16 December 2016

 

Idox plc

 

('Idox' or 'the Group' or 'the Company')

 

Final results for the year ended 31 October 2015

 

Financial highlights:

 

·      Revenues up 3% to £62.6m (2014: £60.7m)

·      Adjusted EBITDA* increased 11% to £18.2m (2014: £16.4m)

·      Adjusted EBITDA* margin improved to 29.1% (2014: 27.0%)

·      Adjusted profit before tax** was £14.5m up 14% (2014: £12.7m)

·      Profit before tax was 29% higher at £9.8m (2014: £7.6m)

·      Adjusted EPS** 3.28p up 17% (2014: 2.80p)

·     Net debt as at 31 October 2015 stood at £23.1m (31 October 2014 £15.8m; £10.6m cost of the two acquisitions in  the second half of the financial year)

·     Proposed final dividend of 0.525p (2014: 0.425p) making a total of 0.85p (2014: 0.75p), an increase of 13% for the  financial year

 

Operational highlights:

 

·      Strong performance from Public Sector Software (PSS):

o  Represented 78% of Group revenues

o  Organic growth - won both more managed services and market share

o  Absorbed impact of lower elections revenues

o  14 new local authority customers - 92% of all local authorities now customers

o  Strong and improved margins

·      Acquisitions:

o  Cloud Amber and Reading Room enhanced the Group's capabilities

o  Digital Spirit made a strong contribution to earnings

·      Engineering (EIM) de-risked having absorbed in the year headwinds:

o  Double digits margins, costs rebased for current volumes

·    Group potential strengthened with appointment of Laurence Vaughan as Chairman and Andrew Riley as Chief  Operating Officer

 

Current trading:

 

·      For the first time in three years, there is a stable outlook in all our markets

·      Our expectations for the Group's financial performance are unchanged

 

* Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs

** Adjusted profit before tax and adjusted EPS excludes amortisation on acquired intangibles, restructuring and acquisition costs

 

 

Richard Kellett-Clarke, Chief Executive said:

 

"Idox has achieved results in line with market expectations with improved margins due to well controlled costs and realisation of synergies across the Group. The Group continued to benefit from its diversified business model and sources of earnings which helped mitigate challenges in some of our markets.

 

"Overall, the outlook for Idox in the coming years is very encouraging. Interesting opportunities are opening up in our core markets and internationally through recent acquisitions. With the enhanced team and closer operational integration, the business is in a strong position and we are looking forward to a successful year ahead."

 

 

 

For further information please contact:

 

Idox plc	+44 (0) 870 333 7101
Richard Kellett-Clarke, Chief Executive Jane Mackie, Chief Financial Officer Andrew Riley, Chief Operations Officer
N+1 Singer (Nominated adviser and Broker)	+44 (0) 20 7496 3000
Shaun Dobson Alex Wright
MHP Communications	+44 (0) 20 3128 8100
Reg Hoare/Andrew Leach/Charlie Barker

About Idox plc 

Idox plc is a supplier of specialist document management collaboration solutions and services to the public sector and increasingly to highly regulated asset intensive industries around the world in the wider corporate sector.

 

Its Public Sector Software Division is the leading applications provider to UK local government for core functions relating to land, people and property, such as its market leading planning systems and election management software. Over 90% of UK local authorities are now customers. The Division provides public sector organisations with tools to manage information and knowledge, documents, content, business processes and workflow as well as connecting directly with the citizen via the web, and providing elections management solutions. It also supplies in the UK and internationally, decision support content such as grants and planning policy information and corporates compliance services.

 

The Engineering Information Management Division delivers engineering document control, project collaboration and facility management applications to many leading companies in industries such as oil & gas, architecture and construction, mining, utilities, pharmaceuticals and transportation in North America and around the world.

 

The Group employs over 660 staff located in the UK, the USA, Canada, Europe, India and Australia.

 

www.idoxgroup.com

 

 

 

 

CHAIRMAN'S STATEMENT

 

Overview

 

I am delighted to present Idox's first set of results since I joined as non-Executive Chairman in August 2015. Idox performed well in the year reporting further organic growth in its local government businesses (excluding elections) and first time contributions from acquisitions completed in the year; this performance was achieved despite continued headwinds in energy related markets and fluctuating exchange rates. In particular the Group has made strategic progress towards positioning itself as a key partner for its customers to achieve significant efficiencies through the use of digital technologies.

