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August 20 Interim Report 2014 C M Communisis plc Interim Report Y K PMS ??? 2014 PMS ??? PMS ??? PMS ??? Non-printing Colours COLOUR COLOUR JOB LOCATION: PRINERGY 3 Communication, channelled COM-P121-InterRep-14.indd 3 11/08/2014 15:58 Contents Delivering Highlights 5 our Strategy and Interim Report 2014. Implementation 6 Welcome to the Communisis plc Interim Report for 2014, another successful half year in which we continued to deliver for our clients, our employees and our shareholders. COM-P121-InterRep-14.indd 4 11/08/2014 15:58 Communisis plc Interim Report 2014 Contents Highlights 5 Strategy and Implementation 6 Financial Statements 12 Consolidated Income Statement 12 Consolidated Statement of Comprehensive Income 13 Consolidated Balance Sheet 14 Consolidated Cash Flow Statement 15 Consolidated Statement of Changes in Equity 16 Notes to the Consolidated Financial Statements 17 Shareholder Information 26 3 COM-P121-InterRep-14.indd 5 11/08/2014 15:58 Highlights Highlights This was another strong Financial highlights half-year performance. • Total revenue 40% ahead at £169.3m (H1 2013 £121.2m). Revenue (excluding pass through) up 28% at £116.3m It demonstrates that our (H1 2013 £91.1m) strategy is delivering consistent • Overseas revenue increased faster than expected to 19% of total revenue (H1 2013 13%), close to the Group’s and profitable growth and the 20% target Board is confident about the • Adjusted operating profit* up 20% to £6.1m (H1 2013 £5.1m) Group’s prospects for the – Transitional costs on major new contracts caused remainder of the year. operating margin on revenue (excluding pass through) to be lower at 5.2% (H1 2013 5.6%). Further progress toward the double-digit target is expected on a full-year basis • Profit after tax and basic earnings per share more than doubled to £2.2m (H1 2013 £1.0m) and 1.11p (H1 2013 0.55p) respectively Andy Blundell Chief Executive Officer 31 July 2014 Operational highlights Continued Growth • Significant new multi-year contractual relationship secured – Lloyds Banking Group for new in-bound customer communication services – ten-year term • Strategically important contract extended – Procter & Gamble Europe SA for external brand building services in Europe – five-year term Board changes from 1 August 2014 • Nigel Howes will become Strategic and Corporate Development Director • Mark Stoner will be promoted from a senior executive role within the Group to Finance Director 4 COM-P121-InterRep-14.indd 6 11/08/2014 15:58 Communisis plc Annual ReportCommunisis and Financial plc Interim Statements Report 20142013 Highlights This was another strong Financial highlights half-year performance. • Total revenue 40% ahead at £169.3m (H1 2013 £121.2m). • Adjusted earnings per share** grew 18% to 1.75p Revenue (excluding pass through) up 28% at £116.3m (H1 2013 1.49p) (H1 2013 £91.1m) It demonstrates that our • Interim dividend 12% higher at 0.67p strategy is delivering consistent • Overseas revenue increased faster than expected to (H1 2013 0.60p) 19% of total revenue (H1 2013 13%), close to the Group’s • Operating cash flows improved by £13.3m. and profitable growth and the 20% target Working capital unchanged despite a 40% increase Board is confident about the • Adjusted operating profit* up 20% to £6.1m in revenue (H1 2013 £5.1m) Group’s prospects for the • Substantial investments in acquisitions and market- – Transitional costs on major new contracts caused leading technology funded by operating cash flow remainder of the year. operating margin on revenue (excluding pass through) and additional debt. Net debt increased to £36.2m to be lower at 5.2% (H1 2013 5.6%). Further progress (December 2013 £25.7m), with net bank debt less toward the double-digit target is expected on a than 50% of available facilities at £33.3m full-year basis * Adjusted operating profit means profit from operations before • Profit after tax and basic earnings per share more exceptional items and the amortisation of acquired intangibles. than doubled to £2.2m (H1 2013 £1.0m) and 1.11p ** Adjusted earnings per share means fully diluted after new share (H1 2013 0.55p) respectively issues and excluding the after tax effects of exceptional items and the amortisation of acquired intangibles. Operational highlights Continued Growth • Significant new multi-year contractual relationship • Integrated agency model developed and higher margin secured creative services expanded through the acquisitions of The Communications Agency, Jacaranda and – Lloyds Banking Group for new in-bound customer Public Creative communication services – ten-year term • Strategically important contract extended – Procter & Gamble Europe SA for external brand building services in Europe – five-year term Board changes from 1 August 2014 • Nigel Howes