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3 September 2018

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21st Century Technologyplc

(“21st Century” or “the Group”)

Acting After-effects for the six months concluded 30 June 2018

Banking annual

• Basal accumulation afore abrasion and amortisation £0.2m (2017: basal accumulation £0.04m)*

• Operating accumulation £0.4m (2017: accident of £0.2m)

• Acquirement £6.4m (2017: £5.6m): 18% advance in Active Systems; 9% advance in Commuter Systems

• Gross accumulation £2.4m (2017: £2.3m)

• Banknote £0.2m (2017: £0.1m)

• Basal and adulterated balance per allotment 0.37p (2017: accident of 0.28p)

* Basal accumulation represents accumulation afore interest, tax and share-based acquittal credits/(charges).

Operational annual

• Asset applicant amend

o Abellio, anchored in 2017, now has one of the accomplished CCTV availability levels for London bus operators

o Arriva Sweden arrangement continued by twelve months to June 2019

o Translink £0.4m arrangement with added acquirement for advancement casework

o Added above sales to Keolis (Holland) £0.3m and New Zealand £0.8m

• Adoption of new technologies and software

o Active Systems – Aboriginal Bus deployment of 1,350 Journeo RCM units

o Commuter Systems – aboriginal tranche of six NHS accessible messaging solutions including real-time ytics

• R&D capabilities added

o Development aggregation broadcast to 15

o Innovations developed in abode nominated for industry awards

o Part-funded programmes underway in abuse and ecology applications

• ISO certifications and approvals now retained beneath accepted accreditation anatomy

Russ Singleton, CEO of 21st Century Technology plc, said:”The advance fabricated in the aboriginal six months demonstrates that our action is alpha to crop complete results. Sales accept added with the accession of new asset audience and our chump abject has adapted added in the UK and overseas. Our decidedly stronger adjustment book has been maintained, the activity of enquiries continues to grow, we are accepting added absorption in our software and technology solutions, and new regulations are presenting added opportunities. I attending advanced to advertisement on our advance and apprehend our bigger achievement to continue.”

Enquiries:

21stCentury Technologyplc

RussSingleton/Nick Lowe

Tel: 08448717990

finnCap Limited

Nominated Adviser

Julian Blunt/ScottMathieson

Tel: 02072200500

Media enquiries

CommunicationsPortfolio

ArianeComstive

[email protected]

Tel: 07785 922 354

The advice appear in this advertisement is central advice for the purposes of Article 7 of Adjustment 596/2014.

Notesto editors:

‘ConnectedSystemsforConnectedJourneys’

21st Century Technology is the specialist provider of tailored solutions to the carriage community, ytic circuitous operational requirements both on and off the vehicle. Comprised of a Active Systems assay and a Commuter Systems division, 21st Century Technology provides chip solutions both on and off the agent to bear ‘connected systems for affiliated journeys’.

Active Systems: accommodate CCTV video surveillance; to advance commuter & disciplinarian safety, agent & disciplinarian achievement monitoring, real-time on-board IT subsystems administration and automated commuter counting.

Commuter Systems: accommodate the architecture & accomplish of all the all-important accouterments and software for cyberbanking commuter advice systems, off-vehicle acute ticketing and way-finding.

With over 20 years’ acquaintance in the carriage industry, 21st Century Technology specialises in accouterment innovative, cost-effective technology-led solutions to advance the commuter acquaintance and accommodate operational allowances to active and arrangement operators.

Added advice on the aggregation is accessible on www.21stplc.comor chase for 21st Century Technology on LinkedIn and @21stCenturyLtd on Twitter.

Chairman and Chief Executive’s assay

The Group continues to accomplish cogent advance appear acceptable a technically active and customer-centric business, accouterment affiliated systems, software and abutment casework on cartage and for the acute cities of today and tomorrow.

The after-effects for the aboriginal six months of 2018 are encouraging. The business has performed able-bodied admitting new agent registrations for abounding ample UK active operators and fare-paying commuter numbers actuality bottomward on aftermost year. The Group has generated added sales, gross accumulation and operating profit. This demonstrates that our action of developing core-technologies and applying these into complete and new business areas is acquiescent complete results.

Acquirement all-embracing has added by 15% compared to the aforementioned aeon aftermost year with added asset applicant wins such as Translink appear beforehand this year, abacus to our apprenticed revenues. The about-face of the chump abject into above markets is added careful the Group from UK bazaar altitude and we are acceptable added airy to our celebrated annex on a baby cardinal of actual ample clients.

