Ingenta PLC – Final Results
Ingenta plc (AIM: ING) a leading provider of software and services to the global publishing industry, announces its final audited results for the year ended 31 December 2018.
Highlights
- Business reorganisation substantially complete.
- Cumulative cost reductions of £4m on an annualised basis achieved over the last 18 months.
- Company profile substantially de-risked with an ongoing annual cost base of approximately £9.5m.
- Revenues of £12.0m (2017: £14.7m) reflecting increased emphasis on higher quality contracts.
- Over 70% of the reported revenues highly visible and recurring in nature.
- Operating cash inflows of £2.4m in the year (2017: £2.7m), before expenditure on research and development of £1.9m and reorganisation costs of £0.8m.
- Cash balances at year end of £1.3m (2017: £2.1m) and £2.5m at the end of January 2019.
- Adjusted EBITDA* £0.8m (2017: £1.4m).
- Dividend of 1.5 pence per share proposed (2017: 1.5 pence).
- New contracts secured with a value of over £3.3m over 3 years, and an encouraging pipeline of further prospects.
*Adjusted EBITDA – earnings before interest, tax, depreciation, amortisation, gains / losses on revaluation, restructuring costs and foreign exchange gains / losses. See note 2 for details.
Scott Winner, Chief Executive Officer, commented:
“Our strategic move away from product silos towards a more client centric structure is starting to produce real results, and we look forward to 2019 with great enthusiasm. Our business is now leaner and focussed on delivering first class services for all our customers with significantly improved positioning for the next stage of our growth”.