span></p> <p class="fy"><span class="es">We are excited by this strategic acquisition and remain confident in our outlook and prospects."</span></p> <p class="fx"><span class="es">For further information please contact:</span></p> <p class="fi"><strong><span class="es">Idox plc</span></strong><span class="es"><span> </span>                                                   +44 (0) 870 333 7101<br /></span><span class="es">Chris Stone, Non-Executive Chairman<br /></span><span class="es">David Meaden, Chief Executive<br /></span><span class="es">Rob Grubb, Chief Financial Officer<br /></span></p> <p class="fi"><strong><span class="es">N+1 Singer (NOMAD and Broker)</span></strong><span class="es">                 +44 (0) 20 7496 3000<br /></span><span class="es">Shaun Dobson / Jen Boorer (Corporate Finance)<br /></span><span class="es">Tom Salvesen (Corporate Broking)</span></p> <p class="fy"><span class="es">Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement made by the Company on 31 July 2019 to announce the launch of the Placing.</span></p> <p class="fi"><span class="es"><strong>Important Notice</strong><br /></span></p> <p class="fi"><span class="gc">N+1 Singer is acting as nominated adviser and broker and as agent for and on behalf of the Company for the Placing. N+1 Singer is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom. N+1 Singer is acting exclusively for the Company and no one else in connection with the Placing and N+1 Singer will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Placing or any other matters referred to in this announcement.</span></p> <p class="gb"><span class="gc">No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by N+1 Singer or by any of its affiliates or agents as to, or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefor is expressly disclaimed.</span></p> <p class="gb"><span class="gc">No statement in this announcement is intended to be a profit forecast or estimate, and no statement in this announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.</span></p> <p class="gb"><span class="gc">The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.</span></p> <p class="gb"><span class="gc">The Placing Shares will not be admitted to trading on any stock exchange other than on the AIM market of the London Stock Exchange.</span></p> <p class="gb"><span class="gc">Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement. </span></p>
Proposed Acquisition of Tascomi Ltd 31/07/2019 31/07/2019 <p><span><strong>THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM</strong></span><span><strong> </strong></span><span><strong>THE UNITED STATES</strong></span><span><strong>,</strong></span><span><strong> </strong></span><span><strong>CANADA</strong></span><span><strong>,</strong></span><span><strong> </strong></span><span><strong>JAPAN</strong></span><span><strong>, THE</strong></span><span><strong> </strong></span><span><strong>REPUBLIC OF SOUTH AFRICA, AUSTRALIA, NEW ZEALAND</strong></span><span><strong> OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. </strong></span></p> <p><span><strong>THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN IDOX PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF IDOX PLC.</strong></span></p> <p><span><strong>THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION</strong></span><span><strong> 596/2014 ("MAR").  IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION AS PERMITTED BY MAR.  UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.</strong></span></p> <p><strong> </strong></p> <p style="text-align: center;"><strong>Idox plc<br /></strong><strong>(“Idox”, “the Company” or “the Group”)<br /></strong><strong>Proposed Acquisition of Tascomi Ltd<br /></strong><strong>Proposed, associated Fundraising of £7.0 million via accelerated bookbuild</strong></p> <p>Idox plc (AIM: IDOX), a leading supplier of specialist information management solutions and services, is pleased to announce the proposed acquisition of Tascomi Limited (“<strong>Tascomi</strong>”) for up to £7.15m and its intention to undertake a placing via an accelerated bookbuild to raise net proceeds of c. £7.0 million at 28.5 pence per share (the "<strong>Placing Price</strong>") to fund the transaction.