 

Results

 

The Group has achieved results in line with market expectations with improved margins due to well controlled costs and realisation of synergies across the Group. Revenue grew by 3.1% while adjusted EBITDA was ahead 11.1%. The Group continued to benefit from its diversified business model and sources of earnings which helped mitigate challenges in some of our markets. 

 

88% (2014: 87%) of Idox's annual revenues were derived either from recurring contracts with customers or from repeat customers from whom the Group had derived revenues in the prior year; this gives the Group significant revenue visibility and is evidence of Idox's strong relationships and focus on customer service.

 

A summary of our financial key performance indicators is presented below:

 

		2015	2014	Change
Revenue		62,575	60,677	3.1%
Adjusted EBITDA*		18,215	16,393	11.1%
Adjusted EBITDA* margin		29.1%	27.0%	2.1%
Adjusted EPS**		3.28p	2.80p	17.1%

 

*Adjusted EBITDA is defined as earnings before depreciation, amortisation, restructuring, acquisition, corporate finance and share option costs

**Adjusted EPS excludes amortisation on acquired intangibles, restructuring and acquisition costs

Group strategy

 

Idox is a highly regarded company with market leading positions in many segments of the public sector software market in the United Kingdom and Europe. The Group is also increasingly well positioned as a key partner with its customers to achieve efficiency savings through the use of digital technology.

 

Our intention is to continue Idox's transformation into a much larger business that is a market leader in its core markets. This will be achieved via a combination of organic and acquisitive growth, funded from the Group's cash flows and financial facilities. This is intended to deliver double digit annual growth with a short to medium term objective to grow the Group from its current £63m in annual revenue to £100m at sustainable margins.

 

Over the last ten years Idox has grown its revenues from £7m to £63m through organic growth and contributions from acquired businesses, a compound annual growth rate of 24.5%; the Board is therefore confident that the Group has the experience and track record to grow revenues from £63m to £100m in the coming years.

 

Acquisitions

 

During the financial year, two acquisitions were completed in line with our strategy, both of which contributed to the year's financial performance whilst expanding our capabilities and providing cross selling opportunities; the Group has a strong track record of acquisition integration and achieving earnings, enhancing contributions from such transactions.  The recent acquisitions were:

 

·      Cloud Amber in July 2015 broadened our capability to address the opportunities around enabling integrated traffic management systems and enhanced the international character of our product range.

·      Reading Room in October 2015 added consultancy expertise in the area of digital change. 

·      In addition, there was a strong contribution from the acquisition of Digital Spirit, completed just prior to the previous year end in October 2014.

 

The addition of the two new businesses means that across all its specialist areas the Group is able to address the delivery of content, domain specific solutions, managed and hosted services, and now web services to improve processes, productivity and customer engagement.

 

Dividends

 

The Board is pleased to propose, subject to shareholder approval at the Group's Annual General Meeting, a final dividend of 0.525p, bringing the total for the year to 0.85p. This represents an increase of 13% over the previous year total of 0.75p, and is consistent with both our improved performance and our progressive dividend policy to grow dividends in line with earnings growth.

 

The Board

 

I took over as Chairman from Martin Brooks on 1 August 2015, having previously been Chairman of a number of public and private companies including Civica and Sytner Group.  I would like to take this opportunity to thank Martin on behalf of the employees and shareholders for his contribution in growing the business substantially during his ten year tenure.

 

In July 2015 Andrew Riley joined the Board as Chief Operating Officer to focus on bringing the business together. Andrew's promotion to the Board is part of Idox's growing trend of leadership development, with Andrew becoming the second Director on the current Idox Board as a result of an internal promotion. He was previously chief executive of Idox's Public Sector Software Division having joined the Group in 2000.

 

I am sorry to announce that Professor Dame Wendy Hall will be leaving the Board as a non-Executive Director due to her increasing other commitments and imminent move to take up a visiting post at the Library of Congress in Washington DC. The Group is currently seeking a replacement for Wendy.

 

Outlook

 

I have joined the Group at an exciting period in its development as it steps up its emphasis on delivering customer facing solutions. Our potential has been enhanced by recent Board and senior management changes which will allow for greater focus on strategic initiatives to help deliver the Group's target to reach annual revenues of £100m.

