Annual Report and Financial Statements
2022
Our vision
We deliver impactful, sustainable digital outcomes that make a positive
difference to how individuals and society experience the world.
One TPXimpact
REVENUE
FTE
ADJUSTED PROFIT
AFTER TAX1
ADJ EBITDA2
£79.7m
FY2021: £50.3m
607
FY2021: 495
£9.2m
£12.2m
FY2021: £5.2m
FY2021: £7.1m
58%
22%
77%
(cid:76)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:121)(cid:155)(cid:210)(cid:143)(cid:200)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:186)(cid:181)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:134)(cid:210)(cid:161)(cid:225)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)
£0.8m (FY2021: loss of £2.0m)
72%
(cid:23)(cid:13)(cid:40)(cid:89)(cid:19)(cid:1)(cid:329)(cid:186)(cid:155)(cid:329)(cid:339)(cid:272)(cid:284)(cid:264)(cid:180)(cid:329)(cid:300)(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:264)(cid:286)(cid:329)(cid:339)(cid:264)(cid:284)(cid:272)(cid:180)(cid:301)
CASH CONVERSION
95%
ADJUSTED DILUTED
EARNINGS PER SHARE3
10.0p
£7.9m at bank (FY2021: £5.7m)
FY2021: 6.2p
FINAL DIVIDEND
0.6p
FY2021: 0.4p
tCo2e PER £1M REVENUE
34.28tCO2e
FY2021: 37.32 tCo2e
61%
(cid:19)(cid:161)(cid:174)(cid:214)(cid:210)(cid:143)(cid:139)(cid:329)(cid:143)(cid:121)(cid:200)(cid:181)(cid:161)(cid:181)(cid:156)(cid:204)(cid:329)(cid:197)(cid:143)(cid:200)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:210)(cid:186)(cid:210)(cid:121)(cid:174)(cid:329)(cid:186)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)
of 0.9p (FY2021: loss per share of 3.5p)
50%
8.1%
HOURS DONATED
1,970
FY2021: 1,654
19%
FEMALE
REPRESENTATION
47%
FY2021: 48%
1%4
NEW JOBS
CREATED
63
FY2021: 55
OVERALL ETHNIC MINORITY
REPRESENTATION
19%
FY2021: 13%
14.5%
6%4
1. (cid:1)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:121)(cid:155)(cid:210)(cid:143)(cid:200)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:161)(cid:204)(cid:329)(cid:134)(cid:121)(cid:174)(cid:134)(cid:214)(cid:174)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)(cid:121)(cid:204)(cid:329)(cid:121)(cid:329)(cid:181)(cid:186)(cid:181)(cid:306)(cid:40)(cid:34)(cid:79)(cid:83)(cid:329)(cid:180)(cid:143)(cid:121)(cid:204)(cid:214)(cid:200)(cid:143)(cid:329)(cid:200)(cid:143)(cid:174)(cid:121)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)
3. (cid:1)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:139)(cid:161)(cid:174)(cid:214)(cid:210)(cid:143)(cid:139)(cid:329)(cid:143)(cid:121)(cid:200)(cid:181)(cid:161)(cid:181)(cid:156)(cid:204)(cid:329)(cid:197)(cid:143)(cid:200)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:329)(cid:161)(cid:204)(cid:329)(cid:134)(cid:121)(cid:174)(cid:134)(cid:214)(cid:174)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)(cid:133)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:186)(cid:181)(cid:329)(cid:121)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:121)(cid:155)(cid:210)(cid:143)(cid:200)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:121)(cid:204)(cid:329)(cid:139)(cid:143)(cid:258)(cid:181)(cid:143)(cid:139)(cid:329)(cid:121)(cid:133)(cid:186)(cid:225)(cid:143)(cid:284)(cid:329)
(cid:186)(cid:181)(cid:174)(cid:232)(cid:284)(cid:329)(cid:89)(cid:186)(cid:329)(cid:121)(cid:200)(cid:200)(cid:161)(cid:225)(cid:143)(cid:329)(cid:121)(cid:210)(cid:329)(cid:121)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:121)(cid:155)(cid:210)(cid:143)(cid:200)(cid:329)(cid:210)(cid:121)(cid:231)(cid:285)(cid:329)(cid:121)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)(cid:180)(cid:121)(cid:139)(cid:143)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:200)(cid:161)(cid:204)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:121)(cid:139)(cid:139)(cid:329)(cid:133)(cid:121)(cid:134)(cid:172)(cid:329)(cid:186)(cid:155)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:285)(cid:329)
(cid:200)(cid:143)(cid:204)(cid:210)(cid:200)(cid:214)(cid:134)(cid:210)(cid:214)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:186)(cid:204)(cid:210)(cid:204)(cid:329)(cid:121)(cid:204)(cid:204)(cid:186)(cid:134)(cid:161)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:14)(cid:160)(cid:121)(cid:181)(cid:156)(cid:143)(cid:329)(cid:76)(cid:200)(cid:186)(cid:156)(cid:200)(cid:121)(cid:180)(cid:180)(cid:143)(cid:204)(cid:285)(cid:329)(cid:121)(cid:180)(cid:186)(cid:200)(cid:210)(cid:161)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:200)(cid:143)(cid:174)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:200)(cid:143)(cid:139)(cid:329)
(cid:161)(cid:181)(cid:210)(cid:121)(cid:181)(cid:156)(cid:161)(cid:133)(cid:174)(cid:143)(cid:204)(cid:285)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:306)(cid:133)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:197)(cid:121)(cid:232)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:285)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:155)(cid:121)(cid:161)(cid:200)(cid:329)(cid:225)(cid:121)(cid:174)(cid:214)(cid:143)(cid:329)(cid:121)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:285)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:204)(cid:143)(cid:329)
adjustments.
An adjusted diluted share count is calculated by taking the weighted average basic shares and
including the maximum shares to be issued in respect of contingent consideration to be paid based on
performance measures met in the period, together with the maximum share options and other share
awards outstanding.
2. (cid:1)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:23)(cid:13)(cid:40)(cid:89)(cid:19)(cid:1)(cid:329)(cid:161)(cid:204)(cid:329)(cid:121)(cid:329)(cid:181)(cid:186)(cid:181)(cid:306)(cid:40)(cid:34)(cid:79)(cid:83)(cid:329)(cid:180)(cid:143)(cid:121)(cid:204)(cid:214)(cid:200)(cid:143)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:35)(cid:200)(cid:186)(cid:214)(cid:197)(cid:329)(cid:214)(cid:204)(cid:143)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:180)(cid:143)(cid:121)(cid:204)(cid:214)(cid:200)(cid:143)(cid:329)(cid:161)(cid:210)(cid:204)(cid:329)(cid:197)(cid:143)(cid:200)(cid:155)(cid:186)(cid:200)(cid:180)(cid:121)(cid:181)(cid:134)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:161)(cid:204)(cid:329)(cid:139)(cid:143)(cid:258)(cid:181)(cid:143)(cid:139)(cid:329)
4. Absolute change in % representation
as earnings before interest, taxation, depreciation and amortisation and after add back of costs
(cid:200)(cid:143)(cid:174)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:285)(cid:329)(cid:200)(cid:143)(cid:204)(cid:210)(cid:200)(cid:214)(cid:134)(cid:210)(cid:214)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:14)(cid:160)(cid:121)(cid:181)(cid:156)(cid:143)(cid:329)(cid:76)(cid:200)(cid:186)(cid:156)(cid:200)(cid:121)(cid:180)(cid:180)(cid:143)(cid:329)(cid:121)(cid:181)(cid:181)(cid:186)(cid:214)(cid:181)(cid:134)(cid:143)(cid:139)(cid:329)(cid:161)(cid:181)(cid:329)(cid:83)(cid:143)(cid:197)(cid:210)(cid:143)(cid:180)(cid:133)(cid:143)(cid:200)(cid:329)
(cid:265)(cid:263)(cid:265)(cid:264)(cid:284)(cid:329)(cid:40)(cid:210)(cid:329)(cid:121)(cid:174)(cid:204)(cid:186)(cid:329)(cid:121)(cid:139)(cid:139)(cid:204)(cid:329)(cid:133)(cid:121)(cid:134)(cid:172)(cid:329)(cid:139)(cid:161)(cid:204)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:143)(cid:139)(cid:329)(cid:186)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:285)(cid:329)(cid:155)(cid:121)(cid:161)(cid:200)(cid:329)(cid:225)(cid:121)(cid:174)(cid:214)(cid:143)(cid:329)(cid:121)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:329)(cid:133)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)
payment charge.
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Contents
Strategic Review
Corporate Governance
Key highlights and key takeaways
IFC
Board of directors
Letter to shareholders
Investment case
TPXimpact our story
Our vision for 2023 and 2025
Our values
Our services
Expertise across all areas
Case studies
Our new business model
Market overview
Our growth strategy and acquisitions
Chairman’s statement
CEO statement
Financial review
ESG Report: Sustainable futures
Our 172 statement
Risk and risk management
2
4
6
10
12
13
14
15
17
20
23
26
28
32
36
80
85
Corporate governance report
Environmental, social and governance report
Remuneration report
Audit, risk and AIM rules compliance committee
Directors’ report
Financial Statements
Independent auditor’s report
Consolidated income statement
(cid:14)(cid:186)(cid:181)(cid:204)(cid:186)(cid:174)(cid:161)(cid:139)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)(cid:204)(cid:210)(cid:121)(cid:210)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:197)(cid:186)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)
Consolidated statement of changes in equity
(cid:14)(cid:186)(cid:181)(cid:204)(cid:186)(cid:174)(cid:161)(cid:139)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)(cid:204)(cid:210)(cid:121)(cid:210)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:134)(cid:121)(cid:204)(cid:160)(cid:329)(cid:259)(cid:186)(cid:226)(cid:204)(cid:329)
(cid:14)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:232)(cid:329)(cid:204)(cid:210)(cid:121)(cid:210)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:197)(cid:186)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)
Company statement of changes in equity
(cid:14)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:232)(cid:329)(cid:204)(cid:210)(cid:121)(cid:210)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:134)(cid:121)(cid:204)(cid:160)(cid:329)(cid:259)(cid:186)(cid:226)(cid:329)(cid:329)
(cid:60)(cid:186)(cid:210)(cid:143)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:134)(cid:186)(cid:181)(cid:204)(cid:186)(cid:174)(cid:161)(cid:139)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:204)(cid:210)(cid:121)(cid:210)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)
Directors, secretary and advisers
88
92
97
98
101
103
108
116
(cid:264)(cid:264)(cid:270)
119
(cid:264)(cid:265)(cid:263)
(cid:264)(cid:265)(cid:265)
124
(cid:264)(cid:265)(cid:268)
(cid:264)(cid:265)(cid:270)
188
TPXimpact Holdings Plc | 1
Letter to shareholders
Neal Gandhi
(cid:14)(cid:186)(cid:306)(cid:34)(cid:186)(cid:214)(cid:181)(cid:139)(cid:143)(cid:200)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:14)(cid:160)(cid:161)(cid:143)(cid:155)(cid:329)(cid:23)(cid:231)(cid:143)(cid:134)(cid:214)(cid:210)(cid:161)(cid:225)(cid:143)(cid:329)(cid:65)(cid:155)(cid:258)(cid:134)(cid:143)(cid:200)
Welcome to our annual report for the
(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:265)(cid:263)(cid:265)(cid:264)(cid:306)(cid:265)(cid:265)(cid:284)
(cid:40)(cid:316)(cid:180)(cid:329)(cid:200)(cid:143)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)(cid:197)(cid:174)(cid:143)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:197)(cid:200)(cid:143)(cid:204)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:200)(cid:143)(cid:204)(cid:214)(cid:174)(cid:210)(cid:204)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:210)(cid:161)(cid:180)(cid:143)(cid:329)(cid:121)(cid:204)(cid:329)
TPXimpact, showcasing our new name, our new brand, and
all the exciting new opportunities that lie ahead for us as an
organisation.
It’s also a further chance for me to tell you about why we
underwent this change.
(cid:105)(cid:143)(cid:316)(cid:200)(cid:143)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:134)(cid:160)(cid:121)(cid:181)(cid:156)(cid:143)(cid:285)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:161)(cid:204)(cid:329)(cid:200)(cid:143)(cid:259)(cid:143)(cid:134)(cid:210)(cid:143)(cid:139)(cid:329)(cid:161)(cid:181)(cid:329)(cid:160)(cid:186)(cid:226)(cid:329)
we look upon ourselves. As an ambitious, purposeful, agile
organisation, always looking at the longer term, we’re prepared
to make changes that many others would not consider. When
we conducted our strategy review in May 2021, we realised
(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:139)(cid:143)(cid:204)(cid:197)(cid:161)(cid:210)(cid:143)(cid:329)(cid:204)(cid:210)(cid:214)(cid:181)(cid:181)(cid:161)(cid:181)(cid:156)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:200)(cid:143)(cid:204)(cid:214)(cid:174)(cid:210)(cid:204)(cid:285)(cid:329)(cid:226)(cid:143)(cid:329)(cid:181)(cid:143)(cid:143)(cid:139)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:133)(cid:143)(cid:134)(cid:186)(cid:180)(cid:143)(cid:329)
a single, integrated organisation in order to achieve our longer
term goals.
The Panoply was built on the idea of complementary
companies working together to provide a scaled, digitally native
transformation offer to our customers. We sought a middle
ground between being a holding company, with different
businesses working in isolation from each other, and a fully
integrated model. This approach enabled us to collaborate,
drawing on the expertise of different areas of the group, and
providing a wealth of capabilities for our clients. However, it also
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As we grew, and to facilitate our vision for future growth, uniting
as one single organisation was the next logical step. We needed
to create a robust organisation that wasn’t dependent on a few
individuals. We needed to change our acquisition model so that
we could integrate acquired companies faster. If we did not,
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from achieving our full potential.
So, having spent summer 2021 planning our approach and
designing our new identity, we publicly announced our
intention to bring the group of companies within The Panoply
together under one single brand — TPXimpact. We’ve built a
scalable business model, combined seven of our businesses so
far, and are currently ironing out the wrinkles before integrating
2 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
REVENUE
£79.7m
(FY2021: £50.3m)
ADJUSTED EBITDA
ADJUSTED DILUTED EARNINGS PER SHARE
£12.2m
(FY2021: £7.1m)
10.0p
Diluted earnings per share from total operations
of 0.9p (FY2021: loss per share of 3.5p)
our most recent acquisitions. This in turn will enable us to
achieve our ambitious growth goals, and achieve revenues of
hundreds of millions of pounds each year in the future.
Integrating ten companies into one — perhaps unsurprisingly —
turned out to be harder than we thought, and I’d like to take this
opportunity to thank my colleagues for their incredible hard
work making this happen throughout this year.
Our goal remains as it always has been, to create meaningful
change, at scale, within our clients organisations. Our size and
scale as TPXimpact mean we can now meet the needs of the
organisations we work with in bigger and better ways, and
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of the Department for Education, UNICEF UK and the Welsh
Ambulance Service NHS Trust.
We’ve written a book, Multiplied, on the need for new
approaches to digital transformation in the public sector, built
a new brand, and created a new employee experience offer,
making sure we’re looking after the people who make all of this
possible.
Throughout this time, we’ve also put our values at the core of
everything we do, guided by our promise to create positive
impact for people and the planet. You can read more about this
on pages 36-79 in this report. As we grow, we’re also making
sure we stay agile, avoiding pitfalls by giving our people the
autonomy they need to do their jobs.
As we wrote in Multiplied, and as this year has shown,
everything can change. At TPXimpact, we’re committed to
being at the forefront of that change, taking opportunities to
create value for our clients every step of the way.
I hope you enjoy reading this report.
Best wishes,
Neal Gandhi
TPXimpact Holdings Plc | 3
Investment case
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Head of Investor Relations
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The market will continue to face increased client
expectations for innovations, going deeper and faster in
their transformations. TPXimpact is perfectly positioned to
support the transition from heritage to new solutions which has
accelerated since the start of the pandemic.
Continuously recognised as an ESG leader by balancing
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outcomes for our people, planet and communities. We must
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help tackle some of society’s biggest problems.
•
•
£60.4bn: UK Software and IT Services Market
9% CAGR to 2024: Consulting segment*
(cid:265)(cid:284)(cid:329)(cid:1)(cid:210)(cid:210)(cid:200)(cid:121)(cid:134)(cid:210)(cid:161)(cid:225)(cid:143)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:174)(cid:143)
Consistently delivering strong revenue and EBITDA (Earnings
before interest, taxes, depreciation and amortisation)
(cid:180)(cid:186)(cid:180)(cid:143)(cid:181)(cid:210)(cid:214)(cid:180)(cid:285)(cid:329)(cid:226)(cid:160)(cid:161)(cid:174)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:180)(cid:186)(cid:225)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:329)(cid:121)(cid:329)(cid:204)(cid:161)(cid:181)(cid:156)(cid:174)(cid:143)(cid:329)(cid:133)(cid:200)(cid:121)(cid:181)(cid:139)(cid:285)(cid:329)
combined with our operating model, positions the business to
continue to build EBITDA margin.
•
•
•
•
£79.7m Revenue
£12.2m Adj EBITDA
EBITDA of £9.1m (FY2021: £1.9m)
15% Adj EBITDA Margin (EBITDA Margin 11.4%)
(cid:266)(cid:284)(cid:329)(cid:83)(cid:210)(cid:200)(cid:186)(cid:181)(cid:156)(cid:329)(cid:155)(cid:214)(cid:210)(cid:214)(cid:200)(cid:143)(cid:329)(cid:156)(cid:200)(cid:186)(cid:226)(cid:210)(cid:160)(cid:329)(cid:186)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:214)(cid:181)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)
TPXimpact is expertly positioned to achieve its future growth
opportunities. Acquisitions continue to provide additional
capabilities, enabling clients to look no further for suppliers.
Whilst organic growth continues to build momentum in new
market segments, most recently Health and Wellbeing.
•
•
•
•
Divisional setup, enabling sector specialists to
cross-pollinate work with their wealth of experience
Over 800+ employees across the UK, Norway and Bulgaria
Specialist Head of Mergers & Acquisitions driving
future strategy
Recurring revenue £40.5m (up from £29.7m in FY2021)
* Tech Market View, Market Trends and Forecast
Report, 2022
4 |
•
•
•
Best communication of ESG - IR Society Best Practice
Awards 2021
ESG and Diversity & Inclusion Company of the Year - Small
Cap Awards 2022
1,970 community action hours logged
(cid:268)(cid:284)(cid:329)(cid:13)(cid:200)(cid:121)(cid:181)(cid:139)(cid:329)(cid:143)(cid:231)(cid:134)(cid:143)(cid:174)(cid:174)(cid:143)(cid:181)(cid:134)(cid:143)
TPXimpact provides its people more room to think and
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change that matters most. TPXimpact is continuously
recognised as an alternative to the heritage consultancies.
Candidates are attracted by the opportunity to work on
truly impactful digital transformational projects, whilst being
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•
•
63 new roles created
Key partner hires from central and local government
and NHSX
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(cid:329)
transformation provider
TPXimpact exists to transform the organisations, services and
systems that underpin society and that drive business success.
We work closely with our clients by combining our deep
understanding of people and behaviours with a philosophy
of putting people and communities at the heart of every
transformation.
With c.72% of our client base representing the public services
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protected in times of both economic recession and upswing,
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to come.
•
Marquee clients in the public services sector include: NHS,
Homes England, Rural Payments Agency, Unicef UK.
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
240
new hires
TPXimpact Holdings Plc | 5
TPXimpact
our story
m o v i n g f r o m
10 Bu s i n e s s e s
We’ve got a
long history of
delivering great
results for our
clients.
t o o n e
(cid:40)(cid:181)(cid:329)(cid:50)(cid:214)(cid:174)(cid:232)(cid:329)(cid:265)(cid:263)(cid:265)(cid:264)(cid:329)(cid:226)(cid:143)(cid:329)(cid:180)(cid:121)(cid:139)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:139)(cid:143)(cid:134)(cid:161)(cid:204)(cid:161)(cid:186)(cid:181)(cid:329)(cid:210)(cid:186)(cid:329)(cid:133)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)
(cid:186)(cid:214)(cid:200)(cid:329)(cid:264)(cid:263)(cid:329)(cid:210)(cid:200)(cid:121)(cid:181)(cid:204)(cid:155)(cid:186)(cid:200)(cid:180)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:143)(cid:204)(cid:329)(cid:210)(cid:186)(cid:156)(cid:143)(cid:210)(cid:160)(cid:143)(cid:200)(cid:329)(cid:210)(cid:186)(cid:329)
meet the growing needs of organisations in
(cid:181)(cid:143)(cid:226)(cid:329)(cid:226)(cid:121)(cid:232)(cid:204)(cid:284)(cid:329)
The same people, providing the same world leading services, all united
within TPXimpact.
We provide full end-to-end digital transformation. If IT systems are
holding our customers back, if their processes are getting in the way, or
if they just think things could be better but not sure how — we can help.
6 |
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:65)(cid:214)(cid:200)(cid:329)(cid:121)(cid:156)(cid:161)(cid:174)(cid:143)(cid:329)(cid:180)(cid:214)(cid:174)(cid:210)(cid:161)(cid:139)(cid:161)(cid:204)(cid:134)(cid:161)(cid:197)(cid:174)(cid:161)(cid:181)(cid:121)(cid:200)(cid:232)(cid:329)(cid:139)(cid:143)(cid:174)(cid:161)(cid:225)(cid:143)(cid:200)(cid:232)(cid:329)(cid:210)(cid:143)(cid:121)(cid:180)(cid:204)
Experience
Client Services
Technology
Delivery
(cid:105)(cid:160)(cid:232)(cid:329)(cid:226)(cid:143)(cid:316)(cid:200)(cid:143)(cid:329)(cid:160)(cid:143)(cid:200)(cid:143)
We drive fundamental change in approaches
to product and service development, delivery
and technology. Equipping our teams to deliver
quickly and decisively through an approach we
call Autonomy with Responsibility.
(cid:39)(cid:186)(cid:226)(cid:329)(cid:226)(cid:143)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)
Our agile, multidisciplinary teams work in the
open, focusing time and energy where it adds
the most value, and challenging you to explore
new perspectives.
We’ll provide a dedicated team of lead
consultants, strategists, creatives and
technologists to deliver for your project.
(cid:13)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:121)(cid:156)(cid:161)(cid:174)(cid:143)(cid:329)(cid:197)(cid:200)(cid:186)(cid:171)(cid:143)(cid:134)(cid:210)(cid:329)(cid:180)(cid:121)(cid:181)(cid:121)(cid:156)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)
(cid:1)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:210)(cid:186)(cid:329)(cid:121)(cid:139)(cid:121)(cid:197)(cid:210)(cid:329)(cid:308) allows teams to agree the highest
priority items for a project and to reprioritise if needed.
(cid:1)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:210)(cid:186)(cid:329)(cid:204)(cid:134)(cid:121)(cid:174)(cid:143)(cid:329)(cid:308)(cid:329)(cid:161)(cid:181)(cid:134)(cid:200)(cid:143)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:259)(cid:143)(cid:231)(cid:161)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:121)(cid:174)(cid:174)(cid:186)(cid:226)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:210)(cid:143)(cid:121)(cid:180)(cid:329)
to be scaled as and when necessary.
(cid:1)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:210)(cid:143)(cid:121)(cid:180)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:210)(cid:186)(cid:156)(cid:143)(cid:210)(cid:160)(cid:143)(cid:200)(cid:329)(cid:308) effective
communication and a joint project priority list allows
for multiple teams to collaborate.
(cid:23)(cid:225)(cid:186)(cid:174)(cid:225)(cid:161)(cid:181)(cid:156)(cid:329)(cid:197)(cid:200)(cid:186)(cid:139)(cid:214)(cid:134)(cid:210)(cid:329)(cid:308) working iteratively ensures the
product evolves in line with user feedback and needs.
(cid:23)(cid:121)(cid:204)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:160)(cid:121)(cid:181)(cid:139)(cid:186)(cid:225)(cid:143)(cid:200)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:143)(cid:204)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:308) working as part of the
team throughout ensures a smooth handover at the
end of the project.
TPXimpact Holdings Plc | 7
TPXimpact
our story continued
(cid:65)(cid:214)(cid:200)(cid:329)(cid:200)(cid:143)(cid:121)(cid:134)(cid:160)(cid:329)(cid:161)(cid:204)(cid:329)(cid:156)(cid:200)(cid:186)(cid:226)(cid:161)(cid:181)(cid:156)
As of today, our team is made up of over 600 permanent
staff and associates, over 300 of whom are based in the UK.
Like many organisations, we’ve taken on a hybrid approach,
using regional hubs and remote working to ensure continuity
of our services for our clients and allow our staff the
(cid:259)(cid:143)(cid:231)(cid:161)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:210)(cid:186)(cid:329)(cid:134)(cid:160)(cid:186)(cid:186)(cid:204)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:200)(cid:161)(cid:156)(cid:160)(cid:210)(cid:329)(cid:143)(cid:181)(cid:225)(cid:161)(cid:200)(cid:186)(cid:181)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:210)(cid:160)(cid:143)(cid:180)(cid:284)(cid:329)
We have nine regional hubs across London (South & East),
(cid:59)(cid:121)(cid:181)(cid:134)(cid:160)(cid:143)(cid:204)(cid:210)(cid:143)(cid:200)(cid:285)(cid:329)(cid:14)(cid:121)(cid:181)(cid:210)(cid:143)(cid:200)(cid:133)(cid:214)(cid:200)(cid:232)(cid:285)(cid:329)(cid:13)(cid:200)(cid:161)(cid:204)(cid:210)(cid:186)(cid:174)(cid:285)(cid:329)(cid:14)(cid:121)(cid:200)(cid:139)(cid:161)(cid:155)(cid:155)(cid:285)(cid:329)(cid:53)(cid:143)(cid:143)(cid:139)(cid:204)(cid:285)(cid:329)(cid:14)(cid:160)(cid:143)(cid:204)(cid:210)(cid:143)(cid:200)(cid:258)(cid:143)(cid:174)(cid:139)(cid:329)
and Edinburgh, as well as additional operations in the
Nordics and Bulgaria.
300+
UK based
600+
permanent staff
Hub location
Local presence
9 regional
hubs
8 |
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STRATEGIC REPORT
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
TPXimpact Holdings Plc | 9
TPXimpact Holdings Plc | 9
Our vision for 2023
and 2025
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In 2020 we laid out our 9-step Commercial & Impact, which we wanted to achieve over the three years to FY2023. Last year
we implemented a new set of goals, on the basis of the progress made to date against the 2023 Vision and with our continued
strong organic growth alongside our pipeline of acquisition opportunities. We took the opportunity to introduce longer-term
goals to March 2025.
Below is a summary of our performance against these goals.
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(cid:265)(cid:263)(cid:265)(cid:266)(cid:329)(cid:104)(cid:161)(cid:204)(cid:161)(cid:186)(cid:181)
(cid:265)(cid:263)(cid:265)(cid:268)(cid:329)(cid:104)(cid:161)(cid:204)(cid:161)(cid:186)(cid:181)
Progress
Commercial
1
2
3
4
Organic revenue growth
and to become a top 20
public sector supplier
Produce 10% to 15%
organic revenue growth
per annum
Top 20 public sector
supplier by 2025
(cid:35)(cid:143)(cid:181)(cid:143)(cid:200)(cid:121)(cid:210)(cid:143)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:134)(cid:121)(cid:204)(cid:160)(cid:329)
reserves
(cid:23)(cid:181)(cid:204)(cid:214)(cid:200)(cid:143)(cid:329)(cid:134)(cid:284)(cid:270)(cid:263)(cid:366)(cid:329)(cid:186)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:139)(cid:200)(cid:186)(cid:197)(cid:204)(cid:329)(cid:210)(cid:160)(cid:200)(cid:186)(cid:214)(cid:156)(cid:160)(cid:329)(cid:161)(cid:181)(cid:210)(cid:186)(cid:329)(cid:197)(cid:186)(cid:204)(cid:161)(cid:210)(cid:161)(cid:225)(cid:143)(cid:329)
(cid:134)(cid:121)(cid:204)(cid:160)(cid:329)(cid:259)(cid:186)(cid:226)(cid:329)(cid:210)(cid:186)(cid:329)(cid:156)(cid:143)(cid:181)(cid:143)(cid:200)(cid:121)(cid:210)(cid:143)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:134)(cid:121)(cid:204)(cid:160)(cid:329)(cid:200)(cid:143)(cid:204)(cid:143)(cid:200)(cid:225)(cid:143)(cid:204)
To deliver a progressive
dividend policy
To deliver a dividend policy of 15% to 20% of net income
(cid:300)(cid:1)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:121)(cid:155)(cid:210)(cid:143)(cid:200)(cid:329)(cid:210)(cid:121)(cid:231)(cid:301)
To make further earnings
enhancing acquisitions
To make £35m of
acquisitions by 2023
To make £100m of
acquisitions by 2025
5
To keep leverage low
Leverage (net debt) below 1x Proforma* EBITDA
6
To increase our Revenue
on a run rate basis
Achieve a run rate revenue
of £100m by March 2023
and deliver £12 - £14m
EBITDA
Achieve a run rate revenue
of £200m (£150m public
sector, £50m commercial)
by March 2025
•
•
•
•
•
•
•
•
•
•
•
•
Like for like organic
revenue growth of
16%**
72% Public Services
revenue
95% Cash conversion
£7.9m at bank***
Final Dividend £0.6p
up 50% (FY2021:
£0.4p)
Aggregate Dividends
of £0.9p (FY2021:
£0.6p)
Nudge Digital &
RedCortex acquired
in the period
Peak Indicators and
Swirrl acquired post
period end
Net debt as at 31st
March 2022 of £10.1m.
(cid:83)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:174)(cid:232)(cid:329)(cid:174)(cid:143)(cid:204)(cid:204)(cid:329)(cid:210)(cid:160)(cid:121)(cid:181)(cid:329)
1x Pro Forma EBITDA.
Consensus analyst
revenue expectations
for FY23 £97.4m
Consensus analyst
EBITDA expectations
of £13.7m
72% Public sector
Revenue
28% Commercial
sector revenue
10 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:1)(cid:180)(cid:133)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)
(cid:265)(cid:263)(cid:265)(cid:266)(cid:329)(cid:104)(cid:161)(cid:204)(cid:161)(cid:186)(cid:181)
(cid:265)(cid:263)(cid:265)(cid:268)(cid:329)(cid:104)(cid:161)(cid:204)(cid:161)(cid:186)(cid:181)
Progress
7
Close the gaps
8
Leave no trace
9
Equip our communities
with futureproof skills
Impact
Close the gaps that exist
in our business and wider
industry. Decreasing pay
gaps, representation gaps
and gaps in inclusivity
Measuring and offsetting
our historic footprint
entirely and to implement
science-based reduction
targets
Equip our communities
with futureproof skills.
Kick-starting 1,000 digital
careers
Work towards halving
the 21 gaps that we
(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:139)(cid:329)(cid:121)(cid:134)(cid:200)(cid:186)(cid:204)(cid:204)(cid:329)
representation, pay and
inclusion for employees
from underrepresented
backgrounds
To embed science-based
reduction targets
Kick-starting 1,000 digital
careers by 2023 and to
kick-start 5,000 digital
careers, reaching 5,000
(cid:214)(cid:181)(cid:161)(cid:199)(cid:214)(cid:143)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:134)(cid:161)(cid:121)(cid:200)(cid:161)(cid:143)(cid:204)(cid:329)
through our community
action and community
investment programmes
by 2025***
• We made progress
against 29% of our
gaps this year, and
have now halved or
closed 6/21****
• We have hired an in-
house sustainability
analyst to help create
and deliver our
Science Based Target
Initiative plan.
•
686 careers kick-
started in FY2022*****
• We have now
kickstarted 1,288
careers to date.
*
**
Leverage (net debt over Pro Forma EBITDA) Pro Forma EBITDA relates to the adjusted EBITDA if all
(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:200)(cid:143)(cid:139)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:160)(cid:121)(cid:139)(cid:329)(cid:133)(cid:143)(cid:143)(cid:181)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:35)(cid:200)(cid:186)(cid:214)(cid:197)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:155)(cid:214)(cid:174)(cid:174)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:186)(cid:181)(cid:329)(cid:121)(cid:329)(cid:174)(cid:161)(cid:172)(cid:143)(cid:306)(cid:155)(cid:186)(cid:200)(cid:306)(cid:174)(cid:161)(cid:172)(cid:143)(cid:329)
basis.
(cid:174)(cid:161)(cid:172)(cid:143)(cid:306)(cid:155)(cid:186)(cid:200)(cid:306)(cid:174)(cid:161)(cid:172)(cid:143)(cid:329)(cid:161)(cid:204)(cid:329)(cid:121)(cid:329)(cid:181)(cid:186)(cid:181)(cid:306)(cid:35)(cid:1)(cid:1)(cid:76)(cid:297)(cid:40)(cid:34)(cid:79)(cid:83)(cid:329)(cid:180)(cid:143)(cid:121)(cid:204)(cid:214)(cid:200)(cid:143)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:197)(cid:200)(cid:143)(cid:204)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:200)(cid:161)(cid:186)(cid:200)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:133)(cid:143)(cid:161)(cid:181)(cid:156)(cid:329)(cid:200)(cid:143)(cid:204)(cid:210)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:204)(cid:160)(cid:186)(cid:226)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)
unaudited numbers of the existing and acquired businesses consolidated for the same number of
(cid:180)(cid:186)(cid:181)(cid:210)(cid:160)(cid:204)(cid:329)(cid:121)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:232)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:133)(cid:143)(cid:143)(cid:181)(cid:329)(cid:161)(cid:181)(cid:329)(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:265)(cid:284)(cid:329)(cid:34)(cid:186)(cid:200)(cid:329)(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:264)(cid:285)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)(cid:161)(cid:181)(cid:134)(cid:186)(cid:200)(cid:197)(cid:186)(cid:200)(cid:121)(cid:210)(cid:143)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:174)(cid:161)(cid:172)(cid:143)(cid:306)(cid:155)(cid:186)(cid:200)(cid:306)(cid:174)(cid:161)(cid:172)(cid:143)(cid:329)(cid:197)(cid:200)(cid:143)(cid:306)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)
(cid:200)(cid:143)(cid:204)(cid:214)(cid:174)(cid:210)(cid:204)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:1)(cid:200)(cid:210)(cid:160)(cid:214)(cid:200)(cid:174)(cid:232)(cid:285)(cid:329)(cid:19)(cid:161)(cid:155)(cid:200)(cid:143)(cid:181)(cid:210)(cid:285)(cid:329)(cid:51)(cid:143)(cid:143)(cid:197)(cid:329)(cid:40)(cid:89)(cid:329)(cid:83)(cid:161)(cid:180)(cid:197)(cid:174)(cid:143)(cid:285)(cid:329)(cid:60)(cid:214)(cid:139)(cid:156)(cid:143)(cid:329)(cid:19)(cid:161)(cid:156)(cid:161)(cid:210)(cid:121)(cid:174)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:79)(cid:143)(cid:139)(cid:14)(cid:186)(cid:200)(cid:210)(cid:143)(cid:231)(cid:329)(cid:53)(cid:161)(cid:180)(cid:161)(cid:210)(cid:143)(cid:139)(cid:329)(cid:121)(cid:204)(cid:329)(cid:161)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:232)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)
been included in the Group for the same amount of time as they have been in FY2022.
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relating to acquisitions and restructuring
**** Based on YoY progress against 19 gaps across representation, pay and inclusivity
***** (cid:264)(cid:329)(cid:134)(cid:121)(cid:200)(cid:143)(cid:143)(cid:200)(cid:329)(cid:172)(cid:161)(cid:134)(cid:172)(cid:306)(cid:204)(cid:210)(cid:121)(cid:200)(cid:210)(cid:143)(cid:139)(cid:329)(cid:346)(cid:329)(cid:264)(cid:329)(cid:214)(cid:181)(cid:161)(cid:199)(cid:214)(cid:143)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:134)(cid:161)(cid:121)(cid:200)(cid:232)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)(cid:329)(cid:121)(cid:134)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:186)(cid:200)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)(cid:329)(cid:161)(cid:181)(cid:225)(cid:143)(cid:204)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)
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TPXimpact Holdings Plc | 11
Our values
Our founders
set out to create
a better way of
doing business,
putting people and
the planet first.
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We trust our teams and empower them to make
their own decisions. Our positive work environment
supports personal and professional growth and
respects work-life balance.
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to thrive. We are conscious of the impact of our
actions and are accountable to all our stakeholders.
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We use design approaches to put people at the
heart of everything we do. Our constant focus on
users ensures we always meet their needs and solve
their problems.
We work in partnership with our clients, listening and
challenging to get better outcomes.
Lasting impact
Positive change, for the long term. We’ll share our
skills and set your teams up for sustainable success.
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Our people donate hundreds of hours to community
action each year, and we donate 1% of our time and
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12 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Our services
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(cid:210)(cid:143)(cid:134)(cid:160)(cid:181)(cid:186)(cid:174)(cid:186)(cid:156)(cid:232)(cid:285)(cid:329)(cid:214)(cid:204)(cid:143)(cid:200)(cid:306)(cid:134)(cid:143)(cid:181)(cid:210)(cid:200)(cid:143)(cid:139)(cid:329)(cid:139)(cid:143)(cid:204)(cid:161)(cid:156)(cid:181)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
(cid:139)(cid:121)(cid:210)(cid:121)(cid:329)(cid:210)(cid:186)(cid:329)(cid:139)(cid:143)(cid:174)(cid:161)(cid:225)(cid:143)(cid:200)(cid:329)(cid:133)(cid:143)(cid:210)(cid:210)(cid:143)(cid:200)(cid:329)(cid:200)(cid:143)(cid:204)(cid:214)(cid:174)(cid:210)(cid:204)(cid:285)(cid:329)(cid:161)(cid:180)(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:181)(cid:156)(cid:329)
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We take a design-led approach to deliver sustainable
and lasting transformation, helping you to become more
customer centric, adaptive, and resilient.
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We integrate strategy, design, and technology to create
ambitious technology roadmaps for organisations
operating at scale.
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Our passionate teams of strategists, creatives and
technologists design and deliver meaningful, contextual,
customer-centred digital experiences, from web platforms
through to native mobile apps.
Enterprise applications
We combine our industry knowledge, vendor agnostic
partnership approach, and scaled agile delivery model with the
technical power of the world’s leading enterprise platforms to
deliver true transformation.
Data and AI
We help organisations harness the power of their data assets
by creating the infrastructure, culture, and technology solutions
required to discover new business opportunities and enable
smarter decision making
Managed services
As a digitally native business, we provide the skills and
experience needed to manage the full lifecycle of your
services from targeted on-demand cloud engineering, to
legacy transformation, and mission critical support of your
cloud and on premise estate 24 hours a day, 7 days a week.
TPXimpact Holdings Plc | 13
Expertise across all areas
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Our vision is to deliver impactful, sustainable digital outcomes that make a positive difference to how individuals and
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organisations to support and deliver complex products, projects and programmes.
This includes work across a diverse range of clients and causes, from start ups to global organisations, with a focus on the
following sectors:
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8%
6%
28%
58%
(cid:607)(cid:4810)
(cid:597)(cid:4043)
35%
19%
17%
9%
4%
4%
5%
7%
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Commercial
Government
NGO
Charities, Trusts
& Foundations
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Central Gov
Local Gov
Health
Tech
Media
Consulting
Education and
skills
Other
14 |
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(cid:463)
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CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Case Study: Pushing digital
boundaries at Welsh Ambulance
Services NHS Trust
Service
Enterprise applications
Sector
Health
Client
Welsh Ambulance Services NHS Trust
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to WAST as we continue pushing digital
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(cid:210)(cid:186)(cid:329)(cid:197)(cid:121)(cid:210)(cid:161)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:214)(cid:210)(cid:134)(cid:186)(cid:180)(cid:143)(cid:204)(cid:284)(cid:329)(cid:89)(cid:160)(cid:143)(cid:232)(cid:329)(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:139)(cid:143)(cid:329)
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Jason Killens
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Challenge
The Welsh Ambulance Services NHS Trust (WAST) is one
of the most clinically advanced ambulance services in
the world, providing patients with high quality care. WAST
serves more than three million people in Wales, across a
broad and diverse geography of urban, rural and coastal
landscapes.
WAST’s call handlers and clinical contact centre staff deal
with more than half a million calls, 24 hours a day and 365
days a year. Staff attend more than 300,000 urgent and
emergency calls per year. Flexible, digital systems capable
of operating at scale are therefore essential.
Digitally advanced, WAST is one of several boards at the
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However, while there was a desire for a swift adoption of
the 365 service, WAST recognised the need for specialist
support in their internal modernisation and transformation
programmes.
Solution
TPXimpact supported the WAST technical team with
programme and project management, system design and
development, change management, training, and test and
release resource across a range of new technical initiatives.
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digital team in WAST to produce emergency vehicle status
reports in Microsoft’s Power BI data visualisation software.
Insights from these real time reports are used to deliver
improvements to frontline services and have made a real
difference to how operations are closely managed by
WAST and associated local Health Boards
Impact
As part of this work, we also supported WAST in their
agenda to assist users in working on a device of their
preference, and from a location of their choice. We helped
WAST move to Microsoft InTune as a mobile device
platform, which has integrated application and device
security built in.
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also enabled the organisation to decommission existing
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platform, saving licensing costs and streamlining
operations.
We’re honoured to partner with WAST and continue to
support the organisation in its digital journey.
TPXimpact Holdings Plc | 15
Case Study: Introducing agile
ways of working to UNICEF UK
Service
Digital experience
Sector
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Duration
14 weeks
Client
UNICEF UK
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UNICEF UK
Challenge
UNICEF UK works with families, local communities,
organisations and governments to protect and support
children. Although the charity was successfully raising
money, their yearly income and contribution rates weren’t
increasing in line with their expectations or organisational
requirements.
To tackle this, they undertook an organisation wide
restructure to help manage their cost to income ratio, drive
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ambitions.
As part of this, a newly formed Public Engagement team
was created to bring together brand, communications,
marketing and individual fundraising. Together, they
would harness their public facing activity to create better
integration and set themselves up for future growth plans.
UNICEF UK partnered with TPXimpact to help co-create
and design new ways of leading, planning and delivering
work in the newly formed Public Engagement team. This
work would help them collaborate effectively and make
sure their efforts and resources were directed in the right
place.
Solution
We began with a Discovery phase which looked at UNICEF
UK’s values and principles, and their existing approaches
across planning, governance, and project delivery. This
helped us to identify factors limiting the team’s ability
to adopt new strategies, show us where we needed to
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Executive Leadership team.
By holding regular meetings and design sessions with
the Public Engagement team, we co-created their new
strategic framework, setting out the team’s priorities and
direction. We were able to augment this with additional
sessions with the Executive team, wider surveys and one
to one interviews with other senior stakeholders to really
pinpoint UNICEF UK’s ambitions for the future and build out
the structure and processes needed to get there.
We have been able to test these new initiatives in a number
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planning and working within Public Engagement.
Impact
The strategic framework we built with the Public
Engagement team gave them a roadmap to build a
relevant, innovative and compelling audience experience.
The new agile ways of working mean the team can prioritise
outcomes and respond more quickly to changing audience
and environmental demands. This audience led approach
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generating better results. Understanding the role of
effective governance and leadership will also help the team
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more effectively.
Thanks to our partnership, the Public Engagement team
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empower the UK public to take action and deliver lasting
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In addition to working with this team, we’ve been able to
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to scale this way of planning and working across the
wider organisation. This will help UNICEF UK to work more
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responsive as an organisation.
16 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Our new business model
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to incorporate all of our operating
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Consulting
Author: Matt Skinner, MD Consulting
Introduction
The Consulting Division brings together more than 170
employees from the previous FutureGov, Foundry4 and Difrent
agencies. Combining their technology, service design, change
and community organising skills, they help clients solve
complex challenges and digitally transform their organisations.
Working as part of multidisciplinary teams and partnering with
clients, they take a design-led, agile approach to developing
and implementing solutions that meet client needs. Solutions
might take the form of new digital technologies, new ways of
working, new operating models and structures, totally new
services and client experiences or any combination of these.
We are creative, entrepreneurial and user-led in our work. We
advocate for end-users, ensuring that what we design and
build improves the lived experience for staff and end-users.
To ensure our work is sustainable, we support open source
technologies and embed skills and knowledge transfer in our
approach. We are deeply passionate about the impact of our
work on the communities, people and planet and measure this
in many ways.
Consulting remit
Most of our consulting clients are in the public and health
sectors. We’ve worked with hundreds of clients in central, local
and regional government, the NHS, and associated bodies.
However, we also have a growing client base in commercial
sectors, most notably in utilities.
Many of our employees have a background in health and the
public sector. They bring their deep expertise, knowledge and
relationships to our work. They care about outcomes and are
committed to improving service delivery for users and citizens.
TPXimpact Holdings Plc | 17
Our new business model
continued
Our teams are all experienced in the Government Service
standards and are dedicated to making public services
more accessible to citizens. We have several long-term 3yr+
partnerships with public sector organisations supporting
wholesale transformation and redesign of their technology,
organisational structure and services.
We also have several technology partnerships, including with
the leading Cloud services providers Microsoft and Amazon.
These partnerships allow us to leverage the best of these
platforms to help our clients create products and digital
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(cid:39)(cid:161)(cid:156)(cid:160)(cid:174)(cid:161)(cid:156)(cid:160)(cid:210)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:121)(cid:204)(cid:210)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)
This year we have come together as TPXimpact, which
has helped clients to access even deeper capabilities and
knowledge. In the consulting division, we’ve been able to help
clients with much broader end-to-end digital transformation
in their organisations. For example, we’ve assisted Hackney
Council in transforming end-to-end housing services for staff
and residents. This work has involved quickly forming several
multidisciplinary teams across technology, design and product
leadership to work alongside in-house digital teams.
As TPXImpact, we’ve also partnered more seamlessly with
the Digital Experience (DX) division to combine our skills and
knowledge to help clients. For example, in local government,
we were delighted to help Northamptonshire West and
Northamptonshire North to launch their new website following
unitisation. This project combined consultancies’ strengths in
service design, product ownership and technology strategy
with the DX division’s credibility in Drupal(open-source web
content management system), having the most extensive
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Bringing together the former organisations within consulting
has also allowed us to make more strategic commitments. For
example, we’ve launched an engineering academy helping us to
recruit and progress diverse talent from seldom heard groups
into the organisation. We are also in the process of planning a
similar academy for our design team.
We’ve also been delighted in the growth of our work in central
government and health. We have long-term relationships with
departments including the DFE, DLUHC, HMLR, HMRC, NHSx,
NHSBSA and NHSBT. We are deploying specialist teams to help
with everything from user research to user-centred design to
product design, complex service and organisation redesign.
