FY22 Final Results

About this update from Calnex Solutions Plc

[{"type":"text","content":"\n \n \n 24 May 2022 \n \n \n \n Calnex Solutions plc \n \n \n \n \n (\"Calnex\", the \"Company\" or the \"Group\") \n \n \n \n \n FY22 Final Results \n \n \n \n \n   \n \n \n \n Calnex Solutions plc (AIM: CLX) provides test and measurement solutions for the global telecommunications sector and \n is pleased to announce its audited results for the 12 months ended 31 March 2022 (\"FY22\" or the \"Year\"). \n \n \n \n Financial Highlights \n \n \n \n \n \n \n \n \n £000 \n \n \n \n \n \n \n  FY22 \n \n \n \n \n \n \n FY21 \n \n \n \n \n \n \n YOY  % change \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Audited \n \n \n \n \n \n \n Audited \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n 22,046 \n \n \n \n \n \n \n 17,978 \n \n \n \n \n \n \n 23% \n \n \n \n \n \n \n \n Underlying EBITDA 1 \n \n \n \n \n \n 6,351 \n \n \n \n \n \n \n 5,496 \n \n \n \n \n \n \n 16% \n \n \n \n \n \n \n \n Adjusted profit before tax 1 \n \n \n \n \n \n 5,973 \n \n \n \n \n \n \n 5,068 \n \n \n \n \n \n \n 18% \n \n \n \n \n \n \n \n Adjusted basic EPS (pence) 1,2 \n \n \n \n \n \n 5.19 \n \n \n \n \n \n \n 5.83 \n \n \n \n \n \n \n (11%) \n \n \n \n \n \n \n \n Adjusted diluted EPS (pence) 1,2 \n \n \n \n \n \n 5.00 \n \n \n \n \n \n \n 5.21 \n \n \n \n \n \n \n (4%) \n \n \n \n \n \n \n \n Closing cash and fixed term deposits 3 \n \n \n \n \n \n 15,357 \n \n \n \n \n \n \n 12,668 \n \n \n \n \n \n \n 21% \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Statutory measures \n \n \n 4: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit before tax \n \n \n \n \n \n 5,973 \n \n \n \n \n \n \n 3,647 \n \n \n \n \n \n \n 64% \n \n \n \n \n \n \n \n Basic EPS (pence) \n \n \n \n \n \n 5.19 \n \n \n \n \n \n \n 4.68 \n \n \n \n \n \n \n 11% \n \n \n \n \n \n \n \n Diluted EPS (pence) \n \n \n \n \n \n 5.00 \n \n \n \n \n \n \n 4.18 \n \n \n \n \n \n \n 20% \n \n \n \n \n \n \n \n \n   \n \n \n \n · \n Revenue growth of 23% to £22.0m (FY21: £18.0m) as a result of robust trading performance, reflecting continued high demand for our range of test and measurement solutions. \n \n \n · \n Growth in adjusted profit before tax of 18% to £6.0m (FY21: £5.1m). \n \n \n · \n Closing cash position, including fixed term deposits, of £15.4m (31 March 2021: £12.7m). \n \n \n · \n Proposed final dividend of 0.56 pence per share, making a total of 0.84 pence per share for FY22. \n \n \n   \n \n \n \n Operational Highlights \n \n \n \n \n   \n \n \n \n · \n Strong demand for test instrumentation, with new product launches in FY22 well received by customers. \n \n \n · \n Core business supplemented by expansion into O-RAN testing for 5G standards and data centre engagements which continue to drive the requirement for performance testing. \n \n \n · \n Increased staffing levels across business development, sales, R&D and support roles, to support growing customer demand, new product development and maximise exposure in new and existing territories. \n \n \n · \n Maintained timely shipments to customers, whilst continuing to navigate the semiconductor component shortage. \n \n \n \n \n \n \n \n Post Period End Highlights \n \n \n \n \n   \n \n \n \n · \n Acquisition of iTrinegy Limited (\"iTrinegy\") successfully complete in April 2022, a leading developer of Software Defined Test Networks technology for the software application and digital transformation testing market, representing Calnex's move into an attractive new market. \n \n \n · \n Awarded two 2022 Queen's Awards for Enterprise: Innovation and International Trade. \n \n \n   \n \n \n \n Outlook \n \n \n \n \n   \n \n \n \n · \n The business continues to benefit from the evolutionary trends affecting the telecoms sector, notably in 5G and cloud computing. Demand for test equipment therefore remains strong and Calnex begins FY23 with a record order book. \n \n \n · \n The Board remains aware of potential effects of the global semiconductor component shortage on the business,although the Group has successfully navigated the challenges to date. \n \n \n ·     \n As a result of the continued high demand for Calnex's products and services, and the Group's record order book, the Board is confident of achieving another successful year of growth in FY23. \n \n \n \n   \n \n \n \n \n Tommy Cook, Chief Executive Officer and founder of Calnex, said: \n \n \n \n \n   \n \n \n \n \n \"It is with great pride that we are presenting such a strong set of results for Calnex, in what has been a complicated year. To deliver record performance, exceeding market expectations, whilst dealing with the effects of a global pandemic and global semiconductor component shortages, is truly exceptional. The strength and quality of the Calnex team and the relationships we hold has never been more apparent. \n \n \n \n \n   \n \n \n \n \n The transition to 5G and growth in cloud computing continues to drive demand for test instrumentation and Calnex is in a strong position to continue benefitting from these market trends. We have made good progress in executing on our strategy, paving the way for accelerated future growth. The recent acquisition of iTrinegy represents a move into a new adjacent market and we anticipate accelerated sales in the long-term. Furthermore, we have invested in our team and resources, the continued positive response to the new product launches provides optimism with regards to the long-term demand for our offering. \n \n \n \n \n   \n \n \n \n \n Whilst looking to the future with a degree of caution given the continuing component shortage situation, we can take confidence from the ability with which we have managed the situation to date, successfully shipping scheduled orders as planned. We move into FY23 with a record order book and look to the future with a strong sense of optimism.\" \n \n \n \n \n   \n \n \n \n \n For more information, please contact: \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Calnex Solutions plc \n \n \n \n \n \n Via Alma PR \n \n \n \n \n \n \n Tommy Cook, Chief Executive Officer \n \n \n Ashleigh Greenan, Chief Financial Officer \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cenkos Securities plc - NOMAD \n \n \n \n \n \n +44 (0)131 220 6939 \n \n \n \n \n \n \n Derrick Lee, Peter Lynch \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Alma PR \n \n \n \n \n \n + 44(0) 20 3405 0213 \n \n \n \n \n \n \n Caroline Forde, Hannah Campbell, Joe Pederzolli \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n Overview of Calnex \n \n \n \n \n   \n \n \n \n Calnex Solutions designs, produces and markets test and measurement instrumentation and solutions for the telecoms and cloud computing industries. Calnex's portfolio enables R&D, pre-deployment and in-service testing for network technologies and networked applications, enabling its customers to validate the performance of the critical infrastructure associated with telecoms and cloud computing networks and the applications that run on it. \n \n \n To date, Calnex has secured and delivered orders to over 680 customer sites in 68 countries across the world. Customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Meta. \n \n \n   \n \n \n Founded in 2006, Calnex is headquartered in Linlithgow, Scotland, with additional locations in Belfast, Northern Ireland, Stevenage, England and California in the US, supported by sales teams in China and India. Calnex has a global network of partners, providing a worldwide distribution capability.  \n \n \n \n   \n \n \n \n \n Chairman's Statement \n \n \n \n \n   \n \n \n \n \n Overview \n \n \n \n \n   \n \n \n \n I am pleased to report on another year of strategic progress and increased momentum at Calnex. We have experienced a record increase in demand for our range of test and measurement solutions and continued to evolve as a listed business. These successes are testament to the strength of our product offering and the long-standing customer relationships the Group has developed across our key markets. The strong performance, coupled with the Group's focus on innovation and investment in people, has delivered another step forward for Calnex which, alongside a record order book as we enter FY23, points to the Group's ability to deliver significant, sustainable growth over the coming years. \n \n \n   \n \n \n \n Results \n \n \n \n \n   \n \n \n \n The Group delivered record levels of trading in both halves of the year, successfully fulfilling all scheduled orders to finish the year strongly. This was aided by the introduction of new regulation and standards for the telecoms industry, and the growth in cloud computing, which continued to drive demand for Calnex's products. The management team successfully navigated the challenges of the semiconductor supply chain, reducing its impact on our ability to manufacture and ship products. \n \n \n   \n \n \n The Group delivered revenue growth in FY22 of 23% to £22.0m (FY21: £18.0m) and adjusted profit before tax growth of 18% to £6.0m (FY21: £5.1m) (refer to note 32 for calculation of alternative performance measures), whilst ending the year with a closing cash figure, including fixed term deposits, of £15.4m (FY21: £12.7m). \n \n \n   \n \n \n \n Acquisition \n \n \n \n \n   \n \n \n \n To realise our ambition to be the leading provider of test and measurement solutions for the global telecommunications sector, part of our strategy includes growth through acquisitions. With a proven track record of identifying and targeting attractive market niches, alongside the successful IPO in October 2020 which provided the Group with the funds to invest, Calnex is well positioned to capitalise on opportunities to acquire new products or technologies which could be enhanced by applying the Company's technical skills, operational capabilities and distribution channels. \n \n \n   \n \n \n We were therefore delighted to announce in April 2022 the acquisition of iTrinegy, a developer of Software Defined Test Networks (SDTN) technology for the software application and digital transformation testing market. This is our first acquisition since IPO and it is expected that iTrinegy will benefit from Calnex's track record in building, supporting and growing a reseller network, particularly into the US, to accelerate sales. \n \n \n   \n \n \n \n ESG \n \n \n \n   \n \n \n The attitude of Calnex towards caring for its people and the communities around it has always been a key feature of the business. As part of our journey to continually improve our performance, in a traditionally male dominated industry, we are focused on ensuring a diverse workforce with a good level of female representation on both our Board and executive management team. The Group has successfully utilised its license to hire from overseas this year as part of its recruitment campaign. Bringing people from other countries from different cultures with different life experiences enhances the Group through the blending of varied career experiences into its innovative team. \n \n \n   \n \n \n The environmental impact of our operations are also important considerations. The Board oversees a policy of active awareness of how best to incorporate effective environmental goals into the Group's strategic decisions, operations and supply chain. The Group has set-up an employee-led Social Responsibility team who have a dedicated fund assigned to allow them to provide meaningful support to social and environmental charities and events that are important to its employees.  