</p> <p><strong>Highlights</strong></p> <ul> <li>The Company has entered into a share sale and purchase agreement (the "<strong>Acquisition Agreement</strong>") to acquire Tascomi for a total consideration of up to £7.15m on a cash-free, debt-free basis, of which c. £5.43 million will be satisfied immediately in cash, c. £1.15m will be payable by the Company to extinguish all existing debt in Tascomi and with a further £0.57m which may be payable within seven months depending on settlement of various completion matters (the "<strong>Acquisition</strong>")</li> <li>The Company also announces a proposed fundraise to raise net proceeds of c. £7.0 million by way of a placing (the "<strong>Placing</strong>") of a total of 25,964,912 new Ordinary Shares (the "<strong>Placing Shares</strong>") at 28.5 pence per New Ordinary Share to fund the Acquisition.</li> <li>The Placing is to be conducted by way of an accelerated bookbuild process by Nplus1 Singer Advisory LLP (“<strong>N+1 Singer</strong>”) which will be launched immediately following this Announcement in accordance with the Terms and Conditions set out in this Announcement</li> <li>The Placing Price represents a discount of 3.1 per cent. to the Company's closing share price on 30 July 2019</li> <li>Tascomi is a Northern-Ireland based software business that offers web and cloud based software solutions to local authorities and Government departments in UK and Ireland.</li> <li>The Acquisition will accelerate the Group’s strategy, and will strongly enhance the Group’s technological capabilities and market leading positions.</li> <li>The Enlarged Group combines Tascomi’s platform and product with Idox’s deep domain knowledge and account management model that will allow us to deliver the next generation of solutions to customers in our public sector markets and drive enhanced shareholder value and service to customers.</li> <li>The directors believe that the combination of Tascomi’s platform and product with Idox’s deep domain knowledge and account management model will:</li> <li>accelerate the Group’s strategy and strongly enhance the Group’s technological capabilities and market leading positions;</li> <li>establish the leading next generation of products and solutions in Idox's core markets;</li> <li>avoid substantial and lengthy redevelopment costs by acquiring a modern, proven platform to grow Idox's public sector and other businesses;</li> <li>improve offering to customers with new ’born in the cloud’ technologies;</li> <li>grow Annualised Recurring Revenues;</li> <li>realise operational savings as the new platform replaces existing Idox products; and</li> <li>provide opportunities to generate revenues in new but adjacent public sector software markets.</li> <li>The Acquisition is expected to be earnings enhancing in the first full year of ownership, being the year ending 31 October 2020 ("<strong>FY20</strong>").</li> <li>Completion of the Acquisition is expected to occur on 12 August 2019, following completion of the Placing.</li> </ul> <p>A further announcement will be made on the closing of the Placing, which is expected to occur later today.</p> <p>Certain of the Directors of the Company have indicated their intention to subscribe for Placing Shares.  Further details of the Placing and any participation by such Directors and their consequent interests, will be set out in the announcement to be made on the closing of the Placing which is expected later today.</p> <p><strong>David Meaden, CEO of Idox, commented</strong>:</p> <p>“The addition of Tascomi’s technology platform to Idox’s deep domain knowledge and account management model will be a powerful combination that will allow us to deliver the next generation of software solutions to customers in our core public sector markets and drive enhanced shareholder value and service to customers.</p> <p>This Acquisition offers a sound strategic fit as we look to enhance our overall cloud offering in conjunction with growing our SaaS revenue base. It will also build on the significant operational progress our Group has made in the last year, reshaping our Board and senior management team, and establishing sound business models to drive great value from the assets we have in our business”.</p> <p>For further information please contact:</p> <p><strong>Idox plc</strong>                                                                                                      +44 (0) 870 333 7101<br />Chris Stone, Non-Executive, Chairman<br />David Meaden, Chief Executive<br />Rob Grubb, Chief Financial Officer</p> <p><strong>N+1 Singer (NOMAD and Broker)</strong>                                                           +44 (0) 20 7496 3000<br />Shaun Dobson / Jen Boorer<br />Tom Salvesen (Corporate Broking)</p> <p>This announcement should be read in its entirety. In particular, your attention is drawn to the detailed terms and conditions of the Placing and further information relating to the Placing and any participation in the Placing that is described in the Appendix to this Announcement (which forms part of this Announcement).