18 |
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In the year ahead, we are looking to help our clients solve
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communities. We are thrilled to be adding new data skills and
knowledge to our capabilities as Swirrl, and Peak Indicators join
the consulting division. These new capabilities will allow us to
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As one of the largest in-house nationwide design teams with
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help our clients take bold and challenging moves to improve
services for users. This year we will continue to grow our
technology team, remaining technology agnostic and agile in
our approach - providing clients with even greater access to
technology experts who can help them implement 21st century
digital tools and techniques.
As a purpose-driven team, we’ll continue focusing on making
an impact through our work. We’ll be targeting winning work
where we can help clients make a real difference in addressing
the climate emergency. We’ll also continue to work in the open,
sharing our outputs and what we are learning so others can
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Digital Experience (DX)
Author: Rebecca Hull, MD Digital Experience (DX)
The heritage of the Digital Experience division of TPXimpact
goes back as far as 2001. Coming together as more than 120
employees from three agency businesses (Deeson, Manifesto
and Nudge), we share a common passion for digital and for
making a difference through our work.
Our purpose, our reason for being, is apparent; we believe that
all organisations have a responsibility to be a force for good in
the world. Continually building on a wealth of excellent skills,
knowledge, culture and decades of history, we exist to create
a legacy we can feel proud of, to enable better outcomes for
people, the planet and the communities we serve. Our vision is
to harness the best of our creative and technology capability
and our values to shape a better business and industry, to
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experiences that people use daily.
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
We build digital solutions and experiences to make people’s
lives easier, better, and fairer. We support the transformation
of organisations by caring about what they do, sharing how we
work and pushing ourselves and our industry forward. We build
long-term partnerships with our clients, resulting in expertly
crafted solutions that create a true and measurable impact.
DX remit
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culture, ‘visit’, healthcare, commercial and public affairs
sectors. We work with many leading charities, including 13 of
YouGov’s top recognised charity brands. Long-term client
relationships characterise our client roster; typically, we act
as trusted digital partners, working with clients at pace and
scale to understand their audience and business needs and
requirements for their digital futures.
The division’s work for clients focuses on supporting
organisational change, digital experience delivery and
technology transformation. Services provided include design
and prototyping, customer engagement and acquisition,
motion and immersive content, research, user experience
and technology strategy. Bringing together the technology
teams from the three companies means we can deliver a
broad technology portfolio spanning content and experience
management, system integration and bespoke development
alongside marketing automation and personalisation.
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continues to go from strength to strength. We are working to
help unify their digital ecosystem to support their strategy that
by 2050, everyone diagnosed lives and is supported to live
well. This is a huge programme of change which straddles the
entire organisation and our role is to help bring it all together to
deliver maximum impact. Our programme team have recently
started the foundations of the digital build and there is growing
excitement of what’s to come next.
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ourselves as trusted advisors within the Higher Education
sector. With the University of Edinburgh, we’ve completed year
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a complete overhaul of their sprawling digital estate. With
Kingston University we have outlined a 3 year roadmap to
reimagine how they engage and recruit students through
the website.
We have continued to strengthen our foothold in the culture
and visitor attraction sector. This year we started working with
major clients in the industry, including the Royal Academy
of Arts, and the British Library. We also kicked off an exciting
project for the Zoological Society of London (ZSL), which has
been our client for a few years, and is both a major visitor
attraction, and an international conservation science charity.
The ZSL website is a key digital focal point for the organisation.
We are currently in the process of rebuilding the website
ecosystem of ZSL, to give a digital home to the two zoos
which are part of ZSL (ZSL London and ZSL Whipsnade Zoos),
demonstrate the impact of its science conservation work, and
ultimately showcase its vision: “a world where wildlife thrives”.
We have been proud to partner with UNICEF UK, following an
organisational wide restructure, we worked together to co-
create and design new ways of leading, planning and delivering
work in the newly formed Public Engagement directorate. This
work is helping them collaborate effectively as a new team and
making sure their efforts and resources are directed in the right
place.
In the health sector, we continued our partnership with Health
Education England and began a new one with NHS Digital. For
both of these clients we are augmenting their in house delivery
and support capabilities by providing specialist digital and
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Bloomreach content management system.
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During the next year we intend to build upon the division’s
momentum to evolve into the next level of Digital Agency,
creating a pathway that allows us to explore new opportunities
in DX and as well as new sectors, focused on delivering exciting
and sustainable digital outcomes.
As always we will be focused on further enhancing the
customer experience work we do for our clients, ascending
the value chain by combining deeper strategic expertise with
our native digital approach. We will continue to align with
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management drawing upon services from across TPXimpact
to deliver integrated technologies that support composition,
management, delivery and optimisation of contextualised
digital experiences. This will help differentiate the TPXimpact
experience offer against its competitors in the traditional
DX landscape.
TPXimpact Holdings Plc | 19
Market overview
The UK Software and
IT Services Industry
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with spending on digital services
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organisations are moving from tactical
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donation campaigns and relocating
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Spotlight on our sectors
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The effects of Covid-19 in FY21/22 further exacerbated the
need for innovative and disruptive technologies to transform
internal and external Civil Service processes, as well as the way
the government interacts with UK citizens.
This digital technology revolution is creating the greatest
reform in governmental ways of working for generations.
Policymakers are heavily focused on how data can drive
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systems and historic manual ways of working to something
new.
Merging the traditional ways of working for policymakers within
the civil service towards an agile, data-centric movement is a
steep learning curve, but one that is being readily accepted
by the government. “User experience” in particular is a key
buzzword — with every department wanting to create user-
centric processes.
We’ve seen this in our work with several organisations this year,
including the Department for Education (DfE) which wanted
to improve the way teachers access information to encourage
and retain talent.
It’s widely understood that UK citizens expect government
services to be as polished as those in the private sector,
something that is being championed by the Parliamentary
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has responsibility for digital governance and a desire to deliver
world-class digital solutions for the UK civil service. Looking
ahead, the introduction of the 2022 to 2025 Roadmap for
Digital and Data sets out an ambitious transformation of digital
public services.
This roadmap sets a path for widespread digital adoption to
enable the Civil Service to offer value to the taxpayer through
smarter ways of working, delivering a better service and
championing the UK as a leader in digital transformation.
20 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
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Service Director
It’s been another challenging year for local government. The
complexity of need that organisations deal with, and the
systemic partnership approach required to tackle it, are not
matched by the budgets available. The sector is still recovering
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funding settlement from central government has again only
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This has done nothing to dampen the appetite for innovation
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care systems were established across England. This marks a
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at a local level. Through working closely with NHS colleagues,
upper-tier local authorities will play a key role in shaping the
future of health and care at a local level. Through our work with
North East Lincolnshire and Buckinghamshire, we have seen
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could have to improve outcomes for residents.
There is also a continued focus on devolution. County deals
were announced earlier this year that gives nine local areas the
opportunity to set up Mayoral Combined authorities that are
similar to those in Greater Manchester and the West Midlands.
There is a real appetite for this change at a local level, but this is
balanced out by a realisation that it means changes to ways of
working, partnerships, governance and place leadership which
will need working through.
Finally, the Levelling Up Bill brings forward changes that will
touch on everything from community infrastructure, planning,
and regeneration to climate and net zero.
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appetite to drive economic opportunity and improved services
at a local level, and we expect there to be a continued focus on
this over the coming year.
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and Care sector as it comes to terms with the effects of Covid
on increased demand and the impact of Brexit and Covid on
falling staff numbers. All of this only increases the need for
the NHS and care providers to be able to unlock the power of
digital transformation.
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it is hoped will help accelerate the pace of change. This builds
on the back of the behaviour change we saw throughout the
pandemic that has drastically increased the number of people
engaging with digital tools and virtual consultations.
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particularly via the Integrated Care Systems (ICSs) created by
the NHS in England. This new structure divides up the 55 million
people living in England into 42 regional systems which the NHS
hopes will help to join up care across settings and around a
patient or service user’s needs.
The ICSs will be responsible for the vast majority of spending
on technology enabled transformation and have accountability
to deliver population health management platforms by 2025.
This is really exciting for us as we have good experience and
credentials in the NHS, in social care and in the third sector —
all of whom will need to come together to form new governance
structures, agree new ways of working and crack the
problem of data sharing and designing location agnostic user
experiences. To this end we have begun working with a number
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The other big shifts are the changes being implemented by
the Government and NHS England in order to streamline the
Arms Length Body landscape, particularly around technology
transformation.
After almost three years, NHSx has now been dissolved and
absorbed by NHS England and next year NHS Digital will go
the same way — leading to more cohesive decision making
in the digital space. However, as we know ourselves, changes
like this require a lot of effort and attention so it is important
that partners like us are able to continue to deliver the NHS’s
strategic transformation aims.
The desire to transform and unlock the power of digital to help
tackle increasing waiting lists and growing numbers of people
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(cid:89)(cid:160)(cid:143)(cid:200)(cid:143)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:134)(cid:160)(cid:121)(cid:181)(cid:156)(cid:143)(cid:204)(cid:329)(cid:121)(cid:155)(cid:186)(cid:186)(cid:210)(cid:329)(cid:161)(cid:181)(cid:329)(cid:105)(cid:121)(cid:174)(cid:143)(cid:204)(cid:329)(cid:210)(cid:186)(cid:186)(cid:329)(cid:309)(cid:329)(cid:226)(cid:160)(cid:143)(cid:200)(cid:143)(cid:329)
we are working to support Digital Health and Care Wales to
transition from a Waterfall project approach to transformation
to something more Agile and product centred. We’re also
working towards similar goals in Scotland where we have been
supporting the Scottish public sector to build its digital skills,
knowledge and experience of digital ways of working.
TPXimpact Holdings Plc | 21
Market overview continued
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FY21/22 saw some of the greatest shifts in working practices
and customer behaviours for the commercial markets in
decades.
In Q1 and Q2 we were still living with heavy pandemic
restrictions which changed the way people consumed services
and purchased goods. This created a demand for digital skills
like never before as organisations rapidly set up new digital
channels to get their goods and services to clients over the
internet or through new home delivery channels.
The gradual lifting of restrictions in Q3 and Q4 enabled
organisations to return to physical contact with customers as
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such as holidays, dining out and socialising. However, the
majority of digital channels remained as the physical reopened.
This huge increase in digital operations and in turn the ability
to track and monitor customer behaviour created a tidal wave
of new data for organisations, many of which are not set up to
receive, analyse and act on the answers this data can provide.
Consumer behaviour shifts also affected the data patterns that
were used for many AI models. This disrupted the predictions
these data and AI models were able to make as they were
seeing drops and spikes in data (think footfall of physical
stores) never seen before. These then needed to be adjusted to
ensure future predictions were not skewed by what we hope is
a once-in-a-lifetime anomaly.
All of this led to a huge increase in demand for data analysis,
scientists and engineers, at a time when the UK has a national
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(cid:197)(cid:186)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:139)(cid:143)(cid:329)(cid:199)(cid:214)(cid:121)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)(cid:121)(cid:200)(cid:143)(cid:121)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)(cid:259)(cid:186)(cid:214)(cid:200)(cid:161)(cid:204)(cid:160)(cid:284)(cid:329)
We have recently invested in setting up our technical academy
to ensure we have a stable long-term talent pipeline of quality
engineers and analysts.
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(cid:89)(cid:200)(cid:121)(cid:181)(cid:204)(cid:155)(cid:186)(cid:200)(cid:180)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:65)(cid:155)(cid:258)(cid:134)(cid:143)(cid:200)(cid:329)(cid:306)(cid:329)(cid:19)(cid:161)(cid:156)(cid:161)(cid:210)(cid:121)(cid:174)(cid:329)(cid:329)
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The role charities have to play within society has never been
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2020 marked the beginning of one of the most challenging
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faced imminent bankruptcy, whilst the sector as a whole
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annual income.
As charities navigated a constantly changing landscape,
they saw challenges with raising vital funds, whilst demand
for services increased — causing a huge imbalance in the
resources required to meet people’s needs.
This continued into 2021 as we saw subsequent waves of the
pandemic and an emerging cost of living crisis.
For healthcare charities, for example, the acute pressures on
the NHS continue to create a harmful ripple effect. People with
serious health issues are getting diagnosed later and having
treatment delayed either due to the backlog or continued
complications from Covid. As a result, rates of serious illness
and deaths are increasing. In this context charities that provide
services are literally a lifeline for so many.
According to the Charities Aid Foundation, the number of
people giving to charity has dropped, with donation levels
in 2021 below average. However, whilst some charities have
struggled, others have thrived, reacting to forced changes in
traditional fundraising by doubling down on digital fundraising
techniques. The nature of volunteering and connecting with
local groups changed during the pandemic — technology
powered meaningful connections for some audiences, while
digital exclusion became a potential barrier for others.
Such unprecedented macro-economic pressures have driven
many charities to restructure. The ability to adapt quickly — in
other words, to be agile — is now a key business differentiator.
As we move further into a hybrid, part-remote, part in-person
industry, plenty is still set to change.
We’re seeing organisations look to adapt where possible, to
increase digital and technological maturity and set themselves
up to be modern, responsive organisations. This way, they’ll be
able to respond better to meet the needs of their audiences
and users whilst navigating a fast changing external market.
22 |
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CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Our growth strategy
and acquisitions
Organic Growth
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TPXimpact began planning for how growth should be delivered
began in November 2021. A small, experienced team reviewed
what was needed to deliver our growth ambitions and the
existing talent we had across the portfolio of group businesses.
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businesses. We developed a new operating model, formed of
three disciplines – sales, bids & marketing. By February new
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form relationships and start focusing on setting ourselves up
for a successful 22/23.
Sectors
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(cid:204)(cid:210)(cid:200)(cid:121)(cid:210)(cid:143)(cid:156)(cid:161)(cid:143)(cid:204)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:284)(cid:329)(cid:89)(cid:160)(cid:143)(cid:204)(cid:143)(cid:329)(cid:181)(cid:143)(cid:143)(cid:139)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:143)(cid:181)(cid:204)(cid:214)(cid:200)(cid:143)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)
we had a clear plan to utilise our deep sector knowledge, our
technical expertise and provide our teams with the purpose-
led work that motivates them to get out of bed in the morning.
Our sector teams worked with stakeholders across the
company to develop growth strategies for central government,
local government and health. Each strategy covers market
intelligence, known and likely opportunities areas which
match our skillset, target accounts (existing and new),
key relationships, sales targets, account ownership and
marketing plans.
Services
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brought together our 10 companies under one roof, we can now
provide a genuinely joined up offer. Our clients don’t need to
navigate separate parts of the business anymore, and we don’t
have to partner with other companies to provide capabilities
we’re lacking, because TPXimpact now delivers all aspects of
digital transformation. The capabilities we’ve brought together
under this new brand allow us to provide clients with everything
they need for their digital transformation journey, from deep
agile expertise, to CTO as a service, from data platforms to
product leadership and from intelligent automation to user
centred design – we can take them from Discovery to Live and
continuous improvement, with everything in between.
Partners
Our focus is to continue to build our opportunities together
with our partners. Since forming under one TPXimpact we are
now able to offer end to end Microsoft services from cloud and
software engineering through to enterprise platforms, data, and
low code. The acquisitions of RedCortex and Peak Indicators
have accelerated the growth of this relationship. Their Gold
Partner status across multiple disciplines has further advanced
our ability to perform partnership programmes with Microsoft
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In addition to our strong relationship with Acquia, we are
currently developing a partnership with Okta for identity and
exploring Drupal for local Government. Our partnerships are
actively account managed with dedicated teams in regular
communication, sharing ideas, and opportunities and building
these relationships on a personal basis.
TPXimpact Holdings Plc | 23
Our growth strategy
and acquisitions continued
Acquisitive growth
Author: Leigh Hunter, Head of M&A
Introduction
I joined the TPXimpact team in September 2021 to help drive
the M&A agenda to deliver the 2025 Commercial Vision - it
certainly has been an exciting journey so far with 3 deals
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Prior to joining TPXimpact, I was working on various mid-
market sell-side and buy side transactions across the business
services sector. I have been able to bring all of this experience
to TPX with the aim of enhancing our Mergers & Acquisitions
programme and strategy.
Since I joined the team, we have successfully completed
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for the integration of these businesses. I look forward to
leading TPXimpact’s M&A activity forward toward our 2025
Commercial vision and am excited about what the future holds
for the business.
Growth through acquisition
Since our IPO in December 2018, TPXimpact has completed
16 acquisitions. During FY22 we acquired two companies —
Nudge Digital and RedCortex, post period we announced the
acquisition of Peak Indicators and Swirrl IT, which completed in
early April 2022.
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Nudge Digital
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agency which delivers strategy-led services primarily to the
pharmaceutical industry and health sector. Bristol-based
Nudge, provides strategic consultancy and digital execution on
mission-critical services, from global pharmaceutical projects
to the software underpinning social housing and social care.
The acquisition was strategically important to us as it
strengthened our overall position in healthcare and,
importantly, provided an entry into the pharmaceutical
industry at a time when the NHS is looking at precision
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plans for patients.
The majority of the Nudge staff and projects have now been
integrated into our Digital Experience division.
24 |
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had the same nervousness as others who
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the future held and how our organisation
would integrate whilst still remaining true
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found the discussions we held during
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integration and have sustained our values
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TPXimpact acquired Cardiff-based RedCortex in December
2021. Founded in 2016, RedCortex is a leading technology
services supplier to the Welsh Public Sector, particularly
focused on healthcare and transport alongside Government
and local authority projects in the region. Clients include NHS
Wales, (see the case study on page 15), the Welsh Government
and Transport for Wales.
Not only has RedCortex strengthened TPXimpact’s existing
foothold in the Welsh Public Sector, it continues to build on
TPXimpact’s operational momentum to create regional hubs
across the UK. The addition of RedCortex also extended
TPXimpact’s Microsoft stack capabilities with RedCortex
being a Gold Partner across multiple disciplines which further
advances its ability to perform partnership programmes with
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established apprenticeship programme to TPXimpact’s long-
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and turning them into digital professionals.
Shortly following completion of the transaction, RedCortex
won a contract with Digital Health and Care Wales (DHCW) for
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TPX was one of two organisations running head to head in the
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RedCortex has also increased its reach across the Health and
Central Government sectors by recently winning a contract to
spearhead an all-Wales infrastructure review and alignment
programme.
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
“The reason we started conversations with
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teams to win more deals using our
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Prior to year end, TPXimpact announced the acquisition of
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and analytics consultancy, and Stirling-based Swirrl, a cloud-
based open data consultancy specialist. Both acquisitions
were completed in early April 2022. These acquisitions were
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and analytics. Together they will form TPXimpact’s Data &
Insights capability, opening a new market opportunity that the
Company has so far addressed by working with associates.
With 65 full-time staff members, this new capability will be
positioned to assist clients across TPX’s target sectors in
gaining stronger insights to aid their decision making.
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We have been working on developing an integration blueprint,
recognising that integration will look different for different
businesses and capabilities going forward. The blueprint sets
out the following priorities:
• Work collaboratively with the founders to understand
potential quick wins, address key risks and challenges, and
identify future opportunities
•
•
•
•
Ensure a balance of business-as-usual priorities in
TPXimpact and the integrating business is maintained
Be pragmatic in how we integrate to preserve value, client
focus and team focus.
Establish an operating model that minimises friction
and enables strong collaboration between connected
capabilities within the relevant TPX division
Establish clear go-to-market approaches for new
capabilities under the TPXimpact brand
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our 2025 goal of £200m run-rate revenue. Our M&A activity will
focus on adding new sectors and services and bolstering the
existing capability of our integrated operations.
Capability focus areas will be:
•
•
E-commerce
Cyber security
• Mobile app development
•
•
•
•
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Strategic consulting
Devops and devsecops
Automation
We have a strong M&A pipeline and we anticipate that a
number of earnings enhancing acquisitions will be completed in
the year to balance organic growth with acquisitive growth.
Our continuing success has enabled our HSBC revolving credit
facility to be extended in this period from £20m to £30m, of
which £11m remains undrawn leaving us in a strong position to
fund future acquisitions whilst maintaining leverage at sensible
levels below 1.5x EBITDA.
TPXimpact Holdings Plc | 25
Chairman’s statement
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Chairman
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we have continued to deliver impactful
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acquisitive growth and our talented team
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The restructuring of the business under the single brand
TPXimpact is a vital step towards achieving our strategic
targets and I am proud of all our teams, particularly those
closest to the project, for the hard work that has gone into
progressing towards full integration so far.
Complementing our organic growth, throughout this year we
have successfully executed on our acquisitive strategy by
welcoming Nudge Digital Ltd and RedCortex Ltd to the Group
with a further two post-period acquisitions in Peak Indicators
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enhanced our service offering and have opened new market
opportunities to us that were previously addressed by working
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bolstered our competitive position in the public sector and
allows us to continue delivering impactful digital change to
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sectors.
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We, in common with all businesses, are currently facing a
series of macro-economic challenges we have seen develop
across this year and post-period end. We are now confronting a
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crisis amongst heightened political and economic uncertainty.
However, TPXimpact is well-positioned to weather these
challenges, and in many instances, to leverage opportunities
that may appear amongst the disruption.
Digital transformation is an enduring theme, and one where
we believe all organisations will continue to invest in the
coming months. As during the pandemic, it is now even more
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are best able to serve their customers.
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TPXimpact is a purpose-led Group, determined to do business
that delivers positive sustainable change to wider society
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to everyone across the business. I am proud to say that from
Board level down, TPX is committed to improving people’s lives
through both its day-to-day digital transformation work, and
also its extensive ESG programme.
In a year which has seen increasing pressure on essential public
sector bodies, we are proud that our work has gone some way
in allowing them to continue delivering their essential services
to those most in need.
TPXimpact is committed to leading by example and in doing so,
we want to change the composition of the technology sector. In
the past year, we have had a focus on ethnic diversity and have
continued to host a number of schemes, apprenticeships and
partnerships to better enable those from under-represented
backgrounds to gain access to the expertise, mentorship and
support needed to thrive in this area. We are pleased to say
that these have been a success and through our focus on D&I,
26 |
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CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
we have increased our overall minority representation from 13%
to 19%. Whilst we understand that there is some way to go, we
are pleased with the progress made and will continue to make
TPXimpact a diverse and inclusive workplace while reporting
our progress along the way.
Alongside our investment in people, we have been focused
on further advancing our commitment to the other two areas
of our ESG agenda, Planet and Communities. Moving forward,
we will be committing to setting short and long-term Science
Based Targets to align with the SBTi Net-Zero Standard. As
a Group, we are also proud to report that our philanthropic
donations have kept pace with our commercial growth through
our 1% pledge. Over the course of the last year, we have
donated over £59,000 to charities through our community
investment and employee-led giving programmes.
I am also pleased that we have once again delivered our Future
Leaders programme which aims to create positive change in
communities and in the wider industry by supporting 10 digital
entrepreneurs from underrepresented backgrounds over a
two-month period to build their businesses; providing the
expertise, mentorship and support needed to successfully
develop themselves and their companies.
In addition to Future Leaders, TPXimpact supports; the
Arkwright Scholarship, which sponsors diverse students looking
to get into engineering; In2Science, which promotes social
mobility and diversity in science, technology, engineering, and
maths through work experience; and Code First Girls, which
places four women or non-binary people on a Full-Stack
Nanodegree.
Corporate governance
The Board is working to continuously improve the governance
of TPXimpact. We carefully monitor the market and frequently
assess the principal risks to the Group, remaining cognisant of
the ongoing impact sector-wide challenges have on our end
markets and stakeholders.
We greatly value our shareholders, for whom we are ultimately
seeking to deliver value which has been achieved with purpose.
Therefore, we believe that it is a priority to keep all shareholders
up-to-date and engaged and we are committed to continually
increasing transparency in all our corporate communications.
This year we have heightened our ESG governance and have
built DEI requirements into the share award eligibility for all
leaders. We want DEI to be a priority within the business and
therefore we are going to use it as a metric to measure the
performance of senior leaders within the Group. Performance
on these metrics for leadership are now linked directly to their
remuneration.
People
Our people are at the very centre of everything that we do and I
would like to take this opportunity to sincerely thank all of them
for their continued hard work and dedication. We have worked
hard to create an environment which allows the diverse range
of talent within TPXimpact to thrive and I believe that this plays
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We are continually investing in our people in order to retain and
attract the best talent available. This year we have launched
our new employee value proposition which delivers increased
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of bank holidays, two months full sick pay for colleagues
struggling with their mental or physical health, and green
incentive schemes to encourage sustainable living such as an
electric vehicle leasing scheme.
The Board is also pleased to note the launch of Employee
Resource Groups (ERGs) to help amplify the voices of under-
represented employees and make sure our workplace is
inclusive for everyone and a board mentoring scheme to
support diverse talent within the business.
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from its structural change, expanded service offering and
extended geographic outreach as we capitalise on the market
opportunity available to us. Investment in digital transformation
is continuing in the public and commercial sectors and it
has become clear that this is now a necessity for all modern
businesses. We are also bolstered by our growing presence in
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revenue streams and gives us strong foundations to navigate
any headwinds in the coming period.
We will also continue to look at best-in-class companies who
might join TPXimpact through acquisition and strengthen our
existing client offering, geographical expansion in key areas
and further our purpose driven strategy to enact meaningful
change in the areas we work.
While we expect testing macro-economic conditions to
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management team have the necessary skillset to capitalise
on these opportunities and continue our strong momentum
into FY2023. Moreover, with best-in-class expanded service
offering and substantial market opportunity, we are well
positioned to achieve our 2025 commercial objectives and
continue delivering positive, sustainable change.
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Chairman
7 September 2022
TPXimpact Holdings Plc | 27
CEO statement
Neal Gandhi
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We have continued to win an increasing number of new clients
demonstrating our increasing ability to win and deliver more
impactful projects.
Alongside delivering strong organic growth, we made two
acquisitions in the period, and two post-period end. Together,
these new businesses (Nudge Digital, RedCortex, Peak
Indicators, and Swirrl) have bolstered the Group’s capabilities,
particularly around data, and helped establish our presence in
new regions in the UK.
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Since inception, our growth strategy has always been built on
the idea of bringing together complementary companies in
order to build a full-service digital transformation capability,
able to deliver outcomes to large clients at a fraction of the
cost and time of their traditional suppliers. We build the
business through organic growth and acquisitions, with the aim
of moving towards our commercial and impact visions. Our
culture and values allow us to remain agile and entrepreneurial
while we grow.
The change programme the Group is undergoing, to come
together as a single company, will see us streamline our
service offering to clients, enabling increased organic growth
in the future. The integration of our businesses will allow us to
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underpin society and further our objective to maximise our
impact and effect fundamental and sustainable change that
shapes organisations, services and systems.
We began the year trading under The Panoply Holdings plc as a
collection of 12 separate businesses and have brought together
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this way necessitated a comprehensive change programme
across the Group but, even whilst this progresses, our teams
have continued to perform excellently, demonstrating passion
and drive across their work. As a result, we’ve achieved revenue
from continuing operations of £79.7m, up 58% and delivered
like-for-like organic revenue growth of 16%. We have achieved
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£0.8m and adjusted EBITDA of £12.2m (EBITDA of £9.1m) slightly
ahead of expectations, up 72% year on year and at an improved
adjusted EBITDA margin (15% Adjusted EBITDA Margin
(EBITDA Margin 11.4%)).
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revenue target of our 2023 Commercial Vision a full year
ahead of schedule. However, we haven’t sat on our laurels
and immediately began looking ahead to our next major set
of goals: our Commercial Vision for 2025. This includes our
ambition to achieve a run rate revenue of £200m, deliver 70%
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a top 20 public sector supplier, by March 2025.
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against our overarching purpose of delivering sustainable
change with a positive impact. For example, we’ve helped the
Welsh Ambulance Service – NHS Trust (WAST) modernise their
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mobile solutions; we’ve helped UNICEF UK design and deliver
a new way of operating to work more effectively and achieve
better outcomes for children; and we partnered with the
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deliver services more effectively.
28 |
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CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
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Last year, we set out new Commercial and Impact Visions for
FY2025. Below is a summary of our performance against these
goals so far.
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To achieve a run rate
revenue of £200m (£150m
public sector, £50m
commercial sector) by
March 2025
To deliver 10-15% organic
revenue growth per annum
To make further earnings
enhancing acquisitions to
strengthen our offer, achieve
greater scale and support
our overall vision
Revenue FY2022 of £79.7m
up 58%
Consensus revenue for
FY2023 of £97.4m*
16% organic revenue growth
Two acquisitions completed
during the period, two post-
period end
To become a top 20 public
sector supplier by March
2025 on run rate basis
Started integration to one
brand to allow us to report
as a single supplier
To deliver 70% of operating
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To deliver progressive
dividend policy at 15%-20%
of net income (Adjusted
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(cid:272)(cid:268)(cid:366)(cid:329)(cid:65)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:76)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:210)(cid:186)(cid:329)(cid:134)(cid:121)(cid:204)(cid:160)(cid:329)
(cid:259)(cid:186)(cid:226)
Aggregate Dividends of 0.9p
To deliver improving EBITDA
margins
Adj EBITDA margin of 15%
(up 100 bps on FY2021)
*(cid:329)(cid:329) (cid:14)(cid:186)(cid:181)(cid:204)(cid:143)(cid:181)(cid:204)(cid:214)(cid:204)(cid:329)(cid:143)(cid:204)(cid:210)(cid:161)(cid:180)(cid:121)(cid:210)(cid:143)(cid:329)(cid:161)(cid:204)(cid:329)(cid:121)(cid:329)(cid:155)(cid:186)(cid:200)(cid:143)(cid:134)(cid:121)(cid:204)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:316)(cid:204)(cid:329)(cid:197)(cid:200)(cid:186)(cid:171)(cid:143)(cid:134)(cid:210)(cid:143)(cid:139)(cid:329)(cid:143)(cid:121)(cid:200)(cid:181)(cid:161)(cid:181)(cid:156)(cid:204)(cid:329)(cid:133)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:186)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)
combined estimates of all equity analysts that cover the stock
(cid:40)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:104)(cid:161)(cid:204)(cid:161)(cid:186)(cid:181)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:34)(cid:111)(cid:265)(cid:268)
(cid:1)(cid:180)(cid:133)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:265)(cid:329)(cid:197)(cid:200)(cid:186)(cid:156)(cid:200)(cid:143)(cid:204)(cid:204)
(cid:264)(cid:284)(cid:330) Work towards
(cid:160)(cid:121)(cid:174)(cid:225)(cid:161)(cid:181)(cid:156)(cid:329)(cid:330)(cid:210)(cid:160)(cid:143)(cid:330)(cid:265)(cid:264)(cid:330)(cid:156)(cid:121)(cid:197)(cid:204)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:330)(cid:226)(cid:143)(cid:329)
(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:139)(cid:330)(cid:121)(cid:134)(cid:200)(cid:186)(cid:204)(cid:204)(cid:329)
representation, pay and
inclusion for employees
from underrepresented
backgrounds.
Made progress against 29%
of our gaps this year, and
have now halved or closed
6/21
(cid:265)(cid:284)(cid:330)
(cid:266)(cid:284)(cid:330)
To implement science-
based reduction targets
Created an in-house carbon
tracker
To kick-start 5,000 digital
careers, reaching 5,000
(cid:214)(cid:181)(cid:161)(cid:199)(cid:214)(cid:143)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:134)(cid:161)(cid:121)(cid:200)(cid:161)(cid:143)(cid:204)(cid:329)(cid:210)(cid:160)(cid:200)(cid:186)(cid:214)(cid:156)(cid:160)(cid:329)
our community action and
community investment
programmes
Kickstarted 686 careers in
FY2022 adding up to over
1288
Strategic progress
Brand consolidation under TPXimpact
In September 2021, we announced our intention to restructure,
from a collection of businesses to a single company under the
name TPXimpact. By operating as one company and one team
we are able to work more collaboratively, pitch for and deliver
(cid:174)(cid:121)(cid:200)(cid:156)(cid:143)(cid:200)(cid:329)(cid:197)(cid:200)(cid:186)(cid:171)(cid:143)(cid:134)(cid:210)(cid:204)(cid:285)(cid:329)(cid:143)(cid:174)(cid:161)(cid:180)(cid:161)(cid:181)(cid:121)(cid:210)(cid:143)(cid:329)(cid:161)(cid:181)(cid:143)(cid:155)(cid:258)(cid:134)(cid:161)(cid:143)(cid:181)(cid:134)(cid:161)(cid:143)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:306)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:174)(cid:186)(cid:181)(cid:156)(cid:143)(cid:200)(cid:329)(cid:210)(cid:143)(cid:200)(cid:180)(cid:329)
- build more substantial brand value.
(cid:105)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:180)(cid:121)(cid:139)(cid:143)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:197)(cid:200)(cid:186)(cid:156)(cid:200)(cid:143)(cid:204)(cid:204)(cid:329)(cid:186)(cid:181)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)(cid:134)(cid:160)(cid:121)(cid:181)(cid:156)(cid:143)(cid:329)(cid:197)(cid:200)(cid:186)(cid:156)(cid:200)(cid:121)(cid:180)(cid:180)(cid:143)(cid:329)
over the period. We have, for example, overhauled the operating
structure of the group, creating an environment within which
we have launched two divisions as of 1 April 2022 under the
TPXimpact umbrella: ‘Consulting’ and ‘Digital Experience’ (‘DX’).
(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:204)(cid:210)(cid:200)(cid:214)(cid:134)(cid:210)(cid:214)(cid:200)(cid:143)(cid:329)(cid:133)(cid:143)(cid:210)(cid:210)(cid:143)(cid:200)(cid:329)(cid:200)(cid:143)(cid:259)(cid:143)(cid:134)(cid:210)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:226)(cid:121)(cid:232)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:226)(cid:143)(cid:329)(cid:186)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
charge. Several of our companies are now trading solely under
‘TPXimpact’ importantly, we’ve also brought together multiple
TPXimpact Holdings Plc | 29
CEO statement continued
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consolidated view of our people, which will enable us to focus
on key productivity areas such as time to recruit, staff turnover,
learning and development and of course utilisation.
Post period end we continue to work on creating an improved,
single operational structure, which is just beginning to deliver
(cid:204)(cid:214)(cid:133)(cid:204)(cid:210)(cid:121)(cid:181)(cid:210)(cid:161)(cid:121)(cid:174)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:329)(cid:121)(cid:200)(cid:186)(cid:214)(cid:181)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:143)(cid:174)(cid:161)(cid:180)(cid:161)(cid:181)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:186)(cid:155)(cid:329)(cid:161)(cid:181)(cid:143)(cid:155)(cid:258)(cid:134)(cid:161)(cid:143)(cid:181)(cid:134)(cid:161)(cid:143)(cid:204)(cid:284)(cid:329)(cid:40)(cid:181)(cid:329)(cid:121)(cid:329)
step-change for the Group we are creating a more professional,
robust, mature business. As we reconstruct the Group, we are
being careful to evaluate each process and ensure it is best-
in-class, giving ourselves the strongest possible foundation
on which to build. While this process is taking longer than
(cid:161)(cid:181)(cid:161)(cid:210)(cid:161)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)(cid:143)(cid:181)(cid:225)(cid:161)(cid:204)(cid:121)(cid:156)(cid:143)(cid:139)(cid:285)(cid:329)(cid:226)(cid:143)(cid:329)(cid:172)(cid:181)(cid:186)(cid:226)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:161)(cid:210)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:329)(cid:214)(cid:204)(cid:329)(cid:143)(cid:231)(cid:197)(cid:186)(cid:181)(cid:143)(cid:181)(cid:210)(cid:161)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)
in the longer term. We therefore now anticipate the change
programme continuing to run throughout the balance of
FY2023, with some further one-off associated costs. As we
(cid:180)(cid:186)(cid:225)(cid:143)(cid:329)(cid:155)(cid:186)(cid:200)(cid:226)(cid:121)(cid:200)(cid:139)(cid:285)(cid:329)(cid:226)(cid:143)(cid:329)(cid:200)(cid:143)(cid:180)(cid:121)(cid:161)(cid:181)(cid:329)(cid:134)(cid:186)(cid:181)(cid:258)(cid:139)(cid:143)(cid:181)(cid:210)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:134)(cid:186)(cid:180)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:156)(cid:143)(cid:210)(cid:160)(cid:143)(cid:200)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)
drive our future success.
We have also started to invest in the TPXimpact brand, with
a view towards creating a market leading and differentiated
brand promise and then telling our target audiences about it.
This new, innovative enterprise brand will enable the Group to
win bigger than ever before.
(cid:14)(cid:186)(cid:180)(cid:197)(cid:174)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:121)(cid:200)(cid:232)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)
We have retained our core focus on acquiring complementary
acquisitions to bolster our capabilities and enhance our go-
to-market proposition. During the period, we acquired two
companies:
•
•
Nudge Digital Ltd, a Bristol-based digital services agency
which delivers strategy-led services and has a good
pipeline of pharmaceutical customers
RedCortex Ltd, a Cardiff-based digital and cloud-based
transformation Microsoft focused consultancy
And two more post-period end:
•
•
(cid:76)(cid:143)(cid:121)(cid:172)(cid:329)(cid:40)(cid:181)(cid:139)(cid:161)(cid:134)(cid:121)(cid:210)(cid:186)(cid:200)(cid:204)(cid:329)(cid:53)(cid:210)(cid:139)(cid:285)(cid:329)(cid:121)(cid:329)(cid:14)(cid:160)(cid:143)(cid:204)(cid:210)(cid:143)(cid:200)(cid:258)(cid:143)(cid:174)(cid:139)(cid:306)(cid:133)(cid:121)(cid:204)(cid:143)(cid:139)(cid:285)(cid:329)(cid:174)(cid:143)(cid:121)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:139)(cid:121)(cid:210)(cid:121)(cid:329)
science services and analytics consultancy
Swirrl IT Ltd, a Stirling-based, open data consultancy
specialist with a focus on data integration and
dissemination in public sector organisations
(cid:1)(cid:329)(cid:172)(cid:143)(cid:232)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:160)(cid:121)(cid:204)(cid:329)(cid:133)(cid:143)(cid:143)(cid:181)(cid:329)(cid:210)(cid:186)(cid:329)(cid:133)(cid:186)(cid:174)(cid:204)(cid:210)(cid:143)(cid:200)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)
Group’s position in Wales and Scotland. As a result, we have
(cid:226)(cid:186)(cid:181)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:121)(cid:134)(cid:210)(cid:204)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:186)(cid:200)(cid:156)(cid:121)(cid:181)(cid:161)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:133)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:204)(cid:143)(cid:329)
countries, for example with Digital Health and Care Wales,
Transport for Wales and the Scottish Government.
In line with our commercial vision we remain focused on adding
further earnings enhancing acquisitions in the current year.
(cid:40)(cid:181)(cid:134)(cid:200)(cid:143)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:133)(cid:121)(cid:181)(cid:172)(cid:329)(cid:155)(cid:121)(cid:134)(cid:161)(cid:174)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)
Post-period end we have also renewed and extended our
existing banking facilities with HSBC in order to provide access
to further capital. We now have an extended revolving credit
facility (RCF facility) with HSBC (which has an initial term of
three years and may be extended by a further year by mutual
agreement) from £20.0m to £30.0m (of which £11m is undrawn)
with a £15m accordion. The extended facility has the same
(cid:204)(cid:143)(cid:134)(cid:214)(cid:200)(cid:161)(cid:210)(cid:232)(cid:329)(cid:197)(cid:121)(cid:134)(cid:172)(cid:121)(cid:156)(cid:143)(cid:329)(cid:121)(cid:204)(cid:329)(cid:121)(cid:181)(cid:181)(cid:186)(cid:214)(cid:181)(cid:134)(cid:143)(cid:139)(cid:329)(cid:186)(cid:181)(cid:329)(cid:264)(cid:265)(cid:329)(cid:50)(cid:214)(cid:181)(cid:143)(cid:329)(cid:265)(cid:263)(cid:264)(cid:272)(cid:285)(cid:329)(cid:181)(cid:121)(cid:180)(cid:143)(cid:174)(cid:232)(cid:329)
that HSBC has taken security over TPX and all of the Group’s
material subsidiaries and their assets in connection with the
RCF Facility. The RCF Facility contains customary terms and
(cid:134)(cid:186)(cid:225)(cid:143)(cid:181)(cid:121)(cid:181)(cid:210)(cid:204)(cid:285)(cid:329)(cid:161)(cid:181)(cid:134)(cid:174)(cid:214)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:134)(cid:186)(cid:225)(cid:143)(cid:181)(cid:121)(cid:181)(cid:210)(cid:204)(cid:284)(cid:329)(cid:39)(cid:186)(cid:226)(cid:143)(cid:225)(cid:143)(cid:200)(cid:285)(cid:329)(cid:139)(cid:143)(cid:204)(cid:197)(cid:161)(cid:210)(cid:143)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)
increased facility, we reiterate our commitment to net debt
being no more than 1.5x adjusted EBITDA.
(cid:23)(cid:204)(cid:210)(cid:121)(cid:133)(cid:174)(cid:161)(cid:204)(cid:160)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:329)(cid:204)(cid:210)(cid:200)(cid:186)(cid:181)(cid:156)(cid:329)(cid:155)(cid:186)(cid:186)(cid:210)(cid:160)(cid:186)(cid:174)(cid:139)(cid:329)(cid:161)(cid:181)(cid:329)(cid:160)(cid:143)(cid:121)(cid:174)(cid:210)(cid:160)(cid:134)(cid:121)(cid:200)(cid:143)
Through complementary acquisitions, new contract wins and
further embedding with existing clients we have maintained our
public sector presence further during the year, with this market
now representing c.72% of Group revenue (FY2021: 71%).
30 |
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
One sector within the public sector which is increasingly
(cid:133)(cid:143)(cid:134)(cid:186)(cid:180)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:329)(cid:172)(cid:143)(cid:232)(cid:329)(cid:155)(cid:186)(cid:134)(cid:214)(cid:204)(cid:329)(cid:161)(cid:204)(cid:329)(cid:160)(cid:143)(cid:121)(cid:174)(cid:210)(cid:160)(cid:134)(cid:121)(cid:200)(cid:143)(cid:284)(cid:329)(cid:40)(cid:181)(cid:329)(cid:50)(cid:214)(cid:174)(cid:232)(cid:329)(cid:265)(cid:263)(cid:265)(cid:264)(cid:285)(cid:329)(cid:121)(cid:204)(cid:329)(cid:197)(cid:121)(cid:200)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)
strategy to expand our presence in the sector, we announced
the appointment of Noel Gordon as Senior Advisor to the
Group. Noel has experience in public healthcare and the
(cid:181)(cid:186)(cid:210)(cid:306)(cid:155)(cid:186)(cid:200)(cid:306)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:204)(cid:143)(cid:134)(cid:210)(cid:186)(cid:200)(cid:285)(cid:329)(cid:161)(cid:181)(cid:134)(cid:174)(cid:214)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:161)(cid:181)(cid:329)(cid:197)(cid:200)(cid:143)(cid:225)(cid:161)(cid:186)(cid:214)(cid:204)(cid:329)(cid:200)(cid:186)(cid:174)(cid:143)(cid:204)(cid:329)(cid:121)(cid:204)(cid:329)(cid:14)(cid:160)(cid:121)(cid:161)(cid:200)(cid:329)(cid:186)(cid:155)(cid:329)
NHS Digital and Chair of Healthcare UK’s advisory board. His
leadership, together with some fantastic case studies in this
area from recent acquisitions, have enabled us to build an
exciting pipeline of healthcare projects and we look forward to
growing our presence in the sector going forward.
Continued strong performance in Commercial
For FY2022, 28% of Group revenue came from the commercial
sector, and it remains a key focus area for the business
as maintaining a healthy balance of Commercial business
(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:139)(cid:143)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:35)(cid:200)(cid:186)(cid:214)(cid:197)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:200)(cid:143)(cid:204)(cid:161)(cid:174)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:210)(cid:160)(cid:200)(cid:186)(cid:214)(cid:156)(cid:160)(cid:329)(cid:139)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:161)(cid:258)(cid:134)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:284)
In the period we strengthened our presence in utilities and
pharmaceutical in particular. Acquisitions made during the
year have also bolstered TPXimpact’s commercial sector
portfolio, including contracts with two major multinational
(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:204)(cid:143)(cid:200)(cid:225)(cid:161)(cid:134)(cid:143)(cid:204)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:161)(cid:143)(cid:204)(cid:329)(cid:133)(cid:200)(cid:186)(cid:214)(cid:156)(cid:160)(cid:210)(cid:329)(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:35)(cid:200)(cid:186)(cid:214)(cid:197)(cid:329)(cid:210)(cid:160)(cid:200)(cid:186)(cid:214)(cid:156)(cid:160)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)
acquisition of Peak Indicators.
(cid:14)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:143)(cid:139)(cid:329)(cid:204)(cid:210)(cid:200)(cid:143)(cid:181)(cid:156)(cid:210)(cid:160)(cid:329)(cid:186)(cid:155)(cid:329)(cid:139)(cid:161)(cid:156)(cid:161)(cid:210)(cid:121)(cid:174)(cid:329)(cid:210)(cid:200)(cid:121)(cid:181)(cid:204)(cid:155)(cid:186)(cid:200)(cid:180)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:180)(cid:121)(cid:200)(cid:172)(cid:143)(cid:210)
Digital transformation continues to be high on the agenda for
organisations across the public and commercial sectors, with
data from PWC revealing 60% of executives believe that digital
transformation will be their most critical growth driver in 2022.
The UK Government announced a new Digital Strategy in
(cid:50)(cid:214)(cid:181)(cid:143)(cid:329)(cid:265)(cid:263)(cid:265)(cid:265)(cid:285)(cid:329)(cid:161)(cid:181)(cid:134)(cid:174)(cid:214)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:329)(cid:204)(cid:143)(cid:134)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:186)(cid:181)(cid:329)(cid:315)(cid:161)(cid:180)(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:181)(cid:156)(cid:329)(cid:197)(cid:214)(cid:133)(cid:174)(cid:161)(cid:134)(cid:329)(cid:204)(cid:143)(cid:200)(cid:225)(cid:161)(cid:134)(cid:143)(cid:204)(cid:316)(cid:329)
that commits to publishing a cross-Government digital
and data strategy later in 2022, setting out a vision for how
the Government will improve the use of digital, data and
technology across all public services. While the challenging
broader macro-economic circumstances make operating in
(cid:180)(cid:121)(cid:181)(cid:232)(cid:329)(cid:204)(cid:197)(cid:160)(cid:143)(cid:200)(cid:143)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:329)(cid:180)(cid:186)(cid:200)(cid:143)(cid:329)(cid:139)(cid:161)(cid:155)(cid:258)(cid:134)(cid:214)(cid:174)(cid:210)(cid:285)(cid:329)(cid:155)(cid:121)(cid:134)(cid:210)(cid:204)(cid:329)(cid:204)(cid:214)(cid:134)(cid:160)(cid:329)(cid:121)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:204)(cid:143)(cid:329)
(cid:214)(cid:181)(cid:139)(cid:143)(cid:200)(cid:197)(cid:161)(cid:181)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:143)(cid:139)(cid:329)(cid:134)(cid:186)(cid:181)(cid:258)(cid:139)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:180)(cid:186)(cid:225)(cid:161)(cid:181)(cid:156)(cid:329)(cid:155)(cid:186)(cid:200)(cid:226)(cid:121)(cid:200)(cid:139)(cid:284)(cid:329)(cid:329)
(cid:14)(cid:214)(cid:200)(cid:200)(cid:143)(cid:181)(cid:210)(cid:329)(cid:210)(cid:200)(cid:121)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:186)(cid:214)(cid:210)(cid:174)(cid:186)(cid:186)(cid:172)
We are pleased to report over £20m of business won in Q1
FY2023. As part of this, we have made good strides in the
commercial sector with at least three commercial clients
expected to generate more than £3m revenue in the coming
year. Alongside this, our latest acquisitions are performing
well, with us already beginning to see substantial opportunities
in Microsoft and data-based projects unlocking, thanks to
the additional capabilities they brought the Group. Overall,
we observe healthy market conditions and a continued high
demand for our digital transformation services.