The commuter carriage bazaar in abounding aloft towns and cities worldwide, is adeptness a aeon of transition. Accretion congestion, online arcade and low absorption ante enabling a advance in car ownership, forth with the acceleration of Demand Responsive Carriage (DRT) such as Uber, are alpha to change how accessible carriage is operated and administered. This is creating abounding new opportunities for creative, technically able businesses such as ours to acquaint innovative, operationally benign and cost-efficient solutions into what was ahead a complete marketplace.

In the UK, for example, about 80% of all UK accessible carriage journeys are completed by bus and new authoritative admiral are expected, which will enhance the advice provided on, and accessibility to, bus casework in band with the Equality Act 2010.

It is with this in apperception that the Group is accretion advance in its R&D programme, accretion the aggregation and alive on a cardinal of business critical, regulation-driven opportunities as we body scalable bulk technologies that can be awash into a cardinal of UK and all-embracing bazaar channels area we see adorable advance opportunities. A cardinal of our new articles are actuality evaluated by customers, including some in ‘paid-for trials’. Following the barrage aftermost year of our aboriginal IoT-connected solution, one chump has already deployed it on over 1,350 cartage and discussions with a cardinal of added operators are underway.

Trading in the aboriginal six months of 2018 has delivered an basal accumulation afore abrasion and amortisation of £0.2m (2017: £0.04m) with added revenues from both the Active and Commuter Systems businesses. The H1 after-effects are a cogent advance on the aforementioned aeon aftermost year and accepted breach are that this will be maintained and abide to improve.

The new balance discounting adeptness with Close Brothers provided added alive basal on decidedly bigger acceding for the business at the end of 2017 and as at 30 June 2018 £0.9m of the £1.25m adeptness was fatigued down.

Trading after-effects

In the aboriginal six months’ trading in 2018 the achievement of the Group was decidedly stronger than the aforementioned aeon in 2017 with about-face accretion by £0.8m to £6.4m, gross accumulation accretion by £0.1m to £2.4m and an operating accumulation of £0.4m, compared with a accident of £0.2m in H1 2017. Our bulk on R&D resulted in a tax acclaim affirmation of £0.3m, with acquittal actuality accustomed afterwards the aeon end.

Acquirement for H1 2018 of £6.4m (H1 2017: £5.6m) added by £0.8m due to an admission in Active Systems acquirement to £4.1m (H1 2017: £3.5m) and Commuter Systems acquirement to £2.3m (H1 2017: £2.1m).

Active Systems gross accumulation of £1.2m (H1 2017: £1.1m) added by £0.1m with a abridgement in all-embracing allowance to 29% (H1 2017: 32%). Commuter Systems gross accumulation of £1.2m (H1 2017: £1.2m) added alone hardly with a abridgement in margins to 52% (H1 2017: 56%). Gross allowance bargain in both Active and Commuter Systems due to the business mix. New accession sales added by proportionally added than aliment sales, which about accept a college allowance and lag 12 months behind.

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The basal accumulation afore abrasion was £205k (H1 2017: £42k). The operating aftereffect includes £0.4m of share-based acquittal acclaim (due to the lapsing of allotment options) giving a accumulation of £0.4m (H1 2017: accident of £0.2m) and the basal undiluted accumulation per allotment was 0.37p (H1 2017: accident of 0.28p). Banknote added to £0.2m as at 30 June 2018 (2017: £0.1m).

Our Active Systems business continues to abutment a ambit of technologies on some of the better and best ambitious bus fleets in the UK, Continental Europe and added afield, accouterment new systems, on-site abutment and specialist activity engineering casework beneath a array of bartering models.

Following the success in accepting a three-year abstruse casework affiliation with Tier 1 London bus abettor Abellio appear the end of aftermost year, we were captivated to advertise a arrangement accolade from Translink in H1 this year.

Our attendance in Northern Ireland has apparent a abiding admission aback affable Translink as a chump in H2 2016. Aboriginal in H1, we continued our casework to Northern Ireland’s better abettor by accepting a arrangement to brace DVR technology throughout the active on a supply-only abject annual c. £0.4m. Revenues are accepted to admission as accession works are to be completed beneath a separate, above-mentioned framework agreement.

Targeting barter such as Translink and, added recently, adorable developments with our above customers, such as those in New Zealand, Continental Europe and Scandinavia accept been a key agency in the all-embracing achievement of the Active Systems business.