</p> <p>By choosing to participate in the Placing and by making an oral and legally binding offer to acquire Placing Shares, investors will be deemed to have read and understood this Announcement in its entirety (including the Appendix), and to be making such offer on the terms and subject to the conditions of the Placing contained herein, and to be providing the representations, warranties and acknowledgements contained in the Appendix.</p> <p><span><strong>About Idox plc</strong></span></p> <p><span>For more information see <a href="http://www.idoxplc.com">www.idoxplc.com</a> <a rel="noopener" href="https://twitter.com/Idoxgroup" target="_blank">@Idoxgroup</a></span></p> <p><strong><u>Additional information</u></strong></p> <p><strong>Introduction</strong></p> <p>The Company has entered into an agreement to acquire Tascomi for consideration of £7.15m on a cash-free, debt-free basis, of which c. £5.43 million will be satisfied immediately in cash, c. £1.15m will be payable by the Company to extinguish all existing debt in Tascomi and with a further £0.57m which may be payable within seven months depending on settlement of various completion matters (the "<strong>Acquisition</strong>")</p> <p><span>The Company also announces its intention to undertake the placing of up to 25,964,912 Placing Shares at a price of 28.5 pence per Placing Share to raise net proceeds of c. £7.0 million to fund the Acquisition. The Placing will be conducted by way of an ABB by N+1 Singer and will open immediately following the release of this Announcement. The Appendix to this Announcement contains the terms and conditions of the Placing. Should the balance of the consideration be payable in full, the excess consideration above the Placing proceeds will be met by the Groups existing resources and funding facilities.</span></p> <p><strong>Proposed acquisition of Tascomi</strong></p> <p>Tascomi currently serves 55 public sector customers across the UK and Ireland through a modern, proven, scalable cloud-enabled SaaS platform. The business has achieved strong new customer wins in the delivery of building control solutions and is becoming an emerging presence in delivering solutions that cater for Land and Property administration.</p> <p>Tascomi has 33 staff and is based in Northern Ireland. It was established by Richard Martin, its current Managing Director, and supported by a number of senior staff establishing and delivering cloud-enabled SaaS technologies to customers. Mr Martin will be resigning his position and leaving the business following completion of the Acquisition, with the remaining Tascomi staff joining the enlarged Group.</p> <p>In the year ended 31 March 2019, Tascomi generated revenue of approximately £1.9m (2018: £1.5m), delivering adjusted EBITDA of £0.7m (2018: £0.2m). These amounts are restated for Idox accounting policies. Current annual recurring revenue ("<strong>ARR</strong>") is £1.8m.</p> <p><strong>Background to and reasons for the Acquisition and Placing</strong></p> <p>In its interim results for the six months ended 30 April 2019 on 22 July 2019 the Company announced that it was continuing to explore ways to accelerate the Group's strategy and enhance its<span> technological capabilities and market leading positions as well as build its recurring SaaS revenue profile.</span></p> <p>During the past twelve months the Group has undergone significant transformation, including replacing five of the six Board members, and a number of senior management staff. This has involved establishing the relevant operational and financial disciplines necessary for a business of Idox's stature and complexity. The foundations that have now been embedded across the business leave Idox well positioned in the short term and will also support future progress against Idox's strategic objectives.</p> <p>The future of the Idox business is in cloud provisioned software and related services. Strides have been made to accelerate a move into Software-as-a-Service (SaaS) product offerings and the Group has had success in both its Social Care and EIM businesses over the past six months. Part of the Group's strategy is to continue to accelerate its new 'cloud first' strategy, growing recurring income streams and future earnings visibility.