Company Announcements

PRESS RELEASE

 

Interim results for the six months ended 30 June 2022

 

Strong H1 performance: resilience, sustainable high growth and positive outlook

 

 

·      Total revenue £69.9 million, up 24.8% over H1 2021

·      Adjusted EBITDA £13.8 million, at 23.0% of Service Fee Revenue

·      Total order book of £284.5 million, up 18.7% since 1 January 2022 and up 24.9% over H1 2021, underpins forward visibility

·      ADAMAS acquisition completed and trading in line with expectations

·      Cash balance of £12.0 million (after £24.2 million net cash purchase of ADAMAS) with available debt facilities increased to £80.0 million

·      Trading in line with current market expectations

 

Guildford, UK - 27 September 2022: Ergomed plc (LSE: ERGO) ("Ergomed"' or the "Company"), a company focused on providing specialised services to the global pharmaceutical industry, announces its interim results for the six months ended 30 June 2022.

 

Financial Summary

 

	First Half 2022		First Half 2021		% change
Figures in £ millions, unless otherwise stated
Total Revenue	69.9		56.0		24.8
Service Fee Revenue (Note 1)	59.8		47.6		25.6
Gross Profit	28.9		23.0		25.7
Gross Margin (%) Gross Margin Service Fee (%) (Note 2)	41.4% 48.4%		41.1% 48.2%		0.3 ppts 0.2 ppts
Adjusted EBITDA (Note 3)	13.8		12.1		13.6
Cash at 30 June	12.0		24.6		(51.3)
Order book at 30 June	284.5		227.8		24.9
Basic adjusted earnings per share (pence) (Note 4)	20.4p		16.8p		21.4

 

Notes:

(1) Service Fee Revenue is defined as Total Revenue less Pass-through Revenue. Pass-through Revenue is revenue earned with zero-margin.

(2) Gross Margin Service Fee (%) is defined as Service Fee Gross Profit divided by Service Fee Revenue.

(3) Adjusted EBITDA is defined as operating profit for the period plus depreciation and amortisation, share-based payment charge, and other income and costs further detailed in Note 7 to the financial statements.

(4) Basic adjusted earnings per share is defined as basic earnings per share after adjustment for certain income and costs detailed in Note 3 to the financial statements.

 

Dr Miroslav Reljanović, Executive Chairman of Ergomed, said:

 

"Ergomed has delivered further significant strategic progress in H1 2022 with continued strong organic growth, ongoing delivery of value from recent acquisitions including ADAMAS, and further organic expansion into new geographies of strategic importance. Alongside this, we have further strengthened the Company's Board and leadership team, laying the foundations for the next steps of our growth strategy. Ergomed has a robust and resilient business model which is delivering a high level of sustainable growth at a time of wider challenges in the global macro-environment. We look forward with confidence to the rest of this year and beyond."

 

Key Financial Highlights

·      Revenue of £69.9 million (H1 2021: £56.0 million) increased by 24.8% (up 20.0% in constant currency)

·      Pharmacovigilance (PV) division delivered strong growth with revenue up 23.4% (up 18.7% in constant currency) to £35.6 million (H1 2021: £28.8 million)

·      Clinical Research Services (CRO) division delivered strong growth with revenue up 26.2% (up 21.4% in constant currency) to £34.3 million (H1 2021: £27.2 million)

·      Gross profit up 25.7% to £28.9 million (H1 2021: £23.0 million)

·      Adjusted EBITDA at 23% of Service Fee Revenue and up 13.6% to £13.8 million (H1 2021: £12.1 million)

·      Basic adjusted EPS up 21.4% to 20.4p (H1 2021: 16.8p)

·      Cash and cash equivalents of £12.0 million after payment of £24.2 million net cash for ADAMAS acquisition

 

 

Strategic & Operational Highlights

 

·      Order book of £284.5 million future contracted revenue up 18.7% in H1 2022 (31 December 2021: £239.7 million) and up 24.9% over H1 2021

·      North America revenues up 24.7% to £44.3 million (H1 2021: £35.5 million)

·      Organic investment in complementary geographies, service offerings, strategic leadership hires and technology

·      Operational integration of ADAMAS into Ergomed's business well advanced with further significant synergistic benefits expected

·      Establishment of the Ergomed Rare Disease Innovation Centre

·      Available debt facilities increased to £80.0 million

 

 

Webcast and conference call for analysts:

A webcast and conference call for analysts will be held at 9.30 am BST today. 