 

Innovation is a key ingredient for Idox's growth and success. The product launch in December 2015 of our digital services platform, with its first product release of iApply, a national register for planning, building control and licensing services, opens up exciting new revenue opportunities and the ability to streamline and improve customer services and engagement.

 

For the first time in three years, there is a stable outlook in all our markets. We believe the continued political focus on delivering savings in the public sector will benefit our Public Sector Software business as its products are focused on delivering those savings. Engineering is well positioned to benefit from any recovery in its markets.  We expect full year contributions from our two recent acquisitions will add approximately 20% to our pro forma annual revenues. In addition, we believe the business as a whole is capable of delivering around 3-5% organic revenue growth. Although we anticipate slightly lower margins due to a different mix of business in the coming year, our expectations for the Group's financial performance are unchanged.  

 

Overall, the outlook for Idox in the coming years is therefore very encouraging. Interesting opportunities are opening up in our core markets and internationally through recent acquisitions and via potential partnerships. With the enhanced team and closer operational integration the Directors believe that the business is in a strong position and we are looking forward to a successful year ahead.

 

 

Laurence Vaughan
Chairman

 

 

OPERATIONAL AND FINANCIAL REVIEW

 

Introduction

 

We are pleased to report that we delivered profit growth in line with market guidance and were able to absorb the headwinds created by the slowdown in the global engineering and project market primarily as a result of the difficult environment in the energy sector. The year saw the continued development of our digital services platform, growth in all other parts of the business and the addition of new capabilities in traffic systems and Web and digital change consultancy.  The main focus of management time and effort during the year has been in the digital services platform and driving efficiencies and performance across the Group.

 

Public Sector Software (PSS)

 

The Public Sector Software business, which represented 78% of Group revenues for the year, had a particularly strong performance with revenues up 14%, and continued to win both more managed services and market share.  With 14 new local authority customers in the year our market share rose to a record 83% of the back office market and 92% of all local authorities when including grants, traffic and Facilities Management services are included.

 

The total number of new systems wins was close to double the previous year at 86 bringing the total wins over the past three years to more than 240. The division continues to expand its offering into managed and hosted solutions and we now manage more than 80 systems to give us a market share in excess of 20% which is a significant platform to encourage other local authorities to consider us as their managed service partner.

 

We won 14 new local authority customers during the year, including Middlesbrough and Plymouth in England, Monmouthshire and Swansea in Wales, and Aberdeen in Scotland.

 

The Grants business grew in double digits (16.7%) during the period and closed its largest ever grants claim in the year. In addition, the Grants business extended its customer base to provide its managed services to larger companies thus improving its trading margin through both an increase in the volume and the quality of the business closed. We continue to invest in the business to deliver further growth in 2016.

 

As mentioned at the half year the Digital Spirit compliance acquisition completed in October 2014 was successfully integrated and merged with our E-learning business based in Brussels, outperforming our initial expectations on acquisition. As a result revenues grew 174% year-on-year and the combined business is to be rebranded as Idox Compliance. Plans are well advanced to grow this further and to utilise the digital platform to provide the compliance solution on demand online for small to medium sized enterprises.

 

The Facilities Management business was removed from the engineering division at the start of the year to help improve its focus away from the engineering market.  It was a logical move given its existing customer base in health and local government and its diversity of customers outside pure construction environments. As a result it grew top line revenues 10% and improved its profitability.

 

The two acquisitions made in the second half of the year - Cloud Amber and Reading Room - are complementary to our ambitions to provide solutions for Smart Cities of tomorrow and to provide user solutions which are based around ease of use, self-taught, solutions:

 

·      Cloud Amber through its data collection, aggregation, analytics and multiple reporting options allows consumers, fleet managers, and local government traffic managers to more efficiently handle accidents, road works, congestion and air quality and to redirect or make informed travel routing for cars, buses, taxis and other modes of transport to enable the Smart Cities of the future.

 

·      Reading Room extends our reach into existing markets in the charities and government sector as well as the private sector. As architects of digital change the business has successfully provided consulting services across a broad range of customers to deliver operational improvements using digital technology and design as part of the solution to drive efficiency, productivity or a better user experience. We expect this addition to be complementary to our ambition to expand our digital services platform and apply it across a wide range of opportunities. 

 

Both businesses are being rapidly integrated within the Group and, to date, have traded in line with our expectations and are expected to enhance earnings in a full year of ownership.

