Results for the six months ended 30 June 2016

16th September 2016/in , /by

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

Watchstone (AIM:WTG.L) today announces its results for the six months ended 30 June 2016.

Financial summary:

  • Underlying* business revenues improved to £31.9m (2015: £28.8m)
  • Underlying EBITDA loss before capitalisation of development expenditure £6.9m (2015: £13.8m)
  • Underlying EBITDA loss after capitalisation of development expenditure £6.7m (2015: £10.2m)
  • Total loss before tax £8.2m (2015: loss of £32.3m)
  • Group net assets £130.6m (as at 31 December 2015: £137.1m)
  • Group cash at 30 June 2016 of £93.8m (£89.3m as at 31 August 2016), with a further £50.0m in escrow

* Underlying includes ptHealth, Hubio, Ingenie, BAS, Maine Finance and Central

Operational highlights:

  • Substantial work completed and on-going to simplify the Group including closure and disposals of loss-making businesses; underpinned by work to position the Group to deliver shareholder value from its assets
  • Continued momentum in ptHealth and ingenie
  • ingenie signed its first white label licence with ANWB, The Royal Dutch Touring Club
  • Resolved long standing Navseeker litigation

Click here for the full RNS announcement (21 pages)