Mind Gym PLC – MIND – Half year results

Mind Gym PLC – MIND – Half year results

Cerillion plc, the billing, charging and customer relationship management software solutions provider, presents its annual results for the 12 months ended 30 September 2020.

Highlights 

Financial:

·   All key financial performance measures reached record highs

·   Revenue1 rose by 11% to £20.8m (2019: £18.8m)

- recurring revenue2 contributed £6.0m (2019: £5.1m), 29% of total revenue

- at the year end, on an annualised basis, recurring revenue was up 57% year-on-year to £7.9m (2019: £5.0m)

·   New orders matched last year's record at £23.3m (2019: £23.3m) - consolidating 78% increase in 2019

·   Back-order book3 increased by 41% to £31.0m at the year-end (2019: £22.0m)

·   Adjusted EBITDA4 increased by 27% to £5.8m (2019: £4.6m)

- adjusted EBITDA margin rose to 27.9% (2019: 24.3%)

·   Adjusted profit before tax5 up by 7% to £3.7m (2019: £3.5m)

·   Adjusted earnings per share6 increased by 10% to 12.4p (2019: 11.3p)

·   Reported profit before tax up by 8.0% to £2.6m (2019: £2.4m)

·   Reported earnings per share up 13% to 8.8p (2019: 7.8p)

·   Net cash increased by 54% to £7.7m (2019: £5.0m)

·   Increased final dividend of 3.75p per share proposed (2019: 3.3p), bringing the total dividend for the year to 5.5p per share (2019: 4.9p), an increase of 12%

Operational:

·    Smooth adjustment to remote working in response to the coronavirus pandemic, with no significant impact to the sales processes, implementation projects or customer service

·    Largest ever contract won in September 2020 (£11.2m), continuing the trend of winning bigger contracts with larger customers

·    Strong pipeline of new business opportunities

·    The Board believes that Cerillion is well-positioned for further progress over the new financial year

Louis Hall, CEO of Cerillion, commented:

"Cerillion has delivered an excellent performance. Revenue, pre-tax profits and the back-order book are at record levels, and we closed our largest ever contract win in the final quarter of the financial year, continuing a trend of larger wins. While the coronavirus pandemic has created severe disruption globally, it has underlined the importance of critical infrastructure and services, including telecommunications, our core market.

"The business has adapted effectively to remote working and we start the new financial year with greater revenue visibility than at the beginning of any previous financial year. We have a strong new customer pipeline and view both short and longer-term prospects very positively."

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