 

The results in our Election business partly reflected the expected lower level of activity in the election cycle during the year - with only the UK General Election - compared with 2014 as well as some unexpected delays beyond our control. However, the current financial year has started well with a contract to deliver local government elections in Scotland for early 2017.

 

Engineering Information Management (EIM)

 

We started the year with expectations of growth across all parts of Idox, but it became increasingly clear there was not going to be a quick rebound in the engineering markets as had happened in previous cyclical market downturns.

 

The Board quickly took the decision to address this head-on and successfully absorbed a considerable down shift in activity within the year. As a result although EIM revenues were down 21% on the prior year, our actions to reduce the cost base helped mitigate the impact to profitability. Given the strong recurring revenues and the spread between utilities, energy, and construction we now expect to maintain the business at this level and for it to continue to contribute in line with previous years. We continue to work on productivity and performance improvements and retain the flexibility to benefit from any market recovery.

 

EIM represented 22% of Group revenues during the year; on a pro forma basis assuming full year contributions from our recent acquisitions, EIM's revenues would have accounted for 18% of the Group total.

 

Technology

 

The core focus in the year was completing the first phase of a three year journey to deliver an improved managed services and digital services cloud platform. The first step was to re-engineer our products and the way they operated so they could be hosted more cost effectively and be applicable to both large and small authorities.

 

The second step was to deliver a national cloud platform that could assemble and integrate documents and data from any system and deliver an easily configurable platform to deliver applets for both citizens and business users in a more intuitive and easy to use format chargeable on a pay as you use or sponsored basis. 

 

On 1 December 2015 the Group launched iApply, its national planning, building control and licensing portal for the UK with the ability to action and pay online for the filing of planning, building control and licensing applications nationally. This innovation streamlines the planning process and injects the applications into our back office systems. As a result we are developing additional services to complement this capability in partnership with our customers.

 

Markets

 

The Group continues to operate successfully and had grown in challenging markets with continued pressure on local government expenditure and grant funding and more recently the flattening in demand in engineering. Our diversity of offerings and tight integration of businesses into a single management structure allows us to take advantage of and respond to challenges in our markets as demonstrated by this year's performance.

 

We see no change in outlook for our core markets. Recent announcements concerning public sector savings over the next three years are in line with our planning and expectations and should drive take-up of our new cost saving solutions. Our broad portfolio of relevant and cost effective engineering solutions, where we address construction, energy and utility markets also gives us some resilience in an uncertain world as these markets develop at varying growth rates.

 

Growth strategy

 

Due to the continued pressure on public sector finances we believe the future revenue model needs to evolve as a 'pay as you go' sponsorship model for services rendered and increasingly business systems need smaller lightweight integration of documents and data to drive the efficient and cost effective execution of single actions.

 

The platform is an extension of our communication and forms technology sitting on top of our managed services infrastructure that can be adapted to help customers change their processes and streamline their actions by the application of digital services.

 

In addition to this publishing and transaction processing we hope the assembled data sets can be marketed to help customers with market intelligence and drive other actions. The acquisition of Reading Room, a web consultancy which specialises in digital change and web publishing, is expected to help drive wider consultancy services in the future.

 

In the first half of the year we completed the partial restructuring of the operational and supervisory board and the first stage of an integration of engineering into a profit center rather than a separate division within the Group. The first steps in a move towards broadening our offering in our core markets and reorienting the business to deliver front office, pay as you go solutions created with an emphasis on the user interface, mobility and ease of use.

 

FINANCIAL REVIEW

 

Group revenues grew by 3% to £63m (2014: £61m) due to the impact of one acquisition made during 2014 and two acquisitions in 2015 and also as a result of organic growth in the PSS division.  The Group maintained the geographical split of its revenues with 34% generated outside of the UK (2014: 31%).  Gross profit earned was 4% higher at £56m (2014: £54m) and the Group maintained gross margin at 89%.  Earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs ("Adjusted EBITDA") increased by 11% to £18.2m (2014: £16.4m) with Adjusted EBITDA margins of 29% (2014: 27%).

