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Financial Highlights

The Group has experienced strong growth over the Historic Period, with revenue increasing at a CAGR of 43%.

In the financial year ended 31 March 2015, the Group had revenue of £60.8 million (£41.9 million for the financial year ended 31 March 2014 and £29.9 million for the financial year ended 31 March 2013) giving profit before tax of £11.8 million in the financial year ended 31 March 2015 (£7.0 million for the financial year ended 31 March 2014 and £3.7 million for the financial year ended 31 March 2013).

The Group’s growth has been entirely organic, underpinned by significant recurring and repeating revenue. The Group generates approximately 86.5% of its revenue in the UK with the balance coming from the Republic of Ireland (7.3%) and the rest of the world (6.2%).

The contribution of each division to the Group’s financial performance in each of the financial years ended 31 March is shown in the following tables:

(£’000) Digital Services Evolve Workday Consolidated
2015
Revenue 43,580 9,018 8,180 60,778
Cost of sales (20,510) (4,314) (3,505) (28,329)
Gross profit  23,070  4,704  4,675 32,449
Corporate overheads (20,646)
Group operating profit 11,803
Gross margin 52.9% 52.2% 57.2% 53.4%
Corporate overheads as % of Group revenue  34.0%
Group operating margin 19.4%
Divisional % of Group consolidated revenue 71.7% 14.8% 13.5%
2014
Revenue 31,796 5,948 4,171 41,915
Cost of sales (15,507) (2,486) (2,453) (20,446)
Gross profit 16,289 3,462 1,718 21,469
Corporate overheads (14,440)
Group operating profit 7,029
Gross margin 51.2% 58.2% 41.2% 51.2%
Corporate overheads as % of Group revenue  34.5%
Group operating margin 16.8%
Divisional % of Group consolidated revenue 75.9% 14.1% 10%
2013
Revenue 23,406 4,846 1,681  29,933
Cost of sales (12,659) (1,430) (816) (14,905)
Gross Profit 10,747 3,416 865  15,028
Corporate overheads (11,275)
Group operating profit 3,753
Gross margin 45.9% 70.5% 51.5% 50.2%
Corporate overheads as % of Group revenue  37.7%
Group operating margin 12.5%
Divisional % of Group consolidated revenue 78.2% 16.2% 5.6%

The Group has no bank debt and as at 31 March 2015 had cash balances of £16.8 million.