Following a roll-out of the Journeo Remote Condition Ecology (RCM) belvedere to over 1,350 vehicles, Aboriginal Bus has been shortlisted for a coveted ‘Route One – Best Use of Technology Award’ afterwards accomplishing an admission of over 10% in availability of CCTV downloads. Aboriginal Bus carries over 1.6 actor cartage circadian and the adeptness to know, in complete time, the bloom of its on-board technology, which protects the public, passengers, agents and operations, is a basal aspect in a safety-first approach.

The Journeo RCM belvedere is actuality beheld with absorption by added operators and the Group’s adeptness to bear added bulk to casework through the appliance of intelligent, open-platform and affiliated technology will serve as a bright differentiator in the bazaar place.

Our Commuter Systems business provides a complete amalgamation of casework from conceptual design, manufacture, accession and software development for accessible advice estates; including screens, totems and kiosks forth with the abutment capabilities to advance the systems in the ambitious environments of Towns, Cities, Bounded Authorities and Commuter Carriage Executives (PTEs) throughout the UK.

Year-on-year H1 acquirement added 9% and whilst we accept not absolutely yet accomplished a breach alike aftereffect (underlying accident of £36k), we are admiring with this progress, which is in band with administration expectations.

We accept articular a cardinal of adorable niches arising aural the Acute Cities affair which we can admission as a aftereffect of our Commuter Systems capabilities. We abide alert of the allotment challenges faced by abounding of our bounded ascendancy barter and are absorption on developing solutions that bear the adequacy and systems they are appropriate to accept in place, whilst active bottomward up-front bulk and continuing operational expenditure. With this admission we accept accustomed a growing activity of bids and breakable opportunities area allotment is already assured.

New affiliation admiral continued to bounded authorities and PTEs will admission allotment accessible for basement over the advancing years. We already accept abounding of the elements of the technology appropriate and the able relationships with our barter will see greater opportunities appear as we added adjust our R&D action with their developing needs.

The focus and catalyst that we accept placed on targeted R&D and approaching addition is key to our adeptness to abound the Aggregation aloft its accepted admeasurement and reduces our assurance on OEM suppliers as the bazaar evolves through the accepted transition.

The advance fabricated at the closing end of H2 2017 has already delivered allowances with new, avant-garde and importantly, customer-funded developments underway. To abutment the adorning focus, we are ensuring the R&D action has the ability and the amplitude to advance whilst additionally acceptable operations to abide convalescent chump annual levels.

We are admiring with the after-effects for the aboriginal bisected of 2018 which were in band with administration expectations. Accretion adjustment from the Bus Casework Act 2017 is alpha to present opportunities that we are able-bodied placed to booty advantage of with our avant-garde solutions, based on our own software and technologies.

The Group’s activities are not bedfast to the UK as our ability is actuality added broadly recognised overseas, area we accept a developing activity of enquiries, including for our own articles and software.

Whilst it is still almost aboriginal canicule in demography our software and technology solutions to bazaar we are encouraged by the absorption and booty up apparent by customers. This assists us in adorning our chump abject and acquirement streams, appropriately abbreviation the celebrated chump absorption accident to the business. This cardinal about-face is ongoing, but we are admiring with the advance fabricated to date and will abide to assignment to added advance our position.

The aggregation at 21st Century accept been aberrant in active the development of the business and we are currently exploring the accomplishing of a allotment based continued appellation allurement plan, accountable to banking performance, to abetment in incentivising and accepting these abilities for the future.

We accept maintained the decidedly stronger adjustment book with which we started the year and accept developed the activity of opportunities above all areas of the business. We apprehend the improvements appear in our aboriginal bisected after-effects to continue.

Mark Elliott

Non-executive Chairman

31 August 2018

Russ Singleton

Chief Executive

31 August 2018

Circumscribed annual of complete assets

for the six months concluded 30 June 2018

Unaudited

six months concluded

30 June 2018

£’000

Unaudited

six months concluded

30 June 2017

£’000

Year concluded

31 December 2017

£’000

Acquirement (notes 4,5)

6,404

5,586

11,761

Bulk of sales

(4,004)

(3,279)

(6,765)

Gross accumulation

2,400

2,307

4,996

Added assets

325

89

Basal authoritative costs afore abrasion and amortisation

(2,520)

(2,265)

(4,676)

Basal accumulation afore abrasion and amortisation

205

42

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409

Abrasion and amortisation

(193)

(179)

(398)

Share-based payments

399

(111)

(224)

Reorganisation costs

(88)

Authoritative costs

(1,989)

(2,555)

(5,297)

Operating profit/(loss)

411

(248)

(301)

Finance bulk

(57)

(18)

(63)

Profit/(loss) afore taxation from continuing operations

354

(266)

(364)

Taxation (charge)/credit

(5)

7

13

Profit/(loss) for the aeon actuality complete absolute assets attributable to owners of ancestor

349

(259)

(351)

Profit/(loss) per allotment (note 6)

Basal and adulterated

0.37p

(0.28p)

(0.38p)

All after-effects acquire from continuing operations.

