Summary
- Group revenue increased by 37% to £30.6 million (2012: £22.3 million)
- Organic revenue growth of 27% to £28.2 million (excluding businesses acquired in year)
- Adjusted* operating profit increased by 48% to £5.7 million (2012: £3.9 million)
- Group profit-before-tax increased by 65% to £4.9 million (2012: £3.0 million)
- Adjusted* diluted EPS increased by 34% to 12.2 pence (2012: 9.1 pence). Statutory diluted EPS of 11.2 pence (2012: 7.5 pence)
- Gross cash of £22.4 million (2012: £19.2 million) and net funds of £12.6 million (2012: £12.9 million) after £3.8 million net cash expenditure on acquisitions during the year
- Proposed dividend of 1.1 pence per share (2012: 1.0 pence)
Chairman’s Statement
Sagentia Group plc reports a very satisfactory operating performance for the year ended 31 December 2013, delivering revenue growth, both organic and through acquisition, while maintaining strong operating margins and cash flow. The first half of the year was exceptional with a number of large product development projects being delivered, while performance in the second half of the year benefitted from the acquisition of OTM Consulting Limited (‘OTM’) in July 2013.
Group revenue increased by 37% to £30.6 million (2012: £22.3 million) in total and by 27% to £28.2 million on an organic basis (excluding revenue derived from businesses acquired during the year). Consultancy fees increased by 44% to £25.8 million (2012: £17.9 million) of which acquisitions accounted for £2.4 million in the year. Adjusted operating profit increased by 48% to £5.7 million (2012: £3.9 million), representing a very strong adjusted operating margin of 18.8% (2012: 17.4%), benefitting from the receipt of a one-off royalty of £0.4 million. The results in the first half of the year also benefitted from a relatively weaker currency exchange environment, although with the strengthening of Sterling in the latter part of 2013, for the year as a whole the average exchange rate was not materially different to 2012. Cash balance at 31 December 2013 was £22.4 million (2012: £19.2 million) with net funds of £12.6 million (2012: £12.9 million), after acquisition consideration payments of £3.8 million (net of cash acquired). (Adjusted operating profit excludes share based payment charges, amortisation of acquisition related intangible assets and exceptional items).
See the full report at www.sagentia.com
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