 

Performance by segment

 

The PSS division, which accounted for 78% of Group revenues (2014: 71%), delivered revenues of £49m (2014: £43m). Local authority revenue grew organically by 7% to £30.4m (2014: £28.3m) driven by further market share gains and a significant number of local council contract wins for managed services and hosting.  Election revenue decreased from £4.9m to £2.6m due to less election activity during the year.  In 2015 election revenue was only generated from the UK General Election, whereas in 2014 revenue was generated from the Scottish Referendum, European elections and the Individual Electoral Registration project.  The Grants business in the UK and Netherlands saw double digit growth on the prior period with revenues of £6.5m (2014: £5.8m).  The Compliance business in Europe saw significant growth on the prior year with the addition of Digital Spirit acquired in October 2014, with revenues of £6.1m (2014: £2.2m).  Facilities management was transferred from the EIM division to PSS in the year and saw 10% growth in revenues to £2.3m (2014: £2.1m).  The 2015 acquisitions of Cloud Amber (July 2015) and Reading Room (October 2015) respectively added £0.6m and £0.5m revenues to the division.

 

Recurring revenues within the PSS division were 41% (2014: 48%).  Divisional Adjusted EBITDA increased by 24% to £16.0m (2014: £12.9m), delivering a 33% margin, a 3% increase on 2014 (30%) due to cost efficiencies and a change in mix of revenues.

 

The EIM division accounted for 22% of Group revenues (2014: 29%) and reported a revenue decline of 21% to £13.6m (2014: £17.3m).  The proportion of recurring revenues in the EIM business from maintenance and Software-as-a-Service ("SaaS") were 56% (2014: 47%).  Divisional Adjusted EBITDA for the EIM division declined 37% to £2.2m (2014: £3.5m), 12% of the Group total with margins down at 16% (2014: 20%).

 

 

Profit before tax

 

Adjusted EBITDA increased 11% to £18.2m (2014: £16.4m).  Cost of sales were down 5% excluding acquisitions due to less print costs associated with election activity.  Administrative expenses decreased 1% to £45.3m (2014: £45.8m), or excluding acquisitions in the year by 11%.  Staff costs decreased by 7% on a like for like basis with EIM staff costs decreasing by 27% due to restructuring of the division. Other overheads decreased by 19% on a like-for-like basis with cost efficiencies achieved through reduction in travel costs and office rationalisation.

 

Financing costs were in line with the prior year at £1.2m (2014: £1.1m) and included interest payable of £0.7m (2014: £0.7m) and bank charges of £0.4m (2014: £0.4m). 

 

Reported profit before tax was up 29% to £9.8m (2014: £7.6m).  Amortisation of intangibles decreased £0.9m to £3.7m (2014: £4.6m) due to intangibles from prior acquisitions becoming fully amortised.  Amortisation on Research and Development was £1.0m (2014: £0.9m) and amortisation on software licences increased to £0.7m (2014: £0.5m).  Restructuring charges of £1.0m (2014: £0.4m) relate to the internal reorganisation of the EIM division and the integration of Digital Spirit. 

 

The Group continues to invest in developing innovative technology solutions and has incurred capitalised Research and Development costs of £1.2m (2014: £1.0m).  Research and Development costs expensed in the period were £4.1m (2014: £5.4m).

 

Taxation

 

The effective tax rate for the period was 19.80% (2014: 22.91%). Work performed during 2015 resulted in a large overprovision which was reversed during the year. This work related primarily to the group R&D tax claim which lowered the final tax liability on 2014 profits, reflected in a lower effective tax rate for 2015.  The higher effective tax rate in 2014 was due to a higher proportion of UK profits being subjected to tax following the unwind of all UK trading losses in 2013, alongside partial derecognition of deferred tax assets in the US. Other factors decreasing the tax rate in 2015 include an increase in the R&D provision following detailed work performed during the year and non-provided tax repayments received in the UK and the US of £166,000 relating to historic loss carry backs.

 

Earnings per share and dividends

 

Adjusted earnings per share increased by 17% to 3.28p (2014: 2.80p). Adjusted diluted earnings per share increased by 17% to 3.13p (2014: 2.68p).

 

Basic earnings per share increased by 34% to 2.21p (2014: 1.65p).  Diluted earnings per share increased by 32% to 2.10p (2014: 1.59p). 

 

The Board proposes a final dividend 0.525p, an increase of 24% on the previous final dividend, giving a total dividend for the year of 0.85p and a 13% growth for the full year. This is in line with our progressive dividend policy for our dividends to track our earnings per share. Subject to shareholder approval at the forthcoming Annual General Meeting, the final dividend is expected to be paid on the 22^nd April 2016 to shareholders on the register at 8^th April 2016.