The Board's commitment to assign 1% of profits to this initiative underlines the importance we see in supporting our staff in making meaningful impacts from our business success to projects that our staff care about. As a Board, we are also committed to high standards of corporate governance and oversight. The approach we take is set out in detail in the Principal Risks and Uncertainties, s172 and Corporate Governance sections of this report. \n \n \n   \n \n \n While we have no operations or customers in Russia, the Ukraine or Belarus, we are shocked by the human tragedy that is unfolding and cognisant of the risks it poses to all businesses in the way of increased inflationary pressures. We are confident that we have robust financial management measures in place to protect our operating margins as we progress through FY23. \n \n \n   \n \n \n \n People \n \n \n \n \n   \n \n \n \n The progress we have made since the IPO is a tribute to Calnex's employees' expertise and knowledge and this has never been more true than during this year. Their energy and commitment to providing leading test and measurement solutions throughout the world, during the pandemic, and the challenging wider macroeconomic environment, has not wavered and I would like to thank all our staff across the globe for their hard work. As we continue to trade well, despite the challenging environment, a key focus for the business remains on ensuring the wellbeing of our employees and providing them with the support required to succeed in their roles at Calnex. \n \n \n   \n \n \n \n Looking ahead \n \n \n \n \n   \n \n \n \n Calnex has continued to progress against its strategy in FY22. We see the increased demand for our range of test and measurement solutions across all key geographies as a clear demonstration that the business has built the right platform to succeed, even in a challenging macroeconomic environment. \n \n \n   \n \n \n We are proud to have many of the world's leading players in the continually evolving telecoms market as customers.  With a proven track record in innovation, an emerging exciting opportunity within cloud computing, continued underlying growth drivers in the telecoms market, an enlarged product offering and a strong order book as we head into FY23, I am confident in Calnex's ability to continue to deliver on its growth strategy and create value for all shareholders. \n \n \n   \n \n \n   \n \n \n \n George Elliott \n \n \n \n Non-Executive Chairman \n \n \n \n 23 May 2022 \n \n \n \n \n \n   \n \n \n \n \n \n \n \n CEO's Statement and Operational Review \n \n \n \n   \n \n \n I am pleased to report on another strong set of results for the year ended 31 March 2022. It has been a positive period for the Group in which we have made strong strategic progress as well as experiencing continued high demand for our range of test and measurement solutions, delivering results considerably ahead of our initial expectations for the year. \n \n \n   \n \n \n As I look across the business, it is reassuring to see growth across all our product lines - with no one area driving our performance, but rather a consistent uplift in all areas, which combined, have contributed to the continued successful evolution of Calnex as a public company. \n \n \n   \n \n \n We are pleased to be reporting such a strong performance despite also having to deal with the global components' shortage. Working alongside our contract manufacturer, Kelvinside Electronics, our team have successfully mitigated the shortages to date and shipped all scheduled orders as planned. We continue to monitor the situation closely, implementing new purchasing processes to ensure we can continue to manage these challenges, and I would like to thank both the Calnex and Kelvinside teams for their skill in successfully navigating this dynamic situation thus far. The global component shortage looks likely to continue for much of FY23 and we will continue to work closely with Kelvinside to navigate our way through the challenges until the situation eases. \n \n \n   \n \n \n The Group's performance during the year has been enhanced by the introduction of industry regulation such as the new O-RAN standards that continue to drive the requirement for performance testing, whilst the transition to 5G and growth in cloud computing continue to drive demand from both new and existing customers, across each of our customer categories. We are fortunate to operate in a sector not severely impacted by the consequences of dealing with the COVID-19 pandemic, which, if anything, has highlighted the need for robust, fast broadband and resilient telecoms networks and infrastructure. \n \n \n   \n \n \n Calnex's record order book as we head into FY23 provides confidence in our ability to deliver significant, sustainable growth over the coming years. Whilst bringing only modest increases to revenue and profit in FY23,  the acquisition of iTrinegy is anticipated to be an important contributor to Calnex profit in future years, further underpinning the sense of Group wide optimism moving forwards.  \n \n \n   \n \n \n \n Customer metrics \n \n \n \n \n   \n \n \n \n We were pleased to have seen consistency in our customer metrics in the year. The number of customers who ordered from us this year increased by 34 to 233 (FY21: 199 customers), our top 10 customers accounted for 53% of orders (FY21: 46%), 79% of our orders in the year were from repeat customers (FY21 80%) and alongside growth in our telecoms orders we maintained the proportion of orders coming from non-telecoms customers at 23% (FY21: 23%). Our geographic spread of orders across the regions show Americas and ROW each receiving 35% of orders and North Asia receiving 30%, over a 3 year average basis. \n \n \n   \n \n \n \n Transition to 5G and growth in Cloud Computing \n \n \n \n \n   \n \n \n \n The transition to 5G and the growth in cloud computing continue to drive demand for test instrumentation, from both new and existing customers, across each of the Group's customer categories. The requirement for design validation, and conformance and maintenance testing is more prevalent than ever as new standards and technology movements drive the need for network operators, equipment and component vendors plus hyperscale/enterprise customers to validate equipment and network performance. \n \n \n   \n \n \n In the build out of the mobile network, referred to as \"5G\", the interest in vendors producing equipment conforming to the O-RAN recommendations has grown significantly over the period, opening opportunities for Calnex to engage with new customers. The growth in data centres continues with a recent report suggesting there are already over 8,000 data centres across the world, with the US hosting the largest share. Along with UK, Germany and China, these four countries host around 50% of all Data Centres7. Such evolutionary trends have the potential to bring significant change to the telecoms sector and underpin the Group's confidence in making further progress during the current financial year and beyond. \n \n \n \n   \n \n \n \n \n Product innovation to support the transition to 5G and growth in cloud computing \n \n \n \n \n   \n \n \n \n Continued product innovation has allowed the Group to execute on its growth strategy to capitalise on the transition to 5G and expand into adjacent markets, such as cloud computing and the data centre market. \n \n \n   \n \n \n \n Lab Synchronisation (Paragon-Neo) \n \n \n \n \n   \n \n \n \n The introduction of support for very high-speed interfaces (up to 400Gb/s) as well as the various interface formats used in very high-speed interfaces (e.g. PAM4) has had the expected positive impact on customer engagement and sales. The other dynamic that resulted in growth in this product family was the demand from companies looking to build equipment that conforms to the recommendations produced by the O-RAN Alliance. This demand came from both established customers looking to verify existing equipment or develop new equipment that will be sold as compliant to the O-RAN recommendations, and new customers seeking to establish a presence in the market. \n \n \n   \n \n \n \n Network Synchronisation (Sentinel & Sentry) \n \n \n \n \n   \n \n \n \n The release in June 2021 of the new 5G OTA (Over-the-air) capability in Sentinel, Calnex's Field Sync solution, has resulted in significant interest from potential customers. This second-generation OTA implementation not only addresses 3G, 4G and the emerging 5G signal formats, but also offers an enhancement feature set in all formats to expand the insight it provides to operation. \n \n \n   \n \n \n In addition, the implementation of time distribution across data centres is creating a secondary market for testing of time distribution accuracy inside data centres. Sales to hyperscale customers who are investing in their data centre operations are progressing well, and Calnex has already received a considerable order for delivery in FY23, which we will look to replicate across other hyperscale customers in the future. To align the product portfolio with this emerging opportunity, a new version of our Network Synchronisation Product, Sentry, will be released early in FY23. The product will heavily leverage the technology in Sentinel but with a form, fit and function optimised for the data centre environment. This new format will enhance the ability to engage with potential data centre customers by strengthening its usability in the data centre environment.  \n \n \n   \n \n \n Growth in the primary market and increasing penetration of the emerging market has enabled Calnex to perform ahead of the Board's initial expectations for FY22, with a positive outlook moving forward. \n \n \n   \n \n \n \n Cloud & IT, Infrastructure Verification (SNE & Attero) \n \n \n \n \n   \n \n \n \n Calnex's Network Emulation products, which target customers developing Infrastructure products (e.g. Ethernet switches, routers, SD-WAN equipment), continued to make good progress this year.  O-RAN, mentioned earlier in connection with the Lab Sync products, has also impacted positively on this product line. The O-RAN Alliance provides a number of recommendations for equipment deployed in the RAN network. Synchronisation is only one element of the functionality specified.  Calnex's SNE and Attero products are being utilised to verify performance to other aspects of these recommendations. \n \n \n   \n \n \n This year, the Group expanded its portfolio by releasing a new Virtual SNE (network emulation) product, targeting engineering teams developing infrastructure products for deployment in networks hosted in cloud computing environments. While demand is at early stage, the value is in the strategic positioning of the portfolio to track this trend as and when it grows momentum. \n \n \n \n   \n \n \n \n \n Cloud & IT, Applications Verification (iTrinegy acquisition) \n \n \n \n \n   \n \n \n \n In April 2022, we completed the acquisition of iTrinegy Limited, a leading developer of Software Defined Test Networks technology for the software application and digital transformation testing market. NE-ONE hardware and software-based Network Emulation platforms provide organisations, primarily across the technology, financial, gaming and military / government sectors, with the ability to accurately recreate complex, real-world network test environments in which to analyse and verify the performance of applications, before deployment. \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n 7 \n \n \n Data Centres Around the World: A Quick Look\", United States International Trade Commission \n \n , May 2021 \n \n \n \n   \n \n \n \n The acquisition of the NE-ONE Network Emulation platform enhances Calnex's positioning as both the leading Synchronisation Verification test vendor, and the only company with a broad range of Network Emulation tools that provide an unparalleled range of Network Emulation solutions for a wide range of customers and customer needs. The acquisition of iTrinegy is consistent with our strategy to address a new customer base and move to open a new market. iTrinegy is being acquired on a debt free, cash free basis and we plan to invest for growth in the business. The focus to date has been to integrate iTrinegy's team into Calnex and provide support to the new team members, whilst ensuring that iTrinegy is aligned with Calnex's growth aspirations. \n \n \n   \n \n \n \n Financial performance \n \n \n \n   \n \n \n Calnex experienced another year of strong trading. The 23% growth in revenue to £22.0m (FY21: £18.0m) is a result of the continued strong demand for telecoms testing equipment across the Group's core markets. Revenues from the Americas region increased 23%, whilst the Rest of the World experienced a 31% uplift. North Asia revenues grew by 14% after a flat first half due in part to the ongoing geopolitical tensions between the US and China. Given the overall growth in revenues, Americas account for 32% of total revenues (FY21: 32%), ROW 37% (FY21: 35%) and North Asia 31% (FY21: 33%).  \n \n \n   \n \n \n The Group's adjusted profit before tax grew by 18% to £6.0m (FY21: £5.1m), ahead of the Board's initial expectations, reflecting the uplift in revenues and the Group's on-going investment in the business. This year saw the Group invest in additional business development resources, placing more sales personnel in regions that are experiencing strong growth, such as the US and India, as well as adding to the operational teams to support growth.  The Group ended the year with a healthy closing cash position, including fixed term deposits, of £15.4m (31 March 2021: £12.7m). \n \n \n \n   \n \n \n \n \n Operations \n \n \n \n   \n \n \n We have an ethos of continuous improvement, actively seeking to enhance our performance, improve efficiencies and deliver at scale. In recent years, we went through a significant evolution of our ISO 9001 certified Quality Management System to utilise a more systematic auditing approach to promote continuous improvement. Last year, these changes were 'institutionalised' into the organisation to make them a regular part of the way we manage, assess and enhance the way we operate across the business. As the organisation grows, we plan to regularly assess our structure to review the roles and responsibility of each staff member to identify where growth has resulted in the need for new full-time roles that previously were part of someone's responsibility. The management team hold quarterly meetings to discuss organisational effectiveness to identify where growth is leading to change, and ensure these changes are implemented in order to maintain performance. \n \n \n   \n \n \n People \n \n \n   \n \n \n We continue to invest in talent globally, to support and enhance the fantastic work of our team, whose commitment continues to drive the business forward. Such investment in talent, particularly within the R&D division, is part of the Group's on-going growth strategy and will continue to be a big part of our investment over the coming period. We have hired 19 new staff over the last 12 months, bringing our total headcount to 123 at the year end, which has subsequently increased to 136 at the date of this report, following the acquisition of iTrinegy. The recruitment market remains challenging with many companies seeking to hire; however, at present Calnex is able to attract talented people. The Group is also utilising its overseas sponsor license to hire from outside of the UK to strengthen and diversify its teams. \n \n \n   \n \n \n In August 2021, we recruited a new Vice President of Operations who is tasked with advancing Calnex's internal order fulfilment capabilities. These activities will enhance processes and procedures to ensure the Group's manufacturing capacity continues to evolve in a sustainable way. The ongoing challenges created by component shortages have reinforced the value of the new approaches being put in place to increase our resilience to handle growth, month-to-month variation in specific product demand and handle the challenges of sourcing components in a dynamic environment.  Such investment is aligned with our growth strategy, and we expect this to continue in the coming period as we scale the business. \n \n \n   \n \n \n We have also recently engaged an experienced executive with significant sector experience to join our management team to assist with our strategic development, and we expect this appointment will enable us to accelerate our investigations into possible additional acquisition and strategic partnership opportunities. \n \n \n   \n \n \n Our staff have returned to the office under a hybrid model and our experiences from the enforced lockdowns have allowed us to enhance our working environment for all. Whilst travel costs associated with customer site visits have remained low during the year, the sales team are slowly starting to hold face-to-face customer interaction again. We expect the volume of travel to ramp up through the year as each region/country opens up post COVID restrictions. \n \n \n   \n \n \n Suppliers & partners \n   \n \n \n \n   \n \n \n \n Calnex has two key partnerships, namely with our contract manufacturer, Kelvinside Electronics, and with Spirent Communications plc, providing a sales channel for a significant proportion of our sales.  In both cases, the relationships are long established (with Kelvinside since 2007 and Spirent since 2013) and mutually beneficial.  We continue to work collaboratively with our partners to identify areas for improvement, understanding there are always opportunities to execute better to the mutual benefit of both parties. For example, the most recent focus in Kelvinside/Calnex management discussions has been to enhance the way we forecast build quantities and enhance inventory management approaches to increase robustness against potential changes in component lead times.  \n \n \n   \n \n \n Community & environment \n   \n \n \n \n   \n \n \n \n For a number of years, Calnex has had an active Social Responsibility program, assigning a quarterly budget to charitable donations, organising fund raising events and time off work for employees to participate in community projects. The Board have agreed to increase the funding in FY23 onwards, to strengthen and solidify our commitment to social, charitable and environment projects that are important to our employees. \"Make a meaningful contribution\" is at the core of the ethos. The Board has committed to assigning to the fund the equivalent of 1% of the profits we generate, which will be at the disposal of an employee-led group.  \"Meaningful\" can mean matched funding to funds raised by employees and/or employees' families to make \n more significant donations to charity or environmental projects to which our employees have a connection. 1% of Calnex profits will not change the world, but it is a substantial amount that can be used to make a meaningful impact on community groups and charities that have relevance in our employees' lives, enabling our employees to contribute to their communities through their work at Calnex. \n \n \n   \n \n \n \n Outlook \n \n \n \n \n   \n \n \n \n The transition to 5G and growth in cloud computing continues to drive demand for test instrumentation and Calnex is in a strong position to continue benefitting from these market trends. We have made good progress in executing on our strategy, paving the way for accelerated future growth. The recent acquisition of iTrinegy represents a move into a new adjacent market and we anticipate accelerated sales in the long-term. Furthermore, we have invested in our team and resources, the continued positive response to the new product launches provides optimism with regards to the long-term demand for our offering. \n \n \n   \n \n \n Whilst looking to the future with a degree of caution given the continuing component shortage situation, we can take confidence from the ability with which we have managed the situation to date, successfully shipping scheduled orders as planned. We move into FY23 with a record order book and look to the future with a strong sense of optimism. \n \n \n   \n \n \n \n Tommy Cook \n \n \n \nChief Executive Officer \n23 May 2022 \n \n \n   \n \n \n   \n \n \n   \n \n \n ESG \n \n \n Being responsible at Calnex \n \n \n Calnex is a \"people first\" company built on trust and respect. Not only for each other but also for the environment and for the local communities of our employees across the globe, where we do whatever we can to make a meaningful impact. \n \n \n Calnex is an innovative and forward-thinking business where our employees are encouraged to share their views, contribute to decision making, challenge behaviours and improve our processes to make a positive contribution to business success.  This is reflected in the approach we take to delivering leading-edge test and measurement solutions for 5G networking and wireless technologies. \n \n \n   \n \n \n Our focus is increasingly on delivering platform products that enable software upgrades in line with customers' aspirations. We can't control how our customers use our products but we can influence how they benefit from additional functionality without the need for additional hardware. Thanks to the skills of our team, our in-depth knowledge, and market insight, our customers enjoy hardware longevity typically between 15 and 20 years. \n \n \n   \n \n \n Our software-first approach significantly reduces the impact our products have on the environment by building in best-in-class longevity and providing long-term expert support through cutting-edge upgrades that anticipate customer requirements. \n \n \n Although already a low environmental impact business, the senior management team, and our staff, are keen to do more to tackle the environmental challenges facing the planet so we've launched an initiative to become an ISO14001 certified business by 2023 and established an employee-led environmental, social & charity team. \n \n \n Starting this year, the Board has committed to build a Social Responsibility fund into our Financial Plan equal to 1% of the profits we generate. An employee-led team (with senior management sponsorship) will consider proposals from employees for donations or support for groups and/or events that matter to them. The Calnex Executive team want to support groups local to our employees and offices and empower our employees to make a difference in their community by directing their employer to support activities/groups that they truly care about. \n \n \n We also encourage employees to donate their time to make meaningful contributions. Group activities such as planting trees, re-planting local flower beds, helping out at food banks, etc., are beneficial in so many ways. Beyond the obvious benefit of the primary task and the psychological benefit from making a positive contribution, we recognise how significantly such activities boost team spirit and engender pride in being associated with a company that helps our employees make a meaningful, local difference.  \n \n \n We also work closely with the UK Electronics Skill Foundation (UKESF), supporting the future talent of Engineering in providing student placements and supporting STEM education and development. \n \n \n Our continued success at Calnex, together with the diversity of our employees, enables us to make meaningful contributions all over the world. Guided and driven by what is important to our teams, we are committed to use the resources we have at our disposal to support events, charities and groups to demonstrate our commitment to Environmental, Social and Governance responsibilities. \n \n \n \n Products \n \n \n \n Our products are innovative, leading-edge test and measurement solutions for designers and operators of the equipment and infrastructure that enables 5G networking and wireless technologies.  5G technologies provide enhanced mobile broadband, mission critical communications and the Internet of Things, all of which have a significant global impact across many aspects of society and industry.   \n \n \n Our approach to product development is as follows: \n \n \n · \n we develop hardware platforms that can be enhanced with downloadable software upgrades in line with customers' ever-changing needs. For example, both our \n Paragon-X and Sentinel platforms, introduced in 2010, and 2013 respectively, are still supported by the Company.  \n \n \n · \n our products are built into test racks where they remain for as long as the customers' products are supported.  Customers expect their products, once deployed in networks, to be utilised for 15-20 years. \n   \n \n \n · \n this longevity feeds back through the supply chain as our customers now expect that same longevity from test   equipment vendors \n \n \n · \n our products are manufactured by a highly skilled contract manufacturer, Kelvinside Electronics, whose close proximity allows for excellent two-way support and communication regarding the complex technical challenges of building and testing our products.  \n \n \n · \n our bespoke product packaging is manufactured by a local supplier with a comprehensive environmental policy including a focus to reduce, reuse and recycle all packaging materials wherever possible. \n \n \n   \n \n \n \n Environment \n \n \n \n Both Calnex's operational processes and our products have a low environmental impact. \n \n \n The majority of our staff are office-based and have the ability to work part of the week from home where their duties allow them to, performing their operations using computer and internet-based services.  Our contract manufacturer, Kelvinside Electronics, is ISO14001 certified.  Our products sales and customer support services are managed by locally-based partners together with Calnex support staff which greatly minimises global travel.  \n \n \n Our company HQ and the majority of our operations are based in serviced premises leased from Oracle in Linlithgow. Calnex use the waste recycling services provided by Oracle.  Oracle have also invested in efficient lighting and air conditioning systems to help minimise energy consumption on site.  \n \n \n The small amount of electrical component and circuit board waste we generate is disposed of in accordance with the WEEE regulations. \n \n \n Our products are designed as platforms enabling our customers to take advantage of future software upgrades and hardware longevity. \n \n \n Despite being a low environmental impact business, we've launched an initiative to become an ISO14001 certified business by 2023. The ISO14001 standard defines a framework to formally manage the environmental impact of our business operations and products.  Our recent positive experience and benefits of adopting the ISO9001 standard for our Quality Management System has spurred us on to secure the Environmental standard, ISO14001. \n \n \n \n People \n \n \n \n \n Our Culture \n \n \n \n Calnex is a people first company built on trust and respect. We are transparent, sharing in the successes, the challenges and the Group's ambitions moving forward. We help and encourage each other, supporting the business and our colleagues in building on an already successful company. Calnex also enjoys and thrives on a diverse workforce where inclusion is key to building high performing, engaged and successful teams. \n \n \n Respectful of each other, we consider how our actions, ideas and approaches impact others.  \n \n \n We work as one team. \n \n \n Our strong values, as reflected in our Investors in People Gold Award, are promoted through a variety of employee engagement programmes: \n \n \n · \n Robust Recruitment Process that only ever hires top talent and employees who value and support a positive working culture. \n   \n \n \n · \n Supportive Induction Training Programme including a comprehensive internally delivered training programme that supports the integration of new employees. \n \n \n · \n \n Mentoring Programme \n \n to support the development of staff and career progression. \n \n \n · \n Employee-built Annual Review Programme that recognises personal achievements and supports development and career progression. \n   \n \n \n · \n \n Training and Development Opportunities \n \n to further develop skillsets and/or secure educational qualifications. \n \n \n · \n Group-wide Compliance Training to remain legally compliant worldwide. \n \n \n · \n A benchmarked Benefits Package that strongly supports the financial, physical and mental wellbeing of our people including, amongst other things, profit share for staff, an employee share incentive plan, a flexible/hybrid working model, an employee wellbeing activity programme (including fitness classes, an onsite gym, and free use of facilities the local sports and recreation centre, a healthcare scheme available to all staff and income protection and life assurance polices.   \n \n \n · \n \n Quality Management System \n \n that encourages inclusivity and drives process improvement. \n \n \n · \n Regular Culture sessions chaired by Calnex's CEO to gather feedback on the Company's culture, practices and processes, encouraging employees to provide their input into organisational development. \n \n \n ·   \n Annual Employee Surveys to enable two-way dialogue on topics such as company strategy, career progression  opportunities and other current topics affecting the working lives and wellbeing of our employees. \n \n \n   \n \n \n \n Tommy Cook \n \n \n \nChief Executive Officer \n23 May 2022 \n \n \n   \n \n \n \n Financial Review \n \n \n \n \n Chief Financial Officer's Statement  \n \n \n \n The Group delivered a strong financial performance in the year to 31 March 2022, with growth in revenue, underlying EBITDA and adjusted profit before tax, resulting in a positive trading cashflow for the year. \n \n \n \n   \n \n \n \n \n Financial KPIs  \n \n \n \n \n \n \n \n \n £000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n FY22 \n \n \n \n \n \n \n FY21 \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n   \n \n \n \n \n \n 22,046 \n \n \n \n \n 17,978 \n \n \n \n \n \n \n Gross Profit \n \n \n \n \n \n   \n \n \n \n \n \n 16,528 \n \n \n \n \n 13,965 \n \n \n \n \n \n \n Gross Margin \n \n \n \n \n \n   \n \n \n \n \n \n 75% \n \n \n \n \n 78% \n \n \n \n \n \n \n Underlying EBITDA \n \n 1 \n \n \n \n \n \n \n   \n \n \n \n \n \n 6,351 \n \n \n \n \n 5,496 \n \n \n \n \n \n \n Underlying EBITDA % \n \n \n \n \n \n   \n \n \n \n \n \n 29% \n \n \n \n \n 31% \n \n \n \n \n \n \n Adjusted Profit before tax \n \n 1,2 \n \n \n \n \n \n \n   \n \n \n \n \n \n 5,973 \n \n \n \n \n 5,068 \n \n \n \n \n \n \n Adjusted Profit before tax % \n \n \n \n \n \n   \n \n \n \n \n \n 27% \n \n \n \n \n 28% \n \n \n \n \n \n \n Closing cash and fixed term deposits 3 \n \n \n \n \n \n   \n \n \n \n \n \n 15,357 \n \n \n \n \n 12,668 \n \n \n \n \n \n \n Capitalised R&D \n \n \n \n \n \n   \n \n \n \n \n \n 3,905 \n \n \n \n \n 3,326 \n \n \n \n \n \n \n Adjusted basic EPS (pence) 1 \n \n \n \n \n \n   \n \n \n \n \n \n 5.19 \n \n \n \n \n 5.83 \n \n \n \n \n \n \n Adjusted diluted EPS (pence) 1 \n \n \n \n \n \n   \n \n \n \n \n \n 5.00 \n \n \n \n \n 5.21 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Statutory measures: \n \n \n 4 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit before tax \n \n \n \n \n \n   \n \n \n \n \n \n 5,973 \n \n \n \n \n 3,647 \n \n \n \n \n \n \n Profit before tax % \n \n \n \n \n \n   \n \n \n \n \n \n 27% \n \n \n \n \n 20% \n \n \n \n \n \n \n Basic EPS (pence) \n \n \n \n \n \n   \n \n \n \n \n \n 5.19 \n \n \n \n \n 4.68 \n \n \n \n \n \n \n Diluted EPS (pence) \n \n \n \n \n \n   \n \n \n \n \n \n 5.00 \n \n \n \n \n 4.18 \n \n \n \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n Refer to note 32 for explanation of the alternative performance measures calculations. \n \n \n \n \n \n 2 \n \n \n \n Adjusted in comparative periods to exclude IPO costs and IPO related share based payments and the tax effect of these adjustments. As a result of the Company's admission to AIM occurring halfway through FY21, the basic and diluted weighted average number of shares in issue in the prior year were 73,762,000 and 82,575,000 respectively, compared with 87,500,000 total share capital and 90,150,000 diluted share capital post IPO. \n \n \n \n \n 3 \n \n \n The Group takes advantage of high interest deposit accounts for surplus cash balances not required for working capital. Under IAS 7 Statement of Cash Flows, cash held on long-term deposits (being deposits with maturity of greater than 95 days, and no more than twelve months) that cannot readily be converted into cash is classified as a fixed term investment.  \n \n \n \n \n 4 \n \n \n A full reconciliation between Underlying EBITDA and adjusted profit before tax and the statutory measures is shown below. \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Reconciliation of statutory figures to alternative performance measures - Income Statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n FY22 \n \n \n \n \n \n \n FY21 \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £000 \n \n \n \n \n \n \n £000 \n \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 22,046 \n \n \n \n \n \n \n 17,978 \n \n \n \n \n \n \n \n Cost of sales \n \n \n \n \n \n   \n \n \n \n \n \n (5,518) \n \n \n \n \n (4,013) \n \n \n \n \n \n \n \n Gross Profit \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 16,528 \n \n \n \n \n \n \n 13,965 \n \n \n \n \n \n \n \n Other income \n \n \n \n \n \n   \n \n \n \n \n \n 648 \n \n \n \n \n 530 \n \n \n \n \n \n \n Administrative expenses (excluding depreciation & amortisation) \n \n \n \n \n \n   \n \n \n \n \n \n (7,917) \n \n \n \n \n (7,941) \n \n \n \n \n \n \n EBITDA \n \n \n \n \n \n   \n \n \n \n \n \n 9,259 \n \n \n \n \n 6,554 \n \n \n \n \n \n \n Amortisation of development costs \n \n \n \n \n \n   \n \n \n \n \n \n (2,908) \n \n \n \n \n (2,479) \n \n \n \n \n \n \n \n Add back exceptional items: \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n IPO costs \n \n \n \n \n \n   \n \n \n \n \n \n - \n \n \n \n \n 1,057 \n \n \n \n \n \n \n Issue of Free Shares on IPO under Share Incentive Scheme \n \n \n \n \n \n   \n \n \n \n \n \n - \n \n \n \n \n 166 \n \n \n \n \n \n \n Share based payments \n \n \n \n \n \n   \n \n \n \n \n \n - \n \n \n \n \n 198 \n \n \n \n \n \n \n \n Underlying EBITDA \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 6,351 \n \n \n \n \n \n \n 5,496 \n \n \n \n \n \n \n \n Other depreciation & amortisation \n \n \n \n \n \n   \n \n \n \n \n \n (358) \n \n \n \n \n (273) \n \n \n \n \n \n \n \n Operating Profit \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 5,993 \n \n \n \n \n \n \n 5,223 \n \n \n \n \n \n \n \n Finance costs \n \n \n \n \n \n   \n \n \n \n \n \n (20) \n \n \n \n \n (155) \n \n \n \n \n \n \n \n Adjusted profit before tax \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 5,973 \n \n \n \n \n \n \n 5,068 \n \n \n \n \n \n \n \n Exceptional items \n \n \n \n \n \n   \n \n \n \n \n \n - \n \n \n \n \n (1,421) \n \n \n \n \n \n \n \n Profit before tax \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 5,973 \n \n \n \n \n \n \n 3,647 \n \n \n \n \n \n \n \n Tax \n \n \n \n \n \n   \n \n \n \n \n \n (1,433) \n \n \n \n \n (194) \n \n \n \n \n \n \n \n Profit for the year \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 4,540 \n \n \n \n \n \n \n 3,453 \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Revenue \n \n \n \n Revenue recognised in the year grew 23% to £22.0m (FY21: £18.0m).  Order intake and revenue grew across all three product lines and regions compared to the prior year.  \n  Revenues from the Americas and Rest of World regions increased 23% and 31% respectively. North Asia revenues grew by 14%, after a flat first half which was due in part to the ongoing geopolitical tensions between the US and China. Americas accounted for 32% of total revenues (FY21: 32%), ROW 37% (FY21: 35%) and North Asia 31% (FY21: 33%) in the year.  \n \n \n   \n \n \n The business also closed the FY22 year with a record order book, providing a strong foundation going into FY23.  \n \n \n   \n \n \n \n Revenue model \n \n \n \n Calnex generates revenues through the sale of bundled hardware and software, alongside the provision of software support and extended warranty programmes. \n \n \n The Group's core sales model is bundled hardware and software. Sales pricing is dependent on the product type and the complexity of the software configuration built into the product package. Calnex also sells stand-alone software upgrades under licence. \n \n \n Each of Calnex's units comes with a standard warranty period including maintenance and software upgrade cover in the event of any software upgrades being released for the options purchased. Calnex also sells software support programmes which provide customers with access to future software upgrades which are not included as part of the standard warranty. The Group also offers extended warranty programmes to cover repairs falling outwith the standard warranty period. \n \n \n Bundled hardware and software revenues are recognised when delivered to the customer, with stand-alone software revenues recognised in line with the licence period. Revenues from software support and extended warranty programmes are typically recognised on a straight-line basis over the term of the contract. \n \n \n Many of the products and services developed and deployed by Calnex's customers are interlinked and need to be tested independently, such as the individual components which are then built into the equipment used in telecoms networks. Calnex's test products can be used by a combination of equipment vendors, component manufacturers and network operators, to carry out testing during a new product development cycle. A customer can choose to use Calnex's products in the knowledge that a more consistent result may be obtained if a Calnex test solution had already been used on a particular product. \n \n \n   \n \n \n \n Sources of Revenue \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n FY22 \n \n \n \n \n \n \n FY21 \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £000 \n \n \n \n \n \n \n £000 \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Warranty support revenue - recognised over life of cover \n \n \n \n \n \n   \n \n \n \n \n \n 2,006 \n \n \n \n \n 1,469 \n \n \n \n \n \n \n Hardware and software revenue - recognised on despatch/delivery \n \n \n \n \n \n   \n \n \n \n \n \n 20,040 \n \n \n \n \n 16,509 \n \n \n \n \n \n \n \n Total revenue \n \n \n \n \n \n \n   \n \n \n \n \n \n 22,046 \n \n \n \n \n 17,978 \n \n \n \n \n \n \n \n Revenue streams \n \n \n \n   \n \n \n In FY22, 91% (FY21: 92%) of the Group's revenues were generated from the sale of bundled hardware and software products, with 9% (FY21: 8%) from software