 

Webcast link: https://www.lsegissuerservices.com/spark/Ergomed/events/750dcfbe-a928-4a7e-9d63-7e60bf93acdd

 

Conference call registration: https://cossprereg.btci.com/prereg/key.process?key=P9G9JY8F4

 

 

Enquiries:

 

Ergomed plc	Tel: +44 (0) 1483 402 975
Miroslav Reljanović (Executive Chairman)
Richard Barfield (Chief Financial Officer)
Keith Byrne (Senior Vice President, Capital Markets & Strategy)
Numis	Tel: +44 (0) 20 7260 1000
Freddie Barnfield / Euan Brown (Nominated Adviser)
James Black (Broker)   Peel Hunt LLP (Joint Broker)   James Steel / Dr Christopher Golden	Tel: +44 (0) 20 7418 8900
Consilium Strategic Communications	Tel: +44 (0) 20 3709 5700
Chris Gardner / Matthew Neal	ergomed@consilium-comms.com
Angela Gray

About Ergomed plc

Ergomed provides specialist services to the pharmaceutical industry spanning all phases of clinical development, post-approval pharmacovigilance and medical information. Ergomed's fast-growing services business includes an industry-leading suite of specialist pharmacovigilance (PV) solutions, integrated under the PrimeVigilance brand, a full range of high-quality clinical research and trial management services under the Ergomed brand (CRO) and mission-critical regulatory compliance and consulting services under the ADAMAS brand. For further information, visit: http://ergomedplc.com.

 

 

Forward-looking Statements

 

Certain statements contained within the announcement are forward-looking statements and are based on current expectations, estimates and projections about the potential results of Ergomed plc ("Ergomed") and the industry and markets in which Ergomed operates, the Directors' beliefs and assumptions made by the Directors. Words such as "expects", "anticipates", "should", "intends", "plans", "believes", "seeks", "estimates", "projects", "pipeline" and variations of such words and similar expressions are intended to identify such forward-looking statements and expectations. These statements are not guarantees of future performance or the ability to identify and consummate investments and involve certain risks, uncertainties, outcomes of negotiations and due diligence and assumptions that are difficult to predict, qualify or quantify. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements or expectations. Among the factors that could cause actual results to differ materially are: the general economic climate, competition, interest rate levels, loss of key personnel, the result of legal and commercial due diligence, the availability of financing on acceptable terms and changes in the legal or regulatory environment.

 

These forward-looking statements speak only as of the date of this announcement. Ergomed expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Ergomed's expectations with regard thereto, any new information or any change in events, conditions or circumstances on which any such statements are based, unless required to do so by law or any appropriate regulatory authority.

 

 

INTERIM MANAGEMENT REPORT

 

OPERATIONAL REVIEW

 

Introduction

 

Ergomed continued to make significant strategic progress in the first half of 2022, delivering a further period of robust operational and financial performance. These results demonstrate Ergomed's resilient business model, which has enabled us to continue to deliver strong growth and invest for the future during a period of significantly more challenging macro-economic circumstances. Alongside high organic revenue and adjusted EBITDA growth, the Company achieved further growth through the acquisition of ADAMAS, acquired with cash generated organically by the business. This strong financial performance underlines the value of Ergomed's robust services model and the strength of the Company's foundations for continued long-term growth.