</p> <ul> <li>The directors believe that the combination of Tascomi’s platform and product with Idox’s deep domain knowledge and account management model will:</li> <li>accelerate the Group’s strategy and strongly enhance the Group’s technological capabilities and market leading positions;</li> <li>establish the leading next generation of products and solutions in Idox's core markets;</li> <li>avoid substantial and lengthy redevelopment costs by acquiring a modern, proven platform to grow Idox's public sector and other businesses;</li> <li>improve offering to customers with new ’born in the cloud’ technologies;</li> <li>grow Annualised Recurring Revenues;</li> <li>realise operational savings as the new platform replaces existing Idox products; and</li> <li>provide opportunities to generate revenues in new but adjacent public sector software markets.</li> </ul> <p>The Acquisition is expected to be earnings enhancing in the first full year of ownership, being the year ending 31 October 2020 ("FY20").</p> <p><strong>Terms of the Acquisition</strong></p> <p>The Company has entered into an agreement to acquire Tascomi for consideration of £7.15m on a cash-free, debt-free basis, of which c. £5.43 million will be satisfied immediately in cash, c. £1.15m will be payable by the Company to extinguish all existing debt in Tascomi and with a further £0.57m which may be payable within seven months depending on settlement of various completion matters (the "<strong>Acquisition</strong>").</p> <p>The sellers have provided warranties and indemnities appropriate to a transaction of this nature. The Directors expect that the Acquisition will complete on 12 August 2019.</p> <p>The CEO and existing owner of Tascomi Richard Martin will be stepping down from his role on completion and leaving the business. The existing Tascomi senior management team are committed to Tascomi and the Acquisition and will join Idox’s senior management team on completion.</p> <p><strong>Conditional Placing</strong></p> <p>The Company intends to fund the Acquisition by way of the Placing. The Company is proposing to raise approximately £7.4 million (before expenses) by way of a placing of 25,964,912 Placing Shares at the Placing Price with certain institutional and other investors.</p> <p>The Placing will be conducted by N+1 Singer on behalf of the Company in accordance with the terms and conditions set out in the Appendix to this Announcement. The Placing is being conducted through an accelerated bookbuilding process (the "Bookbuild") which will commence immediately following this Announcement. </p> <p><span>The Bookbuild will determine final demand for and participation in the Placing. </span>The Bookbuild is expected to close not later than 5.30 p.m. (London) today, but may be closed at such earlier or later time as N+1 Singer, in its absolute discretion (following consultation with the Company), determines<span>. The number of Placing Shares, the Placing Price and the making of allocations will be agreed between the Company and N+1 Singer and will be confirmed orally or by email by N+1 Singer following the closure of the Bookbuild.  A further announcement will be made following the completion of the Bookbuild and pricing of the Placing.</span></p> <p>The Placing (which is not being underwritten) is conditional, amongst other things, upon:</p> <ol> <li>the Placing Agreement becoming unconditional in all respects as regards the Placing (subject to Admission occurring) and not having been terminated in accordance with its terms prior to Admission;</li> <li>the Acquisition Agreement not having lapsed, withdrawn or otherwise terminating in accordance with its terms prior to Admission; and</li> <li>Admission of the Placing Shares becoming effective on or before 8.00 a.m. on 6 August 2019 or such later date as the Company and N+1 Singer may agree, being no later than 8.00 a.m. on 31 August 2019.</li> </ol> <p>The Placing Shares, upon issue, will represent approximately 6 per cent. of the Enlarged Share Capital immediately following Admission. The Placing Shares will rank in full for all dividends with a record date on or after the date of Admission and otherwise equally with the Existing Ordinary Shares in issue from the date of Admission.</p> <p>Idox has entered into a placing agreement (the "<strong>Placing Agreement</strong>") with N+1 Singer which acted as sole bookrunner in relation to the Placing. Further details of the Placing Agreement can be found in the terms and conditions of the Placing contained in the Appendix to this Announcement (which forms part of this Announcement).