wow9 May 2017 08:27
ok... crazy increase in revenue here?
Revenue increased by 113% to £22.13 million (2015: £10.39 million). Retail revenue grew significantly to £14.32m (2015: £3.41m) with Instra Group transforming the retail division after the acquisition on 14th January 2016. Instra Group contributed £10.28m of revenue in the period since acquisition.
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Adjusted EBITDA of £5.48 million (2015: £3.25 million) reflected the flow-down effect of the revenue growth in the retail division, including the Adjusted EBITDA contribution from Instra Group of £2.21 million in the period since acquisition. The enterprise division contributed £2.79 million of Adjusted EBITDA (2015: £2.61 million) mainly from premium domain name trading, while the wholesale division contributed £1.24 million (2015: £1.40m). Central overheads, not allocated by division, were £0.96 million (2015: £0.93 million).
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Profit before taxation of £1.16 million (2015: 1.45 million) reflected the £2.23 million increase in Adjusted EBITDA predominantly offset by non-cash expenses including amortisation of intangible assets of £2.07 million (2015: £0.58 million) and share based payment charges of £0.62 million (2015: £0.32 million). Also offsetting were acquisition costs and exceptional items of £1.26 million (2015: £0.83 million), including fees related to the Group's mergers and acquisition programme and integration costs associated with the Instra Group acquisition. Finance costs of £0.27 million (2015: £nil) included interest charges and professional fees related to the £3.50 million term loan drawn in January 2016.
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Adjusted profit before taxation, excluding acquired amortisation charges, acquisition costs and exceptional items and the share based payment expense was £4.72 million (2015: £2.95 million), an increase of 60%.
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Net cash-flow generated from operating activities was £3.32 million (2015: £5.69 million), with 2015 having benefitted from favourable working capital movements as a result of the timing of increased payments to new TLD registry operators combined with additional funds paid on account by retailers to support new TLD activity levels. In 2016 there was also increased activity from retailers in China, who migrated from a pre-pay to a post-pay settlement model. Taking the two years in aggregate, the net cashflow generated from operating activities was in line with expectations, relative to Adjusted EBITDA.
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Net cash was £7.28 million at the end of the year (2015: £19.06 million). The reduction mainly reflected the cash outflow for the Instra Group acquisition which totalled AU$30.30 million (£14.83 million), offset by the net cashflow generated from operating activities. The Instra acquisition was funded by a combination of the equity placing
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