 

Notwithstanding the wider macro-economic situation, the first half of 2022 saw continuing favourable market dynamics within Ergomed's specialist areas of rare disease, oncology, pharmacovigilance and GXP audit.  The global regulatory environment continues to evolve, with increasing legislation that creates complexity and drives the need for specialised outsourcing. In both clinical trials and pharmacovigilance, innovation and the adoption of digital technologies are increasing, with added impetus for these trends driven by the COVID-19 pandemic. Ergomed has continued to strengthen its position in its chosen markets with ongoing organic investment in complementary geographies, service offerings, strategic leadership hires and technology, to take advantage of these favourable market trends and build for the future. This has been further augmented by the addition to the Group of the ADAMAS business and its strong brand. These operational improvements across the Group are contributing to the increased order book and driving sustainable growth.  

 

Financial summary

Ergomed reported a strong financial performance in the first half of 2022 with total revenues of £69.9 million (H1 2021: £56.0 million), an increase of 24.8% (20.0% in constant currency). Service fee revenues of £59.8 million (H1 2021: £47.6 million) were up 25.6% (20.7% in constant currency) over H1 2021. This increase in revenues was driven by a robust order book at the beginning of 2022, combined with substantial levels of new business wins throughout the first half. Revenue growth in North America continued and was up 24.7% compared to H1 2021.

 

Adjusted EBITDA in H1 2022 was 23.0% of service fee revenues in the first half of 2022 and was up 13.6% to £13.8 million compared to £12.1 million in H1 2021.

 

Cash generation in H1 2022 continued to be strong. After the payment of £24.2 million net cash on the ADAMAS acquisition, funded internally through organic cash generation, cash and cash equivalents at 30 June 2022 was £12.0 million (H1 2021: £24.6 million). The Company continues to be debt free with available banking facilities of £80.0 million, comprising a £50.0 million facility and an additional £30.0 million accordion, available to support continued growth.

 

Operational summary

Ergomed had an excellent first half, demonstrating strong overall growth in revenue underpinned by strong demand for its services across all areas of the business.

 

Ergomed has continued to develop internationally to meet global demand for its services in both the Clinical Research Services and PrimeVigilance divisions. Growth in the US is continuing, with strong organic growth supported by recent acquisitions with US presence, including ADAMAS. The Company's new operation in Japan, the fourth largest pharmaceutical market in the world, is continuing to grow, and recently opened subsidiaries to develop operational capabilities in key European countries which have further bolstered international growth and future prospects.

 

A strong business development performance saw net sales of new business for H1 2022 increase by 19.8% to £108.8 million (H1 2021: £90.8 million), benefiting from continuing investment in business development in both the CRO and PrimeVigilance businesses and the significantly strengthened US and international presence. The order book continues to grow and reached £284.5 million at the end of H1 2022, up 18.7% from £239.7 million at 31 December 2021 and up 24.9% over H1 2021, providing excellent visibility of contracted revenues into the second half of 2022 and beyond.

 

The increase in total revenues of 24.8% to £69.9 million (H1 2021: £56.0 million) was achieved with notable growth in both the PrimeVigilance and Clinical Research Services businesses.

 

PrimeVigilance

Ergomed's pharmacovigilance (PV) business saw total revenue increase to £35.6 million in H1 2022 from £28.8 million in H1 2021, up by 23.4% (18.7% in constant currency). Reported gross profit increased from £14.7 million to £18.3 million, up 24.8%, whilst gross margin increased to 51.4% (H1 2021: 50.7%).

 

The significant increase in PrimeVigilance revenue in the first half of 2022 was driven by steady sales and repeat business, as the division continued to demonstrate its long-term resilience and ability to generate sustained growth during a time of macroeconomic challenges. Further substantial progress was achieved in the development and deployment of proprietary automation technology. PrimeVigilance also invested further in training and skills development across its existing team, whilst continuing to attract senior industry experts to join the business. These investments enabled organisational improvements to further enhance efficiency and productivity.

 

Alongside this, client engagement through strategic partnerships and governance oversight has continued to foster long-term alignment and commitment to drive future growth. Service expansion has been attained through a strategy of differentiated product focus, enabling delivery of tailored solutions to meet the increasingly complex global pharmacovigilance regulations.