Addendum to the acting banking statements

for the six months concluded 30 June 2018

1. Abject of alertness and approval of acting annual

The banking advice for the six months concluded 30 June 2018 and for the six months concluded 30 June 2017 is unaudited.

The acting banking annual for the six months to 30 June 2018 does not accommodate all of the advice appropriate for abounding anniversary banking statements and should be apprehend in affiliation with the circumscribed banking statements for the year concluded 31 December 2017.

The banking advice has been able on the abject of IFRSs that the Directors apprehend to be applicative as at 31 December 2018.

The accounting behavior adopted in the alertness of the acting banking statements are constant with those set out in the Group’s Anniversary Address and Banking Statements 2017, which were able in accordance with IFRSs.

This acting banking annual does not comprise accustomed accounts aural the acceptation of Section 435 of the Companies Act 2006. Accustomed accounts for the year concluded 31 December 2017 were accustomed by the Board on 28 March 2018 and delivered to the Registrar of Companies. The address of the accountant on those accounts was unqualified, did not accommodate an accent of bulk branch and did not accommodate any annual beneath Section 498(2) or Section 498(3) of the Companies Act 2006.

AIM-listed companies are not appropriate to accede with IAS 34 ‘Interim Banking Reporting’ and appropriately the Aggregation has not activated this accepted in advancing this report.

The acting banking annual was accustomed by the Board of Directors on 31 August 2018.

2. All-embracing Banking Advertisement Standards

The Group follows the standards and interpretations issued by the All-embracing Accounting Standards Board (IASB) and the All-embracing Banking Advertisement Interpretations Committee of the IASB and accustomed by the EU that are accordant to its operations.

3. Activity affair

The Group’s business activities calm with factors acceptable to affect its approaching development, achievement and position were set out in the Cardinal Address and Chairman’s Annual of the 2017 Anniversary Address and the arch risks and uncertainties were set out in the Cardinal Report. The Directors accept advised the banknote breeze forecasts for the aeon up to and including 31 December 2019.

Based on the above, the Directors accept a reasonable apprehension that the Group has able assets to abide in operational actuality for the accountable approaching and for at atomic twelve months from the date of the report. For this acumen the Directors abide to accept the activity affair abject in advancing the banking statements.

4. Acquirement

The acquirement breach amid appurtenances and casework is:

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Unaudited

six months concluded

30 June 2018

£’000

Unaudited

six months concluded

30 June 2017

£’000

Year concluded

31 December 2017

£’000

Acquirement

Appurtenances

4,356

3,800

7,745

Casework

2,048

1,786

4,016

6,404

5,586

11,761

Construction affairs included in appurtenances

1,489

1,430

2,701

5. Segmental advertisement

IFRS 8 requires operating segments to be bent on the abject of those segments whose operating after-effects are consistently advised by the Board of Directors (the Chief Operating Decision Maker as authentic by IFRS 8) to accomplish cardinal decisions.

As the Board of Directors reviews revenue, gross accumulation and operating accident on the aforementioned abject as set out in the circumscribed annual of complete income, no added adaptation is advised to be necessary.

6. Profit/(loss) per Ordinary Allotment

Details of the abounding boilerplate cardinal of Ordinary Shares acclimated as the denominator in artful the basal and adulterated balance per Ordinary Allotment are accustomed below:

Unaudited

six months concluded

30 June 2018

‘000

Unaudited

six months concluded

30 June 2017

‘000

Year concluded

31 December 2017

‘000

Basal abounding boilerplate cardinal of shares

93,240

93,240

93,240

Dilutive abeyant Ordinary Shares

93,240

93,240

93,240

7. Amicableness

Amicableness acquired in a business aggregate is allocated at accretion to the cash-generating assemblage (CGU) that is accepted to annual from that business combination. The Group has two CGUs which are its two operating segments, Active Systems and Commuter Systems. The accustomed bulk of amicableness has been allocated to the CGUs as follows:

21st Century

Commuter

Systems Limited

£’000

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Complete

£’000

Deemed cost:

At 1 January 2017

1,345

1,345

At 30 June 2017

1,345

1,345

At 1 January 2017

1,345

1,345

At 31 December 2017 and 30 June 2018

1,345

1,345

The Group tests amicableness annually for crime as at 31 December, or added frequently if there are breach that amicableness ability be impaired.

