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Escher Group Holdings plc
Annual report 2011
11
Financial statements
Corporate governance
Business review
Overview
exceptional items and unusual costs,
the profit for the year increased by
US$0.8 million or 54% as a result
of the items previously mentioned.
Earnings per share
Basic EPS before exceptional items
was US$12.7c for 2011 for the year
compared to US$19.5c in the prior
year. Basic EPS for the year was
US$5.3 cent.
Cash
Escher raised US$25 million on
admission to AIM prior to expenses,
US$21.4 million net of expenses.
The net proceeds were used to
partially repay the debenture
and bank loans.
Development costs
During the year Escher capitalised
US$2.2 million (2010: US$1.0 million)
of internally generated intangible
assets. US$1.4 million related to
RiposteTrEx
and US$0.8 million
related for other products being
developed which will form part
of the
Riposte
suite of products.
Dividend
The Board does not propose
paying a dividend.
Trevor McIntyre
Finance Director
Escher Group Holdings plc
12 April 2012
Income statement adjusted for exceptional items and unusual costs
For an accurate year-on-year comparison, these costs have been added back
to operating profit below:
2011
US$'000
2010
US$'000
Year-on
-year
movement
US$'000
Year-on
-year
movement
%
Sales
13,862
13,959
(97)
(1%)
Cost of sales
(3,807)
(3,510)
(297)
8%
Gross profit
10,055
10,449 (394)
(4%)
Operating expenses
(6,733)
(6,355)
(378)
6%
Operating profit before exceptional items
3,322
4,094 (772)
(19%)
Add back:
Proof of concept contract win
708
— 708 100%
Proof of concept for a potential postal
authority contract
158
— 158 100%
Proof of concept for a message based
software
125
— 125 100%
Development of NFC
133
— 133 100%
Operating profit before exceptional
items and unusual costs
4,446
4,094
352
9%
Net finance costs
(1,347)
(1,858)
511
28%
Income tax charge
(544)
(769)
225
29%
Income tax adjustment for unusual items
(293)
— (293) (100%)
Profit for the year before exceptional
items and unusual costs
2,262
1,467
795
54%
On a comparable basis operating profit increased by US$352,000 or 9%
for the year ended 31 December 2011 compared to the prior year.
Adjusted EBITDA
2011
US$'000
2010
US$'000
Year-on
-year
movement
US$'000
Year-on
-year
movement
%
Operating profit excluding unusual costs 4,446
4,094
352
9%
Add back:
Depreciation
155
179
(24)
(13%)
Amortisation
358
34
324 953%
Adjusted EBITDA
4,959
4,307
652
15%