 

Clinical Research Services (CRO)

Ergomed's CRO business saw total revenue increase to £34.3 million in H1 2022 from £27.2 million in H1 2021, up by 26.2% (21.4% in constant currency). Reported gross profit increased by 27.2% to £10.6 million (H1 2021: £8.4 million) and service fee gross margin remained robust at 43.4% (H1 2021: 44.2%).

 

The CRO business has seen further robust growth in the first half of 2022, including a number of major new contract awards. Ergomed's CRO business recently celebrated 25 years since its foundation and has continued its long tradition of specialism and innovation with the launch in February 2022 of the Ergomed Rare Disease Innovation Centre, providing tailored and innovative solutions for sponsors of rare disease drug development programmes.

 

M&A Activity

Ergomed completed the acquisition of ADAMAS, an international specialist consultancy offering a full range of independent quality assurance services, on 9 February 2022. The operational integration of ADAMAS into Ergomed's business is well advanced, with further significant synergistic benefits expected. The acquisition was completed using internally generated cash resources. The Company continues to review acquisition opportunities to further grow the CRO and PV businesses and deliver enhanced shareholder value, in line with its disciplined M&A strategy.

 

Strengthening of the Board and senior leadership team

During the first half of 2022, John Dawson, CBE joined the Board as an independent Non-Executive Director and Chair of the Audit Committee, and Anne Whitaker joined as an independent Non-Executive Director. The Company has continued to attract senior executives with highly relevant experience and expertise in our areas of CRO and PV specialisation, with recent key appointments in commercial leadership roles.

 

Current trading and outlook

Ergomed has delivered further significant strategic progress in H1 2022 with continued strong organic growth, ongoing delivery of value from recent acquisitions including ADAMAS, and further organic expansion into new geographies of strategic importance. Alongside this, we have further strengthened the Company's Board and leadership team, laying the foundations for the next steps of our growth strategy. Ergomed has a robust and resilient business model and is delivering a high level of sustainable growth at a time of wider challenges in the global macro-environment.  The Company is trading in line with current market expectations and we look forward with confidence to the rest of this year and beyond.

 

Dr Miroslav Reljanović

Executive Chairman

 

 

 

FINANCIAL REVIEW

 

The primary financial statements of Ergomed plc for the six months ended 30 June 2022 are presented later in this announcement along with the key accounting policies, notes to the financial statements and the independent review report from KPMG.

 

Key performance indicators

 

The Directors consider the principal financial performance indicators of the Group to be:

 

£ million (unless stated otherwise)		H1 2022	H1 2021
Total revenue		69.9	56.0
Gross profit		28.9	23.0
Gross margin % on service fee revenue Profit after tax		48.4% 7.3	48.2% 6.6
Adjusted EBITDA (Note 7)		13.8	12.1
Cash and cash equivalents Cash generated from operating activities		12.0 12.0	24.6 11.0
Basic adjusted earnings per share (Note 3)		20.4p	16.8p

 

Consolidated income statement

Total revenue on a reported basis for the six months ended 30 June 2022 was £69.9 million (H1 2021: £56.0 million), an increase of 24.8% (20.0% on a constant currency basis), driven by growth in the PV division (up 23.4%) and the CRO division (up 26.2%), including revenues of £4.0 million in ADAMAS acquired on 9 February 2022. Revenues in the key North American market grew by 24.7% to £44.3 million (H1 2021: £35.5 million).

 

Gross profit was £28.9 million and service fee gross margin was 48.4% (H1 2021: gross profit £23.0 million and service fee gross margin 48.2%), the slightly higher gross margin percentage being an anticipated result of favourable foreign exchange and underlying organic revenue growth. Selling, general and administration expenses including acquisition related costs were £20.2 million (H1 2021: £14.8 million). Research and development costs expensed in the period were £0.05 million (H1 2021: £0.04 million).

 

Adjusted EBITDA increased by 13.6% to £13.8 million in H1 2022 from £12.1 million in H1 2021, with profit after tax up 10.3% at £7.3 million (H1 2021: £6.6 million). Basic adjusted earnings per share was up 21.4% to 20.4p (H1 2021: 16.8p).