The recoverable amounts of the CGUs are bent based on a value-in-use adding which uses banknote breeze projections based on banking budgets and business affairs accustomed by the Directors accoutrement a five-year period. Banknote flows aloft that aeon accept been extrapolated in perpetuity d no growth, which the Directors accede to be a bourgeois approach.

The key assumptions for the value-in-use calculations are those apropos abatement ante and sales forecasts.

The abatement ante bare to agree the net present bulk from these banknote flows to the accustomed bulk of amicableness are compared to the appropriate amount of acknowledgment from the CGU based aloft an appraisal of the time bulk of money, prevailing absorption ante and the risks specific to the CGU. If this abatement amount is in balance of the appropriate amount of acknowledgment again it is affected that no crime has occurred to the accustomed bulk of goodwill.

The abatement ante are as follows:

Unaudited

six months concluded

30 June 2018

%

Unaudited

six months concluded

30 June 2017

%

Year concluded

31 December 2017

%

Commuter Systems

14

14

14

The abatement ante acclimated are based on the Board’s judgement because macroeconomic factors and absorption specific risks in anniversary articulation such as the attributes of the bazaar served, the absorption of customers, bulk profiles and barriers to entry.

Commuter Systems additionally has abstract assets, which are advised in the aforementioned value-in-use calculations as goodwill.

The Commuter Systems banknote breeze projections acclimated to actuate bulk in use are based aloft assumptions of sales, margins and bulk bases. Of these assumptions the bulk in use is best acute to the akin of sales. Margins are anchored in the anticipation based aloft accomplished experience; the bulk abject is ogously based aloft accomplished acquaintance but additionally takes into annual accumulation from restructuring and will alter depending aloft the akin of sales. In accordance with the requirements of IAS 36 our value-in-use calculations do not accommodate banknote flows from restructurings to which the Group is not yet committed.

The akin of sales is the key acceptance acclimated in the banknote breeze forecast. Sales accept been bent by administration application estimates based aloft accomplished acquaintance and approaching achievement with advertence to bazaar position and the sales pipeline. Due to the difficult macroeconomic ambiance there has been a abridgement in the availability of contracts, which has in about-face resulted in burden on margins. In 2017 a aloft restructuring took place, followed by a reinvestment in key agents at the end of the year.

The value-in-use adding supports the accustomed bulk of the CGU with allowance of £344k. A acuteness assay has been performed on the crime test. The Directors accede that an complete change in the key sales acceptance is accessible and a abridgement of 5% credibility in the advance amount in 2018 would aftereffect in an crime allegation actuality recognised for the accepted accustomed bulk of amicableness in affiliation to Commuter Systems of £541k. If sales forecasts were bottomward 10% above the accomplished aeon and overheads were partially scaled aback by 5% again the crime allegation would be £979k.

Based on the assay the abatement amount activated to agree the net present bulk of the anticipation banknote flows to the accustomed bulk of amicableness and the abstract assets was 16.7%, admitting the appropriate amount of acknowledgment of the CGU is 14%.

In appearance of this, the Directors accede that no crime of amicableness or abstract assets is required.

8. Banknote generated from operations

Unaudited

six months concluded

30 June 2018

£’000

Unaudited

six months concluded

30 June 2017

£’000

Year concluded

31 December 2017

£’000

Profit/(loss) for the aeon

349

(259)

(351)

Adjustments for:

– Finance bulk

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57

18

63

– Deferred tax acclaim

(5)

(9)

– Abrasion of property, bulb and accessories

41

28

63

– Amortisation of abstract anchored assets

152

171

334

– Share-based acquittal (income)/expense

(399)

111

224

– Foreign barter amount

24

(13)

(14)

– Admission in accoutrement

(112)

(369)

(668)

Operating banknote flows afore movement in alive basal

112

(318)

(358)

(Increase)/decrease in inventories

(203)

(94)

155

Decrease/(increase) in receivables

222

212

(271)

Increase/(decrease) in payables

32

(187)

(196)

Banknote inflow/(outflow) from operations

163

(387)

(670)

Assets taxes (paid)/received

(5)

7

4

Absorption paid

(57)

(18)

(63)

Net banknote inflow/(outflow) from operating activities

101

(398)

(729)

– Ends –

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