</p> <p>In order to effect the Placing, the Company intends to utilise the authorities granted to it at its Annual General Meeting held on 29 March 2019 which enable it to issue up to (i) 20,770,847 new Ordinary Shares (representing approximately 5 per cent. of its issued share capital of the Company as at 5 March 2019) and (ii) a further 20,770,847 new Ordinary Shares (representing approximately 5 per cent. of its issued share capital of the Company as at 5 March 2019) in connection with a proposed acquisition in accordance with the Pre-Emption Group's statement of principles on a non pre-emptive basis.</p> <p><span>Further information on the Placing and Admission is included in the section headed ‘Additional Information’ above. Attention is also drawn to the section headed 'Important Information' of this Announcement and the terms and conditions of the Placing (representing important information for Placees only) in the Appendix to this Announcement. </span></p> <p><span>Capitalised terms used but not defined in this Announcement shall have the meanings given to such terms in the section headed 'Definitions' below save that any capitalised term defined in the Appendix shall have such meaning in the Appendix to the exclusion, in the Appendix only, of any definition of such term elsewhere in this Announcement.</span></p> <p><strong>Important Notice</strong></p> <p><span>N</span>+1 Singer is acting as nominated adviser and broker and as agent for and on behalf of the Company for the Placing. N+1 Singer is authorised and regulated by the Financial Conduct Authority (the "<strong>FCA</strong>") in the United Kingdom. N+1 Singer is acting exclusively for the Company and no one else in connection with the Placing and N+1 Singer will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Placing or any other matters referred to in this Announcement.</p> <p>No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by N+1 Singer or by any of its affiliates or agents as to, or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.</p> <p>No statement in this Announcement is intended to be a profit forecast or estimate, and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.</p> <p>The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.</p> <p>The Placing Shares to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than on the AIM market of the London Stock Exchange.</p> <p>Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement. </p> <p>This Announcement may contain and the Company may make verbal statements containing "forward-looking statements" with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "seek", "may", "could", "outlook" or other words of similar meaning. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the control of the Company, including amongst other things, United Kingdom domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, the effect of competition, inflation, deflation, the timing effect and other uncertainties of future acquisitions or combinations within relevant industries, the effect of tax and other legislation and other regulations in the jurisdictions in which the Company and its respective affiliates operate, the effect of volatility in the equity, capital and credit markets on the Company's profitability and ability to access capital and credit, a decline in the Company's credit ratings; the effect of operational risks; and the loss of key personnel. As a result, the actual future financial condition, performance and results of the Company may differ materially from the plans, goals and expectations set forth in any forward-looking statements. Any forward-looking statements made in this Announcement by or on behalf of the Company speak only as of the date they are made. Except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.</p> <p><span>This Announcement does not constitute, or form part of, a prospectus relating to the Company, nor does it constitute or contain any invitation or offer to any person, or any public offer, to subscribe for, purchase or otherwise acquire any shares in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it (other than the Appendix in relation to Placees) form the basis of or be relied on in connection with any contract or as an inducement to enter into any contract or commitment with the Company. In particular, the Placing Shares have not been, and will not be, registered under the United States Securities Act of 1933 as amended or qualified for sale under the laws of any state of the United States or under the applicable laws of any of Canada, Australia, the Republic of South Africa, or Japan and, subject to certain exceptions, may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the Securities Act) or to any national, resident or citizen of Canada, Australia, the Republic of South Africa or Japan.