(cid:105)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:180)(cid:121)(cid:139)(cid:143)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:197)(cid:200)(cid:186)(cid:156)(cid:200)(cid:143)(cid:204)(cid:204)(cid:329)(cid:186)(cid:181)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:134)(cid:160)(cid:121)(cid:181)(cid:156)(cid:143)(cid:329)(cid:197)(cid:200)(cid:186)(cid:156)(cid:200)(cid:121)(cid:180)(cid:180)(cid:143)(cid:329)
to move from a collection of businesses to a single company
with unitary processes under the name TPXimpact, a process
that has required a considerable investment of time and
resource. This continued into the current year with investments
being made in marketing our new brand, bringing in a number of
(cid:204)(cid:143)(cid:181)(cid:161)(cid:186)(cid:200)(cid:329)(cid:160)(cid:161)(cid:200)(cid:143)(cid:204)(cid:329)(cid:121)(cid:134)(cid:200)(cid:186)(cid:204)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:186)(cid:200)(cid:156)(cid:121)(cid:181)(cid:161)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:285)(cid:329)(cid:134)(cid:143)(cid:181)(cid:210)(cid:200)(cid:121)(cid:174)(cid:161)(cid:204)(cid:143)(cid:139)(cid:329)(cid:39)(cid:79)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:143)(cid:329)
teams and in improving our operational software.
Inevitably this had meant a period of substantial change in work
processes and an internal focus which has, in the short term,
impacted both top line growth and staff utilisation. This had a
temporary impact on revenues and Adjusted EBITDA for April
and May which subsequently returned to more normalised
(cid:174)(cid:143)(cid:225)(cid:143)(cid:174)(cid:204)(cid:329)(cid:161)(cid:181)(cid:329)(cid:50)(cid:214)(cid:181)(cid:143)(cid:284)(cid:329)(cid:1)(cid:204)(cid:329)(cid:121)(cid:329)(cid:134)(cid:186)(cid:181)(cid:204)(cid:143)(cid:199)(cid:214)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:285)(cid:329)(cid:226)(cid:143)(cid:329)(cid:121)(cid:181)(cid:210)(cid:161)(cid:134)(cid:161)(cid:197)(cid:121)(cid:210)(cid:143)(cid:329)(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:266)(cid:329)
to be a little more second half weighted than usual and have
(cid:143)(cid:225)(cid:143)(cid:200)(cid:232)(cid:329)(cid:134)(cid:186)(cid:181)(cid:258)(cid:139)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:161)(cid:181)(cid:329)(cid:180)(cid:143)(cid:143)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:266)(cid:329)(cid:180)(cid:121)(cid:200)(cid:172)(cid:143)(cid:210)(cid:329)(cid:143)(cid:231)(cid:197)(cid:143)(cid:134)(cid:210)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)
revenues of £97.4m and Adjusted EBITDA of £13.7m.
Neil Gandhi
CEO
7 September 2022
TPXimpact Holdings Plc | 31
Financial review
(cid:65)(cid:174)(cid:161)(cid:225)(cid:143)(cid:200)(cid:329)(cid:79)(cid:161)(cid:156)(cid:133)(cid:232)
(cid:14)(cid:160)(cid:161)(cid:143)(cid:155)(cid:329)(cid:34)(cid:161)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:65)(cid:155)(cid:258)(cid:134)(cid:143)(cid:200)
We continued to see a large amount of repeat business from
customers, with 67% of customers billed in FY2022 also billed
in FY2021, FY2020 or FY2019. Most excitingly we have seen an
increase in the scale of the contracts we are now winning as a
result of the combined services of the Group including seven
deals over £3m up from just four in the prior year.
(cid:35)(cid:200)(cid:186)(cid:204)(cid:204)(cid:329)(cid:59)(cid:121)(cid:200)(cid:156)(cid:161)(cid:181)(cid:204)(cid:329)(cid:226)(cid:143)(cid:200)(cid:143)(cid:329)(cid:259)(cid:121)(cid:210)(cid:329)(cid:121)(cid:210)(cid:329)(cid:266)(cid:264)(cid:366)(cid:329)(cid:121)(cid:156)(cid:121)(cid:161)(cid:181)(cid:204)(cid:210)(cid:329)(cid:266)(cid:264)(cid:366)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:200)(cid:161)(cid:186)(cid:200)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:284)(cid:329)
We are targeting an improvement to our Gross Margin
going forward and the strategy of moving to one brand and
integrating operations is being implemented to achieve this.
Multiple brands with separate operating models meant that
hiring decisions were being made on an individual company
rather than group wide basis. This has meant that our
contractor to permanent staff ratio is higher than we would like
which has had a negative impact on margins given the higher
relative cost of contractors.
Adjusted EBITDA was £12.2m up from £7.1m in FY2021
representing an increase of 72%. EBITDA was £9.1m, up from
£1.9m in FY2021 representing an increase of 378%. Adjusted
EBITDA margin was 15% up from 14% in the prior year. Margin
grew as a result of management costs not growing in line with
revenue growth offset by an increase in post-Covid travel and
entertaining related spend.
(cid:89)(cid:160)(cid:143)(cid:329)(cid:35)(cid:200)(cid:186)(cid:214)(cid:197)(cid:329)(cid:200)(cid:143)(cid:197)(cid:186)(cid:200)(cid:210)(cid:143)(cid:139)(cid:329)(cid:161)(cid:210)(cid:204)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:204)(cid:210)(cid:121)(cid:210)(cid:214)(cid:210)(cid:186)(cid:200)(cid:232)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:121)(cid:155)(cid:210)(cid:143)(cid:200)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:186)(cid:181)(cid:329)
continuing activities of £0.8m (FY2021: loss of £2.0m). The
(cid:19)(cid:161)(cid:200)(cid:143)(cid:134)(cid:210)(cid:186)(cid:200)(cid:204)(cid:329)(cid:133)(cid:143)(cid:174)(cid:161)(cid:143)(cid:225)(cid:143)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:121)(cid:181)(cid:329)(cid:315)(cid:121)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:133)(cid:143)(cid:155)(cid:186)(cid:200)(cid:143)(cid:329)(cid:210)(cid:121)(cid:231)(cid:316)(cid:329)(cid:180)(cid:143)(cid:121)(cid:204)(cid:214)(cid:200)(cid:143)(cid:329)
is more representative of the underlying performance of the
Group. To arrive at adjusted results, adjustments made include
acquisition and change related expenses, amortisation related
to acquired intangibles and share-based payments and the
impact of fair value adjustments along with the corresponding
tax impact of the adjustments.
(cid:40)(cid:181)(cid:329)(cid:121)(cid:139)(cid:139)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:285)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:134)(cid:214)(cid:200)(cid:200)(cid:143)(cid:181)(cid:210)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:226)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:197)(cid:214)(cid:174)(cid:174)(cid:143)(cid:139)(cid:329)(cid:186)(cid:214)(cid:210)(cid:329)(cid:204)(cid:197)(cid:143)(cid:134)(cid:161)(cid:258)(cid:134)(cid:329)
costs relating to the integration of group companies and
rebrand to TPXimpact.
(cid:89)(cid:160)(cid:143)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:210)(cid:186)(cid:329)(cid:266)(cid:264)(cid:329)(cid:59)(cid:121)(cid:200)(cid:134)(cid:160)(cid:329)(cid:265)(cid:263)(cid:265)(cid:265)(cid:329)(cid:204)(cid:121)(cid:226)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)
further growth in the Group with
(cid:204)(cid:210)(cid:121)(cid:210)(cid:214)(cid:210)(cid:186)(cid:200)(cid:232)(cid:329)(cid:200)(cid:143)(cid:225)(cid:143)(cid:181)(cid:214)(cid:143)(cid:329)(cid:214)(cid:197)(cid:329)(cid:339)(cid:265)(cid:272)(cid:284)(cid:267)(cid:180)(cid:329)(cid:186)(cid:200)(cid:329)(cid:268)(cid:271)(cid:366)(cid:329)(cid:210)(cid:186)(cid:329)
(cid:339)(cid:270)(cid:272)(cid:284)(cid:270)(cid:180)(cid:329)(cid:300)(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:264)(cid:286)(cid:329)(cid:339)(cid:268)(cid:263)(cid:284)(cid:266)(cid:180)(cid:301)(cid:284)(cid:329)(cid:89)(cid:160)(cid:143)(cid:329)(cid:200)(cid:143)(cid:225)(cid:143)(cid:181)(cid:214)(cid:143)(cid:329)
(cid:161)(cid:181)(cid:134)(cid:200)(cid:143)(cid:121)(cid:204)(cid:143)(cid:329)(cid:226)(cid:121)(cid:204)(cid:329)(cid:139)(cid:200)(cid:161)(cid:225)(cid:143)(cid:181)(cid:329)(cid:133)(cid:232)(cid:329)(cid:174)(cid:161)(cid:172)(cid:143)(cid:306)(cid:155)(cid:186)(cid:200)(cid:306)(cid:174)(cid:161)(cid:172)(cid:143)(cid:329)
(cid:186)(cid:200)(cid:156)(cid:121)(cid:181)(cid:161)(cid:134)(cid:329)(cid:156)(cid:200)(cid:186)(cid:226)(cid:210)(cid:160)(cid:329)(cid:186)(cid:155)(cid:329)(cid:264)(cid:269)(cid:366)(cid:329)(cid:121)(cid:204)(cid:329)(cid:226)(cid:143)(cid:174)(cid:174)(cid:329)(cid:121)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:155)(cid:214)(cid:174)(cid:174)(cid:329)
(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:264)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
(cid:210)(cid:160)(cid:143)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:60)(cid:214)(cid:139)(cid:156)(cid:143)(cid:329)(cid:161)(cid:181)(cid:329)(cid:50)(cid:214)(cid:181)(cid:143)(cid:329)(cid:265)(cid:263)(cid:265)(cid:264)(cid:329)
(cid:121)(cid:181)(cid:139)(cid:329)(cid:79)(cid:143)(cid:139)(cid:14)(cid:186)(cid:200)(cid:210)(cid:143)(cid:231)(cid:329)(cid:161)(cid:181)(cid:329)(cid:19)(cid:143)(cid:134)(cid:143)(cid:180)(cid:133)(cid:143)(cid:200)(cid:329)(cid:265)(cid:263)(cid:265)(cid:264)(cid:284)(cid:329)(cid:329)(cid:89)(cid:160)(cid:143)(cid:329)
(cid:200)(cid:143)(cid:225)(cid:143)(cid:181)(cid:214)(cid:143)(cid:329)(cid:180)(cid:161)(cid:231)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:133)(cid:143)(cid:329)(cid:155)(cid:186)(cid:134)(cid:214)(cid:204)(cid:143)(cid:139)(cid:329)(cid:186)(cid:181)(cid:329)
(cid:197)(cid:214)(cid:133)(cid:174)(cid:161)(cid:134)(cid:329)(cid:204)(cid:143)(cid:200)(cid:225)(cid:161)(cid:134)(cid:143)(cid:204)(cid:329)(cid:226)(cid:160)(cid:161)(cid:134)(cid:160)(cid:329)(cid:121)(cid:134)(cid:134)(cid:186)(cid:214)(cid:181)(cid:210)(cid:143)(cid:139)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:270)(cid:265)(cid:366)(cid:329)
(cid:186)(cid:155)(cid:329)(cid:200)(cid:143)(cid:225)(cid:143)(cid:181)(cid:214)(cid:143)(cid:285)(cid:329)(cid:204)(cid:174)(cid:161)(cid:156)(cid:160)(cid:210)(cid:174)(cid:232)(cid:329)(cid:214)(cid:197)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:186)(cid:181)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:285)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)
(cid:270)(cid:264)(cid:366)(cid:329)(cid:161)(cid:181)(cid:329)(cid:265)(cid:263)(cid:265)(cid:264)(cid:284)(cid:329)(cid:39)(cid:143)(cid:121)(cid:174)(cid:210)(cid:160)(cid:134)(cid:121)(cid:200)(cid:143)(cid:329)(cid:200)(cid:143)(cid:180)(cid:121)(cid:161)(cid:181)(cid:143)(cid:139)(cid:329)(cid:121)(cid:210)(cid:329)(cid:272)(cid:366)(cid:329)(cid:186)(cid:155)(cid:329)
(cid:200)(cid:143)(cid:225)(cid:143)(cid:181)(cid:214)(cid:143)(cid:285)(cid:329)(cid:156)(cid:200)(cid:186)(cid:226)(cid:161)(cid:181)(cid:156)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:186)(cid:181)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:339)(cid:267)(cid:284)(cid:269)(cid:180)(cid:329)
(cid:161)(cid:181)(cid:329)(cid:265)(cid:263)(cid:265)(cid:264)(cid:329)(cid:210)(cid:186)(cid:329)(cid:339)(cid:270)(cid:284)(cid:265)(cid:180)(cid:329)(cid:161)(cid:181)(cid:329)(cid:265)(cid:263)(cid:265)(cid:265)(cid:284)
32 |
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
The following table summarises the adjustments:
(cid:265)(cid:263)(cid:265)(cid:265)
(cid:339)(cid:316)(cid:263)(cid:263)(cid:263)(cid:204)
(cid:265)(cid:263)(cid:265)(cid:264)(cid:329)
Restated*
(cid:339)(cid:316)(cid:263)(cid:263)(cid:263)
(cid:83)(cid:210)(cid:121)(cid:210)(cid:214)(cid:210)(cid:186)(cid:200)(cid:232)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:297)(cid:329)(cid:300)(cid:174)(cid:186)(cid:204)(cid:204)(cid:301)(cid:329)(cid:133)(cid:143)(cid:155)(cid:186)(cid:200)(cid:143)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:186)(cid:181)(cid:329)
continuing operations
(cid:265)(cid:285)(cid:268)(cid:265)(cid:269)
(cid:300)(cid:264)(cid:285)(cid:269)(cid:268)(cid:269)(cid:301)
Amortisation of intangible assets
relating to acquisitions
(Gain) / loss from fair value movement in
contingent consideration
Share-based Payments
Costs relating to acquisition and
restructuring
Costs relating to the change
programme
(cid:1)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:133)(cid:143)(cid:155)(cid:186)(cid:200)(cid:143)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:186)(cid:181)(cid:329)
continuing operations
Tax (including impact of amortisation
and costs relating to acquisition and
restructuring adjustments)
5,347
2,458
(152)
427
4,260
294
1,018
746
1,764
–
(cid:264)(cid:263)(cid:285)(cid:272)(cid:266)(cid:263)
(cid:269)(cid:285)(cid:264)(cid:263)(cid:265)
As a result of the acquisitive nature of the Group and its use of
shares as consideration, the Directors believe that an adjusted
share count for the purposes of calculating earnings per
share is required. As such the Directors calculate an adjusted
diluted share number by taking the weighted average basic
shares and including the maximum shares to be issued in
respect of contingent consideration to be paid, together with
the maximum share options outstanding. The following table
summarises the adjustments:
Weighted average
basic shares (excluding
contingent shares)
Shares relating to future
contingent consideration
Shares relating to
share-based payments
Total
(cid:265)(cid:263)(cid:265)(cid:265)
(cid:263)(cid:263)(cid:263)(cid:204)
(cid:265)(cid:263)(cid:265)(cid:264)
(cid:263)(cid:263)(cid:263)(cid:204)
84,583
63,784
4,051
13,728
3,732
(cid:272)(cid:265)(cid:285)(cid:266)(cid:269)(cid:269)
4,436
(cid:271)(cid:264)(cid:285)(cid:272)(cid:267)(cid:271)
(1,706)
(898)
Earnings per share from
continuing operations, basic
1.0p
(3.5p)
(cid:1)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:121)(cid:155)(cid:210)(cid:143)(cid:200)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:186)(cid:181)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:161)(cid:181)(cid:156)(cid:329)
operations
(cid:272)(cid:285)(cid:265)(cid:265)(cid:267)
(cid:268)(cid:285)(cid:265)(cid:263)(cid:267)
Adjusted diluted earnings
per share
10.0p
6.4p
* Please refer to note 1 which explains the restatement
Based on these alternative non-IFRS measures the Group
(cid:121)(cid:134)(cid:160)(cid:161)(cid:143)(cid:225)(cid:143)(cid:139)(cid:329)(cid:121)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:121)(cid:155)(cid:210)(cid:143)(cid:200)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:186)(cid:181)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)
£9.2m (FY2021: £5.2m) resulting in adjusted diluted earnings
per share of 10.0p (FY2021: 6.4p). The basic earnings per share
for the period was 1.0p (FY2021: 3.5p loss).
(cid:264)(cid:329) (cid:76)(cid:200)(cid:161)(cid:186)(cid:200)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:258)(cid:156)(cid:214)(cid:200)(cid:143)(cid:204)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:133)(cid:143)(cid:143)(cid:181)(cid:329)(cid:200)(cid:143)(cid:306)(cid:197)(cid:200)(cid:143)(cid:204)(cid:143)(cid:181)(cid:210)(cid:143)(cid:139)(cid:329)(cid:161)(cid:181)(cid:329)(cid:121)(cid:134)(cid:134)(cid:186)(cid:200)(cid:139)(cid:121)(cid:181)(cid:134)(cid:143)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:40)(cid:34)(cid:79)(cid:83)(cid:329)(cid:268)(cid:329)
(cid:60)(cid:186)(cid:181)(cid:306)(cid:134)(cid:214)(cid:200)(cid:200)(cid:143)(cid:181)(cid:210)(cid:329)(cid:1)(cid:204)(cid:204)(cid:143)(cid:210)(cid:204)(cid:329)(cid:39)(cid:143)(cid:174)(cid:139)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:83)(cid:121)(cid:174)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:19)(cid:161)(cid:204)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:143)(cid:139)(cid:329)(cid:65)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:285)(cid:329)(cid:121)(cid:204)(cid:329)
described in the accounting policies.
TPXimpact Holdings Plc | 33
Financial review continued
(cid:14)(cid:121)(cid:204)(cid:160)(cid:329)(cid:259)(cid:186)(cid:226)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:121)(cid:204)(cid:160)(cid:329)(cid:134)(cid:186)(cid:181)(cid:225)(cid:143)(cid:200)(cid:204)(cid:161)(cid:186)(cid:181)
Net cash generated from operations before tax increased to
£8.1m from £5.8m last year. Cash conversion, calculated by
(cid:200)(cid:143)(cid:155)(cid:143)(cid:200)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:121)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:133)(cid:143)(cid:155)(cid:186)(cid:200)(cid:143)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:133)(cid:214)(cid:210)(cid:329)(cid:121)(cid:155)(cid:210)(cid:143)(cid:200)(cid:329)(cid:139)(cid:143)(cid:139)(cid:214)(cid:134)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)
costs relating to acquisition and restructuring was 95%.
In total, cash increased in the year from £5.7m to £7.9m but
net debt increased from £7.3m to £10.1m (excluding leases) as
a result of payments made for acquisitions completed in the
period. Cash consideration for acquisitions was £6.8m (net
of cash acquired), with £5.0m funded through a drawdown
from our revolving credit facility with HSBC and the remainder
from cash reserves. The net debt position at the year end was
(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:174)(cid:232)(cid:329)(cid:133)(cid:143)(cid:174)(cid:186)(cid:226)(cid:329)(cid:264)(cid:231)(cid:329)(cid:76)(cid:200)(cid:186)(cid:329)(cid:34)(cid:186)(cid:200)(cid:180)(cid:121)(cid:329)(cid:23)(cid:13)(cid:40)(cid:89)(cid:19)(cid:1)(cid:284)(cid:329)
Post period end HSBC have extended their revolving credit
facility with the Group to £30m with a £15m accordion. The
new facility is a sustainability-linked revolving credit facility
that incorporates targets which align with our long-term ESG
objectives. £19m has been drawn down in total for acquisitions
leaving the Group at the year end with a further £11m to draw
(cid:139)(cid:186)(cid:226)(cid:181)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:155)(cid:214)(cid:200)(cid:210)(cid:160)(cid:143)(cid:200)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:284)(cid:329)(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:210)(cid:186)(cid:156)(cid:143)(cid:210)(cid:160)(cid:143)(cid:200)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:134)(cid:121)(cid:204)(cid:160)(cid:329)(cid:259)(cid:186)(cid:226)(cid:329)
generated from operations provides a strong basis to continue
our acquisitive growth into FY2023 although we remain
committed to maintaining net debt to EBITDA below 1.5x.
Balance sheet
Goodwill and Intangible assets in aggregate have increased
(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:174)(cid:232)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:121)(cid:204)(cid:329)(cid:121)(cid:329)(cid:200)(cid:143)(cid:204)(cid:214)(cid:174)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)
completed.
Total deferred consideration at 31 March 2022 was £3.4m.
(cid:105)(cid:143)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:181)(cid:186)(cid:210)(cid:143)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)(cid:161)(cid:204)(cid:329)(cid:121)(cid:329)(cid:174)(cid:161)(cid:121)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)(cid:133)(cid:143)(cid:329)(cid:204)(cid:121)(cid:210)(cid:161)(cid:204)(cid:258)(cid:143)(cid:139)(cid:329)
through the issue of shares and not through cash. Once this
is removed, the Group’s current ratio at the year end was 1.6
(FY2021: 1.6) providing solid liquidity.
Dividend
(cid:89)(cid:160)(cid:143)(cid:329)(cid:13)(cid:186)(cid:121)(cid:200)(cid:139)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:197)(cid:174)(cid:143)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:121)(cid:181)(cid:181)(cid:186)(cid:214)(cid:181)(cid:134)(cid:143)(cid:329)(cid:121)(cid:329)(cid:258)(cid:181)(cid:121)(cid:174)(cid:329)(cid:139)(cid:161)(cid:225)(cid:161)(cid:139)(cid:143)(cid:181)(cid:139)(cid:329)(cid:186)(cid:155)(cid:329)(cid:263)(cid:284)(cid:269)(cid:197)(cid:329)
per share subject to approval at the AGM. The proposed
(cid:258)(cid:181)(cid:121)(cid:174)(cid:329)(cid:139)(cid:161)(cid:225)(cid:161)(cid:139)(cid:143)(cid:181)(cid:139)(cid:285)(cid:329)(cid:161)(cid:155)(cid:329)(cid:121)(cid:197)(cid:197)(cid:200)(cid:186)(cid:225)(cid:143)(cid:139)(cid:329)(cid:133)(cid:232)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:160)(cid:186)(cid:174)(cid:139)(cid:143)(cid:200)(cid:204)(cid:285)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)(cid:133)(cid:143)(cid:329)(cid:197)(cid:121)(cid:161)(cid:139)(cid:329)(cid:186)(cid:181)(cid:329)(cid:264)(cid:267)(cid:329)
October 2022 to shareholders on the register at the close of
business on 7 October 2022. This will take the total dividend
paid to shareholders in respect of FY2022 to 0.9p per share up
50% year on year in line with the Board’s progressive dividend
policy.
34 |
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Additional consideration
As at 31 March 2022, the total value of consideration that is
payable is £3.6m, resulting in maximum further shares to be
issued totalling 4.5m which reduces to 2.4m based on the
(cid:134)(cid:174)(cid:186)(cid:204)(cid:161)(cid:181)(cid:156)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:329)(cid:197)(cid:200)(cid:161)(cid:134)(cid:143)(cid:329)(cid:121)(cid:204)(cid:329)(cid:121)(cid:210)(cid:329)(cid:264)(cid:268)(cid:329)(cid:50)(cid:214)(cid:174)(cid:232)(cid:329)(cid:265)(cid:263)(cid:265)(cid:265)(cid:284)(cid:329)(cid:1)(cid:329)(cid:134)(cid:174)(cid:121)(cid:226)(cid:306)(cid:133)(cid:121)(cid:134)(cid:172)(cid:329)(cid:186)(cid:155)(cid:329)(cid:339)(cid:263)(cid:284)(cid:268)(cid:180)(cid:329)
is due to the Group on publication of the Group’s FY2022
(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:204)(cid:210)(cid:121)(cid:210)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)(cid:200)(cid:143)(cid:204)(cid:214)(cid:174)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:161)(cid:181)(cid:329)(cid:121)(cid:329)(cid:134)(cid:174)(cid:121)(cid:226)(cid:133)(cid:121)(cid:134)(cid:172)(cid:329)(cid:186)(cid:155)(cid:329)(cid:263)(cid:284)(cid:267)(cid:180)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:204)(cid:284)(cid:329)
(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:161)(cid:204)(cid:329)(cid:121)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:200)(cid:143)(cid:139)(cid:214)(cid:134)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:186)(cid:181)(cid:329)(cid:197)(cid:200)(cid:161)(cid:186)(cid:200)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:200)(cid:143)(cid:259)(cid:143)(cid:134)(cid:210)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)
Board’s switch to non-earn-out based acquisitions.
Value
(cid:339)(cid:316)(cid:263)(cid:263)(cid:263)(cid:204)
Minimum
share price
(cid:59)(cid:121)(cid:231)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:133)(cid:143)(cid:329)
issued
(cid:263)(cid:263)(cid:263)(cid:204)
961
1,587
119
898
(500)
(cid:266)(cid:285)(cid:263)(cid:269)(cid:268)
0.740
0.820
0.825
0.831
1.225
1,299
1,935
144
1,081
(408)
(cid:267)(cid:285)(cid:263)(cid:268)(cid:264)
(cid:65)(cid:174)(cid:161)(cid:225)(cid:143)(cid:200)(cid:329)(cid:79)(cid:161)(cid:156)(cid:133)(cid:232)
(cid:14)(cid:160)(cid:161)(cid:143)(cid:155)(cid:329)(cid:34)(cid:161)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:65)(cid:155)(cid:258)(cid:134)(cid:143)(cid:200)
7 September 2022
TPXimpact Holdings Plc | 35
Sustainable futures
Environmental, social
& governance report
36 |
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:13)(cid:200)(cid:232)(cid:186)(cid:181)(cid:232)(cid:329)(cid:105)(cid:161)(cid:174)(cid:139)(cid:143)
Purpose Director
As our companies came together this
(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:210)(cid:186)(cid:329)(cid:155)(cid:186)(cid:200)(cid:180)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:285)(cid:329)(cid:226)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:160)(cid:121)(cid:139)(cid:329)
(cid:121)(cid:329)(cid:214)(cid:181)(cid:161)(cid:199)(cid:214)(cid:143)(cid:329)(cid:186)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)(cid:329)(cid:210)(cid:186)(cid:329)(cid:143)(cid:180)(cid:133)(cid:143)(cid:139)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)
(cid:143)(cid:181)(cid:225)(cid:161)(cid:200)(cid:186)(cid:181)(cid:180)(cid:143)(cid:181)(cid:210)(cid:121)(cid:174)(cid:285)(cid:329)(cid:204)(cid:186)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:156)(cid:186)(cid:225)(cid:143)(cid:200)(cid:181)(cid:121)(cid:181)(cid:134)(cid:143)(cid:329)
goals into the foundations of the new
(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:284)(cid:329)
We have been able to take a step back and examine
whether our systems, processes and behaviours are
helping to set us apart as a purpose led business that is
truly delivering value to all of our stakeholders.
Our response has been to double down on our
commitment to our people, planet and community.
You can see this through our new industry-leading
employee value proposition, our submission to become
(cid:121)(cid:329)(cid:134)(cid:143)(cid:200)(cid:210)(cid:161)(cid:258)(cid:143)(cid:139)(cid:329)(cid:13)(cid:329)(cid:14)(cid:186)(cid:200)(cid:197)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:155)(cid:214)(cid:200)(cid:210)(cid:160)(cid:143)(cid:200)(cid:329)(cid:161)(cid:181)(cid:225)(cid:143)(cid:204)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)
measurement and reduction of our emissions.
As we grow, we have greater leverage and more
opportunities to create social impact. However, the scale of
responsibility to ensure that our operations are being run
in a way that is net positive to our people, environment and
communities also increases exponentially.
TPXimpact Holdings Plc | 37
ESG report
Sustainable futures
(cid:105)(cid:143)(cid:316)(cid:200)(cid:143)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:161)(cid:210)(cid:210)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:200)(cid:121)(cid:139)(cid:161)(cid:134)(cid:121)(cid:174)(cid:329)(cid:210)(cid:200)(cid:121)(cid:181)(cid:204)(cid:197)(cid:121)(cid:200)(cid:143)(cid:181)(cid:134)(cid:232)(cid:329)
(cid:226)(cid:160)(cid:143)(cid:181)(cid:329)(cid:161)(cid:210)(cid:329)(cid:134)(cid:186)(cid:180)(cid:143)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:23)(cid:83)(cid:35)(cid:329)(cid:200)(cid:143)(cid:197)(cid:186)(cid:200)(cid:210)(cid:161)(cid:181)(cid:156)(cid:284)(cid:329)(cid:105)(cid:143)(cid:329)
(cid:226)(cid:121)(cid:181)(cid:210)(cid:329)(cid:210)(cid:186)(cid:329)(cid:174)(cid:143)(cid:121)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:226)(cid:121)(cid:232)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:143)(cid:200)(cid:180)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)
(cid:199)(cid:214)(cid:121)(cid:181)(cid:210)(cid:161)(cid:210)(cid:232)(cid:285)(cid:329)(cid:199)(cid:214)(cid:121)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:155)(cid:200)(cid:143)(cid:199)(cid:214)(cid:143)(cid:181)(cid:134)(cid:232)(cid:329)(cid:186)(cid:155)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)
(cid:139)(cid:121)(cid:210)(cid:121)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:226)(cid:143)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:284)(cid:329)(cid:65)(cid:214)(cid:200)(cid:329)(cid:181)(cid:186)(cid:181)(cid:306)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:51)(cid:76)(cid:40)(cid:204)(cid:329)
(cid:210)(cid:200)(cid:121)(cid:134)(cid:172)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:200)(cid:186)(cid:156)(cid:200)(cid:143)(cid:204)(cid:204)(cid:329)(cid:226)(cid:143)(cid:316)(cid:200)(cid:143)(cid:329)(cid:180)(cid:121)(cid:172)(cid:161)(cid:181)(cid:156)(cid:329)(cid:161)(cid:181)(cid:329)(cid:133)(cid:214)(cid:161)(cid:174)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)
(cid:204)(cid:214)(cid:204)(cid:210)(cid:121)(cid:161)(cid:181)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:155)(cid:214)(cid:210)(cid:214)(cid:200)(cid:143)(cid:204)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:285)(cid:329)(cid:197)(cid:174)(cid:121)(cid:181)(cid:143)(cid:210)(cid:329)
(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)(cid:284)(cid:329)(cid:329)
We align our sustainable futures strategy with the UN
Sustainable Development Goals. We focus on SDG8 ‘Decent
(cid:105)(cid:186)(cid:200)(cid:172)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:23)(cid:134)(cid:186)(cid:181)(cid:186)(cid:180)(cid:161)(cid:134)(cid:329)(cid:35)(cid:200)(cid:186)(cid:226)(cid:210)(cid:160)(cid:316)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:210)(cid:121)(cid:200)(cid:156)(cid:143)(cid:210)(cid:204)(cid:329)(cid:271)(cid:284)(cid:264)(cid:285)(cid:329)
8.4, 8.5 and 8.6 as priorities.
We use the World Economic Forum’s (WEF) standard for
consistent ESG reporting to identify the recommended metrics
aligned with these targets. The WEF released a white paper in
September 2020 to develop a core set of common metrics
(cid:121)(cid:181)(cid:139)(cid:329)(cid:139)(cid:161)(cid:204)(cid:134)(cid:174)(cid:186)(cid:204)(cid:214)(cid:200)(cid:143)(cid:204)(cid:329)(cid:186)(cid:181)(cid:329)(cid:181)(cid:186)(cid:181)(cid:306)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:161)(cid:181)(cid:139)(cid:161)(cid:134)(cid:121)(cid:210)(cid:186)(cid:200)(cid:204)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:161)(cid:181)(cid:225)(cid:143)(cid:204)(cid:210)(cid:186)(cid:200)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
other stakeholders. This framework incorporates all of the major
existing ESG standards and splits the metrics into four pillars;
principles of governance, people, planet and prosperity.
(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:210)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:204)(cid:160)(cid:186)(cid:226)(cid:204)(cid:329)(cid:226)(cid:160)(cid:143)(cid:200)(cid:143)(cid:329)(cid:232)(cid:186)(cid:214)(cid:329)(cid:134)(cid:121)(cid:181)(cid:329)(cid:258)(cid:181)(cid:139)(cid:329)(cid:143)(cid:121)(cid:134)(cid:160)(cid:329)(cid:180)(cid:143)(cid:210)(cid:200)(cid:161)(cid:134)(cid:285)(cid:329)(cid:121)(cid:204)(cid:329)(cid:139)(cid:143)(cid:204)(cid:134)(cid:200)(cid:161)(cid:133)(cid:143)(cid:139)(cid:329)
in the WEF framework within the ESG report. It also shows which
SDG each metric relates to and which standard we have used to
capture the data.
Theme
Metric
Reporting standard
SDG
Target
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:264)
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:265)
See
page
Dignity and equality
Dignity and equality
Ethnicity pay gap
(mean)
Ethnicity pay gap
(median)
Dignity and equality
People
Gender pay gap (mean)
GRI 102-38
Dignity and equality
Dignity and equality
Gender pay gap
(median)
Inclusion gap -
Disability
GRI 405-1b
Dignity and equality
Inclusion gap - Gender
GRI 405-1b
Dignity and equality
Inclusion gap - LGBTQI
GRI 405-1b
Dignity and equality
Inclusion gap - Minority
ethnic
GRI 405-1b
Dignity and equality
Inclusion gap - SEB
GRI 405-1b
Dignity and equality
Inclusion score - Overall
GRI 405-1b
(cid:76)(cid:23)(cid:65)(cid:76)(cid:53)(cid:23)
GRI 102-38
8.5
4%
GRI 102-38
8.5
8.5
0%
16%
GRI 102-38
8.5
19%
20%
12%
15%
19%
12%
5%
0%
9%
7%
76%
-
52
52
52
52
51
51
51
51
51
51
53
8.5
8.5
8.5
8.5
8.5
8.5
3%
0.00%
0%
13%
1%
85%
Dignity and equality
Modern slavery
statement
8.7
-
38 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Theme
Metric
Reporting standard
SDG
Target
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:264)
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:265)
See
page
Dignity and equality
Overall representation
- Black
GRI 405-1b
8.5
3%
Dignity and equality
Overall representation -
Disability
GRI 405-1b
8.5
6%
Dignity and equality
Overall representation
- Female
GRI 405-1b
8.5
48%
Dignity and equality
Overall representation -
LGBTQI
GRI 405-1b
8.5
12%
Dignity and equality
Overall representation -
Minority ethnic
GRI 405-1b
8.5
13%
Dignity and equality
Risk of incidents of child
and forced labour
GRI 408-1b, GRI
409-1
8.7
0
Dignity and equality
Senior representation
- Black
GRI 405-1b
8.5
0%
Dignity and equality
Senior representation -
Disability
GRI 405-1b
8.5
6%
6%
7%
47%
16%
19%
0
0%
4%
Dignity and equality
Senior representation -
Female
GRI 405-1b
8.5
36%
34%
Dignity and equality
Senior representation -
LGBTQI
GRI 405-1b
8.5
13%
Dignity and equality
Senior representation -
Minority ethnic
GRI 405-1b
8.5
9%
13%
8%
Dignity and equality
Wage level %
(CEO:Median)
GRI 202-1, Adapted
from DoddFrank Act,
US SEC Regulations
8.5
4.7:1
4.9:1
Health and wellbeing
% employees
participating in well-
being programmes
Adapted from
GRI:2016 403-2a
8.8
80%
68%
Health and wellbeing
Employee satisfaction
score
Health and wellbeing
Employee wellbeing
score
8.5
7.6
8.5
7.4
Health and wellbeing
Injuries and Fatalities
GRI:2018 403-9a&b,
GRI:2018 403-6a
8.8
0
7.1
6.8
0
50
50
50
50
50
53
50
50
50
50
50
76
47
46
46
46
TPXimpact Holdings Plc | 39
ESG report
Sustainable futures
continued
Theme
Metric
Reporting standard
SDG
Target
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:264)
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:265)
See
page
57
57
57
57
57
57
Climate Change
Carbon offset total
PLANET
GRI 305:1-3, TCFD,
GHG Protocol
8.4
1,915 tCO2e
2,742 tCO2e
Climate Change
Reduction of energy
consumption
GRI 305:1-3, TCFD,
GHG Protocol
8.4
29.9 tCO2e
39.88 tCO2e
Climate Change
Energy Intensity ratio
(per £1m revenue)
GRI 305:1-3, TCFD,
GHG Protocol
8.4
37.32 tCO2e
34.28 tCO2e
Climate Change
Energy Intensity ratio
(per FTE)
GRI 305:1-3, TCFD,
GHG Protocol
8.4
4.3 tCO2e
5.01 tCO2e
Climate Change
Scope 1 emissions
Climate Change
Scope 2 emissions
Climate Change
Scope 3 emissions
GRI 305:1-3, TCFD,
GHG Protocol
GRI 305:1-3, TCFD,
GHG Protocol
GRI 305:1-3, TCFD,
GHG Protocol
8.4
6.41 tCO2e
3.84 tCO2e
8.4
23.5 tCO2e
36.04 tCO2e
8.4
1,885 tCO2e
2,702.22 tCO2e
57
Freshwater availability
Water consumption
SASB CG-HP140a.1,
WRI Aqueduct water
risk atlas too
8.4
-
Nature loss
Land use and ecological
sensitivity
GRI 304-1
8.4
(cid:76)(cid:79)(cid:40)(cid:60)(cid:14)(cid:40)(cid:76)(cid:53)(cid:23)(cid:83)(cid:329)(cid:65)(cid:34)(cid:329)(cid:35)(cid:65)(cid:104)(cid:23)(cid:79)(cid:60)(cid:1)(cid:60)(cid:14)(cid:23)
Governing purpose
Stated purpose
Protected ethics
advice and reporting
mechanisms
Protected ethics
advice and reporting
mechanisms
Quality of governing
body
Governance body
composition
Risk and opportunity
oversight
Disclosure of risks
Stakeholder
engagement
Material issues
impacting stakeholders
-
-
-
-
8.1
8.8
8.5
8.8
8.8
-
-
-
-
-
-
60
60
26
53
88
55
80
40 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Theme
Metric
Reporting standard
SDG
Target
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:264)
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:265)
See
page
(cid:76)(cid:79)(cid:65)(cid:83)(cid:76)(cid:23)(cid:79)(cid:40)(cid:89)(cid:111)
Community and
social vitality
Community and
social vitality
Careers kickstarted
8.6
602
686
Charities Supported
8.6
50
114
Community and social
vitality
Community Investment
total
GRI 201-1,
8.1
£36,960
£59,368
Community and social
vitality
Community Action
hours
8.6
1,654
1,970
Community and social
vitality
Tax paid
Adapted from GRI
201-1
8.1
£341,928
£1,739,983
Community and social
vitality
Unique volunteers
8.6
72
119
65
65
65
65
117
71
Employment and
wealth generation
CapEx
8.1
£716,819
£1,590,394
121
As referenced in IAS
7 and US GAAP ASC
230
As referenced in IAS
7 and US GAAP ASC
230
Employment and
wealth generation
Employment and
wealth generation
Dividends paid
Employee turnover
GRI 401-1a&b
Employment and
wealth generation
Employee wages and
(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)
GRI 201-1,
Employment and
wealth generation
Employment and
wealth generation
Employment and
wealth generation
Employment and
wealth generation
Employment and
wealth generation
New hires (FTE)
GRI 401-1a&b
New jobs
GRI 401-1a&b
Operating costs
GRI 201-1,
Revenue
GRI 201-1,
Workforce Growth
GRI 401-1a&b
Innovation of better
products and
services
% revenue from
controversial clients
8.1
8.1
8.1
8.1
8.1
8.1
8.1
8.1
£138,445
£652,000
18.46%
30.6%
34
46
£24,171,021
£30,692,000
76
192
55
240
63
£44,084,331
£68,146,681
£51,145,880
£79,708,628
53%
22%
46
76
117
117
46
79
8.1
1.9%
3.10%
TPXimpact Holdings Plc | 41
ESG report
Sustainable futures
continued
Sustainable futures
for our people.
Sustainable futures
for our planet.
What
We are closing the gaps that exist in
our business and wider industry.
How
Decreasing pay gaps, representation
gaps and gaps in inclusivity.
(cid:13)(cid:232)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:329)(cid:83)(cid:19)(cid:35)
8.5 - Decent, equal work opportunities for all.
What
We are leaving no trace.
How
Measuring, reducing and offsetting
our footprint.
(cid:13)(cid:232)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:329)(cid:83)(cid:19)(cid:35)
8.4 Decoupling economic growth
from environmental degradation.
(cid:13)(cid:232)(cid:329)(cid:155)(cid:186)(cid:134)(cid:214)(cid:204)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:181)
(cid:13)(cid:232)(cid:329)(cid:155)(cid:186)(cid:134)(cid:214)(cid:204)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:181)
(cid:83)(cid:121)(cid:210)(cid:161)(cid:204)(cid:258)(cid:143)(cid:139)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:160)(cid:121)(cid:197)(cid:197)(cid:232)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:204)
(cid:35)(cid:200)(cid:143)(cid:143)(cid:181)(cid:143)(cid:200)(cid:329)(cid:174)(cid:161)(cid:155)(cid:143)(cid:204)(cid:210)(cid:232)(cid:174)(cid:143)(cid:204)
(cid:83)(cid:186)(cid:134)(cid:161)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)(cid:200)(cid:143)(cid:204)(cid:197)(cid:186)(cid:181)(cid:204)(cid:161)(cid:133)(cid:174)(cid:143)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:204)
Reduced emissions
Diverse talent pipelines
Collective climate action
(cid:89)(cid:186)(cid:197)(cid:329)(cid:199)(cid:214)(cid:121)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:210)(cid:121)(cid:174)(cid:143)(cid:181)(cid:210)(cid:329)
(cid:83)(cid:214)(cid:204)(cid:210)(cid:121)(cid:161)(cid:181)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:134)(cid:174)(cid:161)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:161)(cid:181)(cid:139)(cid:214)(cid:204)(cid:210)(cid:200)(cid:232)(cid:329)
Our people
(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)
Our planet
(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)
Our
communities
(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)
Our clients
(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)
42 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Sustainable futures
for our communities.
Sustainable futures
through prosperity.
What
We are equipping our communities
with future-proof skills.
How
Kickstarting 5,000 digital careers.
(cid:13)(cid:232)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:329)(cid:83)(cid:19)(cid:35)
8.6 - Youth education and training.
What
We are delivering impactful work.
How
Making a positive difference to how individuals
and society experience the world.
(cid:13)(cid:232)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:329)(cid:83)(cid:19)(cid:35)
8.1 - Sustainable economic growth.
(cid:13)(cid:232)(cid:329)(cid:155)(cid:186)(cid:134)(cid:214)(cid:204)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:181)
(cid:13)(cid:232)(cid:329)(cid:155)(cid:186)(cid:134)(cid:214)(cid:204)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:181)
(cid:14)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)(cid:329)(cid:143)(cid:181)(cid:156)(cid:121)(cid:156)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)
(cid:59)(cid:143)(cid:121)(cid:181)(cid:161)(cid:181)(cid:156)(cid:155)(cid:214)(cid:174)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)
Climate action
Green service offering
(cid:14)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)(cid:329)(cid:161)(cid:181)(cid:225)(cid:143)(cid:204)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)
(cid:1)(cid:181)(cid:329)(cid:143)(cid:210)(cid:160)(cid:161)(cid:134)(cid:121)(cid:174)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)
(cid:76)(cid:200)(cid:186)(cid:329)(cid:133)(cid:186)(cid:181)(cid:186)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)
(cid:79)(cid:143)(cid:197)(cid:214)(cid:210)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:121)(cid:174)(cid:329)(cid:204)(cid:121)(cid:155)(cid:143)(cid:210)(cid:232)
TPXimpact Holdings Plc | 43
ESG report
People
People
Closing the gaps that exist
in our business and wider industry
We’re working to ensure
sustainable futures for all of
our people through a focus
on employee wellbeing &
satisfaction and workforce
diversity, inclusion & equity.
As a professional services organisation,
we don’t underestimate the
importance of the health, wellbeing
and satisfaction of our workforce. We’re
creating an environment that helps
diverse talent to thrive. We are a high
growth, high impact business that relies
on competent, committed and high
performing employees. In return, we
foster a positive work environment that
supports personal and professional
growth and respects work-life balance.
44 |
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
GENDER
(cid:267)(cid:270)(cid:366)
of our workforce are women
(cid:23)(cid:89)(cid:39)(cid:60)(cid:40)(cid:14)(cid:40)(cid:89)(cid:111)
(cid:266)(cid:271)(cid:366)
Increased minority ethnic representation by 38% (13%
to 19%)
BENEFITS
(cid:266)(cid:263)
Increased holiday to 30 days + bank holidays.
