Cerillion report record six-month period and continuing strong prospects

Cerillion

Cerillion plc (LON:CER), the billing, charging and customer relationship management software solutions provider, today issued its interim results for the six months ended 31 March 2022.

ResultsH1 2022H1 2021Change
Revenue£16.1m£12.8m+26%
Annualised recurring revenue£9.8m£9.0m+9%
Adjusted EBITDA3£7.2m£4.8m+50%
Statutory EBITDA£7.1m£4.8m+48%
Adjusted EBITDA margin44.9%37.6%
Adjusted profit before tax4£6.3m£3.8m+65%
Statutory profit before tax£5.7m£3.3m+72%
Adjusted basic earnings per share518.6p11.5p+62%
Statutory basic earnings per share16.4p9.7p+69%
Dividend per share2.6p2.1p+24%
Net cash£16.5m£7.7m+114%

Financial

·    Revenue up 26% to £16.1m (H1 2021: £12.8m) reflecting ongoing major implementation projects for new customers and new orders from existing customers

·    Annualised recurring revenue1 at 31 March 2022 up 9% to £9.8m (H1 2021:  £9.0m), with increased uptake of managed services

·    Adjusted EBITDA3 up 50% to £7.2m (H1 2021: £4.8m)

·    Adjusted profit before tax4 up 65% to £6.3m (2021: £3.8m)

·    Total new orders decreased to £10.9m (H1 2021: £23.6m), however new orders from existing customers increased by 12% to £10.9m (H1 2021: £9.7m) and the new customer pipeline is up 31% to £172m (H1 2021: £131m), a new record level

o  new major customer signings are expected in H2 and beyond

·    Strong back order book2 maintained at £39.7m (H1 2021: £42.1m)

·    Adjusted earnings per share5 up 62% to 18.6p (2021: 11.5p)

·    Net cash up 114% to £16.5m (31 March 2021: £7.7m)

·    Interim dividend up 24% to 2.6p (2021: 2.1p)

Operational

·    New team of experienced delivery resources established in Bulgaria

·    Major new deals signed with existing customers

·    The Board believes that the Group is well-positioned to deliver its full year targets

Louis Hall, CEO of Cerillion plc, commented:

“Our interim results set new records for revenue, adjusted PBT and net cash across any six-month period, and demonstrate the strong momentum in the business.

“We have made good operational progress in the period as well. The new team we have established in Bulgaria is part of our push to accelerate recruitment and diversify our talent base to meet growing demand.

“We see excellent opportunities for continuing growth and the new customer sales pipeline has grown significantly. Given the Company’s progress, and its strong financial and operational position, we continue to view prospects very positively.”

1 Annualised recurring revenue includes annualised support and maintenance, managed services and Cerillion Skyline revenue.

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2 Back order book of £39.7m consists of £32.7m of sales contracted but not yet recognised at the end of the reporting period plus £7.0m of annualised support and maintenance revenue. It is anticipated that 75% of the £32.7m of sales contracted but not yet recognised as at the end of the reporting period will be recognised within the next 12 to 18 months.

3 Adjusted EBITDA is a non-GAAP, Company-specific measure, which is earnings excluding finance income, finance costs, taxes, depreciation, amortisation and share-based payments charges.

4 Adjusted profit before tax is a non-GAAP, Company-specific measure, which is earnings excluding taxes, amortisation of acquired intangible assets and share-based payments charges. 

5 Adjusted earnings per share is a non-GAAP, Company-specific measure, which is earnings after taxes, excluding amortisation of acquired intangible assets and share-based payments charges divided by the average weighted number of shares in the period.

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