</span></p> <p><span>The distribution or transmission of this Announcement and the offering of the Placing Shares in certain jurisdictions may be restricted or prohibited by law or regulation. Persons distributing this Announcement must satisfy themselves that it is lawful to do so. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. No action has been taken by the Company or N+1 Singer that would permit an offering of such shares or possession or distribution of this Announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required by the Company and N+1 Singer to inform themselves about, and to observe, such restrictions. In particular, this announcement may not be distributed, directly or indirectly, in or into the United States, Canada, the Republic of South Africa, Australia or Japan. Overseas shareholders and any person (including, without limitation, nominees and trustees), who have a contractual or other legal obligation to forward this document to a jurisdiction outside the UK should seek appropriate advice before taking any action.</span></p> <p><strong>APPENDIX - TERMS AND CONDITIONS OF THE PLACING</strong></p> <p><strong>IMPORTANT INFORMATION FOR INVITED PLACEES ONLY REGARDING THE PLACING.</strong></p> <p><strong>THIS ANNOUNCEMENT, INCLUDING THIS APPENDIX AND THE INFORMATION CONTAINED HEREIN (TOGETHER THE "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.  THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY THE LONDON STOCK EXCHANGE, NOR IS IT INTENDED THAT IT WILL BE SO APPROVED.</strong></p> <p><strong>MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING.  THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS DIRECTED ONLY AT: (A) PERSONS IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA") WHO ARE QUALIFIED INVESTORS AS DEFINED IN SECTION 86(7) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000, AS AMENDED ("QUALIFIED INVESTORS"), BEING PERSONS FALLING WITHIN THE MEANING OF ARTICLE 2(1)(e) OF DIRECTIVE 2003/71/EC AS AMENDED, INCLUDING BY THE 2010 PROSPECTUS DIRECTIVE AMENDING DIRECTIVE (DIRECTIVE 2010/73/EC) AND TO THE EXTENT IMPLEMENTED IN THE RELEVANT MEMBER STATE (THE "PROSPECTUS DIRECTIVE"); AND (B) IN THE UNITED KINGDOM, QUALIFIED INVESTORS WHO ARE PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) (INVESTMENT PROFESSIONALS) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER"); (II) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE ORDER; OR (III) ARE PERSONS TO WHOM IT MAY OTHERWISE BE LAWFULLY COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS").</strong></p> <p><strong>THIS ANNOUNCEMENT AND THE INFORMATION IN IT MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS.  PERSONS DISTRIBUTING THIS ANNOUNCEMENT MUST SATISFY THEMSELVES THAT IT IS LAWFUL TO DO SO.  ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.  THIS ANNOUNCEMENT DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN IDOX PLC.</strong></p> <p><strong>THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE INTO THE UNITED STATES. THE PLACING SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT 1933, AS AMENDED (THE "SECURITIES ACT") OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR JURISDICTION OF THE UNITED STATES, AND MAY NOT BE OFFERED, SOLD OR TRANSFERRED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES.  SUBJECT TO CERTAIN EXCEPTIONS AND AT THE SOLE DISCRETION OF THE COMPANY, THE PLACING SHARES ARE BEING OFFERED AND SOLD ONLY OUTSIDE THE UNITED STATES IN "OFFSHORE TRANSACTIONS" WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT AND OTHERWISE IN ACCORDANCE WITH APPLICABLE LAWS.  NO PUBLIC OFFERING OF THE PLACING SHARES IS BEING MADE IN THE UNITED STATES, THE UNITED KINGDOM OR ELSEWHERE.  NO MONEY, SECURITIES OR OTHER CONSIDERATION FROM ANY PERSON INSIDE THE UNITED STATES IS BEING SOLICITED AND, IF SENT IN RESPONSE TO THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT, WILL NOT BE ACCEPTED.  </strong></p> <p><strong>EACH PLACEE SHOULD CONSULT WITH ITS ADVISERS AS TO LEGAL, TAX, BUSINESS AND RELATED ASPECTS OF AN INVESTMENT IN PLACING SHARES.  THE DISTRIBUTION OF THIS ANNOUNCEMENT, ANY PART OF IT OR ANY INFORMATION CONTAINED IN IT MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS, AND ANY PERSON INTO WHOSE POSSESSION THIS ANNOUNCEMENT, ANY PART OF IT OR ANY INFORMATION CONTAINED IN IT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, SUCH RESTRICTIONS. </strong></p> <p>No action has been taken by the Company, N+1 Singer Advisory LLP ("<strong>N+1 Singer</strong>") or any of their respective affiliates, agents, directors, officers or employees that would permit an offer of the Placing Shares or possession or distribution of this Announcement or any other offering or publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. </p> <p>This Announcement or any part of it does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia), Canada, Australia, the Republic of South Africa, Japan or any other jurisdiction in which the same would be unlawful.  