Cerillion plc, the billing, charging and customer relationship management software solutions provider, today issues its interim results for the six months ended 31 March 2019.
Well-positioned to deliver full year targets
- Continued encouraging progress with new business opportunities not yet reflected in results but expected to come through in H2
- Revenue of £7.0m (2018: £8.4m) reflected timing of major contract closures
– a major contract worth $8.3m was signed in February 2019 with a US-based telecoms provider – one of Cerillion’s largest wins to date
– additional major contracts, worth over £10m, are in final stage negotiations
- Annualised run-rate of recurring revenue at 31 March 2019 was £5.05m, 22% higher year-on-year
- Back order book2 remained strong at £15.4m (2018: £15.4m)
- Adjusted EBITDA3 of £0.4m (2018: £1.6m)
- Adjusted loss before tax4 of £0.7m (2018: adjusted profit before tax of £0.7m)
- Adjusted loss per share5 of 2.45p (2018: adjusted earnings per share of 2.19p)
- Net cash as at 31 March 2019 increased to £2.6m (2018: £2.5m)
- Interim dividend increased by 7% to 1.6p (2018: 1.5p)
- Gartner designated Cerillion in the ‘Visionaries’ segment of its annual Magic Quadrant6report – for the third successive year
- The Board believes that the Group is well-positioned to deliver its full year targets
Louis Hall, CEO of Cerillion, commented:
“Cerillion has continued to make good progress and the Company’s overall pipeline of new business is up by a third, year-on-year. This includes two significant contracts that we expect to close in this financial year. Results in the first half reflect the timing of contract closures, and while results are below last year’s level, we believe that the Company remains well-positioned to deliver its full year performance targets.
“Cerillion’s offering in the marketplace remains very strong. In February 2019, we secured one of the Company’s largest contracts to date and, in the same month, the Company was ranked in the Visionaries quadrant of Gartner’s latest Magic Quadrant6 report on leading business support system vendors.
“The second half has started well, and we look forward to continuing our track record of steady year-on-year revenue and earnings growth.”
- Recurring revenue includes annualised support and maintenance, managed service and Cerillion Skyline revenue.
- Back order book consists of £11.4m of sales contracted but not yet recognised at the end of the reporting period plus £4.0m of annualised support and maintenance revenue. It is anticipated that 75% of the £11.4m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within the next 12 to 24 months.
- Adjusted EBITDA is a non-GAAP, company-specific measure, which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation, share-based payments charges and additional property costs.
- Adjusted profit before tax is a non-GAAP, company-specific measure, which is earnings excluding taxes, share-based payments charges and additional property costs. After adding back £0.5m of amortisation of acquired intangibles, the adjusted loss before tax was £0.2m (2018: adjusted profit before tax of £1.2m).
- Adjusted loss/earnings per share is a non-GAAP, company-specific measure which is earnings after taxes, excluding share-based payments charges and additional property costs. After adding back £0.5m of amortisation of acquired intangibles, the adjusted loss per share was 0.77p (2018: earnings per share of 3.87p).
- Magic Quadrant for Integrated Revenue and Customer Management (“IRCM”) for CSPs. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.The Gartner Report(s) described herein, (the “Gartner Report(s)”) represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. (“Gartner”), and are not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of these Financial Statements) and the opinions expressed in the Gartner Report(s) are subject to change without notice.