Sep 13-interim-results-a dept

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  • 1. 1 AdEPT Telecom plc Interim results & corporate update for the 6 months ended 30 September 2013 AdEPT Telecom – September 2013 interim results
  • 2. 2 Financial highlights Trading results and earnings (7.0%) revenue reduction Reduced call volumes and prices 6.0% increase in EBITDA to £2.09m (2012: £1.97m) 20% increase to PBT PBT increased by £0.1m to £1.0m (2012: £0.9m) 30% increase to PAT PAT increased by £0.2m to £0.7m (2012: £0.5m) 2.6% increase in EBITDA margin EBITDA margin increased to 20.6% (2012: 18.0%) AdEPT Telecom – September 2013 interim results
  • 3. Financial highlights Cash flow, dividends and acquisitions 3 £1.70m free cash flow (pre-acquisition payments) After interest free cash flow £1.70m (2012: £1.57m) 45% reduction to finance costs Finance costs reduced to £0.13m (2012: £0.24m) Dividends doubled to 1.5p (2012: 0.75p interim) AdEPT Telecom – September 2013 interim results Acquisition of c3,000 customers completed Aug 2013 £1.9m acquisition consideration for Bluebell plus £0.3m Expanse earnout paid Bank facility renewed and extended Revolving credit facility extended from £3m to £5m until October 2016
  • 4. 0 500 1,000 1,500 2,000 2,500 Sep 03 Sep 04 Sep 05 Sep 06 Sep 07 Sep 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 482 762 1,204 1,304 1,717 1,881 1,932 1,947 1,972 2,087 EBITDA (£'000s) Financial highlights EBITDA growth 4 11th consecutive year of record first half EBITDA EBITDA increased to £2.09m (2012: £1.97m) Our business model based on recurring revenue and low capex has been very resilient throughout the recession EBITDA up 22% in last 5 years AdEPT Telecom – September 2013 interim results
  • 5. Financial highlights Net debt, financing and cash flow 5 £0.5m net debt reduction in last 12 months Net debt reduced to £3.9m (2012: £4.4m) EBITDA : Net debt ratio 1.07x Cash interest cover 13.5x Operating cash flow : Cash interest paid (2012: 9.5x) £2.2m cash used to fund Bluebell and ECL acquisitions AdEPT Telecom – September 2013 interim results 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Mar 08 Jun 08 Mar 09 Mar 10 Mar 11 Mar 12 Sep 12 Mar 13 Sep 13 11,295 12,267 10,843 9,214 7,395 5,339 4,391 3,270 3,892 Net debt (£'000s)
  • 6. 6 DATA NETWORKS Next generation services Increased data connectivity and inbound services 6% increase to data connectivity revenue £1.40m revenue (2012: £1.32m) Data, mobile and inbound services £2.25m 22.1% of total revenue (2012: 18.4%) CLOUD BASED CONTACT CENTRE SOLUTIONS 33% increase to cloud-based contact centre and non- geographic revenue £0.76m revenue (2012: £0.57m) AdEPT Telecom – September 2013 interim results
  • 7. 7 Now won 3 Government Frameworks Growing Public Sector revenues JANET Framework – One of a small number of companies approved to sell data connectivity to UK Colleges and Universities ESPO Telecom Framework – Sole recommended supplier of calls, lines, broadband, fibre broadband and SIP to Public Sector and registered charities nationwide GPS Telephony Framework – One of 10 companies recommended on the Government Procurement Service telephony services framework AdEPT Telecom – September 2013 interim results
  • 8. AdEPT Telecom plc Ownership Chris Fishwick companies* 29.3% Individual Greenwood Investments 15.3% Family office Ian Fishwick* 8.1% Individual Fiske Private Clients 5.3% Private clients Allan Gauld 4.5% Individual Octopus 3.9% VCT & EIS Roger Wilson* 3.6% Individual Pat Wilson 3.2% Individual SUB-TOTAL 73.2% 8 • Shareholder and management interests aligned • 41% of AdEPT is owned by the Directors* AdEPT Telecom – September 2013 interim results Director share option exercise • 872,160 new shares issued in Interim Period (Ian Fishwick 652,160) – Some of Ian F holding may be sold at some point to fund the exercise and tax obligations • Shareholdings after recent share option exercise:
  • 9. AdEPT Telecom plc Contact details 9 Visit us at: www.adept-telecom.co.uk Roger Wilson Chairman Ian Fishwick Chief Executive John Swaite Finance Director roger.wilson@adept-telecom.co.uk ian.fishwick@adept-telecom.co.uk john.swaite@adept-telecom.co.uk AdEPT Telecom – September 2013 interim results
  • 10. AdEPT Telecom plc Annexes 10 Introduction to AdEPT Telecom for new investors AdEPT Telecom – September 2013 interim results
  • 11. • The residential and business markets are very different: Business competitors 11 Industry Overview 5-10 Residential competitors 700+ c25700+ Under £2m pa sales Over £20m pa sales • The business market is highly fragmented with few large competitors: AdEPT Telecom – September 2013 interim results
  • 12. What do we do … • We have a direct & indirect sales force Own sales team, plus Two types of business partner: 1. telephone systems sales 2. cost consultants Business partners earn a % of the recurring revenue 12 60,000 £460k phone lines at September 2013 Business customers - 97% revenue Residential customers - 3% revenue Industry leading sales per employee Achieved by system automation All based in Tunbridge Wells AdEPT Telecom – September 2013 interim results
  • 13. What we do … 13 We are one of the UK’s leading COMMSintegrators We supply best of breed products from every major network in the UK, tailored to suit you AdEPT Telecom – September 2013 interim results
  • 14. What we do … 14 We are one of the UK’s leading COMMSintegrators We supply best of breed products from every major network in the UK, tailored to suit you One bill One point of contact for all service issues Let us decide who is best to supply the underlying technology Services supplied Landline calls Cable & Wireless Landline rental BT Openreach Data network Redcentric Cloud-based inbound TalkTalk Business AdEPT Telecom – September 2013 interim results