Financial Performance

Revenue Highlights Continuing Operations

Group revenue
increased by 22% to £121.7m (2016: £100.0m)

Organic revenue
growth of 15%

Deferred revenue
increased by 31% to £60.6m (2016: £46.1m)

Adjusted EBITDA(1)
increased by 14% to £23.4m (2016: £20.6m)

Adjusted EBITDA margin(1)
of 19.2% (2016: 20.6%) reflecting content and infrastructure investment

Cash from operations
of £14.5m (2016: £15.0m)

Final Dividend
of 5.0 pence per share (2016: 4.0 pence); total dividend of 8.0 pence per share (2016: 6.5 pence)

Statutory loss before tax
of £0.8m (2016: loss of £2.5m), which is inclusive of non-cash charges of £14.1m of amortisation of intangibles, £5.3m share based payments and £0.4m of unrealised operating foreign exchange losses

Net debt(2)
of £43.0m (2016: £25.5m)

Note 1: Adjusted EBITDA: Earnings before interest, tax, depreciation and amortisation, unrealised operating exchange rate movements, impairment, share based payments, adjusted for costs associated with derivatives, acquisitions and restructuring of the Group. Adjusted EBITDA margin is defined as: Adjusted EBITDA as a percentage of revenue.

Note 2: Net Debt: Short and long-term borrowings less cash and cash equivalents.