(cid:35)(cid:79)(cid:65)(cid:105)(cid:89)(cid:39)
Our workforce grew by*
(cid:265)(cid:265)(cid:366)
*Based on FTE
(cid:267)(cid:270)(cid:366)
women
(cid:268)(cid:266)(cid:366)
men
(cid:269)(cid:263)(cid:270)
(cid:267)(cid:272)(cid:271)
(cid:265)(cid:263)(cid:265)(cid:264)
(cid:265)(cid:263)(cid:265)(cid:265)
TPXimpact Holdings Plc | 45
ESG report
People continued
(cid:313)(cid:83)(cid:186)(cid:329)(cid:160)(cid:121)(cid:197)(cid:197)(cid:232)(cid:329)(cid:210)(cid:186)(cid:329)(cid:133)(cid:143)(cid:329)(cid:197)(cid:121)(cid:200)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:121)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:232)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:204)(cid:214)(cid:134)(cid:160)(cid:329)(cid:156)(cid:200)(cid:143)(cid:121)(cid:210)(cid:329)
(cid:225)(cid:121)(cid:174)(cid:214)(cid:143)(cid:204)(cid:284)(cid:329)(cid:89)(cid:160)(cid:143)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:329)(cid:155)(cid:186)(cid:134)(cid:214)(cid:204)(cid:329)(cid:226)(cid:121)(cid:204)(cid:329)(cid:200)(cid:143)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)(cid:121)(cid:197)(cid:197)(cid:121)(cid:200)(cid:143)(cid:181)(cid:210)(cid:329)(cid:161)(cid:181)(cid:329)(cid:121)(cid:174)(cid:174)(cid:329)
(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:134)(cid:160)(cid:121)(cid:181)(cid:156)(cid:143)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:139)(cid:143)(cid:134)(cid:161)(cid:204)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:139)(cid:284)(cid:329)(cid:105)(cid:143)(cid:329)(cid:204)(cid:160)(cid:186)(cid:214)(cid:174)(cid:139)(cid:329)(cid:133)(cid:143)(cid:329)
(cid:197)(cid:200)(cid:186)(cid:214)(cid:139)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:329)(cid:226)(cid:143)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:155)(cid:186)(cid:200)(cid:285)(cid:329)(cid:197)(cid:214)(cid:210)(cid:204)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:329)(cid:121)(cid:210)(cid:329)
(cid:210)(cid:160)(cid:143)(cid:329)(cid:160)(cid:143)(cid:121)(cid:200)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:143)(cid:225)(cid:143)(cid:200)(cid:232)(cid:210)(cid:160)(cid:161)(cid:181)(cid:156)(cid:284)(cid:314)
Anonymous, from our Diversity & Inclusion survey
(cid:23)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:329)(cid:226)(cid:143)(cid:174)(cid:174)(cid:133)(cid:143)(cid:161)(cid:181)(cid:156)(cid:329)(cid:370)(cid:329)(cid:204)(cid:121)(cid:210)(cid:161)(cid:204)(cid:155)(cid:121)(cid:134)(cid:210)(cid:161)(cid:186)(cid:181)
This year has come with a lot of change for our employees. We
have brought together multiple different cultures and ways of
working and asked a lot from our people. Within that time, we
have continued to grow and have welcomed 240 new starters
into the new company. Our employee turnover stood higher that
we would have liked at 30.6% but we expect to see this settle as
the new business and culture establishes itself.
•
•
•
•
at least two paid days off a year to volunteer and a further
two for professional development
a focus on health and wellbeing through our EAP, health
plan and generous sick leave policy
green incentive schemes to encourage sustainable living
such as an electric vehicle leasing scheme
shares in the business for all employees through a joining
(cid:133)(cid:186)(cid:181)(cid:214)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:121)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:143)(cid:155)(cid:258)(cid:134)(cid:161)(cid:143)(cid:181)(cid:210)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:329)(cid:161)(cid:181)(cid:134)(cid:143)(cid:181)(cid:210)(cid:161)(cid:225)(cid:143)(cid:329)(cid:197)(cid:174)(cid:121)(cid:181)(cid:284)
This year, employees scored their satisfaction as 7.1 out of 10
on average (down from 7.6) and their wellbeing as 6.8 out of 10
(down from 7.4). We know it will take some time for teams to feel
as comfortable within their new teams and with the new ways of
working as they were within their smaller agencies, highlighting
how important employee engagement is for us.
(cid:65)(cid:214)(cid:200)(cid:329)(cid:181)(cid:143)(cid:226)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:329)(cid:225)(cid:121)(cid:174)(cid:214)(cid:143)(cid:329)(cid:197)(cid:200)(cid:186)(cid:197)(cid:186)(cid:204)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)
We recently launched our new employee value proposition
which is designed to give responsible, autonomous employees
(cid:210)(cid:160)(cid:143)(cid:329)(cid:259)(cid:143)(cid:231)(cid:161)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:232)(cid:329)(cid:181)(cid:143)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:200)(cid:161)(cid:225)(cid:143)(cid:284)(cid:329)(cid:329)(cid:105)(cid:143)(cid:329)(cid:133)(cid:143)(cid:174)(cid:161)(cid:143)(cid:225)(cid:143)(cid:329)
that this proposition sets us apart from our competitors as an
employer of choice. Some highlights are:
•
•
•
30 days holiday each year on top of bank holidays to allow
our people to reset, recharge and do the things that they
love.
(cid:121)(cid:329)(cid:259)(cid:143)(cid:231)(cid:161)(cid:133)(cid:174)(cid:143)(cid:329)(cid:121)(cid:197)(cid:197)(cid:200)(cid:186)(cid:121)(cid:134)(cid:160)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:134)(cid:160)(cid:186)(cid:186)(cid:204)(cid:143)(cid:329)(cid:226)(cid:160)(cid:143)(cid:181)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
where they work.
better support for new parents with six months full pay for
maternity, adoption and surrogacy leave and three months
full pay for paternity
46 |
We are a low risk business in terms of occupational health and
safety issues and had no serious injuries or fatalities at work last
year.
(cid:23)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:329)(cid:1)(cid:204)(cid:204)(cid:161)(cid:204)(cid:210)(cid:121)(cid:181)(cid:134)(cid:143)(cid:329)(cid:76)(cid:200)(cid:186)(cid:156)(cid:200)(cid:121)(cid:180)(cid:180)(cid:143)(cid:204)
TPXimpact provides free access to an Employee Assistance
Programme (EAP) for all UK employees. We provide the EAP as a
(cid:134)(cid:186)(cid:181)(cid:258)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:121)(cid:174)(cid:329)(cid:200)(cid:143)(cid:204)(cid:186)(cid:214)(cid:200)(cid:134)(cid:143)(cid:329)(cid:139)(cid:143)(cid:204)(cid:161)(cid:156)(cid:181)(cid:143)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:160)(cid:143)(cid:174)(cid:197)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:139)(cid:143)(cid:121)(cid:174)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)
personal and professional problems that could be affecting
their home life or work life, health or general wellbeing. As part of
this service, every employee is entitled to four free counselling
sessions each year. This year the service received 56 calls and
delivered 18 counselling sessions for our people.
Fitness challenge
Our annual steps challenge aims to boost employees’ physical
activity after the Christmas holidays. This year, the company
clocked up more than 14 million steps and covered 6,717km
over the course of three weeks. Their efforts helped to raise
£5,200 which the winning team donated to the Ukrainian
charity “Voices of Children”, supporting young people
affected by the war.
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:105)(cid:143)(cid:174)(cid:174)(cid:133)(cid:143)(cid:161)(cid:181)(cid:156)
We continued the Wellness Wednesday initiative which
(cid:204)(cid:210)(cid:121)(cid:200)(cid:210)(cid:143)(cid:139)(cid:329)(cid:139)(cid:214)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:174)(cid:186)(cid:134)(cid:172)(cid:139)(cid:186)(cid:226)(cid:181)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:180)(cid:186)(cid:200)(cid:143)(cid:329)(cid:226)(cid:143)(cid:133)(cid:161)(cid:181)(cid:121)(cid:200)(cid:204)(cid:329)(cid:160)(cid:186)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)
by external experts on educational topics like nutrition for gut
health, breathing techniques for building resilience and energy
management during the menstrual cycle. Overall 68% of our
employees engaged in our wellbeing activities this year.
(cid:19)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:161)(cid:210)(cid:232)(cid:285)(cid:329)(cid:161)(cid:181)(cid:134)(cid:174)(cid:214)(cid:204)(cid:161)(cid:186)(cid:181)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:143)(cid:199)(cid:214)(cid:161)(cid:210)(cid:232)
The work that we are doing is helping to shape how societies
experience the world, from their digital experiences, to how they
access and navigate local services. We do not underestimate
how important it is therefore to have a workforce that is
representative of the communities that they are serving so that
we can ensure our solutions work for everybody.
We are proud that our UK business is representative of
the population when it comes to gender, ethnicity, sexual
orientation and neurodiversity. We have had a real focus on
ethnic diversity this year, through our recruitment, the launch
of our Origins employee resource group and running a Future
(cid:53)(cid:143)(cid:121)(cid:139)(cid:143)(cid:200)(cid:204)(cid:329)(cid:121)(cid:134)(cid:134)(cid:143)(cid:174)(cid:143)(cid:200)(cid:121)(cid:210)(cid:186)(cid:200)(cid:329)(cid:204)(cid:197)(cid:143)(cid:134)(cid:161)(cid:258)(cid:134)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:232)(cid:186)(cid:214)(cid:181)(cid:156)(cid:329)(cid:13)(cid:174)(cid:121)(cid:134)(cid:172)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:284)(cid:329)(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:160)(cid:121)(cid:204)(cid:329)
resulted in us doubling our Black representation and increasing
our overall minority representation from 13% to 19%.
We will continue to ensure that the quantity, quality and
frequency of our DEI reporting is best in class and be totally
transparent about our results and our progress. We truly believe
that this is the most valuable thing that we can do, not only
to hold ourselves to account but also to encourage our peers
to acknowledge and address the issues that exist within our
industry.
TPXimpact is working hard to intentionally build a culture that
is inclusive of the diversity of talent that we want to attract. We
intend to help change the composition of the tech sector by
continuing to raise the standards of our DEI initiatives, raising
awareness of issues and investing in a pipeline of diverse talent.
Here are some of the things we have been working on this year;
We set up ERGs
We set up the Employee Resource Groups (ERGs) to help
amplify the voices of underrepresented employees and make
sure our workplace is inclusive for everyone. We kicked off with
three groups; Women, Origins and LGBTQI+. Some highlights
(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:121)(cid:200)(cid:143)(cid:286)(cid:329)
• monthly ‘Coffee and Current Affairs’ sessions have
become a popular drop-in session to talk about issues
affecting women, with everything from Britney Spears’
conservatorship to the drinks spiking epidemic being
discussed
•
•
•
•
the Origins committee hosted a series of insightful lunch
and learns over Black History Month and for Diwali exploring
and celebrating these cultures
women shared their experiences within the workplace and
the ERG produced a report with recommendations and an
accompanying video
a series of meet-ups took place for LGBTQI+ employees
and allies
a new allyship channel was set up for those interested in
(cid:174)(cid:143)(cid:121)(cid:200)(cid:181)(cid:161)(cid:181)(cid:156)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:23)(cid:79)(cid:35)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:210)(cid:226)(cid:186)(cid:329)(cid:143)(cid:225)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)(cid:210)(cid:186)(cid:186)(cid:172)(cid:329)(cid:197)(cid:174)(cid:121)(cid:134)(cid:143)(cid:329)
this year
TPXimpact Holdings Plc | 47
ESG report
People continued
As the new organisation is taking shape, we will work to
make sure that the ERGs are properly represented in the
governance structure and there are clear links of escalation
and accountability for issues or ideas that are raised by those
communities.
(cid:105)(cid:143)(cid:329)(cid:174)(cid:121)(cid:214)(cid:181)(cid:134)(cid:160)(cid:143)(cid:139)(cid:329)(cid:121)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:329)(cid:180)(cid:143)(cid:181)(cid:210)(cid:186)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:197)(cid:200)(cid:186)(cid:156)(cid:200)(cid:121)(cid:180)(cid:180)(cid:143)
We launched a board mentoring programme to champion and
support diverse talent within the business. In our pilot year,
(cid:226)(cid:143)(cid:329)(cid:197)(cid:121)(cid:161)(cid:200)(cid:143)(cid:139)(cid:329)(cid:258)(cid:225)(cid:143)(cid:329)(cid:23)(cid:79)(cid:35)(cid:329)(cid:134)(cid:160)(cid:121)(cid:161)(cid:200)(cid:204)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:121)(cid:329)(cid:180)(cid:143)(cid:180)(cid:133)(cid:143)(cid:200)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)
board, helping them to navigate the role of committee chair and
supporting them more broadly in their career development.
This programme has served to:
•
•
•
reward employees who have volunteered their time to help
us achieve our DEI targets
raise aspirations, particularly around securing a board level
position in the future
develop skills, through mentorship and guidance
(cid:105)(cid:143)(cid:316)(cid:225)(cid:143)(cid:329)(cid:180)(cid:121)(cid:139)(cid:143)(cid:329)(cid:174)(cid:143)(cid:121)(cid:139)(cid:143)(cid:200)(cid:204)(cid:329)(cid:121)(cid:134)(cid:134)(cid:186)(cid:214)(cid:181)(cid:210)(cid:121)(cid:133)(cid:174)(cid:143)
We have built DEI requirements into the share award eligibility
for all leaders. We want DEI to be a priority and therefore we are
going to use it as a metric to measure the performance of senior
leaders within the business. Performance on these metrics for
leadership are now linked directly to their remuneration.
(cid:105)(cid:143)(cid:329)(cid:180)(cid:121)(cid:139)(cid:143)(cid:329)(cid:204)(cid:214)(cid:200)(cid:143)(cid:329)(cid:226)(cid:143)(cid:329)(cid:226)(cid:143)(cid:200)(cid:143)(cid:329)(cid:133)(cid:214)(cid:232)(cid:161)(cid:181)(cid:156)(cid:329)(cid:180)(cid:186)(cid:200)(cid:143)(cid:329)(cid:139)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:143)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:161)(cid:143)(cid:204)(cid:329)
We built DEI requirements into our mergers and acquisitions
(M&A) process at the end of 2021. We request DEI data when we
(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:204)(cid:210)(cid:121)(cid:200)(cid:210)(cid:329)(cid:204)(cid:197)(cid:143)(cid:121)(cid:172)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:329)(cid:197)(cid:186)(cid:210)(cid:143)(cid:181)(cid:210)(cid:161)(cid:121)(cid:174)(cid:329)(cid:210)(cid:121)(cid:200)(cid:156)(cid:143)(cid:210)(cid:204)(cid:329)(cid:204)(cid:186)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:226)(cid:143)(cid:329)(cid:134)(cid:121)(cid:181)(cid:329)(cid:133)(cid:214)(cid:161)(cid:174)(cid:139)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)
(cid:161)(cid:181)(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:199)(cid:214)(cid:121)(cid:174)(cid:161)(cid:258)(cid:134)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:225)(cid:121)(cid:174)(cid:214)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:197)(cid:200)(cid:186)(cid:134)(cid:143)(cid:204)(cid:204)(cid:284)(cid:329)(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:200)(cid:143)(cid:259)(cid:143)(cid:134)(cid:210)(cid:204)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)
belief that good DEI practice does not only limit risk but adds
value to the bottom line.
(cid:1)(cid:174)(cid:186)(cid:181)(cid:156)(cid:204)(cid:161)(cid:139)(cid:143)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:143)(cid:200)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:180)(cid:143)(cid:210)(cid:200)(cid:161)(cid:134)(cid:204)(cid:285)(cid:329)(cid:226)(cid:143)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)(cid:181)(cid:186)(cid:226)(cid:329)(cid:133)(cid:121)(cid:204)(cid:143)(cid:329)
valuations on diversity and equity data, community investment
and engagement and the environmental impact of potential
acquisitions. Not only will this help us to achieve our own
DEI targets, it should have a wider effect in recognising and
encouraging positive behaviours for small business owners.
(cid:105)(cid:143)(cid:316)(cid:225)(cid:143)(cid:329)(cid:133)(cid:143)(cid:143)(cid:181)(cid:329)(cid:161)(cid:181)(cid:225)(cid:143)(cid:204)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:161)(cid:181)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:139)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:143)(cid:329)(cid:133)(cid:121)(cid:134)(cid:172)(cid:156)(cid:200)(cid:186)(cid:214)(cid:181)(cid:139)(cid:204)
We take a long-term view in investing in diverse talent pipelines.
Our community investment strategy is based around equipping
young people from diverse backgrounds with future-proof
skills. You can read more about what we have been doing in that
space on page 67.
This year, we launched a partnership with Code First Girls
to place four women or non-binary people on a Full-Stack
Nanodegree. After training, the successful candidates will join
TPXimpact as full time Associate Engineers. The organisation is
dedicated to helping more women & non-binary people break
into and excel in the tech industry. We will focus on people
from underrepresented communities, beginners to tech, those
who identify as neurodiverse and those who grew up with no
(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:121)(cid:139)(cid:225)(cid:121)(cid:181)(cid:210)(cid:121)(cid:156)(cid:143)(cid:284)(cid:329)
48 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:39)(cid:186)(cid:226)(cid:329)(cid:139)(cid:186)(cid:329)(cid:226)(cid:143)(cid:329)(cid:180)(cid:143)(cid:121)(cid:204)(cid:214)(cid:200)(cid:143)(cid:329)(cid:139)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:161)(cid:210)(cid:232)(cid:285)(cid:329)(cid:161)(cid:181)(cid:134)(cid:174)(cid:214)(cid:204)(cid:161)(cid:186)(cid:181)(cid:329)(cid:329)
(cid:121)(cid:181)(cid:139)(cid:329)(cid:143)(cid:199)(cid:214)(cid:161)(cid:210)(cid:232)(cid:291)
We have developed a methodology that we call ‘Gap Reporting’
for measuring our diversity, inclusion and equity performance.
Diversity can be complex. We are measuring lots of different
and overlapping characteristics and the goalposts move all
the time. That’s why we use Gap Reporting — so we can easily
identify how much work we have to do in each of the areas we
report on.
(cid:105)(cid:160)(cid:121)(cid:210)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:19)(cid:23)(cid:40)(cid:329)(cid:156)(cid:186)(cid:121)(cid:174)(cid:204)(cid:291)(cid:329)
(cid:105)(cid:143)(cid:329)(cid:134)(cid:214)(cid:200)(cid:200)(cid:143)(cid:181)(cid:210)(cid:174)(cid:232)(cid:329)(cid:210)(cid:200)(cid:121)(cid:134)(cid:172)(cid:329)(cid:186)(cid:225)(cid:143)(cid:200)(cid:329)(cid:265)(cid:268)(cid:329)(cid:156)(cid:121)(cid:197)(cid:204)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:226)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:139)(cid:329)(cid:121)(cid:134)(cid:200)(cid:186)(cid:204)(cid:204)(cid:329)
representation, pay and inclusion. We appreciate that diversity
is about far more than just gender and skin colour and therefore
try to be as thorough and expansive in our reporting as possible
to get a full picture of the workforce and identify what the
contributing factors might be for those who feel more or less
included in the workplace.
Our end goal is that we have no gaps. No pay gaps, no
difference in how included employees feel and no gap between
our workforce and community diversity. We know we have a lot
of work to do to get there but have put in place an ambitious
target in the meantime to half all gaps from our benchmark year
in FY2021 by 2025.
(cid:65)(cid:214)(cid:200)(cid:329)(cid:200)(cid:143)(cid:204)(cid:214)(cid:174)(cid:210)(cid:204)
(cid:60)(cid:186)(cid:210)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:89)(cid:121)(cid:172)(cid:143)(cid:121)(cid:226)(cid:121)(cid:232)(cid:204)
Overall, we are a more diverse organisation
than we were last year, particularly in terms
of ethnicity.
We continue to measure, track and disclose
more DEI data than any of our competitors.
We have really strong LGBTQI+ and
neurodiversity representation at 16% and 14%,
more than the general population.
We are a multicultural organisation, with over
20% of employees being foreign nationals.
We have not made the progress we would
have liked in terms of senior representation.
Employees felt less of a sense of inclusion
and belonging across all community groups.
TPXimpact Holdings Plc | 49
ESG report
People continued
(cid:19)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:161)(cid:210)(cid:232)(cid:329)(cid:121)(cid:210)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)
Senior Leadership
Women
(cid:266)(cid:267)(cid:366)
(FY2021: 36%)**
(cid:59)(cid:161)(cid:181)(cid:186)(cid:200)(cid:161)(cid:210)(cid:232)(cid:329)(cid:23)(cid:210)(cid:160)(cid:181)(cid:161)(cid:134)*
(cid:271)(cid:366)
(FY2021: 9%)**
(cid:13)(cid:174)(cid:121)(cid:134)(cid:172)*
(cid:263)(cid:366)
(FY2021: 0%)**
(cid:19)(cid:161)(cid:204)(cid:121)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)
(cid:267)(cid:366)
(FY2021: 6%)**
(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:268)(cid:263)(cid:366)
(cid:93)(cid:51)(cid:329)(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:264)(cid:267)(cid:366)
(cid:93)(cid:51)(cid:329)(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:266)(cid:366)
(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:264)(cid:269)(cid:366)
LGBTQI+
(cid:264)(cid:266)(cid:366)
(FY2021: 13%)**
Neurodiverse
(cid:264)(cid:268)(cid:366)
(cid:53)(cid:186)(cid:226)(cid:143)(cid:200)(cid:329)(cid:83)(cid:186)(cid:134)(cid:161)(cid:186)(cid:329)(cid:23)(cid:134)(cid:186)(cid:181)(cid:186)(cid:180)(cid:161)(cid:134)(cid:329)(cid:13)(cid:121)(cid:134)(cid:172)(cid:156)(cid:200)(cid:186)(cid:214)(cid:181)(cid:139)*
Foreign Nationals
(cid:266)(cid:263)(cid:366)
(FY2021: 26%)**
(cid:265)(cid:268)(cid:366)
(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:266)(cid:366)
(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:264)(cid:267)(cid:366)
(cid:93)(cid:51)(cid:329)(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:266)(cid:272)(cid:366)
(cid:65)(cid:225)(cid:143)(cid:200)(cid:121)(cid:174)(cid:174)
Women
(cid:267)(cid:270)(cid:366)
(FY2021: 48%)
(cid:59)(cid:161)(cid:181)(cid:186)(cid:200)(cid:161)(cid:210)(cid:232)(cid:329)(cid:23)(cid:210)(cid:160)(cid:181)(cid:161)(cid:134)*
(cid:264)(cid:272)(cid:366)
(FY2021: 13%)
(cid:13)(cid:174)(cid:121)(cid:134)(cid:172)*
(cid:269)(cid:366)
(FY2021: 3%)
(cid:19)(cid:161)(cid:204)(cid:121)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)
(cid:270)(cid:366)
(FY2021: 6%)
(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:268)(cid:263)(cid:366)
(cid:93)(cid:51)(cid:329)(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:264)(cid:267)(cid:366)
(cid:93)(cid:51)(cid:329)(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:266)(cid:366)
(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:264)(cid:269)(cid:366)
LGBTQI+
(cid:264)(cid:269)(cid:366)
(FY2021: 12%)
Neurodiverse
(cid:264)(cid:267)(cid:366)
(cid:53)(cid:186)(cid:226)(cid:143)(cid:200)(cid:329)(cid:83)(cid:186)(cid:134)(cid:161)(cid:186)(cid:329)(cid:23)(cid:134)(cid:186)(cid:181)(cid:186)(cid:180)(cid:161)(cid:134)(cid:329)(cid:13)(cid:121)(cid:134)(cid:172)(cid:156)(cid:200)(cid:186)(cid:214)(cid:181)(cid:139)*
(cid:265)(cid:271)(cid:366)
(FY2021: 23%)
Foreign Nationals
(cid:265)(cid:265)(cid:366)
(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:266)(cid:366)
(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:264)(cid:267)(cid:366)
(cid:93)(cid:51)(cid:329)(cid:76)(cid:186)(cid:197)(cid:214)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:266)(cid:272)(cid:366)
(cid:295)(cid:329)(cid:329)
(cid:155)(cid:186)(cid:200)(cid:329)(cid:143)(cid:210)(cid:160)(cid:181)(cid:161)(cid:134)(cid:161)(cid:210)(cid:232)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:204)(cid:186)(cid:134)(cid:161)(cid:186)(cid:306)(cid:143)(cid:134)(cid:186)(cid:181)(cid:186)(cid:180)(cid:161)(cid:134)(cid:329)(cid:133)(cid:121)(cid:134)(cid:172)(cid:156)(cid:200)(cid:186)(cid:214)(cid:181)(cid:139)(cid:329)(cid:226)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:171)(cid:214)(cid:204)(cid:210)(cid:329)(cid:214)(cid:204)(cid:143)(cid:139)(cid:329)(cid:93)(cid:51)(cid:329)(cid:139)(cid:143)(cid:180)(cid:186)(cid:156)(cid:200)(cid:121)(cid:197)(cid:160)(cid:161)(cid:134)(cid:329)(cid:139)(cid:121)(cid:210)(cid:121)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:161)(cid:181)(cid:134)(cid:174)(cid:214)(cid:139)(cid:143)(cid:139)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:93)(cid:51)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:204)
(cid:295)(cid:295)(cid:329)(cid:329) (cid:174)(cid:121)(cid:204)(cid:210)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:226)(cid:143)(cid:329)(cid:214)(cid:204)(cid:143)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:210)(cid:186)(cid:197)(cid:329)(cid:197)(cid:121)(cid:232)(cid:329)(cid:199)(cid:214)(cid:121)(cid:200)(cid:210)(cid:161)(cid:174)(cid:143)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:143)(cid:121)(cid:134)(cid:160)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:156)(cid:200)(cid:186)(cid:214)(cid:197)(cid:329)(cid:210)(cid:186)(cid:329)(cid:156)(cid:143)(cid:210)(cid:329)(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:204)(cid:143)(cid:181)(cid:161)(cid:186)(cid:200)(cid:329)(cid:200)(cid:143)(cid:197)(cid:200)(cid:143)(cid:204)(cid:143)(cid:181)(cid:210)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:181)(cid:214)(cid:180)(cid:133)(cid:143)(cid:200)(cid:284)(cid:329)(cid:83)(cid:161)(cid:181)(cid:134)(cid:143)(cid:329)(cid:180)(cid:143)(cid:200)(cid:156)(cid:161)(cid:181)(cid:156)(cid:285)(cid:329)(cid:226)(cid:143)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:181)(cid:186)(cid:226)(cid:329)(cid:186)(cid:181)(cid:329)(cid:186)(cid:181)(cid:143)(cid:329)(cid:197)(cid:121)(cid:232)(cid:200)(cid:186)(cid:174)(cid:174)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:200)(cid:143)(cid:155)(cid:186)(cid:200)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)
used the top pay quartile of the combined payroll. In order to show progress we have adjusted FY21 numbers as if we were operating one payroll
50 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:270)(cid:264)(cid:366)
of people agreed or strongly agreed
with the comment
(cid:40)(cid:329)(cid:155)(cid:143)(cid:143)(cid:174)(cid:329)(cid:174)(cid:161)(cid:172)(cid:143)(cid:329)(cid:40)(cid:329)(cid:133)(cid:143)(cid:174)(cid:186)(cid:181)(cid:156)(cid:329)(cid:121)(cid:210)(cid:329)
(cid:180)(cid:232)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:232)
(cid:270)(cid:266)(cid:366)
of people agreed or strongly agreed
with the comment
(cid:40)(cid:329)(cid:134)(cid:121)(cid:181)(cid:329)(cid:133)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:180)(cid:232)(cid:329)
(cid:121)(cid:214)(cid:210)(cid:160)(cid:143)(cid:181)(cid:210)(cid:161)(cid:134)(cid:329)(cid:204)(cid:143)(cid:174)(cid:155)(cid:329)(cid:210)(cid:186)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)
(cid:226)(cid:161)(cid:210)(cid:160)(cid:186)(cid:214)(cid:210)(cid:329)(cid:226)(cid:186)(cid:200)(cid:200)(cid:232)(cid:161)(cid:181)(cid:156)(cid:329)
(cid:121)(cid:133)(cid:186)(cid:214)(cid:210)(cid:329)(cid:200)(cid:143)(cid:197)(cid:143)(cid:200)(cid:134)(cid:214)(cid:204)(cid:204)(cid:161)(cid:186)(cid:181)(cid:204)
(cid:269)(cid:264)(cid:366)
of people agreed or strongly agreed
with the comment
(cid:40)(cid:329)(cid:134)(cid:121)(cid:181)(cid:329)(cid:225)(cid:186)(cid:161)(cid:134)(cid:143)(cid:329)(cid:121)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:121)(cid:200)(cid:232)(cid:329)
opinion without
fear of negative
consequences
(cid:268)(cid:271)(cid:366)
of people agreed or strongly agreed
with the comment
(cid:76)(cid:143)(cid:200)(cid:204)(cid:197)(cid:143)(cid:134)(cid:210)(cid:161)(cid:225)(cid:143)(cid:204)(cid:329)(cid:174)(cid:161)(cid:172)(cid:143)(cid:329)
mine are included in
(cid:139)(cid:143)(cid:134)(cid:161)(cid:204)(cid:161)(cid:186)(cid:181)(cid:329)(cid:180)(cid:121)(cid:172)(cid:161)(cid:181)(cid:156)
Down from 87%
Down from 87%
Down from 82%
Down from 73%
(cid:19)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:161)(cid:210)(cid:232)
We measure overall representation and senior representation
(top pay quartile) for employees from underrepresented
communities. We have increased the number of communities
that we measure this year to include neurodiverse employees
and foreign nationals.
Our overall representation improved this year across most
categories, most notably our ethnic diversity has improved with
the percentage of Black employees doubling from 3% to 6% and
minority ethnic employees as a whole increasing from 13% to
19%. We made less progress in diversifying the senior leadership
team. This is in part due to the leadership teams that have been
acquired throughout the year.
Inclusion
We work out inclusivity scores based on the average responses
from inclusivity questions asked in the annual DEI survey. These
questions and the methodology are based broadly on Kantar’s
inclusivity index.
Overall inclusion scores went down for all groups this year.
Inclusion scores are based on questions around belonging
at work and we therefore expected to see a bit of a dip in
sentiment at this stage of such a large change programme as
we moved people into new teams and asked them to build new
relationships. Despite this, we managed to make progress in
closing half of the gaps in how included employees feel based
on their background/characteristics, particularly for minority
ethnic groups.
Disclosure
75% of our employees participated in our 2022 DEI Survey, up
from 73% last year. For pay gap analysis we now have 100% of
gender information and 93% of employees have disclosed their
ethnicity. This increase (from 92% and 82% last year) is largely
due to the implementation of our new HR system.
(cid:265)(cid:263)(cid:265)(cid:265)(cid:329)(cid:40)(cid:181)(cid:134)(cid:174)(cid:214)(cid:204)(cid:161)(cid:225)(cid:161)(cid:210)(cid:232)(cid:329)(cid:83)(cid:134)(cid:186)(cid:200)(cid:143)(cid:204)
(cid:270)(cid:284)(cid:269)(cid:297)(cid:264)(cid:263)
(FY2021: 8.5/100, FY2020: 8.5/100)
Inclusion Gaps
35%
30%
25%
20%
15%
10%
5%
0%
LGBTQI/
Heterosexual
Foreign National/
British
Non English/
English
Women/
Men
Low SEB/
Middle,
upper SEB
Neurodivergent/
Neurotypical
Minority
Ethnic/ White
Mixed/
White
Black/
White
Asian/
White
Disability/
No disability
This chart shows the percentage difference in inclusivity scores for the communities below over the last three years. The arrows
show whether the gap in inclusivity scores has increased or decreased year on year.
2020
2021
2022
TPXimpact Holdings Plc | 51
ESG report
People continued
(cid:76)(cid:121)(cid:232)(cid:329)(cid:139)(cid:161)(cid:204)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:133)(cid:232)(cid:329)(cid:156)(cid:143)(cid:181)(cid:139)(cid:143)(cid:200)
(cid:76)(cid:121)(cid:232)(cid:329)(cid:139)(cid:161)(cid:204)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:133)(cid:232)(cid:329)(cid:143)(cid:210)(cid:160)(cid:181)(cid:161)(cid:134)(cid:161)(cid:210)(cid:232)
Upper
Upper Middle
Lower Middle
Lower
Upper
Upper Middle
Lower Middle
Lower
0%
25%
50%
75%
100%
Male
Female
0%
25%
50%
75%
100%
White
Asian
Black
Mixed
Other
Undisclosed
(cid:23)(cid:199)(cid:214)(cid:161)(cid:210)(cid:232)(cid:329)
This year we continued to produce quarterly pay gap reports
for both gender and ethnicity across the business.
Our gender pay gap has grown over the last 12 months. This is in
part due to higher disclosure of gender, particularly for those in
the top pay quartile, due to our new HR system. It is also due to
a lack of female leadership in the new acquisitions. Our ethnic
pay gap also grew fairly substantially. We have seen higher
levels of representation but mainly within the bottom two pay
quartiles. This is likely due to our focus on recruitment but also
due to increased disclosure of ethnicity (within the bottom two
pay quartiles) following the launch of the Origins ERG and the
new HR system.
(cid:59)(cid:143)(cid:121)(cid:181)(cid:329)(cid:35)(cid:143)(cid:181)(cid:139)(cid:143)(cid:200)(cid:329)(cid:76)(cid:121)(cid:232)(cid:329)(cid:35)(cid:121)(cid:197)
(cid:264)(cid:272)(cid:366)
2021: 16%, 2020: 16%
(cid:59)(cid:143)(cid:121)(cid:181)(cid:329)(cid:23)(cid:210)(cid:160)(cid:181)(cid:161)(cid:134)(cid:161)(cid:210)(cid:232)(cid:329)(cid:76)(cid:121)(cid:232)(cid:329)(cid:35)(cid:121)(cid:197)
(cid:264)(cid:265)(cid:366)
2021: 4%
(cid:59)(cid:143)(cid:139)(cid:161)(cid:121)(cid:181)(cid:329)(cid:35)(cid:143)(cid:181)(cid:139)(cid:143)(cid:200)(cid:329)(cid:76)(cid:121)(cid:232)(cid:329)(cid:35)(cid:121)(cid:197)
(cid:59)(cid:143)(cid:139)(cid:161)(cid:121)(cid:181)(cid:329)(cid:23)(cid:210)(cid:160)(cid:181)(cid:161)(cid:134)(cid:161)(cid:210)(cid:232)(cid:329)(cid:76)(cid:121)(cid:232)(cid:329)(cid:35)(cid:121)(cid:197)
(cid:265)(cid:263)(cid:366)
2021: 19%, 2020: 17%
(cid:264)(cid:268)(cid:366)
2021: 0%
52 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:105)(cid:160)(cid:121)(cid:210)(cid:316)(cid:204)(cid:329)(cid:181)(cid:143)(cid:231)(cid:210)(cid:291)(cid:329)
1.
Formalise the role of the Employee Resource Groups
and help to amplify the voices of underrepresented
communities
2.
(cid:34)(cid:186)(cid:134)(cid:214)(cid:204)(cid:329)(cid:186)(cid:181)(cid:329)(cid:258)(cid:181)(cid:139)(cid:161)(cid:181)(cid:156)(cid:285)(cid:329)(cid:200)(cid:143)(cid:134)(cid:200)(cid:214)(cid:161)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:200)(cid:143)(cid:210)(cid:121)(cid:161)(cid:181)(cid:161)(cid:181)(cid:156)(cid:329)(cid:139)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:143)(cid:329)(cid:329)
senior people
3. Equipping leaders with the right tools they need to
create a culture of inclusion, psychological safety and
empathy at TPXimpact
(cid:313)(cid:40)(cid:329)(cid:210)(cid:160)(cid:161)(cid:181)(cid:172)(cid:329)(cid:89)(cid:76)(cid:110)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:133)(cid:143)(cid:143)(cid:181)(cid:329)(cid:155)(cid:121)(cid:181)(cid:210)(cid:121)(cid:204)(cid:210)(cid:161)(cid:134)(cid:329)(cid:121)(cid:210)(cid:329)
fostering an environment where
(cid:133)(cid:143)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:329)(cid:133)(cid:200)(cid:186)(cid:226)(cid:181)(cid:329)(cid:226)(cid:186)(cid:180)(cid:121)(cid:181)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:121)(cid:329)(cid:197)(cid:121)(cid:200)(cid:143)(cid:181)(cid:210)(cid:329)
(cid:40)(cid:329)(cid:155)(cid:143)(cid:143)(cid:174)(cid:329)(cid:134)(cid:186)(cid:180)(cid:155)(cid:186)(cid:200)(cid:210)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:143)(cid:139)(cid:329)(cid:161)(cid:181)(cid:329)
(cid:180)(cid:232)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:226)(cid:160)(cid:161)(cid:134)(cid:160)(cid:329)(cid:121)(cid:174)(cid:204)(cid:186)(cid:329)(cid:121)(cid:174)(cid:174)(cid:186)(cid:226)(cid:204)(cid:329)(cid:259)(cid:143)(cid:231)(cid:161)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)
(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:121)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:210)(cid:186)(cid:329)(cid:133)(cid:143)(cid:329)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)
(cid:121)(cid:214)(cid:210)(cid:186)(cid:181)(cid:186)(cid:180)(cid:186)(cid:214)(cid:204)(cid:174)(cid:232)(cid:284)(cid:329)(cid:40)(cid:329)(cid:155)(cid:143)(cid:143)(cid:174)(cid:329)(cid:197)(cid:200)(cid:186)(cid:214)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:133)(cid:143)(cid:329)(cid:197)(cid:121)(cid:200)(cid:210)(cid:329)
(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:232)(cid:329)(cid:204)(cid:186)(cid:329)(cid:210)(cid:160)(cid:121)(cid:181)(cid:172)(cid:329)(cid:232)(cid:186)(cid:214)(cid:284)(cid:314)
(cid:1)(cid:181)(cid:186)(cid:181)(cid:232)(cid:180)(cid:186)(cid:214)(cid:204)(cid:285)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:19)(cid:23)(cid:40)(cid:329)(cid:83)(cid:214)(cid:200)(cid:225)(cid:143)(cid:232)
Human rights
TPXimpact is fully committed to preventing modern slavery
(cid:121)(cid:181)(cid:139)(cid:329)(cid:160)(cid:214)(cid:180)(cid:121)(cid:181)(cid:329)(cid:210)(cid:200)(cid:121)(cid:155)(cid:258)(cid:134)(cid:172)(cid:161)(cid:181)(cid:156)(cid:329)(cid:161)(cid:181)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:186)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:174)(cid:232)(cid:329)(cid:134)(cid:160)(cid:121)(cid:161)(cid:181)(cid:284)(cid:329)(cid:105)(cid:143)(cid:329)
do not tolerate modern slavery in any of its forms and have
taken concrete steps to tackle and prevent modern slavery as
stated in our Modern Slavery Statement statement.
In the past year, we conducted a risk assessment of the
capacity of the organisation to manage and prevent the risks
of modern slavery based on the Global Slavery Index and the
UK Government’s Modern Slavery Assessment Tool (MSAT)
framework.
As part of the assessment, we mapped of our supply chain by
taking into account:
•
•
(cid:89)(cid:160)(cid:143)(cid:329)(cid:200)(cid:161)(cid:204)(cid:172)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:174)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:161)(cid:181)(cid:139)(cid:161)(cid:225)(cid:161)(cid:139)(cid:214)(cid:121)(cid:174)(cid:329)(cid:134)(cid:186)(cid:214)(cid:181)(cid:210)(cid:200)(cid:161)(cid:143)(cid:204)(cid:329)(cid:133)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:186)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:35)(cid:174)(cid:186)(cid:133)(cid:121)(cid:174)(cid:329)
Slavery Index
The business services rendered by the suppliers falling
under high risk services (e.g. cleaning service suppliers
within personnel services)
•
The presence of vulnerable demographic groups
In addition to this, TPXimpact includes Modern Slavery Training
as part of the onboarding material for any new member of
staff as well as existing and have a Whistleblowing Policy that
encourages all employees, customers and suppliers to report
(cid:121)(cid:181)(cid:232)(cid:329)(cid:204)(cid:214)(cid:204)(cid:197)(cid:161)(cid:134)(cid:161)(cid:186)(cid:181)(cid:329)(cid:186)(cid:155)(cid:329)(cid:204)(cid:174)(cid:121)(cid:225)(cid:143)(cid:200)(cid:232)(cid:329)(cid:186)(cid:200)(cid:329)(cid:160)(cid:214)(cid:180)(cid:121)(cid:181)(cid:329)(cid:210)(cid:200)(cid:121)(cid:155)(cid:258)(cid:134)(cid:172)(cid:161)(cid:181)(cid:156)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:186)(cid:214)(cid:210)(cid:329)(cid:155)(cid:143)(cid:121)(cid:200)(cid:329)(cid:186)(cid:155)(cid:329)
retaliation.
TPXimpact Holdings Plc | 53
ESG report
Planet
Planet
Leaving no trace
We understand the enormous threat that business
as usual poses to our planet, our people and our
communities. As we set the foundations for TPXimpact,
(cid:226)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:139)(cid:186)(cid:161)(cid:181)(cid:156)(cid:329)(cid:204)(cid:186)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:172)(cid:181)(cid:186)(cid:226)(cid:174)(cid:143)(cid:139)(cid:156)(cid:143)(cid:329)
that our planet is a crucial stakeholder. We are working
hard to ensure that our operations are doing no harm
and that our work is contributing to a more sustainable
society.
We are working to decouple
our economic growth from
environmental degradation
by measuring, reducing and
offsetting our impact on
the planet. We are funding
and supporting climate
action, removing barriers for
our employees and raising
awareness of the climate
emergency.
54 |
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:14)(cid:65)(cid:265)(cid:329)(cid:23)(cid:59)(cid:40)(cid:83)(cid:83)(cid:40)(cid:65)(cid:60)(cid:83)
(cid:265)(cid:285)(cid:270)(cid:267)(cid:265)(cid:329)tonnes
Total CO2e emissions
(cid:83)(cid:14)(cid:65)(cid:76)(cid:23)(cid:329)(cid:264)
(cid:267)(cid:263)(cid:366)
Absolute reduction in our Scope 1 emissions
(cid:79)(cid:23)(cid:60)(cid:23)(cid:105)(cid:1)(cid:13)(cid:53)(cid:23)(cid:329)(cid:23)(cid:60)(cid:23)(cid:79)(cid:35)(cid:111)
(cid:271)(cid:265)(cid:366)
Of our UK electricity is from renewable energy suppliers
(cid:23)(cid:59)(cid:40)(cid:83)(cid:83)(cid:40)(cid:65)(cid:60)(cid:83)(cid:329)(cid:13)(cid:111)(cid:329)(cid:79)(cid:23)(cid:104)(cid:23)(cid:60)(cid:93)(cid:23)
(cid:271)(cid:366)
reduction in CO2 emissions per £1m revenue
revenue
(cid:14)(cid:65)(cid:265)
TPXimpact Holdings Plc | 55
ESG report
Planet continued
(cid:65)(cid:214)(cid:200)(cid:329)(cid:197)(cid:174)(cid:121)(cid:181)(cid:143)(cid:210)(cid:329)(cid:204)(cid:210)(cid:200)(cid:121)(cid:210)(cid:143)(cid:156)(cid:232)
We understand that our impact on the planet includes more than just our emissions.
The climate and ecological emergency needs an enormous number of solutions,
ranging from regenerative and restorative programmes, big shifts in behaviour as
well as commitments to reducing our footprint. We look to make a positive impact
(cid:200)(cid:161)(cid:156)(cid:160)(cid:210)(cid:329)(cid:121)(cid:134)(cid:200)(cid:186)(cid:204)(cid:204)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:204)(cid:197)(cid:160)(cid:143)(cid:200)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:161)(cid:181)(cid:259)(cid:214)(cid:143)(cid:181)(cid:134)(cid:143)(cid:287)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:329)(cid:226)(cid:160)(cid:186)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:285)(cid:329)(cid:210)(cid:186)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)
industry peers, to those organisations we work for and those who supply us.
We have therefore looked at our environmental impact as; company impact,
collective action and client and partners.
56 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:13)(cid:200)(cid:143)(cid:121)(cid:172)(cid:139)(cid:186)(cid:226)(cid:181)(cid:329)(cid:186)(cid:155)(cid:329)(cid:143)(cid:180)(cid:161)(cid:204)(cid:204)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:133)(cid:232)(cid:329)(cid:134)(cid:121)(cid:210)(cid:143)(cid:156)(cid:186)(cid:200)(cid:232)
Purchased goods and services
(cid:271)(cid:269)(cid:366)
Remote working
(cid:264)(cid:263)(cid:366)
Business travel
(cid:265)(cid:366)
Electricity and district heating
(cid:264)(cid:366)
Employee commuting
(cid:263)(cid:284)(cid:269)(cid:366)
Other
(cid:263)(cid:284)(cid:266)(cid:366)
Gas
(cid:263)(cid:284)(cid:264)(cid:366)
(cid:14)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:232)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)
(cid:89)(cid:160)(cid:143)(cid:329)(cid:180)(cid:186)(cid:204)(cid:210)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:197)(cid:121)(cid:200)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:76)(cid:174)(cid:121)(cid:181)(cid:143)(cid:210)(cid:329)(cid:83)(cid:210)(cid:200)(cid:121)(cid:210)(cid:143)(cid:156)(cid:232)(cid:329)(cid:161)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:200)(cid:143)(cid:139)(cid:214)(cid:134)(cid:143)(cid:329)(cid:329)
the carbon emissions contributing to the climate emergency.
There are three stages to this; measure our carbon footprint,
actively reduce emissions wherever possible, and offset any
residual emissions.
(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:161)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:210)(cid:160)(cid:161)(cid:200)(cid:139)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:226)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:155)(cid:214)(cid:174)(cid:174)(cid:232)(cid:329)(cid:180)(cid:143)(cid:121)(cid:204)(cid:214)(cid:200)(cid:143)(cid:139)(cid:329)
emissions across all categories of Scope 1, 2 and 3. This has
helped enormously with our collective knowledge. Our carbon
accounting approach is as extensive as it is possible to have.
We have shown our commitment to this by hiring an in-house
Sustainability Analyst to work full-time on carbon footprinting
and planet-related initiatives, alongside our existing Planet
(cid:65)(cid:155)(cid:258)(cid:134)(cid:143)(cid:200)(cid:284)(cid:329)(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)(cid:121)(cid:174)(cid:174)(cid:186)(cid:226)(cid:329)(cid:214)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:214)(cid:181)(cid:139)(cid:143)(cid:200)(cid:204)(cid:210)(cid:121)(cid:181)(cid:139)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:155)(cid:186)(cid:186)(cid:210)(cid:197)(cid:200)(cid:161)(cid:181)(cid:210)(cid:329)(cid:180)(cid:186)(cid:200)(cid:143)(cid:329)
deeply as well as report with more regularity, accuracy and
reach in the future. As a result of this we can see what impact
our activities are having on our carbon footprint on a monthly
or quarterly basis and can act to reduce these impacts faster.
