Page 16 - Beeks Financial Cloud Group Annual Report 2021

14 Beeks Financial Cloud Group PLC For the year ended 30 June 2021

Strategic Report - Financial Review

Financial

Review

27% to £3.9m (2020: £3.0m). Our
Year ended Year ended
headcount over the year has grown
30 June 2021 30 June 2020
to 80 2020: 65. We had an average
headcount of 73 throughout the
£’000 £’000
year (2020: 41) therefore gross
STRATEGIC REPORT
staff costs have increased by
PROFIT BEFORE TAX
£1.9m, from £2.5m to £4.4m. A high
proportion of recruitment has been
Profit before tax for the year 1,255 678
across our software development
function to support our Proximity
Cloud development therefore net Add back:
staff costs (after capitalisation)
has increased by 11%. We have Acquisition costs/post acquisition 140 205
recruited in some other key areas integration costs
including sales and HR. Most of our
recruitment has been to support Share Based payments 546 312
future product and sales growth
with a relatively small increase in Other Non-recurring costs 165 61
support staff given our automation
and self-service strategy. Amortisation of acquired intangibles 806 237

Earnings before interest, tax, Impairment of goodwill 994 -
depreciation, amortisation and
exceptional non-recurring costs Deduct:
(“Underlying EBITDA”) increased by
24% to £4.14m (2020: £3.33m). The Write back of contingent (1,989) -
growth in Underlying EBITDA has consideration
been driven by continued organic
revenue growth. Grant income (309) (59)

Underlying EBITDA, underlying Underlying profit for the period 1,608 1,434
profit before tax and underlying
earnings per share are alternative Underlying Profit before tax increased to £1.61m (2020: £1.43m).
performance measures,
considered by the Board to be a
better reflection of true business
performance than statutory
measures only.