|
€'000s |
|
2020 |
2021 |
2022e |
2023e |
2024e |
31-December |
|
|
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
INCOME STATEMENT |
|
|
|
|
|
|
|
Revenue |
|
|
37,636 |
50,223 |
61,440 |
71,000 |
88,000 |
Cost of Sales |
|
|
0 |
0 |
0 |
0 |
0 |
Gross Profit |
|
|
37,636 |
50,223 |
61,440 |
71,000 |
88,000 |
EBITDA |
|
|
4,760 |
1,742 |
4,660 |
9,000 |
15,781 |
Operating profit (before amort. and excepts.) |
|
|
819 |
(4,417) |
(2,704) |
1,442 |
8,223 |
Amortisation of acquired intangibles |
|
|
(656) |
(1,090) |
(1,350) |
(1,350) |
(1,350) |
Exceptionals |
|
|
0 |
110 |
0 |
0 |
0 |
Share-based payments |
|
|
0 |
0 |
0 |
0 |
0 |
Reported operating profit |
|
|
163 |
(5,397) |
(4,054) |
92 |
6,873 |
Net Interest |
|
|
(396) |
(1,461) |
(2,903) |
(2,305) |
(1,697) |
Joint ventures & associates (post tax) |
|
|
0 |
0 |
0 |
0 |
0 |
Exceptionals |
|
|
0 |
0 |
0 |
0 |
0 |
Profit Before Tax (norm) |
|
|
423 |
(5,878) |
(5,607) |
(863) |
6,526 |
Profit Before Tax (reported) |
|
|
(233) |
(6,858) |
(6,957) |
(2,213) |
5,176 |
Reported tax |
|
|
(599) |
229 |
2,296 |
730 |
(1,708) |
Profit After Tax (norm) |
|
|
296 |
(5,682) |
(3,757) |
(578) |
4,372 |
Profit After Tax (reported) |
|
|
(832) |
(6,629) |
(4,661) |
(1,483) |
3,468 |
Minority interests |
|
|
(34) |
0 |
0 |
0 |
0 |
Discontinued operations |
|
|
0 |
0 |
0 |
0 |
0 |
Net income (normalised) |
|
|
296 |
(5,682) |
(3,757) |
(578) |
4,372 |
Net income (reported) |
|
|
(866) |
(6,629) |
(4,661) |
(1,483) |
3,468 |
|
|
|
|
|
|
|
|
Average Number of Shares Outstanding (m) |
|
|
7.2 |
8.1 |
9.6 |
10.0 |
10.0 |
EPS - normalised (€) |
|
|
0.04 |
(0.70) |
(0.39) |
(0.06) |
0.44 |
EPS - normalised fully diluted (c) |
|
|
4.12 |
(69.77) |
(39.00) |
(5.77) |
43.64 |
EPS - basic reported (€) |
|
|
(0.12) |
(0.81) |
(0.48) |
(0.15) |
0.35 |
Dividend per share (c) |
|
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
Revenue growth (%) |
|
|
6.4 |
33.4 |
22.3 |
15.6 |
23.9 |
EBITDA Margin (%) |
|
|
12.6 |
3.5 |
7.6 |
12.7 |
17.9 |
Normalised Operating Margin (%) |
|
|
2.2 |
(8.8) |
(4.4) |
2.0 |
9.3 |
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
|
|
Fixed Assets |
|
|
39,007 |
168,468 |
167,204 |
176,653 |
184,875 |
Intangible Assets |
|
|
31,016 |
160,386 |
159,479 |
171,821 |
182,585 |
Tangible Assets |
|
|
7,216 |
7,351 |
6,345 |
3,845 |
1,345 |
Investments & other |
|
|
775 |
731 |
1,380 |
987 |
945 |
Current Assets |
|
|
17,086 |
18,369 |
8,435 |
4,221 |
3,738 |
Stocks |
|
|
0 |
0 |
0 |
0 |
0 |
Debtors |
|
|
3,923 |
7,018 |
8,416 |
9,532 |
11,814 |
Cash & cash equivalents |
|
|
12,074 |
8,653 |
(2,728) |
(8,057) |
(10,823) |
Other |
|
|
1,089 |
2,697 |
2,747 |
2,747 |
2,747 |
Current Liabilities |
|
|
(12,381) |
(89,171) |
(47,071) |
(34,558) |
(29,278) |
Creditors |
|
|
(2,747) |
(3,197) |
(3,227) |
(3,717) |
(4,283) |
Tax and social security |
|
|
(56) |
(214) |
(552) |
(638) |
(791) |
Short term borrowings (includes lease debt) |
|
|
(3,278) |
(73,095) |
(27,756) |
(24,756) |
(18,756) |
Other |
|
|
(6,300) |
(12,665) |
(15,536) |
(5,448) |
(5,449) |
Long Term Liabilities |
|
|
(10,768) |
(27,426) |
(22,438) |
(22,438) |
(22,439) |
Long term borrowings (includes lease debt) |
|
|
(7,641) |
(9,927) |
(7,423) |
(7,423) |
(7,423) |
Other long-term liabilities |
|
|
(3,127) |
(17,499) |
(15,015) |
(15,015) |
(15,016) |
Net Assets |
|
|
32,943 |
70,240 |
106,131 |
123,879 |
136,896 |
Minority interests |
|
|
0 |
0 |
0 |
0 |
0 |
Shareholders' equity |
|
|
32,943 |
70,240 |
106,131 |
123,879 |
136,896 |
|
|
|
|
|
|
|
|
CASH FLOW |
|
|
|
|
|
|
|
Operating Cash Flow |
|
|
3,765 |
(1,306) |
2,053 |
5,426 |
10,376 |
Working capital |
|
|
1,294 |
(1,149) |
(1,369) |
(625) |
(1,716) |
Exceptional & other |
|
|
1,037 |
4,721 |
659 |
1,627 |
3,459 |
Tax |
|
|
(154) |
(229) |
2,296 |
730 |
(1,708) |
Operating Cash Flow |
|
|
5,942 |
2,037 |
3,639 |
7,158 |
10,411 |
Capex |
|
|
(2,008) |
(3,149) |
(3,250) |
(3,250) |
(3,250) |
Acquisitions/disposals |
|
|
0 |
(96,428) |
(1,608) |
(2,310) |
0 |
Net interest |
|
|
(157) |
(1,636) |
0 |
0 |
0 |
Equity financing |
|
|
9,124 |
43,929 |
39,104 |
0 |
0 |
Dividends |
|
|
0 |
0 |
0 |
0 |
0 |
Other |
|
|
414 |
(2,772) |
(3,927) |
(3,927) |
(3,927) |
Net Cash Flow |
|
|
13,315 |
(58,019) |
33,958 |
(2,329) |
3,234 |
Opening net debt/(cash) |
|
|
13,472 |
(1,153) |
74,372 |
37,910 |
40,240 |
FX |
|
|
(199) |
126 |
0 |
0 |
0 |
Other non-cash movements |
|
|
1,509 |
(17,631) |
2,504 |
0 |
0 |
Closing net debt/(cash) |
|
|
(1,153) |
74,372 |
37,910 |
40,240 |
37,007 |
|