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:264)(cid:329)(cid:300)(cid:210)(cid:14)(cid:65)(cid:265)(cid:143)(cid:301)
UK
Norway
Bulgaria
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:265)
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:264)
(cid:34)(cid:111)(cid:265)(cid:263)(cid:265)(cid:263)
(cid:266)(cid:284)(cid:271)(cid:267)
3.84
0
0
6.41
6.41
0
0
3.55
-
-
-
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:265)(cid:329)(cid:300)(cid:210)(cid:14)(cid:65)(cid:265)(cid:143)(cid:301)
(cid:266)(cid:269)(cid:284)(cid:263)(cid:267)
23.49
43.85
UK
Norway
Bulgaria
11.52
5.70
18.82
4.79
4.87
13.83
-
-
-
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:266)(cid:329)(cid:300)(cid:210)(cid:14)(cid:65)(cid:265)(cid:143)(cid:301)
(cid:265)(cid:285)(cid:270)(cid:263)(cid:265)(cid:284)(cid:265)(cid:265)
1,867.69
1472.38
Purchased Goods & Services
2,344.99
1,662.63
1,210.59
Employee Commuting (and
Remote Working)
Business Travel
Fuel and Energy Related
Services
Upstream transportation and
distribution
(cid:89)(cid:186)(cid:210)(cid:121)(cid:174)(cid:329)(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:264)(cid:285)(cid:329)(cid:265)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:266)(cid:329)
(cid:300)(cid:210)(cid:14)(cid:65)(cid:265)(cid:143)(cid:301)
285.74
64.21
180.57
10.90
60.61
184.59
7.17
0.11
13.59
15.45
0.27
1.14
(cid:265)(cid:285)(cid:270)(cid:267)(cid:265)(cid:284)(cid:263)(cid:263)
1,915.00
1,531.00
tCO2e per £1m Revenue
34.28
37.32
48.61
tCO2e per Full Time
Employee (FTE)
Percentage of Renewable
Scope 2 Energy (UK)
Percentage of Renewable
Scope 2 Energy (Global)
5.01
4.30
4.05
81.9%
29.4%
–
–
–
–
TPXimpact Holdings Plc | 57
ESG report
Planet continued
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:264)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:265)(cid:329)(cid:23)(cid:180)(cid:161)(cid:204)(cid:204)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:300)(cid:210)(cid:14)(cid:65)(cid:265)(cid:143)(cid:301)
FY2022: 39.88
S1: 3.84
S2: 36.04
FY2021: 29.90
S1: 6.41
S2: 23.49
FY2020: 47.40
S1: 3.55
S2: 43.85
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:264)(cid:329)(cid:306)(cid:329)(cid:139)(cid:161)(cid:200)(cid:143)(cid:134)(cid:210)(cid:329)(cid:143)(cid:180)(cid:161)(cid:204)(cid:204)(cid:161)(cid:186)(cid:181)(cid:204)
We have achieved an absolute reduction in scope 1 emissions,
in FY21 we had scope 1 emissions of 6.4 tCO2e which has been
reduced to 3.8 tCO2e in FY22 representing a 40% decrease.
This is due to our long-term strategy of moving away from
(cid:186)(cid:155)(cid:258)(cid:134)(cid:143)(cid:204)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:156)(cid:121)(cid:204)(cid:329)(cid:214)(cid:204)(cid:121)(cid:156)(cid:143)(cid:329)(cid:121)(cid:204)(cid:329)(cid:161)(cid:210)(cid:329)(cid:161)(cid:204)(cid:329)(cid:181)(cid:186)(cid:210)(cid:329)(cid:121)(cid:329)(cid:200)(cid:143)(cid:181)(cid:143)(cid:226)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:204)(cid:186)(cid:214)(cid:200)(cid:134)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:143)(cid:181)(cid:143)(cid:200)(cid:156)(cid:232)(cid:284)(cid:329)
(cid:65)(cid:181)(cid:174)(cid:232)(cid:329)(cid:210)(cid:160)(cid:200)(cid:143)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:204)(cid:143)(cid:225)(cid:143)(cid:181)(cid:329)(cid:186)(cid:155)(cid:258)(cid:134)(cid:143)(cid:204)(cid:329)(cid:214)(cid:204)(cid:143)(cid:329)(cid:156)(cid:121)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:160)(cid:143)(cid:121)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:214)(cid:161)(cid:174)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)
and we do not exercise operation control over the building in
these leases. Therefore, under the GHG protocol this could be
classed as indirect energy emissions (scope 2) but we have
decided to still report them as direct scope 1 emissions to
allow easier comparison to previous years. We are looking to
eliminate scope 1 emissions entirely in the future.
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:265)(cid:329)(cid:306)(cid:329)(cid:161)(cid:181)(cid:139)(cid:161)(cid:200)(cid:143)(cid:134)(cid:210)(cid:329)(cid:143)(cid:181)(cid:143)(cid:200)(cid:156)(cid:232)(cid:329)(cid:143)(cid:180)(cid:161)(cid:204)(cid:204)(cid:161)(cid:186)(cid:181)(cid:204)
Scope 2 has seen increases across the board for all three
countries we are based in. Total scope 2 emissions have
increased from 23.5 tCO2e in FY21 to 36.0 tCO2e in FY22 but
they are still down on FY20’s pre-covid levels of 43.0 tCO2e.
(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:134)(cid:121)(cid:181)(cid:329)(cid:133)(cid:143)(cid:329)(cid:143)(cid:231)(cid:197)(cid:174)(cid:121)(cid:161)(cid:181)(cid:143)(cid:139)(cid:329)(cid:133)(cid:232)(cid:329)(cid:210)(cid:226)(cid:186)(cid:329)(cid:155)(cid:121)(cid:134)(cid:210)(cid:186)(cid:200)(cid:204)(cid:284)(cid:329)(cid:89)(cid:160)(cid:143)(cid:329)(cid:197)(cid:200)(cid:143)(cid:225)(cid:161)(cid:186)(cid:214)(cid:204)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)
(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:226)(cid:121)(cid:204)(cid:329)(cid:160)(cid:143)(cid:121)(cid:225)(cid:161)(cid:174)(cid:232)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:143)(cid:139)(cid:329)(cid:133)(cid:232)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:121)(cid:181)(cid:139)(cid:143)(cid:180)(cid:161)(cid:134)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:186)(cid:155)(cid:258)(cid:134)(cid:143)(cid:204)(cid:329)
saw much less footfall and therefore drew less electricity from
the grid which led to lower scope 2 emissions. As a result of us
(cid:180)(cid:186)(cid:225)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:226)(cid:121)(cid:232)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:156)(cid:121)(cid:204)(cid:329)(cid:160)(cid:143)(cid:121)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:161)(cid:181)(cid:329)(cid:186)(cid:155)(cid:258)(cid:134)(cid:143)(cid:204)(cid:285)(cid:329)(cid:143)(cid:174)(cid:143)(cid:134)(cid:210)(cid:200)(cid:161)(cid:134)(cid:161)(cid:210)(cid:232)(cid:329)(cid:180)(cid:214)(cid:204)(cid:210)(cid:329)(cid:133)(cid:143)(cid:329)
used to heat them instead, which in turn also increases scope
2 emissions. However, electricity is becoming increasingly
decarbonised and is much more manageable as a source of
sustainable energy than gas.
58 |
(cid:93)(cid:51)(cid:329)(cid:204)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:265)(cid:329)(cid:143)(cid:181)(cid:143)(cid:200)(cid:156)(cid:232)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)
(cid:200)(cid:143)(cid:181)(cid:143)(cid:226)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:174)(cid:161)(cid:143)(cid:200)(cid:204)
(cid:35)(cid:174)(cid:186)(cid:133)(cid:121)(cid:174)(cid:329)(cid:204)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:265)(cid:329)(cid:143)(cid:181)(cid:143)(cid:200)(cid:156)(cid:232)(cid:329)
(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:200)(cid:143)(cid:181)(cid:143)(cid:226)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:174)(cid:161)(cid:143)(cid:200)(cid:204)
18%
(cid:535)(cid:461)
82%
Renewable Energy suppliers
29%
(cid:610)(cid:461)
Other suppliers
71%
(cid:89)(cid:160)(cid:200)(cid:143)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:258)(cid:225)(cid:143)(cid:329)(cid:93)(cid:51)(cid:329)(cid:186)(cid:155)(cid:258)(cid:134)(cid:143)(cid:204)(cid:329)(cid:214)(cid:204)(cid:143)(cid:329)(cid:200)(cid:143)(cid:181)(cid:143)(cid:226)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:143)(cid:181)(cid:143)(cid:200)(cid:156)(cid:232)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:174)(cid:161)(cid:143)(cid:200)(cid:204)(cid:285)(cid:329)
meaning 82% of our UK electricity usage, and 29% of our global
usage, is from renewable energy suppliers. However, we report
the headline numbers using a location-based approach based
(cid:186)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:134)(cid:121)(cid:200)(cid:133)(cid:186)(cid:181)(cid:329)(cid:161)(cid:181)(cid:210)(cid:143)(cid:181)(cid:204)(cid:161)(cid:210)(cid:232)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:143)(cid:174)(cid:143)(cid:134)(cid:210)(cid:200)(cid:161)(cid:134)(cid:161)(cid:210)(cid:232)(cid:329)(cid:156)(cid:200)(cid:161)(cid:139)(cid:329)(cid:226)(cid:160)(cid:143)(cid:200)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:186)(cid:155)(cid:258)(cid:134)(cid:143)(cid:329)
is located.
Total Scope 1 and 2 emissions (39.9 tCO2e) are up on the
(cid:197)(cid:200)(cid:143)(cid:225)(cid:161)(cid:186)(cid:214)(cid:204)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:300)(cid:265)(cid:272)(cid:284)(cid:272)(cid:329)(cid:210)(cid:14)(cid:65)(cid:265)(cid:143)(cid:301)(cid:329)(cid:133)(cid:214)(cid:210)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:204)(cid:210)(cid:161)(cid:174)(cid:174)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:174)(cid:232)(cid:329)(cid:174)(cid:186)(cid:226)(cid:143)(cid:200)(cid:329)(cid:210)(cid:160)(cid:121)(cid:181)(cid:329)
pre-covid FY20 (47.4 tCO2e) numbers despite the large growth
of the company’s revenue and an 86% increase in FTEs over the
past 2 years.
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:266)(cid:329)(cid:306)(cid:329)(cid:197)(cid:214)(cid:200)(cid:134)(cid:160)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:156)(cid:186)(cid:186)(cid:139)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:204)(cid:143)(cid:200)(cid:225)(cid:161)(cid:134)(cid:143)(cid:204)
Purchased goods and services remain the large bulk of our
total emissions. They account for 86% of our total emissions. A
steady growth in absolute emissions is due to the growth of the
business. The 41% increase in purchased goods and services
emissions from 1,662 tCO2e to 2,345 tCO2e is smaller than the
(cid:938)
(cid:461)
(cid:463)
(cid:5056)
(cid:461)
(cid:463)
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:1)(cid:225)(cid:143)(cid:200)(cid:121)(cid:156)(cid:143)(cid:329)(cid:143)(cid:180)(cid:161)(cid:204)(cid:204)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:121)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:161)(cid:181)(cid:156)(cid:329)(cid:139)(cid:121)(cid:232)(cid:329)
(cid:197)(cid:143)(cid:200)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:329)(cid:300)(cid:172)(cid:156)(cid:14)(cid:65)(cid:265)(cid:143)(cid:301)
Remote Working:
(cid:265)(cid:284)(cid:263)(cid:269)
(cid:65)(cid:155)(cid:258)(cid:134)(cid:143)(cid:329)(cid:105)(cid:186)(cid:200)(cid:172)(cid:161)(cid:181)(cid:156)(cid:286)(cid:329)
(cid:267)(cid:284)(cid:269)(cid:263)
58% increase in revenue over the same period, and although
we are working to decrease the annual growth in purchased
goods and services emissions we can see the continuation of
the decoupling of economic growth and increase in carbon
emissions. We are also beginning to ask suppliers directly for
their real emissions data and taking a longer-term view on
decarbonising our supply chain. By moving away from being
heavily dependent on spend-based estimates, we can directly
compare suppliers in the same industry and make sensible
procurement decisions for the good of the planet.
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:266)(cid:329)(cid:306)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:300)(cid:121)(cid:181)(cid:139)(cid:329)(cid:200)(cid:143)(cid:180)(cid:186)(cid:210)(cid:143)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:161)(cid:181)(cid:156)(cid:301)
Employee commuting emissions also include emissions
associated with remote working. As part of our methodology
this year we have decided to count contractors working on
behalf of TPXimpact as employees for emissions purposes. In
previous years they had been listed as suppliers in purchased
goods and services and assigned a spend-based emissions
factor which did not give a representative amount of emissions
per contractor. This year we counted their home working and
commuting emissions as if they were employees. The total
commuting/homeworking emissions this year is 286 tCO2e, a
(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:161)(cid:181)(cid:134)(cid:200)(cid:143)(cid:121)(cid:204)(cid:143)(cid:329)(cid:186)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:264)(cid:271)(cid:263)(cid:329)(cid:210)(cid:14)(cid:65)(cid:265)(cid:143)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:200)(cid:143)(cid:225)(cid:161)(cid:186)(cid:214)(cid:204)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:284)(cid:329)
There are three factors explaining this:
•
•
•
the inclusion of contractor’s emissions
the growth in the number of FTEs (22%)
a 59% increase in employee commuting from the previous
year which was heavily affected by the pandemic.
In FY21 the average commuting/remote working emissions per
employee was 0.45 v 0.41 tCO2e in FY20. This slight increase
is mainly due to more commuting taking place as more
(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:204)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:186)(cid:155)(cid:258)(cid:134)(cid:143)(cid:329)(cid:155)(cid:186)(cid:174)(cid:174)(cid:186)(cid:226)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:174)(cid:121)(cid:200)(cid:156)(cid:143)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:204)(cid:329)
(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:121)(cid:181)(cid:139)(cid:143)(cid:180)(cid:161)(cid:134)(cid:329)(cid:186)(cid:181)(cid:329)(cid:34)(cid:111)(cid:265)(cid:264)(cid:284)(cid:329)(cid:14)(cid:186)(cid:180)(cid:180)(cid:214)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:186)(cid:155)(cid:258)(cid:134)(cid:143)(cid:329)(cid:161)(cid:204)(cid:329)(cid:180)(cid:186)(cid:200)(cid:143)(cid:329)
intensive than working from home in most cases so it increases
the amount of emissions per employee for FY22.
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:266)(cid:329)(cid:306)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:329)(cid:210)(cid:200)(cid:121)(cid:225)(cid:143)(cid:174)
Business travel has increased from 11 tCO2e in FY21 to 64 tCO2e
(cid:161)(cid:181)(cid:329)(cid:34)(cid:111)(cid:265)(cid:265)(cid:284)(cid:329)(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:161)(cid:204)(cid:329)(cid:204)(cid:210)(cid:161)(cid:174)(cid:174)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:174)(cid:232)(cid:329)(cid:174)(cid:186)(cid:226)(cid:143)(cid:200)(cid:329)(cid:210)(cid:160)(cid:121)(cid:181)(cid:329)(cid:197)(cid:200)(cid:143)(cid:306)(cid:14)(cid:186)(cid:225)(cid:161)(cid:139)(cid:306)(cid:264)(cid:272)(cid:329)(cid:174)(cid:143)(cid:225)(cid:143)(cid:174)(cid:204)(cid:329)
of 185 tCO2e in FY20. The increase from the previous year is
due to the return of regular business travel following the easing
of restrictions. Despite large growth in the business we have
still reduced business travel emissions from 2 years ago and
are attempting to keep them as low as possible by changing
the way we work. Teleworking and videoconferencing is always
the priority, and if employees must travel then they are urged
(cid:210)(cid:186)(cid:329)(cid:214)(cid:204)(cid:143)(cid:329)(cid:197)(cid:214)(cid:133)(cid:174)(cid:161)(cid:134)(cid:329)(cid:210)(cid:200)(cid:121)(cid:181)(cid:204)(cid:197)(cid:186)(cid:200)(cid:210)(cid:284)(cid:329)(cid:105)(cid:143)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:121)(cid:210)(cid:210)(cid:143)(cid:180)(cid:197)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:186)(cid:329)(cid:200)(cid:143)(cid:139)(cid:214)(cid:134)(cid:143)(cid:329)(cid:259)(cid:161)(cid:156)(cid:160)(cid:210)(cid:204)(cid:329)(cid:121)(cid:204)(cid:329)
much as possible and they should only be taken in business
critical situations.
(cid:83)(cid:214)(cid:180)(cid:180)(cid:121)(cid:200)(cid:232)
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:264)
0.14%
(cid:83)(cid:134)(cid:186)(cid:197)(cid:143)(cid:329)(cid:265)
1.31%
Scope 3
98.55%
Overall our emissions have increased by 43% compared
to a 58% increase in revenue. Scope 3 still remains the
overwhelming majority of our emissions which is to be
expected for a largely remote professional services business.
The vast majority of scope 3 emissions come from the
purchased goods and services category. Within this category
the most common supplier types are IT, consultancy and
(cid:200)(cid:143)(cid:134)(cid:200)(cid:214)(cid:161)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:258)(cid:200)(cid:180)(cid:204)(cid:284)(cid:329)(cid:1)(cid:174)(cid:210)(cid:160)(cid:186)(cid:214)(cid:156)(cid:160)(cid:329)(cid:226)(cid:143)(cid:329)(cid:133)(cid:143)(cid:156)(cid:121)(cid:181)(cid:329)(cid:210)(cid:186)(cid:329)(cid:121)(cid:139)(cid:171)(cid:214)(cid:204)(cid:210)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:143)(cid:204)(cid:210)(cid:161)(cid:180)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)
of contractors emissions this year, we believe many more
suppliers within those categories are also contractors. Going
TPXimpact Holdings Plc | 59
ESG report
Planet continued
forward we will be looking to reclassify more suppliers as
employees if the activity is only that of a contractor working on
behalf of TPXimpact so we can continue to make our emissions
estimates more accurate.
Our economic intensity dropped for another consecutive year
going from 37.32 to 34.28 tCO2e/£1m revenue, a drop of 8%.
The decoupling of economic growth with carbon emissions is
a key goal for us, and we will be looking to repeat this decrease
in future years to bring our economic intensity down to levels
(cid:121)(cid:174)(cid:161)(cid:156)(cid:181)(cid:161)(cid:181)(cid:156)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:264)(cid:284)(cid:268)(cid:407)(cid:14)(cid:329)(cid:76)(cid:121)(cid:200)(cid:161)(cid:204)(cid:329)(cid:1)(cid:156)(cid:200)(cid:143)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:204)(cid:134)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:133)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:210)(cid:121)(cid:200)(cid:156)(cid:143)(cid:210)(cid:284)(cid:329)
Ecological impact
As a digital native professional service company, we don’t
manufacture or sell physical products that negatively impact
nature, land use, ecological sensitivity, freshwater availability
or water consumption. However, we accept that in order
to operate we need buildings and infrastructure, which will
negatively impact those things.
We therefore donate time and money to organisations who
are tackling the ecological emergency to try to ensure that we
are having a positive impact. We have continued to support
Rewilding Britain this year, contributing towards many different
direct rewilding projects as well as research, education and
(cid:197)(cid:186)(cid:174)(cid:161)(cid:134)(cid:232)(cid:329)(cid:161)(cid:181)(cid:259)(cid:214)(cid:143)(cid:181)(cid:134)(cid:161)(cid:181)(cid:156)(cid:284)(cid:329)
(cid:65)(cid:214)(cid:200)(cid:329)(cid:186)(cid:155)(cid:155)(cid:204)(cid:143)(cid:210)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:197)(cid:197)(cid:200)(cid:186)(cid:121)(cid:134)(cid:160)
We have continued to offset our annual emissions using Verra
(cid:225)(cid:143)(cid:200)(cid:161)(cid:258)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:171)(cid:143)(cid:134)(cid:210)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:186)(cid:155)(cid:155)(cid:204)(cid:143)(cid:210)(cid:329)(cid:265)(cid:285)(cid:270)(cid:267)(cid:265)(cid:329)(cid:210)(cid:186)(cid:181)(cid:181)(cid:143)(cid:204)(cid:285)(cid:329)(cid:143)(cid:199)(cid:214)(cid:161)(cid:225)(cid:121)(cid:174)(cid:143)(cid:181)(cid:210)(cid:329)(cid:210)(cid:186)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:210)(cid:186)(cid:210)(cid:121)(cid:174)(cid:329)
emissions. This year we will settle our historic footprint offset
bill, taking into account all acquired businesses from the date
of incorporation, not the date of acquisition.
Collective action
There are approximately 29 million payrolled employees within
the UK. We believe that there is a huge amount of collective
power that could be leveraged if employers properly encourage
and incentivise climate action and behaviour change amongst
their workforce.
We don’t think that businesses should expect employees
to carry the burden of solving the climate and ecological
emergencies on their own. Therefore, we have been delivering
the following initiatives to facilitate positive environmental
impact through the power of our employees:
• Our (cid:65)(cid:134)(cid:210)(cid:186)(cid:197)(cid:214)(cid:204)(cid:329)(cid:23)(cid:174)(cid:143)(cid:134)(cid:210)(cid:200)(cid:161)(cid:134)(cid:329)(cid:104)(cid:143)(cid:160)(cid:161)(cid:134)(cid:174)(cid:143)(cid:329)(cid:300)(cid:23)(cid:104)(cid:301)(cid:329)(cid:174)(cid:143)(cid:121)(cid:204)(cid:161)(cid:181)(cid:156)(cid:329)(cid:204)(cid:134)(cid:160)(cid:143)(cid:180)(cid:143) opens
up the possibility of EV ownership to a wider range of
(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:329)(cid:210)(cid:160)(cid:200)(cid:186)(cid:214)(cid:156)(cid:160)(cid:329)(cid:121)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:143)(cid:155)(cid:258)(cid:134)(cid:161)(cid:143)(cid:181)(cid:210)(cid:329)(cid:204)(cid:121)(cid:174)(cid:121)(cid:200)(cid:232)(cid:329)(cid:204)(cid:121)(cid:134)(cid:200)(cid:161)(cid:258)(cid:134)(cid:143)(cid:329)(cid:204)(cid:134)(cid:160)(cid:143)(cid:180)(cid:143)(cid:284)(cid:329)(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)
year, 12 people signed up. Given that lifetime emissions
from an EV is over two thirds lower than a vehicle with a
combustion engine, these 12 cars are contributing to the
decarbonisation of the transport industry.
• Our (cid:14)(cid:232)(cid:134)(cid:174)(cid:143)(cid:329)(cid:83)(cid:134)(cid:160)(cid:143)(cid:180)(cid:143) remains well used with an upper limit
(cid:186)(cid:155)(cid:329)(cid:339)(cid:264)(cid:263)(cid:285)(cid:263)(cid:263)(cid:263)(cid:329)(cid:197)(cid:143)(cid:200)(cid:329)(cid:197)(cid:143)(cid:200)(cid:204)(cid:186)(cid:181)(cid:284)(cid:329)(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:285)(cid:329)(cid:264)(cid:263)(cid:329)(cid:180)(cid:186)(cid:200)(cid:143)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:329)(cid:329)
have made use of the scheme helping to decarbonise
employee travel.
• We launched a dedicated (cid:76)(cid:174)(cid:121)(cid:181)(cid:143)(cid:210)(cid:329)(cid:23)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:329)(cid:79)(cid:143)(cid:204)(cid:186)(cid:214)(cid:200)(cid:134)(cid:143)(cid:329)
Group (ERG) as a community for climate activists to
advocate on behalf of the planet. The ERG rolled out its
(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:134)(cid:121)(cid:180)(cid:197)(cid:121)(cid:161)(cid:156)(cid:181)(cid:285)(cid:329)(cid:210)(cid:121)(cid:172)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:204)(cid:214)(cid:133)(cid:171)(cid:143)(cid:134)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:155)(cid:121)(cid:204)(cid:160)(cid:161)(cid:186)(cid:181)(cid:284)(cid:329)(cid:89)(cid:161)(cid:197)(cid:204)(cid:329)(cid:226)(cid:143)(cid:200)(cid:143)(cid:329)
shared around how to reduce the impact of your wardrobe
on the planet, culminating in a clothes swap in one of our
London hubs.
60 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
• We organised a (cid:197)(cid:174)(cid:121)(cid:181)(cid:143)(cid:210)(cid:329)(cid:197)(cid:160)(cid:161)(cid:174)(cid:121)(cid:181)(cid:210)(cid:160)(cid:200)(cid:186)(cid:197)(cid:232)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:204)(cid:160)(cid:186)(cid:197) with
Some examples of work from this year;
Impatience Earth attended by over 100 employees. This
helped highlight the importance of donating money
(cid:210)(cid:186)(cid:329)(cid:186)(cid:200)(cid:156)(cid:121)(cid:181)(cid:161)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:204)(cid:197)(cid:143)(cid:134)(cid:161)(cid:258)(cid:134)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)(cid:160)(cid:143)(cid:174)(cid:197)(cid:161)(cid:181)(cid:156)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:121)(cid:174)(cid:174)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)
aspects related to climate and ecological emergencies.
This resulted in £13,000 donated to planet related
organisations such as Rewilding Britain, WWF, Sheldrick
Wildlife Trust and Wiltshire Wildlife Trust.
• Over 140 (cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)(cid:329)(cid:121)(cid:134)(cid:210)(cid:161)(cid:186)(cid:181) hours (14% of the total) were
donated to planet related projects or organisations this
year including lake and river clean ups, preparing logs and
planting trees in Vitosha mountain.
• We have continued to encourage the use of Ecosia
throughout our business as a search engine and have
our own dedicated sign up link to track the number of
trees planted as a result of the actions of our employees.
As of the end of FY2022, 67,236 searches by TPXimpact
(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:204)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:143)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:174)(cid:121)(cid:181)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:155)(cid:329)(cid:264)(cid:285)(cid:265)(cid:264)(cid:265)(cid:329)(cid:210)(cid:200)(cid:143)(cid:143)(cid:204)(cid:284)
(cid:14)(cid:174)(cid:161)(cid:143)(cid:181)(cid:210)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:40)(cid:181)(cid:139)(cid:214)(cid:204)(cid:210)(cid:200)(cid:232)
(cid:76)(cid:174)(cid:121)(cid:181)(cid:143)(cid:210)(cid:329)(cid:155)(cid:186)(cid:134)(cid:214)(cid:204)(cid:143)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:171)(cid:143)(cid:134)(cid:210)(cid:204)
We are growing our portfolio of planet focused client projects
both in terms of revenue and impact.
•
Client work with a direct planet focus and work for
(cid:186)(cid:200)(cid:156)(cid:121)(cid:181)(cid:161)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:204)(cid:197)(cid:143)(cid:134)(cid:161)(cid:258)(cid:134)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)(cid:160)(cid:143)(cid:174)(cid:197)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:174)(cid:121)(cid:181)(cid:143)(cid:210)(cid:285)(cid:329)(cid:180)(cid:121)(cid:139)(cid:143)(cid:329)(cid:214)(cid:197)(cid:329)(cid:264)(cid:366)(cid:329)(cid:186)(cid:155)(cid:329)
our overall revenue this year and our total income from this
(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:160)(cid:121)(cid:204)(cid:329)(cid:161)(cid:181)(cid:134)(cid:200)(cid:143)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:133)(cid:232)(cid:329)(cid:268)(cid:263)(cid:366)(cid:329)(cid:204)(cid:161)(cid:181)(cid:134)(cid:143)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:265)(cid:263)(cid:297)(cid:265)(cid:264)(cid:284)(cid:329)(cid:89)(cid:160)(cid:143)(cid:329)
(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:160)(cid:121)(cid:204)(cid:329)(cid:121)(cid:174)(cid:204)(cid:186)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:174)(cid:232)(cid:329)(cid:161)(cid:181)(cid:134)(cid:200)(cid:143)(cid:121)(cid:204)(cid:143)(cid:139)(cid:284)(cid:329)(cid:105)(cid:143)(cid:316)(cid:200)(cid:143)(cid:329)
involved directly with the research, recommendations and
implementations that will help our clients address the climate
and ecological emergencies. We intend to increase the
percentage of our revenue that comes from planet focused
projects and clients this year and improve our reputation as
the go-to professional services company for clients concerned
about their environmental impact.
• We have concluded our work with Innovate UK and
(cid:23)(cid:180)(cid:143)(cid:200)(cid:156)(cid:143)(cid:181)(cid:210)(cid:329)(cid:23)(cid:181)(cid:143)(cid:200)(cid:156)(cid:232) which helped identify previously
unknown insights into smart local energy systems,
from the perspective of local authorities, landlords and
residents. Particularly pertinent was the work to design the
future customer experience journey with layers of support
to help residents manage their budget and household
energy use.
• We worked with Open Innovations Leeds on a project
sponsored by (cid:14)(cid:186)(cid:181)(cid:181)(cid:143)(cid:134)(cid:210)(cid:143)(cid:139)(cid:329)(cid:76)(cid:174)(cid:121)(cid:134)(cid:143)(cid:204)(cid:329)(cid:14)(cid:121)(cid:210)(cid:121)(cid:197)(cid:214)(cid:174)(cid:210)(cid:329)(cid:300)(cid:14)(cid:76)(cid:14)(cid:301), the UK’s
innovation accelerator for cities, transport, and places. We
designed prototypes showing how data and technology
can promote collaboration, enable coordination and
(cid:214)(cid:181)(cid:174)(cid:186)(cid:134)(cid:172)(cid:329)(cid:181)(cid:143)(cid:210)(cid:329)(cid:238)(cid:143)(cid:200)(cid:186)(cid:329)(cid:121)(cid:134)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:161)(cid:181)(cid:329)(cid:200)(cid:143)(cid:156)(cid:121)(cid:200)(cid:139)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:200)(cid:143)(cid:210)(cid:200)(cid:186)(cid:258)(cid:210)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:160)(cid:186)(cid:180)(cid:143)(cid:204)(cid:329)
and bulk EV charging points. The bulk EV charging points
(cid:139)(cid:121)(cid:210)(cid:121)(cid:329)(cid:210)(cid:186)(cid:186)(cid:174)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:143)(cid:204)(cid:210)(cid:329)(cid:174)(cid:186)(cid:134)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:200)(cid:186)(cid:174)(cid:174)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:214)(cid:210)(cid:329)(cid:133)(cid:214)(cid:174)(cid:172)(cid:329)
(cid:134)(cid:160)(cid:121)(cid:200)(cid:156)(cid:161)(cid:181)(cid:156)(cid:329)(cid:161)(cid:181)(cid:155)(cid:200)(cid:121)(cid:204)(cid:210)(cid:200)(cid:214)(cid:134)(cid:210)(cid:214)(cid:200)(cid:143)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:259)(cid:143)(cid:143)(cid:210)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:225)(cid:143)(cid:160)(cid:161)(cid:134)(cid:174)(cid:143)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:161)(cid:204)(cid:329)(cid:160)(cid:143)(cid:174)(cid:197)(cid:161)(cid:181)(cid:156)(cid:329)
(cid:197)(cid:174)(cid:121)(cid:181)(cid:181)(cid:143)(cid:200)(cid:204)(cid:329)(cid:204)(cid:143)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:134)(cid:186)(cid:174)(cid:174)(cid:143)(cid:134)(cid:210)(cid:161)(cid:225)(cid:143)(cid:174)(cid:232)(cid:329)(cid:134)(cid:186)(cid:181)(cid:204)(cid:161)(cid:139)(cid:143)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:139)(cid:121)(cid:210)(cid:121)(cid:329)
from local authorities, the energy sector and net zero
commitments.
For NHS Digital, we analysed the rapidly growing
digital sustainability market. The digital industry is now
responsible for more emissions than the airline industry,
(cid:226)(cid:160)(cid:161)(cid:134)(cid:160)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:60)(cid:39)(cid:83)(cid:329)(cid:19)(cid:161)(cid:156)(cid:161)(cid:210)(cid:121)(cid:174)(cid:329)(cid:161)(cid:204)(cid:329)(cid:121)(cid:329)(cid:225)(cid:143)(cid:200)(cid:232)(cid:329)(cid:161)(cid:180)(cid:197)(cid:186)(cid:200)(cid:210)(cid:121)(cid:181)(cid:210)(cid:329)(cid:161)(cid:204)(cid:204)(cid:214)(cid:143)(cid:284)(cid:329)(cid:105)(cid:143)(cid:329)(cid:139)(cid:143)(cid:258)(cid:181)(cid:143)(cid:139)(cid:329)
the culture, approach and tooling needed to make the
planet a stakeholder and sustainability a non-functional
requirement throughout the delivery of their digital estate.
Having been given a BIMA 10 Award for our groundbreaking
work with reducing the emissions from The Climate Group
website, this is an area we will continue to lead on.
TPXimpact Holdings Plc | 61
ESG report
Planet continued
• Wild Ingleborough is a partnership project partnership
between (cid:111)(cid:186)(cid:200)(cid:172)(cid:204)(cid:160)(cid:161)(cid:200)(cid:143)(cid:329)(cid:105)(cid:161)(cid:174)(cid:139)(cid:174)(cid:161)(cid:155)(cid:143)(cid:329)(cid:89)(cid:200)(cid:214)(cid:204)(cid:210)(cid:285)(cid:329)(cid:105)(cid:105)(cid:34)(cid:306)(cid:93)(cid:51)(cid:285)(cid:329)(cid:60)(cid:121)(cid:210)(cid:214)(cid:200)(cid:121)(cid:174)(cid:329)
(cid:23)(cid:181)(cid:156)(cid:174)(cid:121)(cid:181)(cid:139)(cid:285)(cid:329)(cid:89)(cid:160)(cid:143)(cid:329)(cid:93)(cid:181)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:161)(cid:210)(cid:232)(cid:329)(cid:186)(cid:155)(cid:329)(cid:53)(cid:143)(cid:143)(cid:139)(cid:204)(cid:285)(cid:329)(cid:93)(cid:181)(cid:161)(cid:210)(cid:143)(cid:139)(cid:329)(cid:13)(cid:121)(cid:181)(cid:172)(cid:329)(cid:186)(cid:155)(cid:329)(cid:14)(cid:121)(cid:200)(cid:133)(cid:186)(cid:181)(cid:329)
and The Woodland Trust. It is an ambitious, landscape-
scale project working with the community to bring about
nature’s recovery in an area of the Yorkshire Dales. We
enabled local people to help develop a community vision
and co-design the project ensuring Wild Ingleborough
(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:139)(cid:143)(cid:204)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:174)(cid:186)(cid:134)(cid:121)(cid:174)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:285)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
businesses, whilst welcoming more diverse groups of
visitors to enjoy the area.
•
In partnership with (cid:51)(cid:181)(cid:186)(cid:226)(cid:174)(cid:143)(cid:139)(cid:156)(cid:143)(cid:329)(cid:60)(cid:143)(cid:210)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:186)(cid:181)(cid:329)(cid:14)(cid:174)(cid:161)(cid:180)(cid:121)(cid:210)(cid:143)(cid:329)
(cid:1)(cid:204)(cid:204)(cid:143)(cid:180)(cid:133)(cid:174)(cid:161)(cid:143)(cid:204) (cid:300)(cid:51)(cid:60)(cid:65)(cid:14)(cid:1)(cid:301) we have developed practical
(cid:156)(cid:214)(cid:161)(cid:139)(cid:121)(cid:181)(cid:134)(cid:143)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:197)(cid:186)(cid:174)(cid:161)(cid:134)(cid:232)(cid:329)(cid:186)(cid:155)(cid:258)(cid:134)(cid:161)(cid:121)(cid:174)(cid:204)(cid:329)(cid:226)(cid:160)(cid:186)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:186)(cid:200)(cid:156)(cid:121)(cid:181)(cid:161)(cid:204)(cid:161)(cid:181)(cid:156)(cid:329)(cid:134)(cid:174)(cid:161)(cid:180)(cid:121)(cid:210)(cid:143)(cid:329)
assemblies. The focus is on ensuring the process results in
positive policy changes, with guidance across how to set
up, facilitate and action an effective climate assembly.
(cid:40)(cid:181)(cid:139)(cid:214)(cid:204)(cid:210)(cid:200)(cid:232)(cid:329)(cid:134)(cid:186)(cid:174)(cid:174)(cid:121)(cid:133)(cid:186)(cid:200)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)
As for our wider industry, we’re playing leading roles at the BIMA
Sustainability Council and the Sustainable Digital Infrastructure
Alliance (SDIA). The BIMA Sustainability Council is helping
BIMA member organisations (UK based advertising, digital
and technology agencies) measure, understand and reduce
their carbon footprint as well as understand and take action
on the emissions caused by the digital products they build.
We’re actively partnering with the SDIA to release a tool that
will measure the emissions caused by software running in
data centres.
The student-led research projects we set for groups of Masters
students at Loughborough University London highlighted that
the impact on the planet caused by the digital industry is not
taught in university education. This is especially worrying given
62 |
the subjects being studied by the people taking part in the
research were engineering, marketing and general business.
These are our next generation of leaders, coming into the
world of work with no appreciation of how to discuss, measure
or reduce the carbon footprint of the digital industry. In the
summer and autumn of 2022 we will be working with a Masters
student who will focus her dissertation on this problem.
(cid:105)(cid:160)(cid:121)(cid:210)(cid:316)(cid:204)(cid:329)(cid:181)(cid:143)(cid:231)(cid:210)(cid:291)
•
(cid:83)(cid:134)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:133)(cid:121)(cid:204)(cid:143)(cid:139)(cid:329)(cid:210)(cid:121)(cid:200)(cid:156)(cid:143)(cid:210)(cid:204)(cid:329)(cid:306)(cid:329)We will be committing to setting
short and long-term Science Based Targets to align with
the Science Based Targets Initiative Net-Zero Standard.
Therefore, we will be committing to:
•
•
•
An absolute reduction in our Scope 1 emissions
Using 100% renewable electricity
Reducing the economic intensity of our scope 3
emissions
•
•
(cid:60)(cid:143)(cid:226)(cid:329)(cid:155)(cid:214)(cid:181)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:180)(cid:186)(cid:139)(cid:143)(cid:174)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:197)(cid:174)(cid:121)(cid:181)(cid:143)(cid:210)(cid:329)(cid:204)(cid:210)(cid:200)(cid:121)(cid:210)(cid:143)(cid:156)(cid:232)(cid:329)(cid:306) To ensure
that our investment in measuring, reducing and offsetting
our impact on the planet keeps pace with our commercial
(cid:156)(cid:200)(cid:186)(cid:226)(cid:210)(cid:160)(cid:285)(cid:329)(cid:226)(cid:143)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)(cid:133)(cid:143)(cid:329)(cid:200)(cid:161)(cid:181)(cid:156)(cid:155)(cid:143)(cid:181)(cid:134)(cid:161)(cid:181)(cid:156)(cid:329)(cid:263)(cid:284)(cid:268)(cid:366)(cid:329)(cid:186)(cid:155)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:197)(cid:200)(cid:143)(cid:306)(cid:210)(cid:121)(cid:231)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:204)(cid:329)
each year going forwards.
(cid:39)(cid:161)(cid:204)(cid:210)(cid:186)(cid:200)(cid:161)(cid:134)(cid:121)(cid:174)(cid:329)(cid:143)(cid:180)(cid:161)(cid:204)(cid:204)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:186)(cid:155)(cid:155)(cid:204)(cid:143)(cid:210)(cid:329)(cid:306) In our FY2021 annual report,
we committed to offset all of the historical scope 1, 2 and
3 emissions of the various companies that came together
to form TPXimpact. Given recent acquisitions, we now have
more historical emissions to offset. We have done
the calculations and our offsets will be purchased later
in 2022. Emissions are a debt to the planet that we will
pay back.
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
STRATEGIC REPORT
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
TPXimpact Holdings Plc | 63
TPXimpact Holdings Plc | 63
TPXimpact | 63
ESG report
Community
(cid:14)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)
Equipping our communities with
future-proof skills
We have kickstarted over one
thousand careers, investing
both our time and money in
activities which are equipping
our communities with the skills
they need to contribute to,
(cid:121)(cid:181)(cid:139)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:285)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:155)(cid:186)(cid:214)(cid:200)(cid:210)(cid:160)(cid:329)
industrial revolution.
We believe that everyone should have
equal opportunities to participate
in the world that we’re helping to
create. The tech sector is growing
at an exciting pace and we need
to make sure that we are making
opportunities accessible to talent from
all backgrounds. That is why we donate
(cid:264)(cid:366)(cid:329)(cid:186)(cid:155)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:210)(cid:161)(cid:180)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:264)(cid:366)(cid:329)(cid:186)(cid:155)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)
invest in our local communities.
64 |
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:14)(cid:39)(cid:1)(cid:79)(cid:40)(cid:89)(cid:40)(cid:23)(cid:83)(cid:329)(cid:83)(cid:93)(cid:76)(cid:76)(cid:65)(cid:79)(cid:89)(cid:23)(cid:19)
(cid:264)(cid:264)(cid:267) charities
(cid:268)(cid:263)
(cid:265)(cid:263)(cid:265)(cid:264)
SKILLS
(cid:269)(cid:271)(cid:269) careers
kickstarted with future-proof skills
(cid:264)(cid:285)(cid:265)(cid:271)(cid:271)
(cid:265)(cid:263)(cid:265)(cid:263)
(cid:265)(cid:263)(cid:265)(cid:265)
(cid:269)(cid:263)(cid:264)
(cid:265)(cid:263)(cid:265)(cid:264)
(cid:39)(cid:65)(cid:93)(cid:79)(cid:83)(cid:329)(cid:19)(cid:65)(cid:60)(cid:1)(cid:89)(cid:23)(cid:19)
(cid:264)(cid:285)(cid:272)(cid:270)(cid:263) hours
donated to community action this year
(cid:34)(cid:93)(cid:89)(cid:93)(cid:79)(cid:23)(cid:329)(cid:53)(cid:23)(cid:1)(cid:19)(cid:23)(cid:79)(cid:83)(cid:329)(cid:76)(cid:79)(cid:65)(cid:35)(cid:79)(cid:1)(cid:59)(cid:59)(cid:23)
(cid:264)(cid:263) entrepreneurs
supported through our Future Leaders programme
TPXimpact Holdings Plc | 65
ESG report
Community continued
(cid:14)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)(cid:329)(cid:161)(cid:181)(cid:225)(cid:143)(cid:204)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)
Our philanthropic giving keeps pace with our commercial growth
through our 1% pledge.
This year, we donated £59,368 to charities through our
community investment and employee-led giving programmes.
We understand that a large part of the value that we can offer to
(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:134)(cid:161)(cid:121)(cid:200)(cid:161)(cid:143)(cid:204)(cid:329)(cid:134)(cid:186)(cid:180)(cid:143)(cid:204)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:143)(cid:231)(cid:197)(cid:143)(cid:200)(cid:210)(cid:161)(cid:204)(cid:143)(cid:285)(cid:329)(cid:204)(cid:143)(cid:200)(cid:225)(cid:161)(cid:134)(cid:143)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:161)(cid:180)(cid:143)(cid:285)(cid:329)(cid:226)(cid:160)(cid:161)(cid:134)(cid:160)(cid:329)
is why we try to leverage all of our investments with additional
(cid:181)(cid:186)(cid:181)(cid:306)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:284)(cid:329)(cid:89)(cid:160)(cid:161)(cid:204)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:329)(cid:226)(cid:143)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:197)(cid:200)(cid:186)(cid:214)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:143)(cid:139)(cid:329)
114 charities. Our key community investment partnerships year
include;
(cid:1)(cid:139)(cid:121)(cid:329)(cid:14)(cid:186)(cid:174)(cid:174)(cid:143)(cid:156)(cid:143)(cid:329)(cid:306) This year we ran not one but two Future Leaders
programmes in partnership with ADA College, supporting
10 digital entrepreneurs from underrepresented backgrounds.
You can read more about Future Leaders on page 68.
(cid:1)(cid:200)(cid:172)(cid:226)(cid:200)(cid:161)(cid:156)(cid:160)(cid:210)(cid:329)(cid:83)(cid:134)(cid:160)(cid:186)(cid:174)(cid:121)(cid:200)(cid:204)(cid:329)(cid:306) We continued our partnership with
Arkwright Scholars to sponsor diverse students looking to get into
engineering. We currently fund two scholarships and complement
the grants with work experience and mentoring.
(cid:40)(cid:181)(cid:265)(cid:83)(cid:134)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:306)(cid:329)(cid:105)(cid:143)(cid:329)(cid:204)(cid:197)(cid:186)(cid:181)(cid:204)(cid:186)(cid:200)(cid:143)(cid:139)(cid:329)(cid:40)(cid:181)(cid:265)(cid:83)(cid:134)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:210)(cid:161)(cid:180)(cid:143)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:284)(cid:329)
They work to promote social mobility and diversity in science,
(cid:210)(cid:143)(cid:134)(cid:160)(cid:181)(cid:186)(cid:174)(cid:186)(cid:156)(cid:232)(cid:285)(cid:329)(cid:143)(cid:181)(cid:156)(cid:161)(cid:181)(cid:143)(cid:143)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:180)(cid:121)(cid:210)(cid:160)(cid:204)(cid:284)(cid:329)(cid:83)(cid:197)(cid:143)(cid:134)(cid:161)(cid:258)(cid:134)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)(cid:226)(cid:143)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:143)(cid:139)(cid:329)(cid:121)(cid:329)
cohort of students through a work experience programme in the
summer and hosted a Robotic Process Automation workshop that
was attended and viewed by over 200 young people.
(cid:89)(cid:143)(cid:174)(cid:143)(cid:200)(cid:161)(cid:172)(cid:329)(cid:83)(cid:134)(cid:160)(cid:186)(cid:186)(cid:174)(cid:329)(cid:1)(cid:134)(cid:121)(cid:139)(cid:143)(cid:180)(cid:232)(cid:329)(cid:306) Telerik School Academy is the
largest free IT education initiative for children in Bulgaria. We
are delighted to have sponsored the educational activities for
1 academy for the 2021/2022 school year and supported the
digital education of more than 20 children in the small town
of Montana.
66 |
We have supported
(cid:264)(cid:263)(cid:329)(cid:19)igital
entrepreneurs
from underrepresented
backgrounds
We have donated
(cid:339)(cid:268)(cid:272)(cid:285)(cid:266)(cid:269)(cid:271)
to charity this year
Sponsored the Digital
Education of
(cid:265)(cid:263)(cid:329)(cid:14)hildren
in the small town of
Montana
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:14)(cid:121)(cid:200)(cid:143)(cid:143)(cid:200)(cid:204)(cid:329)(cid:51)(cid:161)(cid:134)(cid:172)(cid:204)(cid:210)(cid:121)(cid:200)(cid:210)(cid:143)(cid:139)
Some companies excuse poor diversity on a lack of
representation in the wider market. We don’t. We recognise and
embrace our responsibility to help diversify talent pipelines
much earlier on. That is why we are committed to kickstarting
5,000 digital careers by 2025. We do this through a range of
interventions that focus on both scale and depth of impact;
from long-term transformative programmes to light-touch
educational events that might just inspire somebody to get
started in STEM. Our programme of activities touches young
people between the ages of 11 to 30 and we break them down
into Inspire, Upskill, Experience and Accelerate.
This year, we kick-started 686 careers, taking our total
(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:134)(cid:161)(cid:121)(cid:200)(cid:161)(cid:143)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:139)(cid:121)(cid:210)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:264)(cid:285)(cid:265)(cid:271)(cid:271)(cid:284)
Diverse Talent Pipelines
(cid:13)(cid:200)(cid:161)(cid:143)(cid:155)(cid:329)(cid:133)(cid:214)(cid:210)(cid:329)(cid:197)(cid:186)(cid:226)(cid:143)(cid:200)(cid:155)(cid:214)(cid:174)(cid:329)(cid:143)(cid:181)(cid:156)(cid:121)(cid:156)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)
to whet the appetite of potential
(cid:155)(cid:214)(cid:210)(cid:214)(cid:200)(cid:143)(cid:329)(cid:210)(cid:121)(cid:174)(cid:143)(cid:181)(cid:210)(cid:284)
(cid:23)(cid:231)(cid:121)(cid:180)(cid:197)(cid:174)(cid:143)(cid:329)(cid:1)(cid:134)(cid:210)(cid:161)(cid:225)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)
Careers talks, workshops, panel
discussions.