support and extended warranty programmes. \n \n \n   \n \n \n \n Geographical split of orders (3 year average) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n FY22 \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n % of orders \n \n \n \n \n \n \n \n Americas \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 35% \n \n \n \n \n \n \n North Asia \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 35% \n \n \n \n \n \n \n Rest of World \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 30% \n \n \n \n \n \n \n   \n \n \n   \n \n \n The Group's customers are located across the world. Our global customer base and distributor network gives the Group the ability to spread risk across our three key regions: the Americas, North Asia and Rest of the World. On a 3 year average basis, the split of orders across the three key regions was 35% for Americas (FY21: 34%), ROW 35% (FY21: 33%) and 30% (FY21: 33%) for North Asia. North Asia experienced a decrease in the Period reflecting the ongoing US-China geopolitical tensions, which are also exacerbating the component shortage issues in the region. \n \n \n   \n \n \n \n Top 10 customer orders (average over 3 years) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n FY21 \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n  % of orders \n \n \n \n \n \n \n \n Top 10 customer revenues \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 50% \n \n \n \n \n \n \n Other revenues \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 50% \n \n \n \n \n \n \n   \n \n \n   \n \n \n In FY22, Calnex received orders from 233 customers, an increase of 34 on 199 customers in FY21. \n \n \n The Group's top ten customers in FY22 accounted for 53% of total orders (FY21: 46%) and 50% of total orders on average over the last three years (FY21: 49%).  \n \n \n In FY22, no underlying customer accounted for more than 13% of Calnex's total orders. \n \n \n   \n \n \n \n Repeat orders  (average over 3 years) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n FY21 \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n  % of revenue \n \n \n \n \n \n \n \n Repeat orders \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 79% \n \n \n \n \n \n \n Other orders \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 21% \n \n \n \n \n \n \n   \n \n \n   \n \n \n The average length of customer relationship across the top ten customers in FY22 is 10 years, demonstrating our high levels of repeat demand from these customers.  In addition, the Group typically experiences a high level of repeat business from its total customer base.  In FY22, 79% of orders were generated from existing customers (FY21: 80%). \n \n \n During the last five years, 199 (FY21: 177) customers have placed repeat orders with Calnex. \n \n \n \n   \n \n \n \n \n Telecoms v non-telecoms customers \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n FY22 \n \n \n \n \n \n \n FY23 \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n  % of \n \n \n \n \n orders \n \n \n \n \n \n \n % of orders \n \n \n \n \n \n \n \n Telecoms \n \n \n \n \n \n   \n \n \n \n \n \n 77% \n \n \n \n \n 77% \n \n \n \n \n \n \n Non Telecoms \n \n \n \n \n \n   \n \n \n \n \n \n 23% \n \n \n \n \n 23% \n \n \n \n \n \n \n   \n \n \n   \n \n \n Calnex's sales are predominantly derived from telecoms customers where the end-application is a telecoms (fixed and mobile) network. Non-telecoms customers include hyperscale/data centres and enterprise customers.  These non-telecoms customers represented 23% of the Group's revenues in FY22 (FY21: 23%). \n \n \n As telecoms networks evolve, we are finding a number of companies whose primary business is hyperscale/datacentres and IT are also moving into the telecoms space. We classify sales to these non-telecoms companies for use in telecoms applications as telecoms sales for the purposes of this analysis. \n \n \n \n \n \n \n Gross Profit \n \n \n \n Gross profit increased by 18% to £16.5m (FY21: £13.9m) reflecting the strong trading performance, and gross margin is in line with market expectations at 75% (FY21: 78%).  Gross margin is calculated after discounts to channel partners are applied.  Gross margins can fluctuate year on year depending on the mix of products and the mix of the hardware and software bundles at any given time, so can differ slightly when comparing periods.  The product mix has been the main driver behind the gross margin variance to the prior year.  \n \n \n \n Underlying EBITDA \n \n \n \n Underlying EBITDA, which includes R&D amortisation and is adjusted in the prior year to exclude IPO costs and specific share based payments relating to the IPO, increased by 16% to £6.4m in the year (FY21: £5.5m), comfortably ahead of market expectations as a result of the strong trading performance. \n \n \n \n   \n \n \n \n Administrative expenses (excluding depreciation & amortisation), excluding IPO costs and IPO related share based payments were £7.9m in FY22 (FY21: £6.5m).  The increase in administrative costs relates to higher staff costs as we continue to grow the teams across the business, staff profit share and higher sales team commissions as a result of the increased trading performance, offset by savings in foreign exchange costs. Travel and events costs increased only slightly in the year as teams continued to work from home for the majority of the year. We expect these costs to increase in the following year as COVID-19 restrictions are lifted.  \n \n \n   \n \n \n Amortisation of R&D costs increased by £0.4m to £2.9m (FY21: £2.5m) as a result of increases in R&D investment in recent years supporting growth in revenues. \n \n \n   \n \n \n Underlying EBITDA margin was 29% in FY22 compared to 31% in FY21 driven by the change in gross margin, offset slightly by a reduction in administrative costs as a percentage of revenue compared with the prior year. \n \n \n   \n \n \n \n Exceptional costs \n \n \n \n Exceptional costs relate to costs associated with the Company's admission to AIM in October 2020.  These costs are solely related to FY21. \n \n \n \n Adjusted profit before tax \n \n \n \n \n   \n \n \n \n Profit before tax (adjusted in the prior year to exclude IPO costs and IPO related share based payments) was £6.0m (FY21: £5.1m) driven by the growth in revenue performance in the year.  Adjusted profit before tax margin was 27% in FY22 compared to 28% in FY21 driven by the change in gross margin, offset by savings in finance costs as a result of the repayment of the term loan in October 2020 and by a reduction in administrative costs as a percentage of revenue compared with the prior year. \n \n \n   \n \n \n \n Tax \n \n \n \n \n   \n \n \n \n The tax charge in the year was £1.4m (FY21: £0.2m), representing an effective tax rate of 24.0% (FY21: 5.3%). \n \n \n The weighted average applicable tax rate for FY22 was 19% (FY21: 19%). The difference between the applicable rate of tax and the effective rate is largely due to the following: \n \n \n   \n \n \n · \n Recognition of the change in tax rate to 25% on certain deferred tax assets and liabilities as they are expected to reverse after 1 April 2023 (increasing the effective rate by 5.9%); \n \n \n · \n Availability of R&D SME enhanced deduction (decreasing effective rate by 0.3%); \n \n \n · \n Impact of the super deduction in relation to fixed asset additions (decreasing the effective rate by 0.3%); and \n \n \n · \n Other differences, such as prior year adjustments, disallowable expenses and overseas tax (decreasing effective rate by 0.3%). \n \n \n   \n \n \n The difference between the applicable rate of tax and the effective rate in FY21 was due to the following: \n \n \n · \n Tax relief on exercise of share options by Calnex UK based employees on IPO on which no deferred tax asset had previously been recognised (decreasing the effective rate by 15.6%); \n \n \n · \n R&D SME enhanced deduction (decreasing the effective rate by 3.4%); and \n \n \n · \n Permanent differences such as IPO costs which are disallowed for tax purposes (increasing the effective rate by 5.3%). \n \n \n   \n \n \n \n Earnings per share \n \n \n \n \n   \n \n \n \n Basic earnings per share was 5.19 pence in the year (FY21: 4.68 pence) and diluted earnings per share was 5.00 pence (FY21: 4.18 pence). \n \n \n   \n \n \n Adjusted in the prior period to exclude IPO costs and IPO related share based payments and the tax effect of these adjustments, adjusted basic earnings per share was 5.19 pence in the year (FY21: 5.83 pence) and adjusted diluted earnings per share was 5.00 pence (FY21: 5.21 pence). \n \n \n   \n \n \n Adjusted EPS excludes IPO costs (including IPO related share based payments) and the tax effect of these adjustments:  \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n Year ended 31 March 2022 \n \n \n \n \n \n \n Year ended 31 March 2021 \n \n \n \n \n \n \n \n £000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit after tax \n \n \n \n \n \n \n 4,540 \n \n \n \n \n \n \n 3,453 \n \n \n \n \n \n \n \n \n Adjusted for: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Discontinued operations \n \n \n \n \n - \n \n \n \n \n - \n \n \n \n \n \n \n IPO exceptional costs \n \n \n \n \n - \n \n \n \n \n 1,421 \n \n \n \n \n \n \n Tax relief on share option exercise \n \n \n \n \n - \n \n \n \n \n (570) \n \n \n \n \n \n \n \n Total adjusted profit after tax \n \n \n \n \n \n \n 4,540 \n \n \n \n \n \n \n 4,304 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted average number of ordinary shares: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n \n \n 87,500 \n \n \n \n \n 73,762 \n \n \n \n \n \n \n Diluted earnings per share \n \n \n \n \n 90,845 \n \n \n \n \n 82,575 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n \n \n 5.19 \n \n \n \n \n 4.68 \n \n \n \n \n \n \n Diluted earnings per share \n \n \n \n \n 5.00 \n \n \n \n \n 4.18 \n \n \n \n \n \n \n Adjusted basic earnings per share \n \n \n \n \n 5.19 \n \n \n \n \n 5.83 \n \n \n \n \n \n \n Adjusted diluted earnings per share \n \n \n \n \n 5.00 \n \n \n \n \n 5.21 \n \n \n \n \n \n \n   \n \n \n   \n \n \n The variance in the adjusted EPS figures compared to the prior year is largely driven by: \n \n \n   \n \n \n -  \n The basic and diluted weighted average number of shares in issue in the prior year were 73,762,000 and 82,575,000 respectively, compared with 87,500,000 total share capital and 90,845,000 diluted share capital post IPO.  \n \n \n -  \n Additionally, the FY21 tax charge adjusted for the items above is £0.7m and the adjusted effective tax rate is 15% (£0.7m tax charge as percentage of the adjusted profit before tax of £5.1m), compared to the effective tax rate of 24% in FY22.  \n \n \n   \n \n \n   \n \n \n \n Cashflows \n \n \n \n \n   \n \n \n \n The Group generated £2.7m cash in FY22 including fixed term deposits, compared with £9.0m in FY21 which included IPO net proceeds and government grant cash received in advance. Cash generated in FY21 excluding these factors was £5.4m. \n \n \n   \n \n \n \n \n \n \n \n Reconciliation of statutory figures to alternative performance measures - Cashflow \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n FY22 \n \n \n \n \n \n \n FY21 \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £000 \n \n \n \n \n \n \n £000 \n \n \n \n \n \n \n \n \n Net cash from operating activities \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 7,350 \n \n \n \n \n \n \n 9,049 \n \n \n \n \n \n \n \n Investing activities - intangible and property, plant and equipment \n \n \n \n \n \n   \n \n \n \n \n \n (4,213) \n \n \n \n \n (3,342) \n \n \n \n \n \n \n Dividends paid \n \n \n \n \n \n   \n \n \n \n \n \n (245) \n \n \n \n \n - \n \n \n \n \n \n \n Other financing activities (excluding IPO related cashflows) \n \n \n \n \n \n   \n \n \n \n \n \n (203) \n \n \n \n \n (276) \n \n \n \n \n \n \n \n Increase in cash before IPO, debt and advanced government grant cashflows, and transfers to fixed term investments \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 2,689 \n \n \n \n \n \n \n 5,430 \n \n \n \n \n \n \n \n Repayments of borrowings \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n (2,276) \n \n \n \n \n \n \n IPO related cashflows \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n 5,271 \n \n \n \n \n \n \n Government grant cash received in advance \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n 578 \n \n \n \n \n \n \n Fixed term investment: fixed term deposit  \n \n \n \n \n \n \n \n \n \n \n \n (1,500) \n \n \n \n \n - \n \n \n \n \n \n \n \n Increase in cash per consolidated cashflow statement \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 1,189 \n \n \n \n \n \n \n 9,003 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Net cash from operating activities was £7.4m in the year compared to £9.0m in FY21.  The £2.2m increase in profit before tax in FY22 compared to FY21 was offset by a £4.0m swing in working capital movements, driven predominantly by increases in trade receivables as a result of the strong trading performance in the year. Trade receivables were £4.1m at 31 March 2022 (31 March 2021: £1.0m).  £3.9m of this cash was received in the 30 days post year end. \n \n \n   \n \n \n Cash used in investing activities is principally spent on R&D activities which is capitalised and amortised over five years. Investment in R&D in the year was £3.9m (FY21: £3.3m), reflecting the growth in the team as R&D project resource demands increased as planned. \n \n \n   \n \n \n The Group takes advantage of high interest deposit accounts for surplus cash balances not required for working capital. Under IFRS, cash held on long-term deposits (being deposits with maturity of greater than 95 days, and no more than twelve months) that cannot readily be converted into cash is classified as a fixed term investment.  This is shown separately on the balance sheet and also classed as a cash outflow within investing activities in the consolidated cashflow statement. It is added back in the non-statutory cash flow reconciliation above as we regard this as cash generated and owned by the Group in the year. \n \n \n   \n \n \n Cash spend on financing activities in the year was £0.4m (FY21: £3.3m inflow; £0.3m outflow before IPO related cashflows and government grant cash received in advance), representing payment of lease obligations and dividend payments. The Board approved a maiden interim dividend of 0.28 pence per ordinary share on 17 December 2021 to those shareholders on the register as at 3 December 2021 (FY21 Interim dividend 0p), totalling £0.3m.  A final dividend of 0.56 pence per share (£0.5m) is proposed by the Board to be paid if approved by shareholders at Company's AGM in August 2022. \n \n \n   \n \n \n There is currently no debt on the balance sheet, leading to no borrowings related cashflows in the current period. \n \n \n   \n \n \n The total proceeds raised from the IPO in the prior year was £22.5m, which comprised 34,375,000 shares sold on behalf of existing shareholders to raise £16.5m and 12,500,000 new shares issued to raise £6.0m (before expenses) for the Group. £0.3m cash was also raised as a result of the exercise of share options.  Total IPO fees were £1.1m in the prior year. The Group also received £0.6m in grant funding from Scottish Enterprise in FY21. £0.5m of this cash was received in advance for the FY22 year. \n \n \n   \n \n \n Closing cash at 31 March 2022, including fixed term deposits, was £15.4m (31 March 2020: £12.7m). \n \n \n \n   \n \n \n \n \n Ashleigh Greenan \n \n \n \nChief Financial Officer \n23 May 2022 \n \n \n \n \n \n \n \n Consolidated statement of comprehensive income \n \n \n \n __________________________________________________________________________________________________________________ \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Year ended \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Year ended \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 31 March \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 31 March \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 2021 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Note \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n \n 5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22,046 \n \n \n \n \n \n \n \n \n \n \n \n 17,978 \n \n \n \n \n \n \n Cost of sales \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (5,518) \n \n \n \n \n \n \n \n \n \n \n \n (4,013) \n \n \n \n \n \n \n \n Gross profit \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 16,528 \n \n \n \n \n \n \n \n \n \n \n \n 13,965 \n \n \n \n \n \n \n Other income \n \n \n \n \n \n 6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 648 \n \n \n \n \n \n \n \n \n \n \n \n 530 \n \n \n \n \n \n \n Administrative expenses \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (11,183) \n \n \n \n \n \n \n \n \n \n \n \n (10,693) \n \n \n \n \n \n \n \n Operating profit \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5,993 \n \n \n \n \n \n \n \n \n \n \n \n 3,802 \n \n \n \n \n \n \n Finance costs \n \n \n \n \n \n 10 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (20) \n \n \n \n \n \n \n \n \n \n \n \n (155) \n \n \n \n \n \n \n \n Profit before taxation \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5,973 \n \n \n \n \n \n \n \n \n \n \n \n 3,647 \n \n \n \n \n \n \n Taxation \n \n \n \n \n \n 11 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1,433) \n \n \n \n \n \n \n \n \n \n \n \n (194) \n \n \n \n \n \n \n \n Profit and total comprehensive \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n income for the year \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4,540 \n \n \n \n \n \n \n \n \n \n \n \n 3,453 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n \n \n \n 27 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5.19 \n \n \n \n \n \n \n \n \n \n \n \n 4.68 \n \n \n \n \n \n \n Diluted earnings per share \n \n \n \n \n \n 27 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5.00 \n \n \n \n \n \n \n \n \n \n \n \n 4.18 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n Consolidated and Company statement of financial position \n \n \n \n __________________________________________________________________________________________________________________ \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   Group \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   Company \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 31 March \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 31 March \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 31 March \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 31 March \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 2021 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 2022 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 2021 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n Note \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangible assets \n \n \n \n \n \n 12 \n \n \n \n \n \n \n \n \n \n \n \n \n 8,424 \n \n \n \n \n \n \n \n \n \n \n \n 7,525 \n \n \n \n \n \n \n \n \n \n \n \n 8,424 \n \n \n \n \n \n \n \n \n \n \n \n 7,525 \n \n \n \n \n \n \n Plant and equipment \n \n \n \n \n \n 13 \n \n \n \n \n \n \n \n \n \n \n \n \n 274 \n \n \n \n \n \n \n \n \n \n \n \n 22 \n \n \n \n \n \n \n \n \n \n \n \n 274 \n \n \n \n \n \n \n \n \n \n \n \n 22 \n \n \n \n \n \n \n Right-of-use assets \n \n \n \n \n \n 19 \n \n \n \n \n \n \n \n \n \n \n \n \n 791 \n \n \n \n \n \n \n \n \n \n \n \n 522 \n \n \n \n \n \n \n \n \n \n \n \n 791 \n \n \n \n \n \n \n \n \n \n \n \n 522 \n \n \n \n \n \n \n Deferred tax asset \n \n \n \n \n \n 20 \n \n \n \n \n \n \n \n \n \n \n \n \n 304 \n \n \n \n \n \n \n \n \n \n \n \n 613 \n \n \n \n \n \n \n \n \n \n \n \n 304 \n \n \n \n \n \n \n \n \n \n \n \n 613 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 9,793 \n \n \n \n \n \n \n \n \n \n \n \n 8,682 \n \n \n \n \n \n \n \n \n \n \n \n 9,793 \n \n \n \n \n \n \n \n \n \n \n \n 8,682 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current assets \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 14 \n \n \n \n \n \n \n \n \n \n \n \n \n 998 \n \n \n \n \n \n \n \n \n \n \n \n 1,111 \n \n \n \n \n \n \n \n \n \n \n \n 998 \n \n \n \n \n \n \n \n \n \n \n \n 1,111 \n \n \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 15 \n \n \n \n \n \n \n \n \n \n \n \n \n 4,997 \n \n \n \n \n \n \n \n \n \n \n \n 1,819 \n \n \n \n \n \n \n \n \n \n \n \n 5,197 \n \n \n \n \n \n \n \n \n \n \n \n 2,200 \n \n \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 16 \n \n \n \n \n \n \n \n \n \n \n \n \n 13,857 \n \n \n \n \n \n \n \n \n \n \n \n 12,668 \n \n \n \n \n \n \n \n \n \n \n \n 13,592 \n \n \n \n \n \n \n \n \n \n \n \n 12,277 \n \n \n \n \n \n \n Short term investment \n \n \n \n \n \n 16 \n \n \n \n \n \n \n \n \n \n \n \n \n 1,500 \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n 1,500 \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 21,352 \n \n \n \n \n \n \n \n \n \n \n \n 15,598 \n \n \n \n \n \n \n \n \n \n \n \n 21,287 \n \n \n \n \n \n \n \n \n \n \n \n 15,588 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 31,145 \n \n \n \n \n \n \n \n \n \n \n \n 24,280 \n \n \n \n \n \n \n \n \n \n \n \n 31,080 \n \n \n \n \n \n \n \n \n \n \n \n 24,270 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n \n \n \n 18 \n \n \n \n \n \n \n \n \n \n \n \n \n 5,569 \n \n \n \n \n \n \n \n \n \n \n \n 4,181 \n \n \n \n \n \n \n \n \n \n \n \n 5,549 \n \n \n \n \n \n \n \n \n \n \n \n 4,157 \n \n \n \n \n \n \n Lease liabilities \n \n \n \n \n \n 19 \n \n \n \n \n \n \n \n \n \n \n \n \n 193 \n \n \n \n \n \n \n \n \n \n \n \n 130 \n \n \n \n \n \n \n \n \n \n \n \n 193 \n \n \n \n \n \n \n \n \n \n \n \n 130 \n \n \n \n \n \n \n Provisions \n \n \n \n \n \n 21 \n \n \n \n \n \n \n \n \n \n \n \n \n 141 \n \n \n \n \n \n \n \n \n \n \n \n 291 \n \n \n \n \n \n \n \n \n \n \n \n 141 \n \n \n \n \n \n \n \n \n \n \n \n 291 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 5,903 \n \n \n \n \n \n \n \n \n \n \n \n 4,602 \n \n \n \n \n \n \n \n \n \n \n \n 5,883 \n \n \n \n \n \n \n \n \n \n \n \n 4,578 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n \n \n \n 18 \n \n \n \n \n \n \n \n \n \n \n \n \n 718 \n \n \n \n \n \n \n \n \n \n \n \n 749 \n \n \n \n \n \n \n \n \n \n \n \n 718 \n \n \n \n \n \n \n \n \n \n \n \n 749 \n \n \n \n \n \n \n Lease liabilities \n \n \n \n \n \n 19 \n \n \n \n \n \n \n \n \n \n \n \n \n 664 \n \n \n \n \n \n \n \n \n \n \n \n 436 \n \n \n \n \n \n \n \n \n \n \n \n 664 \n \n \n \n \n \n \n \n \n \n \n \n 436 \n \n \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n 20 \n \n \n \n \n \n \n \n \n \n \n \n \n 2,017 \n \n \n \n \n \n \n \n \n \n \n \n 1,321 \n \n \n \n \n \n \n \n \n \n \n \n 2,017 \n \n \n \n \n \n \n \n \n \n \n \n 1,321 \n \n \n \n \n \n \n Provisions \n \n \n \n \n \n 21 \n \n \n \n \n \n \n \n \n \n \n \n \n 15 \n \n \n \n \n \n \n \n \n \n \n \n 15 \n \n \n \n \n \n \n \n \n \n \n \n 15 \n \n \n \n \n \n \n \n \n \n \n \n 15 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n 3,414 \n \n \n \n \n \n \n \n \n \n \n \n 2,521 \n \n \n \n \n \n \n \n \n \n \n \n 3,414 \n \n \n \n \n \n \n \n \n \n \n \n 2,521 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n 9,317 \n \n \n \n \n \n \n \n \n \n \n \n 7,123 \n \n \n \n \n \n \n \n \n \n \n \n 9,297 \n \n \n \n \n \n \n \n \n \n \n \n 7,099 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 21,828 \n \n \n \n \n \n \n \n \n \n \n \n 17,157 \n \n \n \n \n \n \n \n \n \n \n \n 21,783 \n \n \n \n \n \n \n \n \n \n \n \n 17,171 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 109 \n \n \n \n \n \n \n \n \n \n \n \n 109 \n \n \n \n \n \n \n \n \n \n \n \n 109 \n \n \n \n \n \n \n \n \n \n \n \n 109 \n \n \n \n \n \n \n Share premium \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7,484 \n \n \n \n \n \n \n \n \n \n \n \n 7,484 \n \n \n \n \n \n \n \n \n \n \n \n 7,484 \n \n \n \n \n \n \n \n \n \n \n \n 7,484 \n \n \n \n \n \n \n Share option reserve \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 502 \n \n \n \n \n \n \n \n \n \n \n \n 126 \n \n \n \n \n \n \n \n \n \n \n \n 502 \n \n \n \n \n \n \n \n \n \n \n \n 126 \n \n \n \n \n \n \n Retained earnings \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 13,733 \n \n \n \n \n \n \n \n \n \n \n \n 9,438 \n \n \n \n \n \n \n \n \n \n \n \n 13,688 \n \n \n \n \n \n \n \n \n \n \n \n 9,452 \n \n \n \n \n \n \n \n Total equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 21,828 \n \n \n \n \n \n \n \n \n \n \n \n 17,157 \n \n \n \n \n \n \n \n \n \n \n \n 21,783 \n \n \n \n \n \n \n \n \n \n \n \n 17,171 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Consolidated statement of changes in equity \n \n \n \n __________________________________________________________________________________________________________________ \n \n \n   \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Share \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Share \n \n \n \n \n \n \n   \n \n \n \n \n \n \n option \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Retained \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Total \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n capital \n \n \n \n \n \n \n   \n \n \n \n \n \n \n premium \n \n \n \n \n \n \n   \n \n \n \n \n \n \n reserve \n \n \n \n \n \n \n   \n \n \n \n \n \n \n earnings \n \n \n \n \n \n \n   \n \n \n \n \n \n \n equity \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n Balance at 31 March 2020 \n \n \n \n \n \n 25 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 1,138 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 69 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 5,769 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 7,001 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n Issue of shares \n \n \n \n \n 16 \n \n \n \n \n \n \n \n \n \n \n \n 5,984 \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n 6,000 \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Share options \n \n \n \n \n 18 \n \n \n \n \n \n \n \n \n \n \n \n 362 \n \n \n \n \n \n \n \n \n \n \n \n 57 \n \n \n \n \n \n \n \n \n \n \n \n 266 \n \n \n \n \n \n \n \n \n \n \n \n 703 \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Bonus share issue \n \n \n \n \n 50 \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n (50) \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Total comprehensive income for the year \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n 3,453 \n \n \n \n \n \n \n \n \n \n \n \n 3,453 \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n Balance at 31 March 2021 \n \n \n \n \n \n \n 109 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 7,484 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 126 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 9,438 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 17,157 \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n Share options \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n 376 \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n 376 \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Interim dividend \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (245) \n \n \n \n \n \n \n \n \n \n \n \n (245) \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Total comprehensive income for the year \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n 4,540 \n \n \n \n \n \n \n \n \n \n \n \n 4,540 \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Balance at 31 March 2022 \n \n \n \n \n \n \n 109 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 7,484 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 502 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 13,733 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 21,828 \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n Company statement of changes in equity \n \n \n \n __________________________________________________________________________________________________________________ \n \n \n   \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Share \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Share \n \n \n \n \n \n \n   \n \n \n \n \n \n \n option \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Retained \n \n \n \n \n \n \n   \n \n \n \n \n \n \n Total \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n capital \n \n \n \n \n \n \n   \n \n \n \n \n \n \n premium \n \n \n \n \n \n \n   \n \n \n \n \n \n \n reserve \n \n \n \n \n \n \n   \n \n \n \n \n \n \n earnings \n \n \n \n \n \n \n   \n \n \n \n \n \n \n equity \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n £'000 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n Balance at 31 March 2020 \n \n \n \n \n \n 25 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 1,138 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 69 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 5,715 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 6,947 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n Issue of shares \n \n \n \n \n 16 \n \n \n \n \n \n \n \n \n \n \n \n 5,984 \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n 6,000 \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Share options \n \n \n \n \n 18 \n \n \n \n \n \n \n \n \n \n \n \n 362 \n \n \n \n \n \n \n \n \n \n \n \n 57 \n \n \n \n \n \n \n \n \n \n \n \n 266 \n \n \n \n \n \n \n \n \n \n \n \n 703 \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Bonus share issue \n \n \n \n \n 50 \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n (50) \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Total comprehensive income for the year \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n 3,521 \n \n \n \n \n \n \n \n \n \n \n \n 3,521 \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n Balance at 31 March 2021 \n \n \n \n \n \n \n 109 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 7,484 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 126 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 9,452 \n \n \n \n \n \n \n   \n \n \n \n \n \n \n 17,171 \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \n \n \n   \n \n \n \n \...

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