 

Consolidated balance sheet

Net assets increased by £7.9 million during the first half of 2022 and amounted to £75.1 million at 30 June 2022 (31 December 2021: £67.2 million) including net cash and cash equivalents of £12.0 million (31 December 2021: £31.2 million).

 

Consolidated cash flow statement

At 30 June 2022, the Group's net cash balance was £12.0 million, after the £24.2 million net cash purchase of ADAMAS in February 2022.

 

Cash generated from operating activities was £12.0 million (H1 2021: £11.0 million) before changes in working capital, representing 86.9% of adjusted EBITDA in H1 2022. Ergomed has no debt and has increased its multi-currency revolving credit facility (RCF) from £30.0 million to £80.0 million, comprising a £50.0 million facility and an additional £30.0 million accordion.

 

Net outflows from investing activities increased to £24.7 million (H1 2021: £0.9 million) due to the £24.2 million net cash purchase of ADAMAS. Net outflows on financing activities for the period of £1.0 million were primarily related to lease costs and interest paid.

 

Richard Barfield

Chief Financial Officer

 

Independent Review Report to Ergomed plc

 

Conclusion

 

We have been engaged by the Ergomed plc ("the Entity" or "the Group") to review the Entity's condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 30 June 2022 which comprises condensed Consolidated Income Statement, condensed Consolidated Statement of Comprehensive Income, condensed Consolidated Balance Sheet, condensed Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement a summary of significant accounting policies and other  explanatory notes.

 

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 30 June 2022 is not prepared, in all material respects in accordance with International Accounting Standard 34 Interim Financial Reporting ("IAS 34") as contained in the UK adopted International Accounting Standards  and the AIM Rules.

 

Basis for conclusion

 

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

 

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 

 

We read the other information contained in the half-yearly financial report to identify material inconsistencies with the information in the condensed set of consolidated financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the review. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

 

Conclusions relating to going concern

 

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention that causes us to believe that the directors have inappropriately adopted the going concern basis of accounting, or that the directors have identified material uncertainties relating to going concern that have not been appropriately disclosed.

 

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the Entity to cease to continue as a going concern, and the above conclusions are not a guarantee that the Entity will continue in operation.

 

Directors' responsibilities

 

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules.

 

The directors are responsible for preparing the condensed set of consolidated financial statements included in the half-yearly financial report in accordance with IAS 34 as contained in the UK adopted International Accounting Standards . 

 

As disclosed in note 1, the annual financial statements of the Entity for the year ended 31 December 2021 are prepared in accordance with UK-adopted international accounting standards. 

 

In preparing the condensed set of consolidated financial statements, the directors are responsible for assessing the Entity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Entity or to cease operations, or have no realistic alternative but to do so.

 

Our responsibility

 

Our responsibility is to express to the Entity a conclusion on the condensed set of consolidated financial statements in the half-yearly financial report based on our review.

 

Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion section of this report.

 

The purpose of our review work and to whom we owe our responsibilities

 

This report is made solely to the Entity in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the Entity those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Entity for our review work, for this report, or for the conclusions we have reached.

 

 

 

KPMG                                                                                                  26 September 2022

Chartered Accountants

1 Stokes Place

St Stephen's Green

Dublin 2,

Ireland.

 

