Results for the six months ended 30 June 2017

Watchstone Group plc
(“Watchstone” or the “Company” or the “Group”)

Results for the six months ended 30 June 2017

Watchstone (AIM:WTG.L) today announces its results for the six months ended 30 June 2017.

Financial summary:

• Underlying business revenues improved to £26.3m (2016: £25.2m)*
• Underlying EBITDA loss of £2.4m (2016: £3.5m)*
• Total loss before tax of £2.1m (2016: loss of £8.1m)
• Group net assets of £66.5m at 30 June 2017 (as at 31 December 2016: £68.5m)
• Group cash and term deposits at 30 June 2017 of £67.2m, with a further £50m in escrow
• Group cash and term deposits at 15 September 2017 of £65.8m

*BAS, Maine Finance and Hubio Telematics have been classified as non-underlying in 2017, the 2016 amounts are presented on a comparable basis.

Operational highlights:

• Group complexity and losses continue to be reduced through disposal/closure/reshaping of cash consuming activities
• Largest businesses ptHealth and ingenie now well positioned and being invested in for growth
• Profitable disposal of Business Advisory Services Limited
• Reshaping of Hubio completed – very substantial reduction of cash requirements
• Successful resolution of a number of outstanding historic tax matters

For further information:

Click here for the full RNS announcement (23 pages)