Dillistone Group Plc, the AIM quoted supplier of recruitment software for the international recruitment industry through its Dillistone Systems, Voyager Software and GatedTalent divisions, is pleased to announce its audited final results for the 12 months ended 31 December 2018.
Highlights for the year:
- Recurring revenues1 represent 82% (restated 2017: 82%) of Group revenue
- Adjusted operating profit2 of £0.055m (restated 2017: £0.459m) before acquisition intangible writes offs, reflecting the loss of the major contract announced in 2017 which reduced revenues by £0.625m compared to 2017 in a ten-month period
- Loss for the year of £0.260m (restated 2017: profit £0.057m)
- Adjusted basic EPS3 of 0.61p (2017: 3.73p)
- The Group continued to generate cash from operating activities resulting in cash at 31 December 2018 of £0.725m (2017: £1.390m) with borrowings of £0.404m (2017: £0.391m).
[2017 numbers have been restated for the introduction of IFRS 15, the new revenue recognition standard.]
Commenting on the results and prospects, Mike Love, Non-Executive Chairman, said:
“2018 was clearly a challenging year for the Group. The executive team has nevertheless worked tirelessly and, despite the challenges faced during the year of GDPR, the loss of a major client, the continued investment in new products and, during 2018, the implications of re-structuring to reduce our cost base, we are now well on our way to restoring Dillistone to healthy operating profits on a sustainable footing.”
Definitions:
1The component elements of recurring revenues are detailed in note 5.
2 Adjusted operating profit is statutory operating profit before acquisition costs, related intangible amortisation, movements in contingent consideration and other one-off costs. See note 4.
3. Adjusted basic EPS is computed from statutory profits after tax adjusted to exclude the post-tax effect of acquisition costs, related intangible amortisation, movements in contingent consideration and other one-off costs. See note 10
Results Webinar – Jason Starr, Chief Executive, and Julie Pomeroy, Finance Director, will be hosting a webinar to review the results at 3.00pm on Wednesday 8 May 2019. To register please visit https://attendee.gotowebinar.com/register/8156505307777159948 or contact Tom Cooper on tom.cooper@walbrookpr.com or 0797 122 1972.
Annual Report and Accounts – The final results announcement can be downloaded from the Company’s website (www.dillistonegroup.com). Copies of the Annual Report and Accounts (in addition to the notice of the Annual General Meeting) will be sent to shareholders by 31 May 2019 for approval at the Annual General Meeting to be held on 26 June 2019.
dillistone