will become Strategic and Corporate • Helen Keays will join as a non-executive Director Development Director • Mark Stoner will be promoted from a senior executive role within the Group to Finance Director 57 COM-P121-InterRep-14.indd 7 11/08/2014 15:58 StrategicStrategy Reportand Implementation Strategy and Implementation Performance review Summary financial performance Jacaranda Productions Limited (“Jacaranda”) and Public Creative Limited (“Public Creative”) were acquired in April The Group’s aspiration and strategic initiatives, set out below, Communisis continued to deliver profitable growth in the first 2014 for £1.5m (with £0.9m being paid in cash and £0.6m in were described in the Strategic Report within the 2013 Annual half of 2014. The results were on target and considerably ahead Communisis shares) and £0.4m in cash respectively with up to Report. This review summarises the performance against those of the same period last year, enabling the Group to maintain its a further £0.5m being payable for Jacaranda dependent on the strategic initiatives and the key financial targets during the first progressive dividend policy. The interim dividend for the first gross profit generated in the three years after acquisition. half of 2014. six months of 2014 has consequently been increased by 12%. The Communications Agency (“TCA”) was acquired in June 2014 Despite a very significant increase in revenue, tight working for up to £8m (with up to £5.8m being paid in cash and £1.45m Aspiration capital control delivered strong operating cash flow that in Communisis shares) of which up to £0.5m is dependent on The Group’s aspiration is to be a market leader in providing was used, together with additional debt, to fund substantial the delivery of projected EBITDA for TCA’s financial year to personalised customer communication services both in the acquisition and investment activity in pursuit of the Group’s 31 October 2014. UK and internationally. strategy for profitable growth. Jacaranda is a video and film production specialist, creating, The key financial targets for the medium term are to deliver a Further details are included in the segmental results and cash managing and measuring the effectiveness of video content double-digit margin on revenue (excluding pass through) and to and net debt sections below. for global brands. It is based in London with a team of six derive more than 20% of revenue from overseas sources whilst people. For over 15 years Jacaranda has been voted in the top continuing to grow those in the UK. Growth and diversification ten independent production companies in Televisual’s annual ‘Corporate Top 50’ awards and has won over 250 creative awards New business development included a second, very significant including The Digital Impact Awards, Cannes Corporate Media Strategic initiatives ten-year contract with Lloyds Banking Group (“LBG”) for the and TV Awards and New York Film and TV Awards. The Group’s aspiration is pursued through a number of strategic outsourcing of all in-bound imaging and mail processing initiatives including: services, which commenced on 1 April 2014, and a five-year Public Creative creates and drives brand awareness with digital extension of an existing contract for external brand building media using web and mobile applications to build loyalty and • growing revenue both organically and through services with Procter & Gamble Europe SA (“P&G”) through to encourage customer advocacy. It is based in London with a team niche acquisitions; December 2019. of eight people. • extending activities to broaden and deepen the The LBG contract resulted in Communisis taking on 14 TCA is a long-established award-winning agency, with broad service offering; existing LBG sites in the UK, including the main operational capabilities and experience across all media channels including • further diversifying the client portfolio beyond the centres in Edinburgh, Leeds and Andover with approximately TV, experiential and digital that specialises in brand response financial services sector; 310 roles transferring from LBG to Communisis under TUPE and customer relationship marketing. TCA has long-standing arrangements. The Group already produces all of LBG’s out- client relationships with leading brands in the financial • following international clients into overseas markets; bound transactional communications, under an existing services, retail and consumer goods sectors. It is based in • investing in specialist, market-leading technologies; outsourcing arrangement, and is now also responsible for London with 42 employees. and handling more than 30 million incoming documents from LBG customers annually, scanning them into a digital format before • continuing to optimise the direct cost and overhead base. indexing
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