(cid:65)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:214)(cid:181)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:133)(cid:214)(cid:161)(cid:174)(cid:139)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
(cid:143)(cid:231)(cid:197)(cid:174)(cid:186)(cid:200)(cid:143)(cid:329)(cid:210)(cid:143)(cid:134)(cid:160)(cid:181)(cid:161)(cid:134)(cid:121)(cid:174)(cid:329)(cid:143)(cid:181)(cid:156)(cid:161)(cid:181)(cid:143)(cid:143)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
(cid:143)(cid:181)(cid:210)(cid:200)(cid:143)(cid:197)(cid:200)(cid:143)(cid:181)(cid:143)(cid:214)(cid:200)(cid:161)(cid:121)(cid:174)(cid:329)(cid:204)(cid:172)(cid:161)(cid:174)(cid:174)(cid:204)(cid:284)
(cid:23)(cid:231)(cid:121)(cid:180)(cid:197)(cid:174)(cid:143)(cid:329)(cid:1)(cid:134)(cid:210)(cid:161)(cid:225)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)
Coding clubs, bootcamps.
(cid:79)(cid:143)(cid:121)(cid:174)(cid:329)(cid:174)(cid:161)(cid:155)(cid:143)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:143)(cid:231)(cid:197)(cid:143)(cid:200)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:226)(cid:160)(cid:161)(cid:134)(cid:160)(cid:329)
(cid:156)(cid:161)(cid:225)(cid:143)(cid:204)(cid:329)(cid:121)(cid:329)(cid:210)(cid:121)(cid:204)(cid:210)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:226)(cid:160)(cid:121)(cid:210)(cid:329)(cid:174)(cid:161)(cid:155)(cid:143)(cid:329)(cid:161)(cid:204)(cid:329)(cid:174)(cid:161)(cid:172)(cid:143)(cid:329)
(cid:226)(cid:161)(cid:210)(cid:160)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:210)(cid:143)(cid:134)(cid:160)(cid:329)(cid:161)(cid:181)(cid:139)(cid:214)(cid:204)(cid:210)(cid:200)(cid:232)(cid:284)
(cid:23)(cid:231)(cid:121)(cid:180)(cid:197)(cid:174)(cid:143)(cid:329)(cid:1)(cid:134)(cid:210)(cid:161)(cid:225)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)
Placements, live briefs.
(cid:13)(cid:143)(cid:204)(cid:197)(cid:186)(cid:172)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:204)(cid:214)(cid:133)(cid:204)(cid:210)(cid:121)(cid:181)(cid:210)(cid:161)(cid:121)(cid:174)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:329)
to champion high potential
(cid:214)(cid:197)(cid:134)(cid:186)(cid:180)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:121)(cid:174)(cid:143)(cid:181)(cid:210)(cid:284)
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Accelerators, grants, board
mentoring programmes.
Inspire
Future First, Founders
for Schools
Upskill
BIMA Digital Day, FutureCoders
Experience
Accelerate
Future Leaders, Board mentoring
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action or community investment programmes who has
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TPXimpact Holdings Plc | 67
ESG report
Community continued
68 |
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Future leaders
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supporting young entrepreneurs from underrepresented
backgrounds through funding, coaching, professional
development training and networking. In 2021 we delivered
our third and fourth programme with a new charity partner -
Ada National College for Digital Skills.
This year, we ran an open programme for all
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entrepreneurs to acknowledge the unique challenges that
they face when starting out.
Between the two programmes we received 107 applications.
Of those who disclosed 95% were from minority ethnic, 74%
were from low income backgrounds and 33% had a disability.
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one programme fully remote and another as a hybrid.
The programme is largely delivered by experts within the
business with 56 volunteers donating a total of 285 hours to
support the entrepreneurs last year. We continue to improve
the programme every time we deliver it and are attracting a
high calibre of applicants that have real potential to diversify
boardrooms of the future. As we come together as TPXimpact
we will continue to deliver the Future Leaders programme,
and invest more in championing our brilliant entrepreneurs
and our alumni.
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CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
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for the future and I am now more motivated
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unique challenges entrepreneurs from
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marginalised are not supported and given more
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TPXimpact Holdings Plc | 69
ESG report
Community continued
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investment budget for employee-led giving. This is through our
headline campaigns such as our community action grants and
annual Christmas Give, and also through smaller challenges
and prizes throughout the year. The reason we do this is
because we believe in the power of people to transform their
communities. TPXimpact is made up of people who want to
make a difference. They have different passions and priorities,
but they all care deeply about improving the world around
them. We encourage and empower our people to be change
makers through our employee led giving programmes and also
through our community action policy.
Christmas Give
Every December, TPXimpact makes a donation on behalf of each employee to a charity of their choice. Last year the initiative raised
£12,350 which we donated to charities close to where our employees live and work. The Christmas Give helps to ensure that our
community investment funds are being directed towards charities and causes that our people really care about.
70 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
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As part of our 1% pledge, we target every employee to donate 1% of their time each year to community action, helping to
build sustainable futures for people in the areas in which they live and work. As the world has started to open up again, we
have seen our employees quickly return to face-to-face volunteering. Together, 115 unique volunteers donated 1,970 hours
to 63 unique causes.
Case studies
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In October, volunteers spent the whole day at Ark Burlington Danes Academy giving year
9 students an insight into the digital industry and the amazing roles and careers available.
With the help of the volunteers, the students worked on an exciting brief from WWF to create
breakthrough digital ideas to measure and reduce the UK’s carbon footprint. They were
encouraged to think about how they can use technology and digital solutions to make it easier
for people to understand the true environmental footprint of products and services, allowing
households, schools, universities and businesses to make choices that are good for the planet.
Blood drive
In October we started an awareness campaign on the importance of regular blood donation due
to lack of resources in the NHS and their need to increase the number of donors in order to meet
the growing demand for better-matched blood. Collectively, we donated 9,400 ml of blood from
19 volunteers, which could save up to 60 lives.
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In November a couple of volunteers took the opportunity to go and help the Light House
Children’s Home, a charity that is rethinking the way children’s housing is provided. They believe
that children in care have the right to the same opportunities as everyone else – at home, school
and in their communities.
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together furniture for some of the carers and children’s rooms.
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Ukrainian Refugee Centre in Varna. Together with the biggest volunteering platform in Bulgaria -
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refugee centre in Northern Bulgaria that was running out of supplies.
They managed to collect about 700 kilograms of food, clothes, medicines, baby products &
other necessities donated by 200+ people which were then carefully sorted & packed by
50+ volunteers (TPXquesters staff, ex-staff members & external people). The donations were
transported to Varna and were distributed to the refugees in need.
TPXimpact Holdings Plc | 71
Your generosity makes such a difference
to an organisation like ours. Thanks to
your support, we will continue working
on the frontline across England and
Wales to do everything we can to
support people facing huge challenges,
which have been made more acute in the
wake of the Covid-19 Pandemic as living
costs spiral. This generous donation
will help us to support even more
young men to build stable, rewarding
lives that they can be proud of. We are
immensely grateful
for your support
which will help us restore nature. It
is very valuable for us, especially
at a time when we have additional
financial difficulties for even basic needs.
72 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
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This year Neal Gandhi, CEO of TPXimpact, pledged £100,000 to support our employee’s community action activities. He did this
because he wanted to make clear to our employees that we are serious about investing in our communities and wanted people to
(cid:214)(cid:210)(cid:161)(cid:174)(cid:161)(cid:204)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:161)(cid:200)(cid:329)(cid:197)(cid:121)(cid:161)(cid:139)(cid:329)(cid:225)(cid:186)(cid:174)(cid:214)(cid:181)(cid:210)(cid:143)(cid:143)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:160)(cid:186)(cid:214)(cid:200)(cid:204)(cid:284)(cid:329)(cid:89)(cid:160)(cid:143)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:264)(cid:263)(cid:263)(cid:329)(cid:225)(cid:186)(cid:174)(cid:214)(cid:181)(cid:210)(cid:143)(cid:143)(cid:200)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:174)(cid:143)(cid:210)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:161)(cid:200)(cid:329)(cid:210)(cid:121)(cid:200)(cid:156)(cid:143)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:264)(cid:269)(cid:329)(cid:160)(cid:186)(cid:214)(cid:200)(cid:204)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)(cid:329)(cid:121)(cid:134)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:226)(cid:143)(cid:200)(cid:143)(cid:329)(cid:156)(cid:161)(cid:225)(cid:143)(cid:181)(cid:329)(cid:121)(cid:329)
£1,000 grant to donate to a charity of their choice. We distributed 51 of those grants last year, supporting 48 unique charities in the
UK, Bulgaria and Norway, in areas like diversity and inclusion, education, health, environmental sustainability, animals and more.
(cid:83)(cid:186)(cid:180)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:186)(cid:200)(cid:156)(cid:121)(cid:181)(cid:161)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:226)(cid:143)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:197)(cid:200)(cid:186)(cid:214)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:143)(cid:139)(cid:329)(cid:210)(cid:160)(cid:161)(cid:204)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:284)
TPXimpact Holdings Plc | 73
ESG report
Prosperity
(cid:76)(cid:200)(cid:186)(cid:204)(cid:197)(cid:143)(cid:200)(cid:161)(cid:210)(cid:232)
Delivering impactful work
Our people are delivering
impactful digital transformation
everyday, making a positive
difference to how individuals
and society experience the
world.
We know that our biggest impact
comes from the work that we do with
our clients and in turn, generating
economic growth which is providing
sustainable livelihoods built on decent
employment.
74 |
(cid:83)(cid:89)(cid:79)(cid:1)(cid:89)(cid:23)(cid:35)(cid:40)(cid:14)(cid:329)(cid:79)(cid:23)(cid:76)(cid:65)(cid:79)(cid:89)
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:23)(cid:59)(cid:76)(cid:53)(cid:65)(cid:111)(cid:23)(cid:23)(cid:329)(cid:40)(cid:60)(cid:104)(cid:23)(cid:83)(cid:89)(cid:59)(cid:23)(cid:60)(cid:89)
(cid:339)(cid:266)(cid:263)m+
(cid:40)(cid:181)(cid:225)(cid:143)(cid:204)(cid:210)(cid:143)(cid:139)(cid:329)(cid:161)(cid:181)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:143)(cid:181)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:370)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)
(cid:50)(cid:65)(cid:13)(cid:83)(cid:329)(cid:14)(cid:79)(cid:23)(cid:1)(cid:89)(cid:23)(cid:19)
(cid:269)(cid:266)(cid:329)(cid:171)(cid:186)(cid:133)(cid:204)
(cid:79)(cid:23)(cid:104)(cid:23)(cid:60)(cid:93)(cid:23)(cid:329)(cid:34)(cid:79)(cid:65)(cid:59)(cid:329)(cid:76)(cid:93)(cid:13)(cid:53)(cid:40)(cid:14)(cid:329)(cid:83)(cid:23)(cid:79)(cid:104)(cid:40)(cid:14)(cid:23)(cid:83)
(cid:270)(cid:265)(cid:366)
Of our revenue is from public services
BENEFITS
(cid:266)(cid:272)(cid:366)
63
Of our eligible workforce is enrolled in the in the share award plan
TPXimpact Holdings Plc | 75
ESG report
Prosperity continued
(cid:23)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:370)(cid:329)(cid:226)(cid:143)(cid:121)(cid:174)(cid:210)(cid:160)(cid:329)(cid:156)(cid:143)(cid:181)(cid:143)(cid:200)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)
The business has continued to grow and we continue to
provide more well paid, decent jobs for our communities. This
(cid:161)(cid:204)(cid:329)(cid:200)(cid:143)(cid:259)(cid:143)(cid:134)(cid:210)(cid:143)(cid:139)(cid:329)(cid:161)(cid:181)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:143)(cid:181)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:197)(cid:121)(cid:134)(cid:172)(cid:121)(cid:156)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:181)(cid:143)(cid:226)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:329)
package that was announced this year, you can read more
about this on page 46.
Our FTE workforce grew by 22% this year and we created
63 brand new jobs excluding acquisitions. Our median UK
salary is 2.7x higher than the Real living wage at £26.69 per
hour — slightly lower than last year due to the acquisition of
businesses with existing apprenticeship programmes. Our CEO:
Median wage ratio remains low at 4.9:1 and we invested over
(cid:339)(cid:266)(cid:265)(cid:180)(cid:329)(cid:161)(cid:181)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:143)(cid:181)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:284)(cid:329)
(cid:23)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:329)(cid:186)(cid:226)(cid:181)(cid:143)(cid:200)(cid:204)(cid:160)(cid:161)(cid:197)
TPXimpact supports the principle of wider share ownership
amongst our employee base to achieve shared prosperity and
equitable growth. This year, to celebrate the businesses coming
together as TPXimpact we will gift all employees with £500
worth of share options following the publication of the Annual
Report. We have committed to giving all new employees,
whether through recruitment or acquisition, an initial gift of
£500 share options redeemable after three years.
(cid:1)(cid:174)(cid:174)(cid:329)(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:204)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:121)(cid:174)(cid:204)(cid:186)(cid:329)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:121)(cid:134)(cid:199)(cid:214)(cid:161)(cid:200)(cid:143)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:143)(cid:155)(cid:258)(cid:134)(cid:161)(cid:143)(cid:181)(cid:210)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:204)(cid:329)
through our Share Incentive Plan (SIP). The SIP was designed to
enable employees to contribute up to £1,800 per year through
(cid:204)(cid:121)(cid:174)(cid:121)(cid:200)(cid:232)(cid:329)(cid:204)(cid:121)(cid:134)(cid:200)(cid:161)(cid:258)(cid:134)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:197)(cid:214)(cid:200)(cid:134)(cid:160)(cid:121)(cid:204)(cid:143)(cid:329)(cid:204)(cid:160)(cid:121)(cid:200)(cid:143)(cid:204)(cid:329)(cid:161)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:284)(cid:329)(cid:89)(cid:186)(cid:329)(cid:200)(cid:143)(cid:226)(cid:121)(cid:200)(cid:139)(cid:329)
(cid:143)(cid:180)(cid:197)(cid:174)(cid:186)(cid:232)(cid:143)(cid:143)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:139)(cid:143)(cid:329)(cid:121)(cid:139)(cid:139)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:121)(cid:174)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:285)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:180)(cid:121)(cid:210)(cid:134)(cid:160)(cid:143)(cid:204)(cid:329)
the purchase to these shares on a 1 for 1 basis. As of 31 March
2022, we had 222 employees contributing to the scheme.
(cid:34)(cid:121)(cid:161)(cid:200)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:197)(cid:186)(cid:174)(cid:161)(cid:134)(cid:232)
This year we published our Fair Tax policy to articulate
TPXimpact’s position. We believe that paying fair taxes should
be a basic requirement for all businesses. A lack of honest and
transparent behaviour would undermine all the work that the
business does to contribute to a better society. Our approach
is as follows;
TPXimpact will;
•
•
•
•
•
•
behave responsibly and act in a way that protects the
interests of all of our stakeholders (including our people,
planet and communities) whilst, maintaining shareholder
value
ensure the correct amount of tax is paid
comply with all applicable tax laws, rules and regulations,
without exception
(cid:181)(cid:143)(cid:225)(cid:143)(cid:200)(cid:329)(cid:143)(cid:181)(cid:210)(cid:143)(cid:200)(cid:329)(cid:161)(cid:181)(cid:210)(cid:186)(cid:329)(cid:121)(cid:200)(cid:210)(cid:161)(cid:258)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:121)(cid:200)(cid:200)(cid:121)(cid:181)(cid:156)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)(cid:161)(cid:181)(cid:329)(cid:186)(cid:200)(cid:139)(cid:143)(cid:200)(cid:329)(cid:210)(cid:186)(cid:329)(cid:121)(cid:225)(cid:186)(cid:161)(cid:139)(cid:329)
taxation or to defeat the stated purpose of the tax
legislation, or undertake aggressive tax planning
operate with transparency including accurate disclosures
to revenue authorities and maintaining an open and
cooperative relationship with revenue authorities
(cid:186)(cid:197)(cid:143)(cid:200)(cid:121)(cid:210)(cid:143)(cid:329)(cid:121)(cid:329)(cid:180)(cid:186)(cid:139)(cid:143)(cid:174)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:204)(cid:329)(cid:210)(cid:121)(cid:231)(cid:329)(cid:200)(cid:161)(cid:204)(cid:172)(cid:204)(cid:329)(cid:121)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:232)(cid:329)(cid:121)(cid:200)(cid:161)(cid:204)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
provides for escalation of tax risks to the Audit & Risk
Committee and;
• maintain the integrity and reputation of TPXimpact at all
times
76 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Client disclosure
We’re a purpose driven business and want to ensure the work that we do is helping us to contribute to both our commercial and
impact ambitions.
(cid:105)(cid:143)(cid:316)(cid:225)(cid:143)(cid:329)(cid:161)(cid:181)(cid:210)(cid:200)(cid:186)(cid:139)(cid:214)(cid:134)(cid:143)(cid:139)(cid:329)(cid:121)(cid:329)(cid:155)(cid:200)(cid:121)(cid:180)(cid:143)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:160)(cid:121)(cid:181)(cid:139)(cid:174)(cid:161)(cid:181)(cid:156)(cid:329)(cid:204)(cid:143)(cid:134)(cid:210)(cid:186)(cid:200)(cid:204)(cid:329)(cid:226)(cid:160)(cid:161)(cid:134)(cid:160)(cid:329)(cid:180)(cid:121)(cid:232)(cid:329)(cid:133)(cid:143)(cid:329)(cid:204)(cid:143)(cid:143)(cid:181)(cid:329)(cid:121)(cid:204)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:186)(cid:225)(cid:143)(cid:200)(cid:204)(cid:161)(cid:121)(cid:174)(cid:329)(cid:204)(cid:186)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:226)(cid:143)(cid:329)(cid:134)(cid:121)(cid:181)(cid:329)(cid:133)(cid:143)(cid:329)(cid:134)(cid:186)(cid:181)(cid:258)(cid:139)(cid:143)(cid:181)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:134)(cid:174)(cid:161)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)(cid:226)(cid:143)(cid:329)
work with are aligned with our values. To ensure that we are accountable and responsible for the work that we do, we publish any
revenue from controversial sectors each year in our client disclosure report. We use the Creatives for Climate template which was
originally published by Futerra to show a full picture of where our income comes from.
Income by sector
Charities, Trusts & Foundations 6%
Commercial
Government
NGO
28%
58%
8%
Income by Public
subsector
Central Government 35%
Local Government
Health
Tech
Media
Finance
Education & Skills
Other
17%
9%
7%
5%
4%
4%
19%
TPXimpact Holdings Plc | 77
(cid:366)(cid:329)(cid:200)(cid:143)(cid:225)(cid:143)(cid:181)(cid:214)(cid:143)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)
(cid:197)(cid:186)(cid:210)(cid:143)(cid:181)(cid:210)(cid:161)(cid:121)(cid:174)(cid:174)(cid:232)(cid:329)
controversial
sectors
This list of potentially controversial sectors
is taken from the International Finance
(cid:14)(cid:186)(cid:200)(cid:197)(cid:186)(cid:200)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:143)(cid:210)(cid:160)(cid:161)(cid:134)(cid:121)(cid:174)(cid:329)(cid:161)(cid:181)(cid:225)(cid:143)(cid:204)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:134)(cid:200)(cid:161)(cid:210)(cid:143)(cid:200)(cid:161)(cid:121)(cid:284)
(cid:366)(cid:329)(cid:200)(cid:143)(cid:225)(cid:143)(cid:181)(cid:214)(cid:143)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:160)(cid:161)(cid:156)(cid:160)(cid:329)
(cid:134)(cid:121)(cid:200)(cid:133)(cid:186)(cid:181)(cid:329)(cid:134)(cid:174)(cid:161)(cid:143)(cid:181)(cid:210)(cid:204)
(cid:39)(cid:161)(cid:156)(cid:160)(cid:329)(cid:134)(cid:121)(cid:200)(cid:133)(cid:186)(cid:181)(cid:329)(cid:134)(cid:174)(cid:161)(cid:143)(cid:181)(cid:210)(cid:204)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:161)(cid:181)(cid:329)(cid:161)(cid:181)(cid:139)(cid:214)(cid:204)(cid:210)(cid:200)(cid:161)(cid:143)(cid:204)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:160)(cid:161)(cid:156)(cid:160)(cid:329)(cid:134)(cid:121)(cid:200)(cid:133)(cid:186)(cid:181)(cid:329)(cid:143)(cid:180)(cid:161)(cid:204)(cid:204)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:121)(cid:204)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:139)(cid:329)
by the International Energy Agency (IEA) and the Environmental Protection
Agency (EPA).
(cid:263)(cid:366)
Aviation
(cid:263)(cid:366)
Concrete & cement
(cid:264)(cid:284)(cid:271)(cid:366)
Coal, oil & natural gas
(cid:263)(cid:284)(cid:269)(cid:366)
Meat & Dairy
(cid:263)(cid:366)
Plastics
(cid:263)(cid:366)
Private Cars
(cid:264)(cid:284)(cid:265)(cid:366)
Timber, Pulp & Paper
(cid:263)(cid:284)(cid:266)(cid:366)
Trucking & Shipping
(cid:263)(cid:366)
Chemicals &
petrochemicals
(cid:263)(cid:284)(cid:266)(cid:366)
Iron, Aluminium and Steel
Manufacture
(cid:263)(cid:366)
Arms
(cid:263)(cid:366)
Politics
(cid:263)(cid:366)
Tobacco
(cid:263)(cid:366)
Religion
(cid:263)(cid:366)
Gambling
(cid:263)(cid:366)
Pornography
(cid:263)(cid:284)(cid:266)(cid:366)
Alcohol
78 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Our top 10 clients by income
(cid:263)(cid:264)
(cid:263)(cid:265)
(cid:263)(cid:266)
(cid:263)(cid:267)
(cid:263)(cid:268)
(cid:263)(cid:269)
(cid:263)(cid:270)
(cid:263)(cid:271)
(cid:263)(cid:272)
(cid:264)(cid:263)
(cid:13)(cid:214)(cid:161)(cid:174)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:181)(cid:161)(cid:180)(cid:121)(cid:174)(cid:329)(cid:160)(cid:143)(cid:121)(cid:174)(cid:210)(cid:160)(cid:285)(cid:329)(cid:134)(cid:160)(cid:143)(cid:180)(cid:161)(cid:134)(cid:121)(cid:174)(cid:204)(cid:285)(cid:329)(cid:197)(cid:143)(cid:204)(cid:210)(cid:161)(cid:134)(cid:161)(cid:139)(cid:143)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:258)(cid:204)(cid:160)(cid:329)(cid:143)(cid:231)(cid:197)(cid:186)(cid:200)(cid:210)(cid:329)(cid:200)(cid:143)(cid:197)(cid:174)(cid:121)(cid:134)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:204)(cid:143)(cid:200)(cid:225)(cid:161)(cid:134)(cid:143)(cid:204)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:160)(cid:143)(cid:121)(cid:174)(cid:210)(cid:160)(cid:285)(cid:329)(cid:329)
(cid:134)(cid:143)(cid:200)(cid:210)(cid:161)(cid:258)(cid:134)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:180)(cid:186)(cid:225)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:121)(cid:134)(cid:200)(cid:186)(cid:204)(cid:204)(cid:329)(cid:93)(cid:51)(cid:329)(cid:133)(cid:186)(cid:200)(cid:139)(cid:143)(cid:200)(cid:204).
Designing, building and implementing a householder appeals service in partnership
with a government department as well as releasing a beta applications service.
Setting up and co-managing a nearshore tech team to look after key parts of the
(cid:139)(cid:161)(cid:156)(cid:161)(cid:210)(cid:121)(cid:174)(cid:329)(cid:143)(cid:139)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:186)(cid:155)(cid:329)(cid:121)(cid:329)(cid:180)(cid:121)(cid:171)(cid:186)(cid:200)(cid:329)(cid:13)(cid:200)(cid:161)(cid:210)(cid:161)(cid:204)(cid:160)(cid:329)(cid:181)(cid:143)(cid:226)(cid:204)(cid:197)(cid:121)(cid:197)(cid:143)(cid:200) and other media products.
Integrating, testing and delivering a (cid:83)(cid:214)(cid:204)(cid:210)(cid:121)(cid:161)(cid:181)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:34)(cid:121)(cid:200)(cid:180)(cid:161)(cid:181)(cid:156)(cid:329)(cid:40)(cid:181)(cid:134)(cid:143)(cid:181)(cid:210)(cid:161)(cid:225)(cid:143) public beta solution which passed
GDS assessments. Performing a successful disaster/recovery test between data centres.
Prototyping, designing and implementing service delivery changes to a (cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:160)(cid:186)(cid:214)(cid:204)(cid:161)(cid:181)(cid:156)(cid:329)(cid:181)(cid:143)(cid:143)(cid:139)(cid:204)
service for a local council, developing new modern tools to replace legacy systems.
Partnering with a central government department as their user-centred design & research capability
partner. Working together to elevate the role of design and research across a range of internal and
customer-facing (cid:139)(cid:161)(cid:156)(cid:161)(cid:210)(cid:121)(cid:174)(cid:329)(cid:210)(cid:200)(cid:121)(cid:181)(cid:204)(cid:155)(cid:186)(cid:200)(cid:180)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:197)(cid:200)(cid:186)(cid:171)(cid:143)(cid:134)(cid:210)(cid:204).
Supporting a local authority to enable the implementation of a (cid:134)(cid:186)(cid:180)(cid:197)(cid:174)(cid:143)(cid:231)(cid:329)(cid:181)(cid:143)(cid:226)(cid:329)(cid:23)(cid:79)(cid:76)(cid:329)(cid:204)(cid:186)(cid:174)(cid:214)(cid:210)(cid:161)(cid:186)(cid:181) (Unit4)
as a shared deployment between two councils.
Building and co-managing a (cid:210)(cid:143)(cid:134)(cid:160)(cid:181)(cid:161)(cid:134)(cid:121)(cid:174)(cid:329)(cid:134)(cid:121)(cid:197)(cid:121)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:210)(cid:143)(cid:121)(cid:180)(cid:329)for a major US client.
Working with a major gas network operator, delivering a transformation project which included an
IT operating model(cid:285)(cid:329)(cid:1)(cid:238)(cid:214)(cid:200)(cid:143)(cid:329)(cid:134)(cid:174)(cid:186)(cid:214)(cid:139)(cid:329)(cid:200)(cid:143)(cid:306)(cid:197)(cid:174)(cid:121)(cid:210)(cid:155)(cid:186)(cid:200)(cid:180)(cid:161)(cid:181)(cid:156)(cid:285)(cid:329)(cid:180)(cid:186)(cid:133)(cid:161)(cid:174)(cid:143)(cid:329)(cid:258)(cid:143)(cid:174)(cid:139)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:143)(cid:200)(cid:329)(cid:197)(cid:174)(cid:121)(cid:210)(cid:155)(cid:186)(cid:200)(cid:180)(cid:285)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:186)(cid:181)(cid:156)(cid:186)(cid:161)(cid:181)(cid:156)(cid:329)
infrastructure and application support for critical services.
Partnering with multiple divisions within a world leading biotech business on (cid:226)(cid:143)(cid:133)(cid:204)(cid:161)(cid:210)(cid:143)(cid:329)(cid:133)(cid:214)(cid:161)(cid:174)(cid:139)(cid:204)(cid:285)(cid:329)(cid:329)
(cid:204)(cid:186)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:180)(cid:143)(cid:139)(cid:161)(cid:121)(cid:285)(cid:329)(cid:134)(cid:121)(cid:180)(cid:197)(cid:121)(cid:161)(cid:156)(cid:181)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:285)(cid:329)(cid:197)(cid:186)(cid:174)(cid:161)(cid:134)(cid:232)(cid:329)(cid:204)(cid:160)(cid:121)(cid:197)(cid:161)(cid:181)(cid:156)(cid:329)(cid:143)(cid:231)(cid:143)(cid:200)(cid:134)(cid:161)(cid:204)(cid:143)(cid:204) and strategic insights.
(cid:329)
TPXimpact Holdings Plc | 79
Our 172 statement
continued
The directors of TPXimpact must act in accordance with
a set of general duties. Section 172 of the Companies Act
requires Directors to take into consideration the interests of
stakeholders in their decision making and is summarised as
follows:
“A Director of a company must act in a way they consider, in
good faith, would be most likely to promote the success of the
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doing so have regard (amongst other matters) to:
The likely consequences of any decisions in the long-term
The interests of the company’s employees
The need to foster the company’s business relationships
with suppliers, customers and others
The impact of the company’s operations on the
community and environment
The desirability of the company maintaining a reputation
for the high standards of business conduct, and
•
•
•
•
•
•
The Directors are fully aware of their responsibilities to promote
the success of the Company in accordance with Section 172 of
the Act. Our intention is to behave responsibly and ensure that
management operates the business in a responsible manner,
operating within the high standards of business conduct and
good governance expected of us.
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We understand that the success of our business is intrinsically
linked to the impact we have on our people, planet and the
communities we work with and for.
From our clients, our suppliers, our people, our shareholders
and our planet, building strong effective relationships and
engaging regularly is imperative to our continued success and
impact.
Effective stakeholder engagement builds trust, strengthens our
legitimacy as a socially responsible business and supports our
efforts to develop and implement effective solutions to build
sustainable futures for our people, planet and communities.
The need to act fairly between shareholders of the
company
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This section serves as our Section 172 statement.
The Board considers, both individually and together, that they
have acted in the way they consider, in good faith, would be
most likely to promote the success of the Company for the
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stakeholders and matters set out in Section 172(i)(a-f) of the
Act in the decisions taken during the year ending 31 March
2022).
(cid:65)(cid:214)(cid:200)(cid:329)(cid:225)(cid:161)(cid:204)(cid:161)(cid:186)(cid:181)(cid:329)is to deliver impactful, sustainable digital outcomes
that make a positive difference to how individuals and society
experience the world.
The Board recognises that engagement with the Company’s
stakeholders is critical to the success of the business in
realising this vision. The Directors continue to have regards
to the interest of our people and the Company’s other
stakeholders, including the impact of its activities on the
community, the environment and the Company’s reputation
when making decisions. We recognise that promoting the long-
term sustainability and success of the Company is intertwined
with creating value for, and engagement with, our stakeholders.
It should therefore be at the core of our business.
Engagement with stakeholders is not new and has been a part
of the business since its inception, but the obligation to include
the Section 172 statement presents an opportunity to illustrate
to you how your Board engages with stakeholders and how this
has impacted on your Company’s decisions and strategies.
We were there for our clients during one of the most
challenging years businesses have ever seen, and we continue
to be there for them as they emerge from this pandemic, trying
to restore some sense of normality. The relationships our teams
have built with our clients during the pandemic have enabled
them to develop systems and processes that deliver truly
tangible outcomes. By adopting an agile framework we focus
on working with the customer to give them as much value as
possible, as quickly as possible.
The original product or service is then enhanced through
subsequent iterations with features that provide even more
value with each new release. As customer behaviours and
preferences change, we will know about it sooner and will be
able to react more quickly.
How we engage with our clients:
• We constantly seek to introduce positive change at every
opportunity. TPX looks to continually improve products,
services and campaigns, as well as ways of working.
•
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approach known as ‘kaizen’, which rests on the three pillars
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Agile methods is regularly taking the time, as a team, to
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(cid:133)(cid:143)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:139)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:143)(cid:174)(cid:161)(cid:180)(cid:161)(cid:181)(cid:121)(cid:210)(cid:143)(cid:139)(cid:284)
80 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Research
(cid:65)(cid:197)timise
Anal(cid:232)(cid:204)e
F(cid:143)(cid:143)(cid:139)(cid:133)(cid:121)(cid:134)(cid:172)
Implement
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At UNICEF UK they’ve been on a journey of change as they’ve
restructured their organisation to achieve their future
ambitions. With this came an opportunity to rethink ways of
working, and the cultural and strategic shifts that might be
needed to realise their new ambition and vision.
We brought together a panel from across UNICEF UK and
TPXimpact to share their journey of co-creating new ways of
leading, planning and ways of working in the newly formed
Public Engagement directorate. By taking an agile approach, the
teams were able to ensure staff were consulted and listened
to, this process of feedback and evolution delivered faster and
better outcomes for the UNICEF team.
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Our focus is to ensure that all of our shareholders are treated
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continued successful execution against both our impact
and commercial vision. We believe it is important that our
shareholders understand and support what we are trying to
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our growth activities.
How we engage with our shareholders
•
Emerging from the pandemic has enabled us to meet
in person again. Over the past 2 years, we have built
our relationships with shareholders virtually, thankfully
now we have been able to cement these relationships in
real life. Whilst our engagement continues to operate in
both a virtual and IRL basis, we believe that this will be
the environment for many years to come. The balance
enables management to meet with much more of our
investment community in a shorter space of time, without
the need for lengthy travel arrangements. Additionally, in
support of our ‘net zero’ strategy we can keep corporate
travel to a minimum while ensuring engagement with our
shareholders.
This year we engaged with our shareholders through
various channels, mainly:
Investor roadshows
AGM, which the Chairman, Non-Executive and Executive
Directors attend to ensure engagement with a broad range
of shareholders
Stock exchange announcements
The annual report
Retail investor events, including Mello and PI World
•
•
•
•
•
The Directors have regular contact with existing shareholders
and potential investors in TPXimpact. Neal Gandhi and Oliver
Rigby communicate via email, calls and face-to-face meetings
with shareholders.
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In October 2021 the company successfully completed a
secondary sale of 8,230,142 existing ordinary shares in the
Company. The Shares represented approximately 9.7% of the
Company’s issued share capital at the time.
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We rely on our suppliers and business partners to deliver our
services to our customers and to maintain our productivity.
They have regard to several factors when considering a
business relationship with TPXimpact, including; the success
of our business, developing long term relationships, trust and
credibility, ethics (Including anti-corruption and bribery, human
rights and modern slavery).
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We are committed to building strong working relationships with
our suppliers and business partners. It is the responsibility of
all our employees to engage directly with our suppliers and
business partners to ensure we are aligned on quality, ethics,
innovation and delivery.
We partner with the world’s leading technology providers,
Microsoft, Amazon Web Services (AWS) and Google (GCP).
Our relationships with these key technology partners are built
on trust. Our partners look to us for the depth of our sector
knowledge and technical expertise and credentials, our diverse
range of capabilities, excellent service and deep relationships
with our clients.
TPXimpact Holdings Plc | 81
Our 172 statement
continuedcontinued
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Through our partner engagement programme we have been
able to build strong relationships, which have enabled us
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identifying how we can help through our customer
relationships, and capabilities.
Through the acquisition of RedCortex, we have been able to
extend our Microsoft stack capabilities. With RedCortex being
a Gold Partner across multiple disciplines, we have been able to
further advance our ability to perform partnership programmes
(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:59)(cid:161)(cid:134)(cid:200)(cid:186)(cid:204)(cid:186)(cid:155)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:225)(cid:121)(cid:174)(cid:214)(cid:143)(cid:284)
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At TPXimpact we provide a place for our people to belong. To
join people who care about the world and the work they do.
When you work with us, you’ll have more room to think and
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change that matters most.
Our people are fundamental in offering our partners and clients
the knowledge, deep expertise and creativity they are seeking
enabling them to deliver the outcomes required. A great
business is supported by a diverse range of people, thoughts,
ideas and solutions. We ensure we recruit the very best person
(cid:155)(cid:186)(cid:200)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:200)(cid:186)(cid:174)(cid:143)(cid:285)(cid:329)(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:160)(cid:143)(cid:180)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:285)(cid:329)(cid:204)(cid:121)(cid:174)(cid:121)(cid:200)(cid:232)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:161)(cid:180)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)
deliver their best work.
How we engage with our people
We are working to ensure sustainable futures for all of our
people through a focus on employee wellbeing & satisfaction
and workforce diversity, inclusion & equality. We do not
underestimate the importance of our people, their health and
wellbeing, ensuring we are communicating and engaging with
them at all levels of the business.
As we become one TPXimpact we have been able to
implement whole company programmes, developing a sense
of community and building our new culture together. These
engagements include:
• Quarterly all company town halls
•
•
•
Employee resource groups
Employee assistance programme
(cid:1)(cid:181)(cid:181)(cid:214)(cid:121)(cid:174)(cid:329)(cid:258)(cid:210)(cid:181)(cid:143)(cid:204)(cid:204)(cid:329)(cid:134)(cid:160)(cid:121)(cid:174)(cid:174)(cid:143)(cid:181)(cid:156)(cid:143)
(cid:23)(cid:181)(cid:156)(cid:121)(cid:156)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:214)(cid:210)(cid:134)(cid:186)(cid:180)(cid:143)(cid:286)(cid:329)(cid:143)(cid:231)(cid:121)(cid:180)(cid:197)(cid:174)(cid:143)(cid:204)
Details on the engagement with our people can be found in our
dedicated people section, please see pages 44 to 53.
82 |
(cid:65)(cid:214)(cid:200)(cid:329)(cid:197)(cid:174)(cid:121)(cid:181)(cid:143)(cid:210)(cid:286)
We are working to decouple our economic growth from
environmental degradation by measuring, reducing and
offsetting our impact on the planet. We are funding and
supporting climate action, removing barriers for our employees
and raising awareness of the climate emergency.
We understand the enormous threat that ‘business as usual’
poses to our planet, our people and our communities. As we
(cid:204)(cid:143)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:155)(cid:186)(cid:214)(cid:181)(cid:139)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:285)(cid:329)(cid:226)(cid:143)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)(cid:139)(cid:186)(cid:161)(cid:181)(cid:156)(cid:329)
so with the knowledge that our planet is a crucial stakeholder.
We are working hard to ensure that our operations are doing no
harm and that our work is contributing to a more sustainable
society.
How we engage with our planet
We believe there is a huge amount of collective power that
could be leveraged if employers properly encourage and
incentivise climate action and behaviour change amongst
their employees. Therefore, we have been delivering multiple
initiatives to facilitate positive environmental impact through
the power of our employees as well as the business as a whole;
•
•
Appointment of Sustainability Analyst, Tanreece Chalal
Partnerships with NGOs including Ecologi Gold Standard
Projects to offset 2,735 tonnes and Rewilding Britain
• Membership of Sustainable Digital Infrastructure Alliance
• Membership of BIMA Sustainability Council
•
Launched a dedicated Planet Employee Resource Group
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We understand that our impact on the planet includes
more than just our emissions. The climate and ecological
emergency needs an enormous number of solutions, ranging
from regenerative and restorative programmes, big shifts in
behaviour as well as commitments to reducing our footprint.
We look to make a positive impact right across our sphere
(cid:186)(cid:155)(cid:329)(cid:161)(cid:181)(cid:259)(cid:214)(cid:143)(cid:181)(cid:134)(cid:143)(cid:287)(cid:329)(cid:155)(cid:200)(cid:186)(cid:180)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:197)(cid:143)(cid:186)(cid:197)(cid:174)(cid:143)(cid:329)(cid:226)(cid:160)(cid:186)(cid:329)(cid:226)(cid:186)(cid:200)(cid:172)(cid:329)(cid:155)(cid:186)(cid:200)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:285)(cid:329)(cid:210)(cid:186)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)
industry peers, to those organisations we work for and those
who supply us.
Details on the engagement with our planet can be found in our
dedicated planet section, please see pages 54 to 62.
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(cid:65)(cid:214)(cid:200)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)(cid:286)
We believe that everyone should have equal opportunities to
participate in the world that we’re helping to create. The tech
sector is growing at an exciting pace and we need to make sure
that we are making opportunities accessible to talent from all
backgrounds. That is why we donate 1% of our time and 1% of
(cid:186)(cid:214)(cid:200)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:204)(cid:329)(cid:210)(cid:186)(cid:329)(cid:161)(cid:181)(cid:225)(cid:143)(cid:204)(cid:210)(cid:329)(cid:161)(cid:181)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:174)(cid:186)(cid:134)(cid:121)(cid:174)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:161)(cid:143)(cid:204)(cid:284)(cid:329)(cid:65)(cid:214)(cid:200)(cid:329)(cid:134)(cid:186)(cid:180)(cid:180)(cid:214)(cid:181)(cid:161)(cid:210)(cid:232)(cid:329)
investment work is focused on empowering vulnerable
communities through technology and providing access to
employment for diverse talent.
How we engage with our communities:
•
•
•
•
Partnership with ADA National College for Digital Skills
Two Future Leaders programmes, supporting 10
entrepreneurs from underrepresented backgrounds.
Kick-started over one thousand careers
Sponsored In2Science and Telerik School Academy in
Bulgaria
Purposefully investing time and energy and empowering the
communities in which we live and work is at the very heart of
what we do.
As part of our 1% time pledge, every employee can spend
2 days each year participating in community action in the form
of voluntary and pro-bono work for charities or charitable
(cid:186)(cid:200)(cid:156)(cid:121)(cid:181)(cid:161)(cid:204)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:186)(cid:200)(cid:329)(cid:186)(cid:181)(cid:329)(cid:121)(cid:329)(cid:197)(cid:200)(cid:186)(cid:171)(cid:143)(cid:134)(cid:210)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:121)(cid:329)(cid:204)(cid:197)(cid:143)(cid:134)(cid:161)(cid:258)(cid:134)(cid:329)(cid:134)(cid:160)(cid:121)(cid:200)(cid:161)(cid:210)(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:121)(cid:161)(cid:180)(cid:285)(cid:329)
either organised by the company or employee. As the world has
started to open up again, we have seen our employees quickly
return to face-to-face volunteering. Together, we donated 1970
hours to 63 unique causes with engagement from 119 unique
volunteers.
(cid:23)(cid:181)(cid:156)(cid:121)(cid:156)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:214)(cid:210)(cid:134)(cid:186)(cid:180)(cid:143)(cid:286)(cid:329)(cid:143)(cid:231)(cid:121)(cid:180)(cid:197)(cid:174)(cid:143)(cid:204)
Details on the engagement with our communities can be
found in our dedicated communities’ section, please see
pages 64 to 73.
TPXimpact Holdings Plc | 83
Governance
Underpinning everything with
strong principles of governance
We are committed to operating
proper standards of good
corporate governance and
have established a corporate
governance model based on
the key principles of the Quoted
Companies Alliance Corporate
Governance Code (“QCA Code”).
TPXimpact operates a business model
and growth strategy that promotes
the generation of shareholder value
through its growth. The company
promotes professionalism, openness,
honesty and integrity between its
customers, staff, shareholders and
suppliers
84 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Risk and risk management
The success of TPXimpact depends on the proper management of risk. TPXimpact has a governance structure to identify and
(cid:180)(cid:186)(cid:181)(cid:161)(cid:210)(cid:186)(cid:200)(cid:329)(cid:200)(cid:143)(cid:174)(cid:143)(cid:225)(cid:121)(cid:181)(cid:210)(cid:329)(cid:200)(cid:161)(cid:204)(cid:172)(cid:204)(cid:329)(cid:121)(cid:210)(cid:329)(cid:121)(cid:174)(cid:174)(cid:329)(cid:174)(cid:143)(cid:225)(cid:143)(cid:174)(cid:204)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:284)(cid:329)(cid:89)(cid:160)(cid:143)(cid:329)(cid:200)(cid:161)(cid:204)(cid:172)(cid:204)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:139)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:200)(cid:121)(cid:181)(cid:172)(cid:143)(cid:139)(cid:329)(cid:133)(cid:232)(cid:329)(cid:174)(cid:161)(cid:172)(cid:143)(cid:174)(cid:161)(cid:160)(cid:186)(cid:186)(cid:139)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:197)(cid:186)(cid:210)(cid:143)(cid:181)(cid:210)(cid:161)(cid:121)(cid:174)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:210)(cid:160)(cid:143)(cid:181)(cid:329)(cid:210)(cid:200)(cid:121)(cid:134)(cid:172)(cid:143)(cid:139)(cid:329)
(cid:210)(cid:160)(cid:200)(cid:186)(cid:214)(cid:156)(cid:160)(cid:329)(cid:180)(cid:186)(cid:181)(cid:210)(cid:160)(cid:174)(cid:232)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:329)(cid:180)(cid:143)(cid:143)(cid:210)(cid:161)(cid:181)(cid:156)(cid:204)(cid:284)(cid:329)(cid:65)(cid:181)(cid:134)(cid:143)(cid:329)(cid:200)(cid:161)(cid:204)(cid:172)(cid:204)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:161)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:143)(cid:139)(cid:285)(cid:329)(cid:180)(cid:121)(cid:181)(cid:121)(cid:156)(cid:143)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)(cid:155)(cid:186)(cid:200)(cid:180)(cid:214)(cid:174)(cid:121)(cid:210)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:139)(cid:143)(cid:197)(cid:174)(cid:186)(cid:232)(cid:329)(cid:180)(cid:161)(cid:210)(cid:161)(cid:156)(cid:121)(cid:210)(cid:161)(cid:181)(cid:156)(cid:329)(cid:204)(cid:210)(cid:200)(cid:121)(cid:210)(cid:143)(cid:156)(cid:161)(cid:143)(cid:204)(cid:284)
(cid:89)(cid:160)(cid:143)(cid:329)(cid:197)(cid:200)(cid:161)(cid:181)(cid:134)(cid:161)(cid:197)(cid:121)(cid:174)(cid:329)(cid:200)(cid:161)(cid:204)(cid:172)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:214)(cid:181)(cid:134)(cid:143)(cid:200)(cid:210)(cid:121)(cid:161)(cid:181)(cid:210)(cid:161)(cid:143)(cid:204)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:13)(cid:186)(cid:121)(cid:200)(cid:139)(cid:329)(cid:133)(cid:143)(cid:174)(cid:161)(cid:143)(cid:225)(cid:143)(cid:139)(cid:329)(cid:134)(cid:186)(cid:214)(cid:174)(cid:139)(cid:329)(cid:160)(cid:121)(cid:225)(cid:143)(cid:329)(cid:121)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:121)(cid:139)(cid:225)(cid:143)(cid:200)(cid:204)(cid:143)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:186)(cid:181)(cid:329)(cid:89)(cid:76)(cid:110)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:121)(cid:200)(cid:143)(cid:329)(cid:204)(cid:143)(cid:210)(cid:329)(cid:186)(cid:214)(cid:210)(cid:329)
below. The table is not intended to be exhaustive and the principal risks are not listed in order of seriousness or potential impact.
There may also be risks that are not currently considered to be serious or which are currently unknown and risks that are outside
of the business’s control. Where reasonably possible, TPX has taken steps to manage or mitigate the risks, or potential risks, but it
cannot entirely safeguard against all of them.
(cid:79)(cid:161)(cid:204)(cid:172)
Impact
Mitigation
Impact of recession
Recession could impact the digital
transformation spend of our customers and
impact the revenue of the Group.