 

Balance sheet and cashflows

 

The Group's balance sheet continued to strengthen during the period and at 31 October 2015 net assets were £53.6m compared to £48.6m at 31 October 2014.

 

Cash generated from operating activities before tax as a percentage of Adjusted EBITDA was 53%, down from 81% in the previous year.  This was partly due to a significant number of orders and longer term contracts closed and delivered in October resulting in a large increase in debtors and accrued income at the year end. The change in mix in revenues this year has also had an impact with election revenues decreasing on the prior year.

 

The Group ended the period with net debt of £23.1m (2014: £15.8m) after utilising the facility for the acquisition of Cloud Amber (£3.75m paid in cash and a further £1.2m which will be utilized in the next financial year) and Reading Room (£5.6m). The Group's total signed debt facilities at 31 October 2015 stood at £40m, a combination of a £17m term loan and £23m revolving credit facility, split £25m with the Royal Bank of Scotland and £15m with the Silicon Valley Bank.

 

Deferred income, representing invoiced maintenance and SaaS contracts yet to be recognised in revenue, stood at £14.6m at 31 October 2015 (2014: £13.3m).  Accrued income, representing future cash flows from local authority longer term contracts increased to £13.2m (2014: £8.8m).

 

 

 

Consolidated Statement of Comprehensive Income for the year ended 31 October 2015

 

 

	Note		2015		2014
			£000		£000
Revenue	2		62,575		60,677
Cost of sales			(6,684)		(6,413)
Gross profit			55,891		54,264
Administrative expenses			(45,347)		(45,774)
Operating profit			10,544		8,490
Analysed as:
Earnings before depreciation, amortisation, restructuring, acquisition costs, corporate finance costs and share option costs			18,215		16,393
Depreciation			(785)		(813)
Amortisation			(5,480)		(5,953)
Restructuring costs			(1,025)		(365)
Acquisition costs			34		(148)
Corporate finance costs			-		(157)
Share option costs			(415)		(467)
Finance income			445		233
Finance costs			(1,226)		(1,144)
Profit before taxation			9,763		7,579
Income tax expense	3		(1,934)		(1,736)
Profit for the year			7,829		5,843
Other comprehensive income for the year Items that will be reclassified subsequently to profit or loss: Exchange losses on retranslation of foreign operations			(276)		(107)
Other comprehensive income for the year, net of tax			(276)		(107)
Total comprehensive income for the year attributable to owners of the parent			7,553		5,736
Earnings per share attributable to owners of the parent during the year
Basic	4		2.21p		1.65p
Diluted	4		2.10p		1.59p

 

  

 

Consolidated Balance Sheet

At 31 October 2015

 

 

					Restated
			2015		2014		2014
			£000		£000		£000
ASSETS
Non-current assets
Property, plant and equipment			1,077		1,449		1,449
Intangible assets			74,812		66,794		66,794
Deferred tax assets			1,649		1,570		1,570
Other receivables			4,956		3,256		2,262
Total non-current assets			82,494		73,069		72,075
Current assets
Trade and other receivables			26,713		17,852		18,846
Cash and cash equivalents			4,084		5,855		5,855
Total current assets			30,797		23,707		24,701
Total assets			113,291		96,776		96,776
LIABILITIES
Current liabilities
Trade and other payables			7,109		4,788		4,788
Other liabilities			19,083		16,649		16,649
Provisions			29		18		18
Current tax			1,815		1,003		1,003
Borrowings			2,428		7,397		7,397
Total current liabilities			30,464		29,855		29,855
Non-current liabilities
Deferred tax liabilities			4,357		4,038		4,038
Borrowings			24,831		14,293		14,293
Total non-current liabilities			29,188		18,331		18,331
Total liabilities			59,652		48,186		48,186
Net assets			53,639		48,590		48,590
EQUITY
Called up share capital			3,587		3,587		3,587
Capital redemption reserve			1,112		1,112		1,112
Share premium account			11,741		11,741		11,741
Treasury reserve			(1,271)		(1,001)		(1,001)
Share options reserve			1,900		1,636		1,636
Merger reserve			1,294		1,294		1,294
ESOP trust			(242)		(213)		(213)
Foreign currency retranslation reserve			(238)		38		38
Retained earnings			35,756		30,396		30,396
Total equity			53,639		48,590		48,590