Condensed Consolidated Income Statement

For the six months ended 30 June 2022

	Note	Unaudited Six months ended 30 June 2022   £000s	Unaudited Six months ended 30 June 2021   £000s	Audited Year ended 31 December 2021   £000s
REVENUE	2	69,917	56,042	118,581
Cost of sales		(30,851)	(24,671)	(52,191)
Reimbursable expenses		(10,139)	(8,354)	(18,028)
GROSS PROFIT		28,927	23,017	48,362
Selling, general and administrative expenses		(20,163)	(14,848)	(34,877)
Selling, general and administrative expenses comprises:
Other selling, general and administrative expenses		(17,363)	(13,201)	(27,736)
Amortisation of acquired intangible assets		(1,404)	(728)	(1,599)
Share-based payment charge		(557)	(431)	(817)
Contingent consideration for acquisitions		-	-	(2,949)
Acquisition costs	6	(839)	(488)	(1,776)
Research and development expenses		(47)	(36)	(130)
Net impairment reversal/(loss) on trade receivable and contract assets		287	(533)	(324)
Other operating income	5	385	926	1,593
OPERATING PROFIT		9,389	8,526	14,624
Finance income		-	1	1
Finance costs	4	(239)	(213)	(361)
PROFIT BEFORE TAXATION		9,150	8,314	14,264
Taxation	8	(1,836)	(1,681)	(1,590)
PROFIT FOR THE PERIOD		7,314	6,633	12,674

 

All activities in the current and prior periods relate to continuing operations.

 

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2022

	Unaudited Six months ended 30 June 2022   £000s	Unaudited Six months ended 30 June 2021   £000s	Audited Year ended  31 December 2021   £000s
OTHER COMPREHENSIVE INCOME
Profit for the period	7,314	6,633	12,674
Exchange differences on translation of foreign operations	2,121	(1,001)	(682)
Other comprehensive income for the period net of tax	2,121	(1,001)	(682)
Total comprehensive profit for the period	9,435	5,632	11,992

 

All activities in the current and prior periods relate to continuing operations.

 

 

	Note	Unaudited Six months ended 30 June 2022   £000s	Unaudited Six months ended 30 June 2021   £000s	Audited Year ended  31 December 2021   £000s
EARNINGS PER SHARE	3
Basic		14.8p	13.6p	26.1p
Diluted		14.2p	13.0p	25.1p

 

 

	Note	Unaudited Six months ended 30 June 2022   £000s	Unaudited Six months ended 30 June 2021   £000s	Audited Year ended  31 December 2021   £000s
ADJUSTED EARNINGS PER SHARE	3
Basic		20.4p	16.8p	41.1p
Diluted		19.6p	16.1p	39.4p

 

 

 

ADJUSTED EBITDA (Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation)	7	13,760	12,111	25,423

 

 

Condensed Consolidated Balance Sheet

As at 30 June 2022

	Note	Unaudited 30 June 2022   £000s	Unaudited 30 June 2021   £000s	Audited 31 December 2021   £000s
Non-current assets
Goodwill	9	41,076	25,646	23,903
Other intangible assets	10	16,910	7,683	7,653
Property, plant and equipment		1,974	1,957	1,966
Right-of-use assets		2,639	3,731	2,691
Deferred tax asset		6,999	5,343	9,433
		69,598	44,360	45,646
Current assets
Trade and other receivables	11	30,653	21,966	25,143
Contract assets (accrued revenue)		9,198	4,268	3,958
Cash and cash equivalents	12	11,973	24,571	31,243
		51,824	50,805	60,344
Total assets		121,422	95,165	105,990
Current liabilities
Lease liabilities		(1,322)	(1,338)	(1,249)
Trade and other payables	13	(15,469)	(13,082)	(14,946)
Derivative Liability		(783)	(98)	(261)
Contract liabilities (deferred revenue)		(22,975)	(15,489)	(17,752)
Current tax liability		(468)	(1,676)	(1,172)
		(41,017)	(31,683)	(35,380)
Net current assets		10,807	19,122	24,964
Non-current liabilities
Lease liabilities		(1,264)	(2,429)	(1,432)
Provisions		(19)	(19)	(19)
Deferred tax liability		(4,069)	(2,101)	(1,920)
		(5,352)	(4,549)	(3,371)
Total liabilities		(46,369)	(36,232)	(38,751)
Net assets		75,053	58,933	67,239
Equity
Share capital	14	499	490	493
Share premium account		711	116	545
Merger reserve		1,349	1,349	1,349
Share-based payment reserve		6,416	5,473	5,859
Translation reserve		2,054	(386)	(67)
Retained earnings		64,024	51,891	59,060
Total equity		75,053	58,933	67,239