(cid:40)(cid:181)(cid:259)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)
(cid:40)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:186)(cid:181)(cid:329)(cid:161)(cid:181)(cid:259)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)(cid:161)(cid:181)(cid:134)(cid:200)(cid:143)(cid:121)(cid:204)(cid:161)(cid:181)(cid:156)(cid:329)(cid:134)(cid:186)(cid:204)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)
workforce (employees as well as contractors)
putting pressure on margin.
Brand changes
There is a risk that through brand changes we
impact our ability to win new work.
Our revenue is heavily weighted towards
public sector spend and this should mitigate
the risk of recession impacting revenue as we
anticipate that government will continue to
invest.
Digital transformation is often a route to create
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business or government department.
In the commercial sector failing to invest in
digital transformation could negatively impact
its ability to compete.
(cid:105)(cid:143)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:197)(cid:200)(cid:186)(cid:225)(cid:161)(cid:139)(cid:143)(cid:329)(cid:156)(cid:186)(cid:186)(cid:139)(cid:329)(cid:197)(cid:121)(cid:232)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:133)(cid:143)(cid:181)(cid:143)(cid:258)(cid:210)(cid:204)(cid:329)
to our employees and have provided increases
(cid:121)(cid:134)(cid:200)(cid:186)(cid:204)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:329)(cid:210)(cid:186)(cid:329)(cid:200)(cid:143)(cid:259)(cid:143)(cid:134)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)
(cid:161)(cid:181)(cid:259)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:284)(cid:329)(cid:105)(cid:143)(cid:329)(cid:226)(cid:161)(cid:174)(cid:174)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:161)(cid:181)(cid:214)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:180)(cid:186)(cid:181)(cid:161)(cid:210)(cid:186)(cid:200)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)
market.
We believe that in the current year we will be
(cid:121)(cid:133)(cid:174)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)(cid:180)(cid:121)(cid:161)(cid:181)(cid:210)(cid:121)(cid:161)(cid:181)(cid:329)(cid:180)(cid:121)(cid:200)(cid:156)(cid:161)(cid:181)(cid:204)(cid:329)(cid:210)(cid:160)(cid:200)(cid:186)(cid:214)(cid:156)(cid:160)(cid:329)(cid:143)(cid:155)(cid:258)(cid:134)(cid:161)(cid:143)(cid:181)(cid:134)(cid:232)(cid:329)
gains from the integration of businesses and a
professionalisation of the organisation.
We are investing heavily in our new brand over
the course of FY2023. Changing the brand
provides us with a good opportunity to go and
speak to our customers about the wider group
offering.
Our services can be more clearly articulated
under one brand rather than several.
TPXimpact Holdings Plc | 85
Risk and risk management
continued
(cid:79)(cid:161)(cid:204)(cid:172)
Impact
Mitigation
(cid:40)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:258)(cid:134)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:329)
and integration
of investment
opportunities
The Group’s strategy is to grow both
organically and through acquisitions.
There is a risk that failure to complete
on transactions will leave the Group with
substantial unrecovered costs; or that a
company that has been successfully acquired
does not integrate effectively leading to the
loss of synergies and disillusionment of our
people.
The Group has a comprehensive M&A process
to ensure that companies who join the Group
aligns with the Groups’ purpose, values and
vision; adds strategic value to the Group and
strengthens our proposition adding greater
depth or breadth and has leaders who can
work collaboratively.
Once companies are part of the Group, the
Group integrates the newly-merged company
into its standard monthly reporting cycle
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(cid:40)(cid:181)(cid:121)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:210)(cid:186)(cid:329)(cid:200)(cid:143)(cid:134)(cid:200)(cid:214)(cid:161)(cid:210)(cid:329)
and retain a diverse
(cid:226)(cid:186)(cid:200)(cid:172)(cid:155)(cid:186)(cid:200)(cid:134)(cid:143)
The quality of the services provided by the
Group’s businesses are fundamentally derived
from the quality of the Group’s people.
The Group’s performance could therefore be
adversely affected if it is not able to recruit,
train and retain key talent in the Group’s
businesses and at the Group level.
Our goal is to have a diverse workforce that
replicates the diversity of where we operate.
The Group puts culture and purpose in
the forefront of what we do to become an
employer of choice for employees. We actively
set our KPIs to focus on the diversity of our
workforce and managed the KPIs with the same
(cid:197)(cid:200)(cid:186)(cid:180)(cid:161)(cid:181)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:121)(cid:204)(cid:329)(cid:186)(cid:214)(cid:200)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:51)(cid:76)(cid:40)(cid:204)(cid:284)
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(cid:200)(cid:143)(cid:156)(cid:214)(cid:174)(cid:121)(cid:210)(cid:186)(cid:200)(cid:232)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)
contractual
information
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(cid:197)(cid:200)(cid:161)(cid:225)(cid:121)(cid:134)(cid:232)(cid:329)(cid:174)(cid:143)(cid:156)(cid:161)(cid:204)(cid:174)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)
(cid:14)(cid:232)(cid:133)(cid:143)(cid:200)(cid:329)(cid:204)(cid:143)(cid:134)(cid:214)(cid:200)(cid:161)(cid:210)(cid:232)(cid:329)(cid:200)(cid:161)(cid:204)(cid:172)
Non-compliance could expose the Group to
(cid:174)(cid:161)(cid:121)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:258)(cid:181)(cid:143)(cid:204)(cid:329)(cid:300)(cid:155)(cid:186)(cid:200)(cid:329)(cid:143)(cid:231)(cid:121)(cid:180)(cid:197)(cid:174)(cid:143)(cid:329)(cid:214)(cid:181)(cid:139)(cid:143)(cid:200)(cid:329)(cid:35)(cid:19)(cid:76)(cid:79)(cid:301)(cid:285)(cid:329)
(cid:121)(cid:181)(cid:139)(cid:329)(cid:181)(cid:143)(cid:156)(cid:121)(cid:210)(cid:161)(cid:225)(cid:143)(cid:174)(cid:232)(cid:329)(cid:161)(cid:180)(cid:197)(cid:121)(cid:134)(cid:210)(cid:329)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:121)(cid:204)(cid:160)(cid:329)(cid:259)(cid:186)(cid:226)(cid:329)(cid:161)(cid:181)(cid:329)
the short term, cause reputational damage and
damage customer relationships and credibility
in the market.
The Group reviews the impact of new
information security and data privacy
regulations and legislation on the Group and
its customers. The output of these reviews
(cid:161)(cid:181)(cid:259)(cid:214)(cid:143)(cid:181)(cid:134)(cid:143)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:35)(cid:200)(cid:186)(cid:214)(cid:197)(cid:316)(cid:204)(cid:329)(cid:161)(cid:181)(cid:210)(cid:143)(cid:200)(cid:181)(cid:121)(cid:174)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:186)(cid:174)(cid:204)(cid:329)
and processes and the design of products,
solutions and working practices.
Cyber security threats are monitored by each
individual company and any risks of cyber
security are communicated throughout the
whole group on a timely basis.
(cid:89)(cid:160)(cid:143)(cid:329)(cid:35)(cid:200)(cid:186)(cid:214)(cid:197)(cid:329)(cid:200)(cid:143)(cid:174)(cid:161)(cid:143)(cid:204)(cid:329)(cid:214)(cid:197)(cid:186)(cid:181)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:134)(cid:186)(cid:181)(cid:258)(cid:139)(cid:143)(cid:181)(cid:210)(cid:161)(cid:121)(cid:174)(cid:161)(cid:210)(cid:232)(cid:285)(cid:329)
integrity and availability of its IT systems
internally and as part of its service offerings
to customers. Cyber security events are
occurring more frequently, and attacks are
designed with greater complexity.
A major cyber security event causing loss of
availability or loss of customer data could limit
the Groups’ operations, expose the Group
(cid:210)(cid:186)(cid:329)(cid:258)(cid:181)(cid:143)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:121)(cid:214)(cid:204)(cid:143)(cid:329)(cid:200)(cid:143)(cid:197)(cid:214)(cid:210)(cid:121)(cid:210)(cid:161)(cid:186)(cid:181)(cid:121)(cid:174)(cid:329)(cid:139)(cid:121)(cid:180)(cid:121)(cid:156)(cid:143)(cid:285)(cid:329)
and damage customer relationships due to
reduced credibility in the market.
Competitors
(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:121)(cid:133)(cid:161)(cid:174)(cid:161)(cid:210)(cid:232)(cid:329)
to undercut our
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The Group’s competitors include large
consultancies and technology companies, as
well as smaller niche companies.
(cid:89)(cid:160)(cid:143)(cid:329)(cid:35)(cid:200)(cid:186)(cid:214)(cid:197)(cid:329)(cid:161)(cid:204)(cid:329)(cid:155)(cid:186)(cid:134)(cid:214)(cid:204)(cid:143)(cid:139)(cid:329)(cid:186)(cid:181)(cid:329)(cid:139)(cid:143)(cid:174)(cid:161)(cid:225)(cid:143)(cid:200)(cid:161)(cid:181)(cid:156)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:134)(cid:174)(cid:121)(cid:204)(cid:204)(cid:329)
services to clients and working hand-in-hand
with clients to meet their needs.
It is part of the Group’s strategy to exploit the
current disruption of the digital transformation
services industry and to focus on working with
clients to meet their needs.
We believe that the way we provide services
sets us apart from competitors so that our
clients can see the value of the work that we
perform. We continue to monitor the bid to win
ratios to identify potential risks.
86 |
Corporate
Governance
TPXimpact Holdings Plc | 87
Board of directors
88 |
Mark William Smith
(cid:121)(cid:156)(cid:143)(cid:139)(cid:329)(cid:269)(cid:270)(cid:285)(cid:329)(cid:60)(cid:186)(cid:181)(cid:306)(cid:23)(cid:231)(cid:143)(cid:134)(cid:214)(cid:210)(cid:161)(cid:225)(cid:143)(cid:329)(cid:14)(cid:160)(cid:121)(cid:161)(cid:200)(cid:180)(cid:121)(cid:181)(cid:329)(cid:370)(cid:329)(cid:329)
(cid:83)(cid:143)(cid:181)(cid:161)(cid:186)(cid:200)(cid:329)(cid:40)(cid:181)(cid:139)(cid:143)(cid:197)(cid:143)(cid:181)(cid:139)(cid:143)(cid:181)(cid:210)(cid:329)(cid:19)(cid:161)(cid:200)(cid:143)(cid:134)(cid:210)(cid:186)(cid:200)(cid:329)
Appointed Date: December 2018
(cid:329)
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(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:286)
(cid:329)
Mark has held several senior roles in creative and innovative
communication businesses. He began his career as a chartered
accountant at Touche Ross & Co. (Deloitte). He then spent
30 years at Chime Communications, which was acquired by
Providence Private Equity in 2015.
Mark is currently Non-Executive Chairman of Holiday Extras,
a market leader in the provision of online ancillary travel
services, where he has been Chairman for 5 years and Non-
Executive Director for 18. He is also Chairman of Merit Group Plc
(Previously The Dods Group), an AIM-listed intelligence, media,
training and events company, operating in over 50 countries.
Mark is also Chairman and Non-Executive Director of The
Unlimited marketing Group a private equity-owned marketing
services group and Non-Executive Chairman of Cognito Europe
Limited having been appointed in April this year. They are
a private consultancy specialising in marketing for Finance,
Technology and Professional Services. Mark is also a Non-
Executive Chairman of Mokum Communications, a private
marketing services group.
(cid:23)(cid:231)(cid:210)(cid:143)(cid:200)(cid:181)(cid:121)(cid:174)(cid:329)(cid:121)(cid:197)(cid:197)(cid:186)(cid:161)(cid:181)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:286)
Non-Executive Chairman of Holiday Extras, Non-Executive
Chairman of Merit Group, Senior Adviser to the Sanctuary
Counsel, Chairman of the Employee Ownership Trust at
BritianThinks, Chairman and Non-Executive Director at
Unlimited Group and Non-Executive Chairman of Cognito
Europe Limited, Non-Executive Chairman of Mokum
Communications.
(cid:14)(cid:186)(cid:180)(cid:180)(cid:161)(cid:210)(cid:210)(cid:143)(cid:143)(cid:329)(cid:180)(cid:143)(cid:180)(cid:133)(cid:143)(cid:200)(cid:204)(cid:160)(cid:161)(cid:197)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:329)(cid:121)(cid:210)(cid:210)(cid:143)(cid:181)(cid:139)(cid:121)(cid:181)(cid:134)(cid:143)
Remuneration Committee, 12/12
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Neal Narendra Gandhi
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Oliver James Rigby
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Appointed Date: December 2018
Appointed Date: December 2018
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(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:286)
(cid:329)
(cid:23)(cid:231)(cid:197)(cid:143)(cid:200)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:285)(cid:329)(cid:200)(cid:143)(cid:174)(cid:143)(cid:225)(cid:121)(cid:181)(cid:210)(cid:329)(cid:204)(cid:172)(cid:161)(cid:174)(cid:174)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:329)
(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:286)
(cid:329)
Neal is a serial tech entrepreneur having co-founded four
companies that exited successfully with a combined value of
(cid:339)(cid:264)(cid:264)(cid:270)(cid:180)(cid:284)(cid:329)(cid:39)(cid:143)(cid:329)(cid:134)(cid:186)(cid:306)(cid:155)(cid:186)(cid:214)(cid:181)(cid:139)(cid:143)(cid:139)(cid:329)(cid:160)(cid:161)(cid:204)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:232)(cid:329)(cid:121)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:121)(cid:156)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:265)(cid:264)(cid:329)(cid:121)(cid:181)(cid:139)(cid:285)(cid:329)
(cid:214)(cid:181)(cid:139)(cid:143)(cid:200)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:200)(cid:121)(cid:181)(cid:139)(cid:329)(cid:181)(cid:121)(cid:180)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:50)(cid:214)(cid:181)(cid:156)(cid:174)(cid:143)(cid:284)(cid:134)(cid:186)(cid:180)(cid:285)(cid:329)(cid:210)(cid:160)(cid:121)(cid:210)(cid:329)(cid:134)(cid:186)(cid:180)(cid:197)(cid:121)(cid:181)(cid:232)(cid:329)(cid:226)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:181)(cid:329)
to be sold to GUS for £37m. In 1996 he co-founded Xplora and
sold it to Nasdaq-listed USWeb in 1998.
Neal then co-founded Attenda, a managed services
consultancy that went on to be sold for £72m; one part to
Telecity Plc and the other to Darwin Private Equity. In 2006
he founded QuickStart Global, an offshore IT service provider,
which grew rapidly, and in 2010 was listed in the Sunday Times
Tech-Track 100 at number 3, his second company in that list
with Attenda having been listed at number 2 in 2001.
(cid:23)(cid:231)(cid:210)(cid:143)(cid:200)(cid:181)(cid:121)(cid:174)(cid:329)(cid:121)(cid:197)(cid:197)(cid:186)(cid:161)(cid:181)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:286)
None
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10/12
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in 2006 before spending six years as an adviser in corporate
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Nominated Adviser to the AIM Market of the London Stock
(cid:23)(cid:231)(cid:134)(cid:160)(cid:121)(cid:181)(cid:156)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:226)(cid:121)(cid:204)(cid:329)(cid:186)(cid:181)(cid:143)(cid:329)(cid:186)(cid:155)(cid:329)(cid:210)(cid:160)(cid:143)(cid:161)(cid:200)(cid:329)(cid:232)(cid:186)(cid:214)(cid:181)(cid:156)(cid:143)(cid:204)(cid:210)(cid:329)(cid:78)(cid:214)(cid:121)(cid:174)(cid:161)(cid:258)(cid:143)(cid:139)(cid:329)(cid:23)(cid:231)(cid:143)(cid:134)(cid:214)(cid:210)(cid:161)(cid:225)(cid:143)(cid:204)(cid:284)(cid:329)
Prior to co-founding The Panoply, Oliver set up Growth
Company FD Limited in 2012 to provide part-time CFO and
(cid:134)(cid:186)(cid:200)(cid:197)(cid:186)(cid:200)(cid:121)(cid:210)(cid:143)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:143)(cid:329)(cid:204)(cid:214)(cid:197)(cid:197)(cid:186)(cid:200)(cid:210)(cid:329)(cid:210)(cid:186)(cid:329)(cid:156)(cid:200)(cid:186)(cid:226)(cid:161)(cid:181)(cid:156)(cid:329)(cid:133)(cid:214)(cid:204)(cid:161)(cid:181)(cid:143)(cid:204)(cid:204)(cid:143)(cid:204)(cid:284)(cid:329)
(cid:23)(cid:231)(cid:210)(cid:143)(cid:200)(cid:181)(cid:121)(cid:174)(cid:329)(cid:121)(cid:197)(cid:197)(cid:186)(cid:161)(cid:181)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:286)
Director at Growth Company FD Limited
(cid:14)(cid:186)(cid:180)(cid:180)(cid:161)(cid:210)(cid:210)(cid:143)(cid:143)(cid:329)(cid:180)(cid:143)(cid:180)(cid:133)(cid:143)(cid:200)(cid:204)(cid:160)(cid:161)(cid:197)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:329)(cid:121)(cid:210)(cid:210)(cid:143)(cid:181)(cid:139)(cid:121)(cid:181)(cid:134)(cid:143)
Company Secretary, 12/12
TPXimpact Holdings Plc | 89
Board of directors
continued
Christopher Paul Sweetland
(cid:121)(cid:156)(cid:143)(cid:139)(cid:329)(cid:269)(cid:270)(cid:285)(cid:329)(cid:60)(cid:186)(cid:181)(cid:306)(cid:23)(cid:231)(cid:143)(cid:134)(cid:214)(cid:210)(cid:161)(cid:225)(cid:143)(cid:329)(cid:19)(cid:161)(cid:200)(cid:143)(cid:134)(cid:210)(cid:186)(cid:200)
Isabel Jane Kelly
(cid:121)(cid:156)(cid:143)(cid:139)(cid:329)(cid:268)(cid:269)(cid:285)(cid:329)(cid:60)(cid:186)(cid:181)(cid:306)(cid:23)(cid:231)(cid:143)(cid:134)(cid:214)(cid:210)(cid:161)(cid:225)(cid:143)(cid:329)(cid:19)(cid:161)(cid:200)(cid:143)(cid:134)(cid:210)(cid:186)(cid:200)
Appointed Date: December 2018
Appointed Date: December 2018
(cid:23)(cid:231)(cid:197)(cid:143)(cid:200)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:285)(cid:329)(cid:200)(cid:143)(cid:174)(cid:143)(cid:225)(cid:121)(cid:181)(cid:210)(cid:329)(cid:204)(cid:172)(cid:161)(cid:174)(cid:174)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:329)
(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:286)
(cid:329)
(cid:23)(cid:231)(cid:197)(cid:143)(cid:200)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:285)(cid:329)(cid:200)(cid:143)(cid:174)(cid:143)(cid:225)(cid:121)(cid:181)(cid:210)(cid:329)(cid:204)(cid:172)(cid:161)(cid:174)(cid:174)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:329)
(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:286)
(cid:329)
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(cid:204)(cid:197)(cid:143)(cid:181)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:272)(cid:329)(cid:232)(cid:143)(cid:121)(cid:200)(cid:204)(cid:329)(cid:186)(cid:225)(cid:143)(cid:200)(cid:204)(cid:143)(cid:121)(cid:204)(cid:329)(cid:161)(cid:181)(cid:329)(cid:121)(cid:329)(cid:225)(cid:121)(cid:200)(cid:161)(cid:143)(cid:210)(cid:232)(cid:329)(cid:186)(cid:155)(cid:329)(cid:258)(cid:181)(cid:121)(cid:181)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:200)(cid:186)(cid:174)(cid:143)(cid:204)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)
PepsiCo Inc. In 1989 when he was CFO for the Central Europe
Beverages division, he was recruited by WPP to be part of their
small central team.
Chris retired from his role as WPP’s Deputy Group Finance
Director in 2016, having been involved in all aspects of
operations, investor relations and the many acquisitions that
built that group. Chris also represented WPP on the overseas
boards of a number of companies both in the UK and overseas.
Since his retirement, Chris has taken on a number of Non-
Executive Director roles, including TPXimpact Chris is also a
Non-Executive Director and Chair of the Audit Committee at
Unlimited Marketing Group, a private equity-owned marketing
services group.
(cid:40)(cid:204)(cid:121)(cid:133)(cid:143)(cid:174)(cid:329)(cid:161)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:155)(cid:186)(cid:214)(cid:181)(cid:139)(cid:143)(cid:200)(cid:329)(cid:186)(cid:155)(cid:329)(cid:76)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:226)(cid:161)(cid:210)(cid:160)(cid:329)(cid:76)(cid:214)(cid:200)(cid:197)(cid:186)(cid:204)(cid:143)(cid:285)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:186)(cid:306)(cid:155)(cid:186)(cid:214)(cid:181)(cid:139)(cid:143)(cid:200)(cid:329)
of ESG-Experts, both provide consultancy to companies on
(cid:155)(cid:214)(cid:174)(cid:258)(cid:174)(cid:174)(cid:161)(cid:181)(cid:156)(cid:329)(cid:210)(cid:160)(cid:143)(cid:161)(cid:200)(cid:329)(cid:204)(cid:186)(cid:134)(cid:161)(cid:121)(cid:174)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:143)(cid:181)(cid:225)(cid:161)(cid:200)(cid:186)(cid:181)(cid:180)(cid:143)(cid:181)(cid:210)(cid:121)(cid:174)(cid:329)(cid:186)(cid:133)(cid:171)(cid:143)(cid:134)(cid:210)(cid:161)(cid:225)(cid:143)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:200)(cid:143)(cid:174)(cid:121)(cid:210)(cid:143)(cid:139)(cid:329)
legal requirements. She is an Industry Careers Advisor for
MBA students at the Saïd Business School, Oxford University,
and sits on the Board of Big Give, the UK’s largest match-
funding charity.
In 2002 Marc Benioff, CEO of Salesforce.com, hired Isabel
to establish the Salesforce Foundation internationally (now
Salesforce.org). For 12 years she grew and led an international
team delivering technology, grants and programmes in 110
countries, as well as generating annual revenue of $12m to fund
the work.
Isabel worked at Oxfam and Amnesty International for 12 years
prior to joining Salesforce.
(cid:23)(cid:231)(cid:210)(cid:143)(cid:200)(cid:181)(cid:121)(cid:174)(cid:329)(cid:121)(cid:197)(cid:197)(cid:186)(cid:161)(cid:181)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:286)
Director at Unlimited Group
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Trustee of Big Give, Fellow of the RSA.
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(cid:14)(cid:186)(cid:180)(cid:180)(cid:161)(cid:210)(cid:210)(cid:143)(cid:143)(cid:329)(cid:180)(cid:143)(cid:180)(cid:133)(cid:143)(cid:200)(cid:204)(cid:160)(cid:161)(cid:197)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:329)(cid:121)(cid:210)(cid:210)(cid:143)(cid:181)(cid:139)(cid:121)(cid:181)(cid:134)(cid:143)
Chairman of the Audit, Risk and AIM Rules and Compliance
Committee, Member of the ESG Committee, 12/12
Chair of the ESG Committee and Remuneration Committee,
12/12
90 |
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Rachel Cecilia Neaman
(cid:121)(cid:156)(cid:143)(cid:139)(cid:329)(cid:268)(cid:269)(cid:285)(cid:329)(cid:60)(cid:186)(cid:181)(cid:306)(cid:23)(cid:231)(cid:143)(cid:134)(cid:214)(cid:210)(cid:161)(cid:225)(cid:143)(cid:329)(cid:19)(cid:161)(cid:200)(cid:143)(cid:134)(cid:210)(cid:186)(cid:200)
Appointed Date: October 2020
(cid:23)(cid:231)(cid:197)(cid:143)(cid:200)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:285)(cid:329)(cid:200)(cid:143)(cid:174)(cid:143)(cid:225)(cid:121)(cid:181)(cid:210)(cid:329)(cid:204)(cid:172)(cid:161)(cid:174)(cid:174)(cid:204)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:186)(cid:181)(cid:210)(cid:200)(cid:161)(cid:133)(cid:214)(cid:210)(cid:161)(cid:186)(cid:181)(cid:204)(cid:329)(cid:329)
(cid:210)(cid:186)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:286)
(cid:329)
Rachel has extensive experience in digital leadership and
transformation, having held several senior positions in the
(cid:197)(cid:214)(cid:133)(cid:174)(cid:161)(cid:134)(cid:285)(cid:329)(cid:197)(cid:200)(cid:161)(cid:225)(cid:121)(cid:210)(cid:143)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:181)(cid:186)(cid:210)(cid:306)(cid:155)(cid:186)(cid:200)(cid:306)(cid:197)(cid:200)(cid:186)(cid:258)(cid:210)(cid:329)(cid:204)(cid:143)(cid:134)(cid:210)(cid:186)(cid:200)(cid:204)(cid:285)(cid:329)(cid:161)(cid:181)(cid:134)(cid:174)(cid:214)(cid:139)(cid:161)(cid:181)(cid:156)(cid:329)(cid:121)(cid:204)(cid:329)(cid:121)(cid:329)(cid:14)(cid:23)(cid:65)(cid:284)(cid:329)
(cid:83)(cid:160)(cid:143)(cid:329)(cid:226)(cid:121)(cid:204)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:14)(cid:160)(cid:161)(cid:143)(cid:155)(cid:329)(cid:19)(cid:161)(cid:156)(cid:161)(cid:210)(cid:121)(cid:174)(cid:329)(cid:65)(cid:155)(cid:258)(cid:134)(cid:143)(cid:200)(cid:329)(cid:121)(cid:210)(cid:329)(cid:210)(cid:160)(cid:143)(cid:329)(cid:93)(cid:51)(cid:329)(cid:19)(cid:143)(cid:197)(cid:121)(cid:200)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:329)(cid:186)(cid:155)(cid:329)
(cid:39)(cid:143)(cid:121)(cid:174)(cid:210)(cid:160)(cid:329)(cid:226)(cid:160)(cid:143)(cid:200)(cid:143)(cid:329)(cid:204)(cid:160)(cid:143)(cid:329)(cid:139)(cid:143)(cid:225)(cid:143)(cid:174)(cid:186)(cid:197)(cid:143)(cid:139)(cid:329)(cid:161)(cid:210)(cid:204)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)(cid:139)(cid:161)(cid:156)(cid:161)(cid:210)(cid:121)(cid:174)(cid:329)(cid:204)(cid:210)(cid:200)(cid:121)(cid:210)(cid:143)(cid:156)(cid:232)(cid:284)(cid:329)(cid:83)(cid:160)(cid:143)(cid:329)(cid:161)(cid:204)(cid:329)(cid:181)(cid:186)(cid:226)(cid:329)
a business advisor, executive coach and mentor and runs her
own consultancy providing advice and coaching on strategy,
leadership and digital transformation to executives and Boards.
She is also a lecturer and start-up mentor for PUBLIC’s Gov
Start programme and Percy Hobart Fellowship.
(cid:79)(cid:121)(cid:134)(cid:160)(cid:143)(cid:174)(cid:329)(cid:121)(cid:174)(cid:204)(cid:186)(cid:329)(cid:133)(cid:200)(cid:161)(cid:181)(cid:156)(cid:204)(cid:329)(cid:204)(cid:161)(cid:156)(cid:181)(cid:161)(cid:258)(cid:134)(cid:121)(cid:181)(cid:210)(cid:329)(cid:121)(cid:139)(cid:139)(cid:161)(cid:210)(cid:161)(cid:186)(cid:181)(cid:121)(cid:174)(cid:329)(cid:121)(cid:139)(cid:225)(cid:161)(cid:204)(cid:186)(cid:200)(cid:232)(cid:329)(cid:143)(cid:231)(cid:197)(cid:143)(cid:200)(cid:161)(cid:143)(cid:181)(cid:134)(cid:143)(cid:329)(cid:210)(cid:186)(cid:329)
the Board. She is an independent Governor of Birkbeck College,
(cid:93)(cid:181)(cid:161)(cid:225)(cid:143)(cid:200)(cid:204)(cid:161)(cid:210)(cid:232)(cid:329)(cid:186)(cid:155)(cid:329)(cid:53)(cid:186)(cid:181)(cid:139)(cid:186)(cid:181)(cid:285)(cid:329)(cid:226)(cid:160)(cid:143)(cid:200)(cid:143)(cid:329)(cid:204)(cid:160)(cid:143)(cid:329)(cid:143)(cid:204)(cid:210)(cid:121)(cid:133)(cid:174)(cid:161)(cid:204)(cid:160)(cid:143)(cid:139)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:134)(cid:160)(cid:121)(cid:161)(cid:200)(cid:204)(cid:329)(cid:161)(cid:210)(cid:204)(cid:329)(cid:258)(cid:200)(cid:204)(cid:210)(cid:329)
Digital Committee, a member of the Board of the Campaign for
Social Science, part of the Academy of Social Sciences, and a
member of the Advisory Board of Digital Health.London. For ten
years she was on the Board of Digital Leaders of which she is a
former Chair. She has been featured in (cid:14)(cid:186)(cid:180)(cid:197)(cid:214)(cid:210)(cid:143)(cid:200)(cid:329)(cid:105)(cid:143)(cid:143)(cid:172)(cid:174)(cid:232)(cid:316)(cid:204) list
(cid:186)(cid:155)(cid:329)(cid:59)(cid:186)(cid:204)(cid:210)(cid:329)(cid:40)(cid:181)(cid:259)(cid:214)(cid:143)(cid:181)(cid:210)(cid:161)(cid:121)(cid:174)(cid:329)(cid:105)(cid:186)(cid:180)(cid:143)(cid:181)(cid:329)(cid:161)(cid:181)(cid:329)(cid:40)(cid:89)(cid:329)(cid:204)(cid:161)(cid:181)(cid:134)(cid:143)(cid:329)(cid:265)(cid:263)(cid:264)(cid:269)(cid:284)
(cid:23)(cid:231)(cid:210)(cid:143)(cid:200)(cid:181)(cid:121)(cid:174)(cid:329)(cid:121)(cid:197)(cid:197)(cid:186)(cid:161)(cid:181)(cid:210)(cid:180)(cid:143)(cid:181)(cid:210)(cid:204)(cid:286)
Partner at Strengths Unleashed, Faculty Member at the Public
School of Technology, Director of Neaman Consulting, Governor
of Birkbeck College University of London, Non-Executive Board
Member at the Academy of Social Science, Advisory Board
Member of DigitalHealth.London, Fellow of the RSA.
(cid:14)(cid:186)(cid:180)(cid:180)(cid:161)(cid:210)(cid:210)(cid:143)(cid:143)(cid:329)(cid:180)(cid:143)(cid:180)(cid:133)(cid:143)(cid:200)(cid:204)(cid:160)(cid:161)(cid:197)(cid:329)(cid:121)(cid:181)(cid:139)(cid:329)(cid:133)(cid:186)(cid:121)(cid:200)(cid:139)(cid:329)(cid:121)(cid:210)(cid:210)(cid:143)(cid:181)(cid:139)(cid:121)(cid:181)(cid:134)(cid:143)
Member of the ESG Committee, 10/12
TPXimpact Holdings Plc | 91
Corporate governance report
TPXimpact is committed to operating proper standards of good
corporate governance and has established a corporate
governance model based on the key principles of the Quoted
Companies Alliance Corporate Governance Code (“QCA
Code”). The following outlines how the Company addresses the
ten broad governing principles defined in the QCA Code. The
Non-Executive Chairman is responsible for corporate
governance and the overall leadership of the Board and
ensuring its effectiveness.
TPXimpact operates a business model and growth strategy that
promotes the generation of shareholder value through growth.
The company promotes professionalism, openness, honesty
and integrity between its customers, staff, shareholders and
suppliers.
Principle 1 – Establish a strategy and
business model which promote long-term
value for shareholders.
TPXimpact exists to transform the organisations, services and
systems that underpin society and that drive business success.
It applies strategic and creative thinking, technology, innovative
design and user-centred approaches to bring about numerous
improvements which together multiply the impact of change.
The Company works closely with its clients in agile,
multidisciplinary teams that span organisational design,
technology, and digital experiences. It shares a deep
understanding of people and behaviours and a philosophy of
putting people and communities at the heart of every
transformation.
The business is being increasingly recognised as a leading
alternative digital transformation provider to the UK public
services sector, with c.72% of its client base representing the
public sector and c.28% representing the commercial sector.
Since its inception, TPXimpact has identified and met numerous
potential target companies and has completed sixteen
acquisitions.
Unlike many buy and build models that have preceded
TPXimpact, the Directors are focused on creating a business
where employees join a culture of purpose, collaboration and
innovation that delivers impactful work, profitable organic
growth and agility at scale.
The Directors believe that our flexible operating model, our
trusted, multidisciplinary teams of experts, and our
commitment to making a difference meant we were perfectly
placed to deliver long term value for shareholders.
TPXimpact has developed an efficient, formulaic approach for
acquiring companies. With an extensive acquisition pipeline,
the Directors intend to continue to supplement the organic
92
growth of the business through the addition of complementary
companies.
Key Strengths
The Directors believe that the business’s key strengths include:
•
•
•
•
•
Significant market opportunity – Tech Market View
estimates the UK Software and IT Services (SITS) market
is worth an estimated £60.4b in 2021, growing to £72b.
The public sector (comprising c.70% of the group’s
revenue is worth an estimated £14.bn (2021) of this total.
Further details regarding market outlook can be found on
pages 18 to 19.
Alignment of interests – TPXimpact’s acquisition model
involves a significant proportion of the consideration for
an acquisition being issued in Ordinary Shares thereby
ensuring alignment of interests with existing shareholders.
Profitable and cash-generative – the business is
profitable, cash generative and only intends to make
accretive acquisitions going forward.
Focused growth strategy
–
The acquisition model is designed to attract
ambitious companies, confident in their ability to
grow profitably and rewards collaboration;
– Management has an extensive network to help
identify, attract and execute future acquisitions.
Experienced management and Board with a proven
track record – TPXimpact is managed by highly
experienced executive and non-executive directors
combining strong sector, public company and
international mergers and acquisitions expertise with a
track record of building, growing and exiting services
companies.
Principle 2 – Seek to understand and meet
shareholder needs and expectations.
TPX proactively engages with its shareholders and potential
shareholders alike. This is through a series of mechanisms:
•
•
Formal announcements – as a London Stock Exchange
(LSE) AIM-listed company, we make all statutory
announcements through the LSE’s regulatory news
service (RNS). A feed is maintained on our investor area.
TPXimpact reports formally to shareholders by the
publication of its annual and half-yearly financial
statements.
Analyst and investor presentations – the Executive
Directors present the half-yearly and annual results to
institutional investors, analysts and the media. The
presentations are available on the investor section of the
website.
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
•
•
•
•
•
•
AGM – Notification of the date of the AGM is sent to
shareholders at least 21 working days in advance of the
meeting. Details are set out in the Notice of Meeting. The
Directors (and the external auditor) are available at the
AGM to answer questions, both meeting, and informally
afterwards. All details can be found on the Investor
Announcements Section of the website.
News releases – in addition to statutory announcements,
we use RNS Reach to present regular business news and
updates to shareholders. We also have a full news service
available on The Panoply website.
Interactive sessions – TPXimpact Executive Directors
arrange regular (twice yearly) face to face sessions with
any interested shareholders or potential shareholders,
and are also available for updates at any point in the year.
See contact details below.
Investor focused website – we maintain a full section on
the main TPXimpact website for investors. This includes
real-time RNS announcements; the latest Investor
Documents, presentations and reports; share information
and share dealing interactive feeds; this corporate
governance statement; a full list of investor-related
contacts.
LSE Profile – we also maintain a profile on the London
Stock Exchange Issuer services website.
Investor email – we also manage an investor email
account for any direct queries – investors@tpximpact.com.
Contact with major shareholders is principally maintained by
the Executive Directors, who ensure that their views are
communicated to the Board as a whole. The Chair is also
available to discuss governance and other matters directly with
major shareholders. At every Board meeting, the Board is
provided with the latest brokers’ reports and a summary of the
contents of any meetings with shareholders. The Board
considers that the provision of these documents is a practical
and efficient way for both the Chair and Senior Independent
Director to be informed of major shareholders’ opinions on
governance and strategy and to understand any shareholder
issues and concerns.
If you would like to know more about TPXimpact as a
shareholder, or potential shareholder, please contact us through
our investor’s email address and we will put you in touch with
one of our Executive Directors.
Principle 3 – Take into account wider
stakeholder and social responsibilities and
their implications for long-term success.
Please see further details in the ESG Section of our Annual Report
(Pages 36 to 76) and Financial Statements (Pages 115 to 187).
Principle 4 – Embed effective risk
management, considering both
opportunities and threats, throughout the
organisation.
Risk management activity is overseen by the Chief Executive
Officer, Chief Financial Officer and Chief of Staff, with the
support of the Executive Management Team.
Our framework enables us to remain vigilant to all known and
emerging risks and opportunities. Effective risk management
supports informed decision making; enables us to minimise
impact from unforeseen internal or external events; and allows
us to fully exploit emerging opportunities. Our objectives for
risk management are to:
•
•
•
•
•
•
Identify, measure, control and report on the business risk
that may undermine the achievement of objectives, both
strategically and operationally, through appropriate
analysis and assessment criteria
Effectively allocate effort and resources for the
management of key and emerging risks
Build an accurate picture at the highest level of the key
risks facing our business, and use this information to drive
business improvements in a considered and coordinated
way
Support and develop our reputation as a well-governed
and trusted organisation
Minimise costs and drive efficiencies in the way that
pervasive risk is controlled across the business
Identify weaknesses in, and opportunities to improve, our
business processes
Risk registers
At the operational level, a risk register is maintained within every
department. Risks are recorded and managed as required and
are reviewed regularly by the management of each business.
At a Plc level, there is a single risk register for the business
Significant risks, which records the top risks to the business.
Risk registers are reviewed on a quarterly basis which supports
the escalation of any risks with a high residual impact, or
potentially pervasive risks, to a higher level risk register as
appropriate.
Risk appetite
The Board determines the amount and type of risk that
TPXimpact is willing to take on in pursuit of its strategic
objectives. The Board’s appetite for risk is influenced by various
key factors including (but not limited to) the overall economic,
regulatory and operational landscape in which we operate.
TPXimpact Holdings Plc 93
Corporate governance report
continued
The Executive Management Team advises the Board of these
key influences which enables the Board to adjust the amount of
risk that TPXimpact takes on. Risk tolerance may, by business
choice, differ in different parts of the company.
The Directors have established three committees of its Board,
namely the Audit, Risk and AIM Rules Compliance Committee,
the Remuneration Committee and the Environmental, Social
and Governance Committee (ESG Committee).
Review and assurance
Risk registers are updated as and when required. A full review is
undertaken quarterly. The highest rated risks are presented to
the Board every quarter by the CEO. Every six months the
Board is presented with the detailed risk registers for each line
of business. Further details can be found in our Risk Section of
the Annual Report and Financial Accounts on pages 85-86 and
108-111.
Principle 5 – Maintain the Board as a well-
functioning, balanced team led by the
Chair.
The PLC Board (“the Board”) is responsible for the Company’s
corporate governance systems and processes that support
good decision making.
The Non-Executive Directors, Mark Smith (Chair), Isabel Kelly,
Rachel Neaman and Chris Sweetland are considered
independent of management and free from any business or
other relationships that could materially interfere with the
exercise of their independent judgement. Both Mark Smith,
Chris Sweetland and Rachel Neaman own shares in TPXimpact
and all four Non-Executive Directors hold options, however, this
is not considered to alter their independent status.
Director’s commitment to TPXimpact
The Directors acknowledge the importance of the principles set
out in the QCA Code.
Our Non-executive Directors have committed in their letters of
appointment to attend all reasonable board and committee
meetings in addition to being reasonably available at other
times for TPXimpact business. Our Executive Directors have
entered into employment contracts which require them to
attend all board and committee (of which they are a member)
meetings.
The Non-Executive Directors meet at least once a year without
the Executive Directors present. All Directors submit to
re-election each year at the Annual General Meeting (“AGM”) of
the Company.
The Board meets at least four times each year with additional
meetings when circumstances and urgent business dictate. At
each meeting, the Board reviews a schedule of reserved
matters including trading performance, financial strength,
strategy (including investment and acquisition opportunities),
risk management, controls, compliance, reports to shareholders
and succession management.
94
The Audit, Risk and AIM Rules Compliance Committee is
chaired by Chris Sweetland and has primary responsibility for
monitoring the quality of internal controls, ensuring that the
financial performance of the Company is properly measured
and reported on and reviewing reports from the Company’s
auditors relating to the Enlarged Group’s accounting and
internal controls, in all cases having due regard to the interests
of Shareholders. The Audit, Risk and AIM Rules Compliance
Committee meets at least twice a year. Mark Smith is the other
member of the Audit, Risk and AIM Rules Compliance
Committee. Oliver Rigby, CFO, attends Audit, Risk and AIM Rules
Compliance Committee meetings by invitation.
The Remuneration Committee is chaired by Isabel Kelly, and
reviews the performance of the Executive Directors and
determines their terms and conditions of service, including
their remuneration and the grant of options, having due regard
to the interests of Shareholders. The Remuneration Committee
meet at least once a year. Mark Smith is the other member of
the Remuneration Committee.
The Remuneration Committee also considers Board policy in
relation to the remuneration of the Chairman of the Board.
Non-Executive Director remuneration is a matter for the
Chairman and the executive members of the Board. No Director
is involved in any decisions as to their own remuneration or
benefits.
The Environmental, Social and Governance Committee (ESG
Committee) is chaired by Isabel Kelly, and has the primary
responsibility to assist Executive Management in setting the
Company’s general strategy with respect to ESG matters and to
consider and recommend policies, practices, and disclosures
that conform with the strategy.
The ESG Committee meets at least twice a year. Christopher
Sweetland and Rachel Neaman are the other members of the
ESG Committee.
Principle 6 – Ensure that between them
the Directors have the necessary up-to-
date experience, skills and capabilities.
The Board members and their relevant experience and skills are
detailed on pages 88 to 91. The Non-Executive Chairman
believes that, as a whole, the Board has a suitable mix of skills
and competencies covering all essential disciplines bringing a
balanced perspective that is beneficial both strategically and
operationally and will enable the Company to deliver its
strategy. The Board consists of two executive directors and four
non-executive directors, all of whom are independent. The
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
nature of the Company’s business requires the Directors to
keep their skillset up to date. Updates to the Board on
regulatory matters are given by Company’s professional
advisers when appropriate.
In addition to the support provided by the Company’s retained
professional advisers (Nominated Adviser, lawyers, auditor and
M&A adviser), external consultants have been engaged to
advise on a number of matters including tax planning and
market research. External advisers attend Board meetings or
committee meetings as invited by the Non-Executive Chairman
to report and/or discuss specific matters relevant to the
Company.
Principle 7 – Evaluate Board performance
based on clear and relevant objectives,
seeking continuous improvement.
Board performance effectiveness process
The Chairman is responsible for the regular evaluation of the
Board’s performance and that of its committees and individual
Directors. Last year the Group undertook a board review, which
focused on assessing the board’s effectiveness and
governance. Some of the actions coming out of the review
included the following:
•
•
More in-person meetings and dedicated strategy
away-day once Covid restrictions are lifted
Further integration of financial and non-financial reporting
Following the lifting of Covid restrictions all board meetings
have returned to in-person and a strategy day was carried out
on the 27th January 2022. Integration of financial and
non-financial reporting has filtered throughout the business,
with divisions reporting these through their monthly
management accounts.
Succession planning and Board appointments
The Remuneration Committee meets as and when necessary to
consider the appointment of new executive and non-executive
directors, although the Board as a whole take responsibility for
succession planning. Board members all have appropriate
notice periods so that if a Board member indicates his/her
intention to step down, there would be sufficient time to
appoint a replacement, whether internal or external.
The Company’s Articles of Association require that one-third
of the Directors must stand for re-election by shareholders
annually in rotation and that any new Directors appointed by
the Board during the relevant year must stand for election at
the annual general meeting immediately following their
appointment. Any Directors who are not employed by the
Company or holding executive office who have served on the
Board for at least nine years will be subject to annual
re-election.
Board appointments are made after consultation with advisers
including the Nominated Adviser who undertakes due diligence
on all new potential Board candidates.
Principle 8 – Promote a corporate culture
that is based on ethical values and
behaviours.
It all started with the belief that organisations should make a
positive difference to people’s lives.
That small, talented teams organised in the right ways, with
ambitious approaches to technology, design and data can
deliver better results.
We’ve got a long history of delivering great results for our
clients.
In 2021, transformation specialists Deeson, Difrent, Foundry4,
FutureGov, Keep IT Simple, Manifesto, and Nudge Digital
decided to come together, to meet the growing needs of
organisations in new ways.
The same people, providing the same world leading services, all
united within TPXimpact.
We drive fundamental change in approaches to product and
service development, delivery and technology. Equipping our
teams to deliver quickly and decisively through an approach we
call Autonomy with Responsibility.
Our founders set out to create a better way of doing business,
putting people and the planet first.
Autonomy
We trust our teams and empower them to make their own
decisions. Our positive work environment supports personal
and professional growth and respects work-life balance.
Responsibility
We give people the flexibility and support they need to thrive.
We are conscious of the impact of our actions and are
accountable to all our stakeholders.
User-centred
We use design approaches to put people at the heart of
everything we do. Our constant focus on users ensures we
always meet their needs and solve their problems.
Collaborative
We work in partnership with our clients, listening and
challenging, to get better outcomes.
Lasting impact
Positive change, for the long term. We’ll share our skills and set
your teams up for sustainable success.
TPXimpact Holdings Plc 95
Corporate governance report
continued
and terms of engagement. Prior to the commencement of each
annual or interim audit, the Audit Committee will discuss and
agree the nature and scope of the audit with the External
Auditors and in discussion with them, will monitor the integrity
of the financial statements of the Group and approve any
formal announcements relating to the Company’s financial
performance.
The Audit Committee develops and implements policies on the
engagement of the External Auditors to supply non-audit
services and will report to the Directors, identifying any matters
where the Audit Committee considers that action or
improvement is needed, making recommendations as to the
steps to be taken.
The Audit Committee is authorised by the Board to investigate
any activity within its terms of reference and may seek
information it requires from any employee of the Company. The
Audit Committee may seek outside professional advice at the
cost of the Company, in order to secure any relevant
experience or expertise it considers necessary to fulfil its
duties.
The Audit Committee report can be found on pages 101 and 102
with the Independent Auditors report found on pages 107 to 114.
The Remuneration Committee report can be found on
pages 98 to 100.
The ESG Committee report can be found on pages 36 to 76.
Community action
Our people donate hundreds of hours to community action
each year, and we donate 1% of our time and profits to
charitable organisations.
Further details on our culture and four themes can be found on
page 38-41.
Principle 9 – Maintain governance
structures and processes that are fit for
purpose and support good decision-
making by the Board.
On behalf of the Board, the CEO has overall responsibility for
managing the day to day operations and the Board as a whole
is responsible for monitoring performance against the
businesses goals and objectives. The individual Board
members’ specific responsibilities, contributions and skills are
set out on pages 94 and 106.