No public offering of the Placing Shares is being made in any such jurisdiction.</p> <p>All offers of the Placing Shares will be made pursuant to an exemption under the Prospectus Directive from the requirement to produce a prospectus.  In the United Kingdom, this Announcement is being directed solely at persons in circumstances in which section 21(1) of the Financial Services and Markets Act 2000 (as amended) (the "<strong>FSMA</strong>") does not apply.</p> <p>The Placing Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the Placing or the accuracy or adequacy of this Announcement.  Any representation to the contrary is a criminal offence in the United States.  The relevant clearances have not been, nor will they be, obtained from the securities commission of any province or territory of Canada, no prospectus has been lodged with, or registered by, the Australian Securities and Investments Commission or the Japanese Ministry of Finance; the relevant clearances have not been, and will not be, obtained for the South Africa Reserve Bank or any other applicable body in the Republic of South Africa in relation to the Placing Shares and the Placing Shares have not been, nor will they be, registered under or offering in compliance with the securities laws of any state, province or territory of Australia, Canada, Japan or the Republic of South Africa.  Accordingly, the Placing Shares may not (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction outside the United Kingdom.</p> <p>Persons (including, without limitation, nominees and trustees) who have a contractual right or other legal obligations to forward a copy of this Announcement should seek appropriate advice before taking any action.</p> <p>This Announcement should be read in its entirety.  In particular, you should read and understand the information provided in this "Important Information" section of this Announcement.</p> <p>By participating in the Placing, each person who is invited to and who chooses to participate in the Placing (and any person acting on such person’s behalf) (a "<strong>Placee</strong>") will be deemed to have read and understood this Announcement in its entirety, to be participating, making an offer and acquiring Placing Shares on the terms and conditions contained herein and to be providing the representations, warranties, indemnities, acknowledgements and undertakings contained in this Appendix.</p> <p>In particular, each such Placee irrevocably represents, warrants, undertakes, agrees and acknowledges (amongst other things)  to each of the Company and N+1 Singer (for their own benefit and, where relevant, the benefit of any affiliate of N+1 Singer and/or the Company and person acting on their behalf, that:</p> <ol> <li>it has read and understood this announcement in its entirety (including this Appendix) and acknowledges that its participation in the Placing and the issue of the Placing Shares will be governed by the terms of this announcement (including this Appendix);</li> <li>it is a Relevant Person and undertakes that it will acquire, hold, manage or dispose of any Placing Shares that are allocated to it for the purposes of its business;</li> <li>in the case of a Relevant Person in a member state of the EEA which has implemented the Prospectus Directive (each, a "<strong>Relevant Member State</strong>") who acquires any Placing Shares pursuant to the Placing: <ul> <li>3.1 it is a Qualified Investor within the meaning of Article 2(1)(e) of the Prospectus Directive;</li> <li>3.2 in the case of any Placing Shares acquired by it as a financial intermediary, as that term is used in Article 3(2) of the Prospectus Directive: <ul> <li>3.2.1 the Placing Shares acquired by it in the Placing have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Relevant Member State other than Qualified Investors or in circumstances in which the prior consent of N+1 Singer has been given to the offer or resale; or</li> <li>3.2.2 where Placing Shares have been acquired by it on behalf of persons in any member state of the EEA other than Qualified Investors, the offer of those Placing Shares to it is not treated under the Prospectus Directive as having been made to such persons;</li> </ul> </li> </ul> </li> <li>it is acquiring the Placing Shares for its own account or is acquiring th