The Board has established three standing Committees, the
Audit, Risk and AIM Rules and Compliance Committee (Audit
Committee), the Remuneration Committee, and the
Environmental, Social and Governance Committee (ESG
Committee). Membership of the Audit Committee, the
Remuneration Committee and the ESG Committee during the
year under review was exclusively Non-Executive.
Principle 10 – Communicate how the
Company is governed and is performing by
maintaining a dialogue with shareholders
and other relevant stakeholders.
The Company maintains a regular dialogue with key
stakeholders including shareholders to enable interested
parties to make informed decisions about the Business and its
performance. Further details regarding the Directors’
engagement with stakeholders can be found in Section 172 on
pages 80 to83.
Historical annual reports and notices of general meetings can
be found in the Financial Reports section of the Group’s
website.
The Board discloses the results of Annual General Meetings and
these can be found in the Regulatory News section of the
website.
The Audit Committee meets at least twice a year, although the
Company’s Auditors or any member of the Audit Committee
may request a meeting at any time, should they consider that
one is necessary. The role of the Audit Committee is to make
recommendations to the directors and shareholders, in relation
to the appointment, re-appointment and removal of the
Company’s External Auditors and to approve their remuneration
96
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Environmental, Social and
Governance Report
During the year the ESG Committee (“the Committee”)
comprised Isabel Kelly, Rachel Neaman and Christoper
Sweetland, these members are independent Non-Executive
Directors and details of their skills, experience and
qualifications is set out on pages 88 to 91.
•
•
To advise Executive Management on stockholder
proposals and other significant stakeholder concerns
relating to ESG Matters.
To assess and advise on the impact of existing ESG
strategy and metrics for M&A Matters.
The committee also comprises the following members of the
executive;
Summary of activities in FY2022
•
•
•
Bryony Wilde, Purpose Director
Luke Murphy, Head of Investor Relations
Ching Chong, Group Financial Controller and Committee
Secretary
James Herbert CEO of Foundry4 left the business during the
year and therefore stepped down from the Committee. The
Committee is in the process of undertaking an evaluation to
find a suitable replacement.
The Committee will also invite divisional leaders and specialists
relevant to the Committee’s agenda, and Employee Resource
Group (ERG) Leaders on a regular basis as appropriate.
Main responsibilities
The main responsibilities of the Committee are summarised
below:
•
•
•
•
•
Assist Executive Management in setting the Company’s
general strategy with respect to ESG Matters, and to
consider and recommend policies, practices, and
disclosures that conform with the strategy.
To oversee the Company’s reporting and disclosure with
respect to ESG Matters made in compliance with existing
and future legislation set by the Financial Conduct
Authority and standards on environmental, social impact
D&I related legislation.
To assist the Executive Management in overseeing internal
and external communications regarding the Company’s
position or approach to ESG Matters.
To consider and bring to the attention of Executive
Management and Board, as appropriate, current and
emerging ESG Matters that may affect the business,
operations, performance or public image of the Company
or are otherwise pertinent to the Company and its
stakeholders, and to make recommendations on how the
Company’s policies, practices and disclosures can adjust
to or address current trends.
To discuss and decide upon the procedure of
controversial clients and their bearing against the
controversial clients framework and to make
recommendations on how the Company proceeds.
In FY2022, the Committee was established with the core
purpose of supporting the Company’s ongoing commitment to
people, planet and community matters relevant to the
Company.
The Committee’s core work programme focused on delivering
against the WEF reporting framework and the specific targets
and KPI’s relevant to this framework. The Committee also
supported the Executive Management on the application of the
B-Corp certification, on which the company is awaiting auditing
and accreditation.
There were six meetings held in the year from 1st April 2021 to
31st March 2022.
ESG reporting
The Committee reviewed and evaluated the appropriateness of
the annual ESG report with management, including:
1.
2.
3.
4.
5.
the clarity of disclosures and compliance with the World
Economic Forum (WEF) Disclosure standards, Sustainable
Development Goals (SDGs), Streamlined Energy and
Carbon Reporting (SECR) and relevant financial and
governance legislation.
Ensuring that the methodologies used to collect and
aggregate data were fair and that the proxies and
assumptions made to benchmark our data were
reasonable.
The Committee is able to question management at both
Group and business unit levels to gain further insight into
the issues addressed in these reports.
The outputs of the reporting and disclosures help the
Group identify their progress towards their 2023 and
2025 impact vision as set out on pages 10-11.
The key significant ESG reporting sections and outputs
are further explained on pages 36 to 76 under the
Sustainable Future section.
Isabel Kelly
Chairman of the Environmental Social and Governance
Committee
7 September 2022
TPXimpact Holdings Plc 97
Remuneration report
Remuneration committee
The Remuneration committee determines, on behalf of the Board, the Group’s policy for executive remuneration and the individual
remuneration packages for the Executive Directors. In setting the Group’s remuneration policy, the Remuneration committee
considers a number of factors, including the following:
•
•
•
salaries and benefits available to Executive Directors of comparable companies;
the need to attract and retain Executives of an appropriate calibre; and
the need to ensure continued commitment of Executives to the Group’s success through appropriate incentive schemes.
The Committee meets at least once a year.
Remuneration of Executive Directors
The remuneration packages comprise the following components:
•
•
•
•
Base salary
The Remuneration Committee sets the base salary by reference to responsibilities and the skills, knowledge and experience of
the individual.
Bonus scheme and other benefits
There is no annual bonus scheme or other benefits in place currently.
Share Incentive Schemes
An unapproved option scheme was implemented in the prior period.
Other benefits
Private medical and life cover for employees including the Directors have been provided in the current year.
Remuneration of Non-Executive Directors
The fees paid to the Non-Executive Directors are determined by the Board. They are not entitled to receive any bonus or other
benefits but did receive unapproved share options at the time of their appointment. Non-Executive Directors’ letters of appointment
are on a three-month rolling basis.
98
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Directors’ remuneration
Details of individual Directors’ emoluments for the year (excluding employer’s National Insurance contributions) are as follows:
Salary
including
taxes
£’000
Pension
£’000
Share
Option
£’000
Other
benefits
£’000
2022
total
£’000
2021
total
£’000
2020
total
£’000
2019
total
£’000
Non-Executive
Mark Smith
(appointed 18 October 2018)
Christopher Sweetland
(appointed 18 October 2018)
Isabel Kelly
(appointed 18 October 2018)
Rachel Neaman
(appointed 19 October 2020)
Executive
Neal Gandhi
(appointed 20 December 2016)
Oliver Rigby
(appointed 20 December 2016)
Total
50
35
35
35
275
190
620
–
–
–
–
14
10
24
4
3
3
–
18
18
46
–
–
–
–
4
2
6
54
38
38
35
57
39
39
16
311
320
220
696
210
681
54
38
32
–
295
180
599
21
14
12
–
148
150
345
Directors’ interests in shares
The interests of the Directors in the Ordinary Shares of the Company at 31 March 2022.
Name of Director
Christopher Paul Sweetland
Isabel Kelly
Mark William Smith
Rachel Neaman
Neal Gandhi
Oliver Rigby
31-Mar
2022
Number
31-Mar
2021
Number
31-Mar
2020
Number
31-Mar
2019
Number
80,000
80,000
30,000
30,000
–
–
–
–
122,000
122,000
122,000
122,000
1,765
1,765
–
–
8,793,828
10,061,000
9,306,885
9,786,884
4,226,515
5,097,781
5,066,107
5,124,930
13,224,108
15,362,546
14,524,992
15,063,814
TPXimpact Holdings Plc 99
Remuneration report
continued
Directors’ interests in share options
The directors have been granted options over the shares of the Company as follows:
Granted
in 2019
Lapsed during Type
the year
31-Mar-21 &
31-Mar-22
Exercise
price
Date when
Exercisable
20,300
20,300
20,302
20,300
20,300
20,302
33,834
33,834
33,836
135,338
135,338
135,340
135,338
135,338
135,340
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Unapproved scheme
Unapproved scheme
Unapproved scheme
Unapproved scheme
Unapproved scheme
Unapproved scheme
Unapproved scheme
Unapproved scheme
Unapproved scheme
EMI scheme
EMI scheme
EMI scheme
EMI scheme
EMI scheme
EMI scheme
20,300
20,300
20,302
20,300
20,300
20,302
33,834
33,834
33,836
135,338
135,338
135,340
135,338
135,338
135.340
74p
74p
74p
74p
74p
74p
74p
74p
74p
74p
74p
74p
74p
74p
74p
31/03/21
31/03/22
31/03/23
31/03/21
31/03/22
31/03/23
31/03/21
31/03/22
31/03/23
31/03/21
31/03/22
31/03/23
31/03/21
31/03/22
31/03/23
Christopher Paul Sweetland
Christopher Paul Sweetland
Christopher Paul Sweetland
Isabel Jane Kelly
Isabel Jane Kelly
Isabel Jane Kelly
Mark William Smith
Mark William Smith
Mark William Smith
Neal Gandhi
Neal Gandhi
Neal Gandhi
Oliver Rigby
Oliver Rigby
Oliver Rigby
By order of the Board
Isabel Kelly
Chairman, Remuneration Committee
7 September 2022
100
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Audit, risk and AIM rules compliance
committee
During the year The Audit, Risk and AIM Rules Compliance
Committee (“the Committee”) comprised Christopher
Sweetland and Mark Smith. Both members are independent
Non-Executive Directors and details of their skills, experience
and qualifications set out on pages 88 to 91. The Chief Financial
Officer and the Group Financial Director attend the meetings.
The Committee will also invite specialists relevant and external
auditors to the Committee’s agenda if appropriate.
b)
c)
Main responsibilities
The terms of reference for the Committee are based on the
Guidance on Audit Committees issued by the Financial
Reporting Council. The main responsibilities of the Committee
are summarised below:
•
•
•
•
•
Review the integrity of the financial statements of the
Group and any formal announcements relating to the
Group’s financial performance
Review the Group’s internal controls established to
identify, assess, manage and monitor risks, and receive
reports from management on the effectiveness of the
systems it has established, and the conclusions of any
testing performed by internal audit and the external
auditor
Make recommendations to the Board in relation to the
appointment of the external auditor and approve the
remuneration and terms of engagement of the external
auditor
Assess the independence, objectivity and effectiveness
of the external auditor and develop and implement policy
on the engagement of the external auditor to supply non-
audit services
Review the integrity of the statement in the Annual Report
on being fair, balanced and understandable, as required
under the Companies Act 2006
Summary of activities in 2022
In 2022, the Committee’s core work programme focused on a
number of significant issues and other accounting judgements
where the Committee believed the highest level of judgement
was required and with the highest potential impact on the
Group’s financial statements. There were four meetings held in
the year from 1 April 2021 to 31 March 2022.
Financial reporting
The Committee reviewed and evaluated the appropriateness of
the interim and annual financial statements (including the
announcements thereof to the London Stock Exchange) with
both management and the external auditor, including:
a)
At the Board’s request, whether the Annual Report and
Financial Statements, taken as a whole, is fair, balanced
and understandable and provides the information
necessary for shareholders to assess the Group’s position
and performance, business model and strategy
The clarity of disclosures and compliance with financial
reporting standards and relevant financial and governance
Discussing the critical accounting policies and use of
assumptions and estimates, as noted on pages 127 to 187
of this Annual Report and Financial Statements, and
concluding that the estimates, judgements and
assumptions used were reasonable based on the
information available and had been used appropriately in
applying the Group’s accounting policies
d)
Reviewing the going concern and viability of the Group
over the longer term as part of its assessment of the
Group’s risks
The Committee is able to question management at both Group
and business unit levels to gain further insight into the issues
addressed in these reports. The key significant financial
reporting issues and other accounting judgements are set
below and further explained on pages 136 to 137 under section
critical accounting judgements and key sources of estimation
uncertainty.
Significant accounting judgements
•
Revenue and margin recognition
The Committee from time to time discusses revenue
recognition within the Group and whether they are
aligned to IFRS 15. This includes assessing any challenges
that subsidiaries may face in implementing IFRS 15 in their
finance framework and accounts and considering new
acquisitions and revenue recognition policies.
•
Carrying value of goodwill and other intangibles
The judgement largely relates to the assumptions
underlying the value in use of the cash-generating units,
primarily the macroeconomic assumptions (such as
discount rates) underpinning the valuation process. The
Committee received reports from management who
prepared reports setting out the allocation of the
purchase price between goodwill and other intangibles.
The Committee also received reports from management
outlining the impairment model and the assumptions
used.
•
Carrying value of investments
The judgement largely relates to the assumptions
underlying the value of investments held by the parent
company. The Committee received reports from
management indicating their assessment of the potential
impairment of investments including consideration of
triggering events, the calculation of value in use and
discount rates and sensitivity analysis.
TPXimpact Holdings Plc 101
Audit, risk and AIM rules compliance
committee
continued
•
Fair value of contingent and deferred consideration
The Committee has reviewed the assumptions used to
calculate the fair value of contingent consideration and
deferred consideration. This primarily includes a review
and challenge of any EBITDA adjustments used in the
calculation of valuations.
•
Going concern
In order to satisfy itself that the Group has adequate
resources to continue in operation for the foreseeable
future and that there are no material uncertainties that
could lead to significant doubt as to the Group’s ability to
continue as a going concern, the Committee considered
the Group’s budgets and forecasts, cash position (both
existing and projected), bank facilities and covenants.
External auditor independence and
effectiveness
The Committee will carry out a formal review each year, to
assess the independence and effectiveness of the external
auditor, CLA Evelyn Partners Limited (Formerly known as Nexia
Smith and Williamson Audit Limited ) The Committee has
satisfied itself as to CLA Evelyn Partners Limited independence.
Christopher Sweetland
Chairman of the Audit, Risk and AIM Rules and Compliance
Committee
7 September 2022
102
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Director’s report
The Directors present their Annual Report on the affairs of the
Business, together with the Financial Statements and Auditor’s
report, for the year ending 31 March 2022.
Principal activities
TPXimpact exists to transform the organisations, services and
systems that underpin society and that drive business success.
It applies strategic and creative thinking, technology, innovative
design and user-centred approaches to bring about numerous
improvements which together multiply the impact of change.
The Company works closely with its clients in agile,
multidisciplinary teams that span organisational design,
technology, and digital experiences. It shares a deep
understanding of people and behaviours and a philosophy of
putting people and communities at the heart of every
transformation.
The business is being increasingly recognised as a leading
alternative digital transformation provider to the UK public
services sector, with c.72% of its client base representing the
public sector and c.28% representing the commercial sector.
Further information can be found in the Strategic Report on
pages 4 to 11.
General information
TPXimpact Holdings Plc (Formerly know as The Panoply
Holdings Plc, changed its name on 1 October 2021) is a public
limited company listed on the AIM market of the London Stock
Exchange on 4 December 2018 and is incorporated and
domiciled in the UK. The Company’s registered number is
10533096.
The Articles of Association for TPXimpact can be accessed on
the website at www.tpximpact.com/investor-relations/
An updated version of our major shareholders table is available
on our website.
Corporate governance
The statement on corporate governance on pages 88 to 106 is
included in the Directors’ Report by way of reference.
Results and dividends
Adjusted profit after tax was £9.2m (2021: £5.2m) (Statutory
profit after tax on continuing operations of £0.8m ( FY2021 :
loss of £2.0m)) The audited financial statements of the Group
are set out on pages 116 to 126. An interim dividend of 0.3 pence
per share was declared for H1 2022, which was paid on 28
January 2022.
The Directors propose a dividend of 0.6p per share for the year
ended 31 March 2022 (2021: 0.4p).
Strategic review
The information satisfying the strategic review requirements is
set out in this report on pages 2 to 85.
Going concern
TPXimpact business activities, together with the factors likely to
affect its future development, performance and position are set
out on pages 4 to 11. The financial position of the Business, its
billings, gross profit and profitability are described on pages 116
to 121. Details of the key risks and uncertainties in the business,
along with the mitigation has been presented in the risks and
uncertainties is presented on pages 85 to86.
Having considered the Company’s cash flows, liquidity position
and borrowing facilities, and after reviewing the budgets and
cash projections for the next twelve months and beyond, the
Directors believe that the Company has adequate resources to
continue operations for the foreseeable future and for this
reason they continue to adopt the going concern basis in
preparing the financial statements.
Directors
The present membership of the Board is as follows:
•
•
•
•
•
•
Mark Smith, Non-Executive Chairman,
Chris Sweetland, Non-Executive Director,
Isabel Kelly, Non-Executive Director,
Rachel Neaman, Non-Executive Director,
Oliver Rigby, Chief Financial Officer,
Neal Gandhi, Chief Executive Officer.
The names and biographical details of the current Directors of
the Company are given on pages 88 to 91. During the year
under review, all Non-Executive Directors were independent of
management and any business or other relationships which
could interfere with the exercise of their independent
judgement.
Details of Directors’ interests in the Company’s shares, service
contracts and remuneration are set out in the Directors’
Remuneration Report on pages 98 to 100.
Post-balance sheet events
Details of post-balance sheet events are given in Note 30.
Political donations
The Group has not made any political donations during the
year. (2021: £nil)
TPXimpact Holdings Plc 103
Director’s report
continued
Energy and Carbon Reporting
We are committed to reducing any negative impact we have on
the planet and have invested significantly in expertise and
technology to identify our greenhouse gas emissions.
This is the second year we have reported our emissions
formally in-line with the UK Government’s Streamlined Energy
and Carbon Reporting (SECR) requirement. More in depth data,
analysis and commentary on our environmental impact are
included in the ESG section of this annual report and we will
look to continually improve our environmental reporting as our
processes evolve.
Energy and Carbon breakdown from
1st April 2021 to 31st March 2022
FY 21-22
FY 20-21
Global
UK (excluding UK)
Global
UK (excluding UK)
Emissions from activities
3.84
0
6.41
0
for which the company
own or control including
combustion of fuel &
operation of facilities
(Scope 1)/tCO2e
Emissions from purchase
11.52
24.52
4.79
18.70
of electricity, heat,
steam and cooling
purchased for own use
(Scope 2, location
based)/tCO2e
Total gross Scope 1 &
15.36
24.52 11.20
18.70
Scope 2
emissions/tCO2e
Energy consumption
75,238.85
96,899.25
–
–
used to calculate above
emissions:/kWh
Intensity ratio: tCO2e
0.19
0.31 0.22
0.37
4.94
2.23
–
–
(gross Scope 1 +
2)/£1,000,000 revenue
Emissions from
transmission and
distribution and Well-to-
Tank for fuel used in
Scope 1 and 2 (Scope 3
category 3)/tCO2e
104
Reducing our impact
In the reporting period, we have carried out several actions to
help us understand and reduce our greenhouse gas emissions.
More details of these can be found in the ESG section of this
report, however highlights include:
•
•
•
•
We have shown our commitment to accurate carbon
footprinting by hiring an in-house Sustainability Analyst to
work alongside our Planet Officer on all issues related to
the planet
Continuing to invest in Gold Standard carbon offsets such
as renewable energy projects as part of our policy to
offset emissions
Provided lower cost access to electric vehicles for
employees using an EV salary sacrifice scheme
We launched a dedicated Planet Employee Resource
Group (ERG) as a community for climate activists to
advocate on behalf of the planet
Methodology
To quantify the greenhouse gas emissions of our activities, we
have followed the 2019 HM Government Environmental
Reporting Guidelines and the Greenhouse Gas Protocol –
Corporate Standard.
For natural gas (scope 1), emissions factors from the 2021 UK
Government’s Conversion Factors for Company Reporting (BAIS,
2021) were used. For global emissions, ecoinvent emissions
factors were used. For offices where utilities are shared with
other companies, we calculated the proportion which was
allocable to our usage but using floorspace percentage.
For purchased electricity (scope 2), the location-based
calculation approach of the GHG Protocol – Corporate
Standard was followed, with emission factors from the 2021 UK
Government’s Conversion Factors for Company Reporting used.
For global emissions, ecoinvent emissions factors were used.
For offices where utilities are shared with other companies, we
calculated the proportion which was allocable to our usage but
using floorspace percentage.
For transmission and distribution and well-to-tank emissions
(scope 3), emissions factors from the 2021 UK Government’s
Conversion Factors for Company Reporting were used.
Anti Corruption
There were no known incidents of corruption in the year.
Share Capital
As at 31st March 2022, TPXimpact had 87,386,595 Ordinary
Shares (£0.01) in issue, listed on AIM. These shares hold the
right to vote at a general meeting.
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
The Company has not purchased any of its own shares during
the year.
Details of the number of share options held under the
employee scheme are available in note 5.5 to the financial
statements
Shares to be issued
The Company is required to issue further shares as contingent
consideration for their acquisitions. A maximum of 4,051,000
shares remain to be issued under this obligation.
Further details of the remaining shares to be issued are
provided in note 5.5 of the financial statements
Financial risk management and objectives
Details of financial risk management and objectives are
contained in Note 25 to the Consolidated Financial Statements.
Awareness of relevant audit information
Each of the Directors who held office at the date of approval of
this Directors’ Report confirms that, so far as they are aware:
•
•
there is no relevant audit information of which the Auditor
is unaware; and
the Directors have taken all the steps they ought to have
taken to make themselves aware of any relevant audit
information and to establish that the Auditor is aware of
that information.
Annual General Meeting
The Annual General Meeting will be held in London on
30th September 2022- at 11 am. Notice of the Annual General
Meeting will be sent to shareholders on 7 September 2022.
Independent Auditor
CLA Evelyn Partners Limited (Formerly know as Nexia Smith &
Williamson Audit Limited) was appointed as Auditor to the
Group on 12 September 2018. There are no contractual
obligations in place that restrict our choice of statutory Auditor.
By order of the Board
Oliver Rigby
Company Secretary
7 September 2022
TPXimpact Holdings Plc 105
Statement of Directors
Responsibilities
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of the financial
accounts.
The Directors are responsible for preparing the Annual Report
and the Financial Statements in accordance with applicable law
and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have elected to prepare the Group and Company financial
statements in accordance with applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the UK
and, as regards the Company financial statements, as applied in
accordance with the provisions of the Companies Act 2006.
Under company law the Directors must not approve the
financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Company and of
the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are
required to:
(i)
select suitable accounting policies and then apply them
consistently;
(ii) make judgements and accounting estimates that are
reasonable and prudent;
(iii)
state whether applicable IFRSs accounting standards
have been followed, subject to any material departures
disclosed and explained in the financial statements; and
(iv) prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Company will continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group’s
transactions, disclose with reasonable accuracy at any time the
financial position of the Company and the Group and enable
them to ensure that the financial statements comply with the
Companies Act 2006.
They are also responsible for safeguarding the assets of the
Company and the Group and hence for taking reasonable steps
for the prevention and detection of fraud and other
irregularities.
The Directors are responsible for ensuring that the Directors’
Report and the Strategic Report, in addition to any other
information included in the Annual Report and Financial
Statements, is prepared in accordance with United Kingdom
company law. They are also responsible for ensuring that the
Annual Report & Financial Statements include information
required by the AIM Rules.
106
Financial
Statements
Independent Auditor’s Report
to the Members of TPXimpact
Holdings PLC
Three of the components subject to audit for group reporting
purposes were based in Norway and Bulgaria respectively and
their audits were carried out by component auditors based in
Norway and Bulgaria. We held video and telephone conference
meetings with the component auditors in Norway and Bulgaria
as part of our audit approach, and reviewed their audit working
papers. At these meetings, the group audit team discussed the
component auditors’ risk assessments and planned audit
approach. Once the audit work was completed, the findings
reported to the group audit team were discussed in more
detail, and any further work required by the group audit team
was then performed by the component auditor. In addition to
these planned visits and meetings, the group audit team sent
detailed instructions to the component audit teams and
reviewed their audit working papers.
Key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period, and include the most
significant assessed risks of material misstatement (whether or
not due to fraud) we identified, including those which had the
greatest effect on: the overall audit strategy; the allocation of
resources in the audit; and directing the efforts of the
engagement team. These matters were addressed in the
context of our audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Opinion
We have audited the financial statements of TPXimpact
Holdings Plc (the ‘parent company’) and its subsidiaries (the
‘group’) for the year ended 31 March 2022 which comprise the
Consolidated Income Statement, the Consolidated and
Company Statements of Financial Position, the Consolidated
and Company Statements of Changes in Equity, the
Consolidated Statement of Cash Flows and the notes to the
financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their
preparation is applicable law and UK-adopted international
accounting standards.
In our opinion, the financial statements:
•
•
•
give a true and fair view of the state of the group’s and of
the parent company’s affairs as at 31 March 2022 and of
the group’s profit for the year then ended;
have been properly prepared in accordance with UK-
adopted international accounting standards; and
have been prepared in accordance with the requirements
of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in
the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the
group and parent company in accordance with the ethical
requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard as
applied to listed entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Our approach to the audit
Of the group’s 23 reporting components, we subjected 12 to
audits for group reporting purposes and 11 to specific audit
procedures where the extent of our audit work was based on
our assessment of the risk of material misstatement and of the
materiality of that component. The latter were not individually
significant enough to require an audit for group reporting
purposes but were still material to the group.
The components within the scope of audit work covered 86%
of group revenue, 86% of group profit before tax, and 86% of
group net assets.
For the remaining 11 components, we performed analysis at a
group level to re-examine our assessment that there were no
significant risks of material misstatement within these.
108
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Key audit matter
Description of risk
Business combinations accounting –
Group (See Note 8)
The Group has a business model based
on acquiring businesses’ and during the
year, two acquisitions have taken place.
There are significant judgements and
assumptions involved to perform
valuations of separately identifiable
intangible assets arising from the
acquisition of a business.
There is a risk that the values and
allocations of intangible assets and
goodwill recognised are not in
accordance with International Financial
Reporting Standard (IFRS) 3 ‘Business
combinations’.
How the matter was addressed in the
audit
We focused on this area due to the high
level of judgements and assumptions
necessary to perform valuations of
separately identifiable intangible assets
arising from the acquisition of a
business.
We challenged management on the
identification of intangible assets and
the inputs and assumptions used in the
purchase price allocation (‘PPA’) to
determine the value of the identifiable
assets and liabilities:
As part of our procedures we:
•
•
•
•
•
•
•
•
Reviewed the Share Purchase
Allocation’s (‘SPAs’) for each entity
acquired during the period.
Obtained the PPA report prepared
internally, together with the business
combination calculations for each
acquisition and checked the
mathematical accuracy of these.
Confirmed the basis of support for
judgements used by management.
Used our internal valuations team to
assess the valuation model prepared
in respect of each acquisition,
including the basis and methodology
adopted for identifying separate
intangibles distinct from goodwill
and the fair value of the
consideration recognised
Checked the appropriateness of
discount factors applied
Considered the overall valuation of
intangible assets identified relative
to similar companies in the industry
Agreed the calculation of residual
goodwill based on the consideration
payable and identifiable assets and
liabilities.
Reviewed acquisition costs to
ensure these have been expensed
within the Income Statement in line
with IFRS3.
Reviewed the appropriateness of the
of the useful lives applied to the
intangible assets identified.
TPXimpact Holdings Plc 109
Independent Auditor’s Report
to the Members of TPXimpact
Holdings PLC continued
Key audit matter
Description of risk
Fair Value of contingent consideration –
Group and Company (See Note 20)
The Share Purchase Agreements (SPAs)
contain clauses for contingent
consideration and clawback provisions
based on the acquired entities’
performance over the first two to four
years following acquisition.
Management are required to apply
judgement to determine the fair value of
the consideration payable, in
accordance with IFRS 3.
Revenue – Group (See Note 3)
The Group’s activities include the
provision of business IT management,
design, implementation and support
services. These services have multiple
deliverables and can be a fixed or
variable price. A number of contracts are
expected to span the year end and the
acquisition dates.
Judgement will be involved in
determining the levels of revenue to be
recognised in line with IFRS 15 ‘Revenue
recognition’, particularly for contracts
which span the year end and acquisition
dates.
110
How the matter was addressed in the
audit
We challenged the inputs and
assumptions used to determine the fair
value of the contingent consideration
payable at acquisition and subsequently
at the reporting date.
As part of our procedures we:
•
•
•
•
•
Reviewed the SPAs to obtain an
understanding of consideration
payable.
Reviewed and challenged
management’s forecasts of future
results which underpins how the
contingent consideration is
calculated.
Compared historical forecasts
against actual results and
corroborated management’s
assertions where reasonably
practicable.
Checked the appropriateness of
discount factors applied.
Assessed if any of the contingent
consideration should be treated as
employee benefits given that some
of the vendors have been retained in
the business.
As part of our procedures we:
•
•
•
•
Gained an understanding of the
design and implementation of
controls over revenue recognition
which have been designed by the
Group to prevent and detect fraud
and errors in revenue recognition.
Reviewed terms of major customer
contracts and assessed the
accounting for each revenue stream
for compliance with IFRS 15.
Performed tests of details on the
different revenue streams starting
tests from invoice and separately
from contracts.
Performed cut off testing around the
subsidiary acquisition dates and the
year-end to determine if revenue is
recognised in the correct period.
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Key audit matter
Description of risk
Carrying value of goodwill – Group (See
Note 9)
The Group has a significant carrying
value of goodwill arising on the
acquisition of businesses in the prior
year and current year.
An annual impairment review is required
to assess the carrying value of goodwill
for each cash generating unit (CGU).
Management uses a discounted cash
flow model and compares the resulting
valuation to the carrying value of
goodwill for each CGU to assess if any
impairment is required.
There are significant judgements and
assumptions, such as growth rates and
discount factors, used by management
in determining the valuation.
How the matter was addressed in the
audit
We reviewed management’s assessment
of impairment of goodwill. We challenged
assumptions and assertions made by
management in their assessment and
considered whether the presence of
impairment indicators should result in an
impairment charge.
As part of our audit procedures we:
•
•
•
•
•
Obtained the discounted cash flow
models and the underlying
valuations for each cash generating
unit and checked the mathematical
accuracy of these. Confirm the basis
of support for judgements and
assumptions used by management.
Reviewed and challenged
management’s forecasts of future
results which underpins how the
valuations are calculated.
Compared historical forecasts
against actual results and
corroborate management’s
assertions where reasonably
practicable.
Used our internal valuations team to
assess the valuation models and the
appropriateness of the discount
rates applied.
Performed sensitivity analysis on key
assumptions used in the
calculations.
TPXimpact Holdings Plc 111
Independent Auditor’s Report
to the Members of TPXimpact
Holdings PLC continued
Key audit matter
Description of risk
Carrying value of investments in
subsidiaries – Company (See Note 11)
The Company has significant balances
relating to investments in subsidiaries.
The investments relate to the acquisition
of subsidiaries in prior year and current
year.
The carrying value of the investments in
subsidiaries is also underpinned by the
future financial viability of the
subsidiaries.
How the matter was addressed in the
audit
We reviewed management’s assessment
of impairment of the carrying value of
investments in subsidiaries. We
challenged assumptions and assertions
made by management in their
assessment and considered whether the
presence of impairment indicators
should result in an impairment charge.
As part of our audit procedures we:
•
•
•
•
•
•
Challenged assumptions and
assertions made by management in
their assessment of the investment
balances and considered whether
the presence of impairment
indicators should result in an
impairment charge
Reviewed the forecasted results of
the subsidiaries and corroborated
management’s assertions where
reasonably practical
Discussed with management the
underlying future and planned
activities of the subsidiaries.
Reviewed any third party reports
such as investor analysis
Obtained the discounted cash flow
models and assessed the
mathematical accuracy of each
valuation
Considered the market
capitalisation value of the group as
at 31 March 2022
112
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Our application of materiality
The materiality for the group financial statements as a whole
(“group FS materiality”) was set at £1,434,000. This has been
determined with reference to the benchmark of the group’s
revenue, which we consider to be one of the principal
considerations for members of the company in assessing the
group’s performance. Group FS materiality represents 1.75% of
the group’s revenue and as presented on the face of the
consolidated income statement.
The materiality for the parent company financial statements as
a whole (“parent FS materiality”) was set at £932,000. This has
been determined with reference to the benchmark of the
parent company’s assets as it exists only as a holding company
for the group and carries on no trade in its own right. Parent FS
materiality represents 1.14% of the parent company’s assets as
presented on the face of the parent company statement of
financial position.
Performance materiality for the group financial statements was
set at £932,000, being 65% of group FS materiality, for
purposes of assessing the risks of material misstatement and
determining the nature, timing and extent of further audit
procedures. We have set it at this amount to reduce to an
appropriately low level the probability that the aggregate of
uncorrected and undetected misstatements exceeds group FS
materiality. We judged this level to be appropriate based on our
understanding of the group and its financial statements, as
updated by our risk assessment procedures and our
expectation regarding current period misstatements including
considering experience from previous audits.
Performance materiality for the parent company financial
statements was set at £606,000, being 65% of parent FS
materiality.
We have set it at this amount to reduce to an appropriately low
level the probability that the aggregate of uncorrected and
undetected misstatements exceeds parent FS materiality. We
judged this level to be appropriate based on our understanding
of the parent and its financial statements, as updated by our
risk assessment procedures and our expectation regarding
current period misstatements including considering experience
from previous audits.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the
directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the group and
parent company’s ability to continue to adopt the going
concern basis of accounting included:
•
•
•
•
•
•
•
Challenging the assumptions used in the detailed budgets
and forecasts prepared by management for the financial
years ending 31 March 2023 and 31 March 2024;
Assessing the mathematical accuracy of the detailed
budgets and forecasts provided by management;
Challenging the assumptions used by management in
their forecasts and budgets, corroborating their
judgements to supporting documentation;
Comparing forecasts with actuals in the year and post
year-end, to consider management’s forecasting ability;
Considering the sensitivity of the assumptions and
re-assessing headroom after sensitivity;
Considering the group’s funding position and reviewing
the group’s new funding arrangements; and
Reviewing and challenging management’s calculations
suggesting the Group is able to comply with all loan
facility covenants in the 12 months from approval of the
financial statements.
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
group and parent company’s ability to continue as a going
concern for a period of at least twelve months from when the
financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors
with respect to going concern are described in the relevant
sections of this report.
Other information
The other information comprises the information included in
Annual Report and Financial Statements, other than the
financial statements and our auditor’s report thereon. The
directors are responsible for the other information contained
within the annual report. Our opinion on the financial
statements does not cover the other information and, except to
the extent otherwise explicitly stated in our report, we do not
express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears to be
materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based
on the work we have performed, we conclude that there is a
TPXimpact Holdings Plc 113
Independent Auditor’s Report
to the Members of TPXimpact
Holdings PLC continued
material misstatement of this other information, we are required
to report that fact.
liquidate the group or the parent company or to cease
operations, or have no realistic alternative but to do so.
We have nothing to report in this regard.
Opinions on other matters prescribed by
the Companies Act 2006
In our opinion, based on the work undertaken in the course of
the audit:
•
•
the information given in the strategic report and the
directors’ report for the financial year for which the
financial statements are prepared is consistent with the
financial statements; and
the strategic report and the directors’ report have been
prepared in accordance with applicable legal
requirements.
Matters on which we are required to report
by exception
In the light of the knowledge and understanding of the group
and the parent company and their environment obtained in the
course of the audit, we have not identified material
misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report
to you if, in our opinion:
•
•
•
•
adequate accounting records have not been kept by the
parent company, or returns adequate for our audit have
not been received from branches not visited by us; or
the parent company financial statements are not in
agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified
by law are not made; or
we have not received all the information and explanations
we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities
statement set out on page 106, the directors are responsible for
the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such internal
control as the directors determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the group’s and the parent company’s
ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern
basis of accounting unless the directors either intend to
114
Auditor’s responsibilities for the audit of
the financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting
irregularities, including fraud, is detailed below. Irregularities,
including fraud, are instances of non-compliance with laws and
regulations. We design procedures in line with our
responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud.
We obtained an understanding of the legal and regulatory
framework applicable to the group as well as the laws and
regulations applicable, and considered these throughout our
testing. We obtained an understanding of the entity’s policies
and procedures by discussions with management. We also
drew on our existing understanding of the group’s industry and
regulation.
We understand the company complies with requirements of
these frameworks through:
•
•
The Executive Directors updating operating procedures,
manuals and internal controls as legal and regulatory
requirements change.
The Executive Directors’ close involvement in the running
of the business and internal reporting at Board meetings
meaning that any litigation or claims would come to their
attention directly.
In the context of the audit, we considered those laws and
regulations: which determine the form and content of the
financial statements; which are central to the group’s ability to
conduct business; and where failure to comply could result in
material penalties. We have identified the following laws and
regulations as being of significance in the context of the group:
•
•
•
The Companies Act 2006 and IFRS in respect of the
preparation and presentation of the financial statements;
British, Norwegian and Bulgarian tax legislation; and
AIM regulations and Market Abuse Regulations
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Stephen Drew
Senior Statutory Auditor, for and on behalf of
CLA Evelyn Partners Limited
Statutory Auditor
Chartered Accountants
45 Gresham Street
London
EC2V 7BG
7 September 2022
We performed the following specific procedures to gain
evidence about compliance with the significant laws and
regulations above;
•
•
•
Made enquiries with management as to any legal or
regulatory issues during the year
We have reviewed Board minutes for evidence of non
compliance
We have obtained representation from management that
they have disclosed to us all known instances of non-
compliance or suspected non-compliance with laws and
regulations
The senior statutory auditor led a discussion with senior
members of the engagement team regarding the susceptibility
of the entity’s financial statements to material misstatement,
including how fraud might occur. The key areas identified as
part of the discussion were with regard to the manipulation of
the financial statements through manual journals and inflation
of investment values. This was communicated to the other
members of the engagement team who were not present at the
discussion.
The procedures carried out to gain evidence in the above areas
included;
•
•
Testing of the high and critical risk balances as explained
in the Key Audit Matters section; and
Testing of manual journal entries, selected based on
specific risk assessments applied based on the
company’s processes and controls surrounding manual
journals.
The senior statutory auditor was satisfied that the engagement
team collectively had the appropriate competence and
capabilities to identify or recognise irregularities. In particular,
both the senior statutory auditor and the audit manager have a
number of years’ experience in dealing with companies subject
to AIM Regulation.
A further description of our responsibilities is available on the
FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This
description forms part of our auditor’s report.
Use of our report
This report is made solely to the parent company’s members,
as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
that we might state to the parent company’s members those
matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other
than the parent company and the parent company’s members
as a body, for our audit work, for this report, or for the opinions
we have formed.
TPXimpact Holdings Plc 115
Consolidated Income Statement
Revenue
Cost of Sales
Gross Profit
Administrative expenses
Other income
Operating profit/(loss)
Finance income
Finance costs
Net finance expense
Profit/(loss) before taxation
Taxation
Profit/(loss) for the period from continuing operations
Loss after tax on discontinued operations
Profit/(loss) for the period
Other comprehensive income for the year
Exchange differences on translation of foreign operations
Total comprehensive loss for the period
Earnings per share from continuing and discontinued operations
Basic (p)
Fully diluted (p)
Earnings per share from continuing operations
Basic (p)
Fully diluted (p)
2022
£’000
Restated*
2021
£’000
Note
3
79,709
50,315
(55,341)
(34,479)
24,368
15,836
(21,738)
(17,586)
4
4
4
6
27
27
27
7
579
3,209
–
(683)
(683)
2,526
(1,706)
820
(723)
394
(1,356)
3
(303)
(300)
(1,656)
(384)
(2,040)
(189)
97
(2,229)
(226)
(129)
0.2p
0.1p
1.0p
0.9p
68
(2,161)
(3.5p)
(3.5p)
(3.5p)
(3.5p)
* 2021 was restated due to discontinued activities and the results of those activities has been disclosed separately for the current and prior period consolidated
income statement.
The accompanying accounting policies and notes on pages 127 to 187 are an integral part of these Consolidated Financial
Statements.
116
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Consolidated Statement of Financial
Position
for the year ended 31 March 2022
Non-current assets
Goodwill
Intangible assets
Property, plant and equipment
Right of use assets
Deferred tax assets
Total non-current assets
Current assets
Trade and other receivables
Contract assets
Other taxes and social security costs
Cash and cash equivalents
Total current assets
Assets held for sale
Total assets
Current liabilities
Trade and other payables
Other taxes and social security costs
Corporate tax liability
Deferred and contingent consideration
Lease liabilities
Borrowings
Contract liabilities
Total current liabilities
Liabilities directly associated with assets held for sale
Note
2022
£’000
2021
£’000
9
10
12
13
22
14
18
19
15
27
16
19
20
13
17
18
27
66,157
28,493
297
1,293
47
53,323
29,370
292
445
15
96,287
83,445
16,853
3,840
71
7,914
28,678
708
14,014
1,144
137
5,734
21,029
–
125,673
104,474
(7,718)
(5,681)
(4,160)
(3,887)
(1,214)
(3,173)
(416)
(20)
(4,536)
(1,439)
(8,478)
(336)
(55)
(1,941)
(21,237)
(21,817)
(103)
–
TPXimpact Holdings Plc 117
Consolidated Statement of Financial
Position continued
for the year ended 31 March 2022
Non-current liabilities
Deferred tax liabilities
Deferred and contingent consideration
Borrowings
Provisions – dilapidations
Lease liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Share capital
Own shares
Share premium
Merger reserve
Capital redemption reserve
Other reserves
Retained earnings
Total equity
Note
2022
£’000
2021
£’000
22
20
17
29
13
21
21
21
21
21
21
(6,696)
(198)
(5,133)
(3,741)
(18,000)
(13,000)
–
(878)
(76)
(53)
(25,772)
(22,003)
(47,112)
(43,820)
78,561
60,654
874
(356)
6,449
804
–
5,691
78,705
60,926
15
997
5
796
(8,123)
(7,568)
78,561
60,654
These financial statements were approved and authorised for issue by the Board of Directors on 7 September 2022. Signed on behalf
of the Board of Directors by
Oliver Rigby
Director
Oliver Rigby
Neal Gandhi
Director
Neal Gandhi
The accompanying accounting policies and notes on pages 127 to 187 form an integral part of these financial statements.
118
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Consolidated Statement of Changes
in Equity
for the year ended 31 March 2022
Share
capital
£’000
Share
premium
£’000
Capital
Merger Redemption
Reserve
reserve
£’000
£’000
Foreign
exchange
reserve
£’000
Share
Option
Reserve
£’000
Retained
earnings
£’000
Total
£’000
At 1 April 2020
551
5,673
25,804
Loss for the period
Exchange differences on
translation of foreign operations
Transactions with owners
Shares issued
Dividends paid
Share-based payments
–
–
253
–
–
–
–
18
–
–
–
–
35,122
–
–
Equity at 31 March 2021
804
5,691
60,926
5
–
–
–
–
–
5
66
–
68
–
–
–
134
368
(5,201)
27,266
–
–
–
–
294
662
(2,229)
(2,229)
–
–
(138)
–
68
35,393
(138)
294
(7,568)
60,654
Share
Share Merger
capital premium reserve
£’000
£’000
£’000
Capital
Redemption
Reserve
£’000
Foreign
Own exchange
reserve
£’000
shares
£’000
Share
Option Retained
earnings
Reserve
£’000
£’000
Total
£’000
At 1 April 2021
804
5,691
60,926
Profit for the period
Exchange differences on
translation of foreign operations
Transactions with owners
Shares issued
Share cancellations
Dividends paid
Other adjustment
Share-based payments
Share options exercised
Own shares purchased by EBT
–
–
80
(10)
–
–
–
–
–
–
–
–
–
257
17,779
–
–
–
–
501
–
–
–
–
–
–
–
5
–
–
–
10
–
–
–
–
–
–
–
–
(257)
–
–
–
–
–
(99)
134
–
(226)
–
–
–
–
–
–
–
662
(7,568)
60,654
–
–
–
–
–
–
427
–
–
97
97
–
–
–
(226)
17,859
–
(603)
(603)
(49)
(49)
–
–
–
427
501
(99)
Equity at 31 March 2022
874
6,449
78,705
15
(356)
(92)
1,089
(8,123)
78,561
The accompanying accounting policies and notes on pages 127 to 187 form an integral part of these financial statements.
TPXimpact Holdings Plc 119
Consolidated Statement of Cash
Flows
for the year ended 31 March 2022
Cash flows from operating activities:
Profit/(loss) before taxation
Adjustments for:
Depreciation
Amortisation
Share-based payments
Foreign exchange (gains)/losses
Finance expense
Finance income
Movement in fair value of contingent consideration
Profit on disposal of property, plant and equipment
Working capital adjustments:
Increase in trade and other receivables
Increase in trade and other payables
Net cash generated from operations
Tax paid
Net cash generated from continuing operating activities
Net cash (used in)/generated from discontinued operating activities
Net operating cash flows
Cash flows from investing activities:
Net cash paid on acquisition of subsidiaries
Deferred consideration payment
Purchase of property, plant and equipment
Additions to intangibles
Proceeds from sale of property, plant and equipment
Interest received
Net cash used in investing activities from continuing operations
Net cash used in investing in discontinued activities
Net cash used in investing activities for total activities
120
Note
2022
£’000
2021
£’000
12, 13
10
5
4
4, 27
20
8
20
12
10
4, 27
1,764
(1,845)
584
5,347
427
(292)
683
–
(152)
4
835
2,509
294
(5)
303
(1)
4,260
–
(3,754)
(1,032)
3,488
8,099
(921)
7,178
(563)
6,615
483
5,801
(159)
5,642
–
5,642
(6,840)
(10,813)
(467)
(249)
(292)
6
–
(259)
(137)
(321)
–
1
(7,842)
(11,529)
(165)
–
(8,007)
(11,529)
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Consolidated Statement of Cash
Flows continued
for the year ended 31 March 2022
Cash flows from financing activities:
New borrowings
Proceeds from exercise of share options
Purchase of own shares
Payment of lease liabilities
Finance costs
Dividends paid
Net cash generated from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Effect of exchange rate fluctuations on cash held
Cash from discontinued operations
Cash and cash equivalents at end of the period
Comprising:
Cash at bank and in hand
Cash held by trust
Cash and cash equivalents at the end of the reporting period
Note
2022
£’000
Restated
2021
£’000
26
5,000
8,000
501
(99)
(362)
(683)
(603)
3,754
2,362
5,734
(148)
(34)
7,914
7,864
50
7,914
–
–
(610)
(331)
(138)
6,921
1,034
4,614
86
–
5,734
5,734
–
5,734
13
15
15
The accompanying accounting policies and notes on pages 127 to 187 are an integral part of these Consolidated Financial
Statements.
TPXimpact Holdings Plc 121
Company Statement of Financial
Position
for the year ended 31 March 2022
Note
2022
£’000
2021
£’000
11
10
12
14
23
15
16
19
20
23
20
17
117,759
98,478
394
4
–
4
118,157
98,482
272
2,948
514
3,734
298
901
344
1,543
121,891
100,025
(1,269)
(115)
(561)
(53)
(3,173)
(8,478)
(396)
(5,040)
(4,953)
(14,132)
(198)
(3,741)
(18,000)
(13,000)
(18,198)
(16,741)
(23,151)
(30,873)
98,740
69,152
Non-current assets
Investments
Intangible assets
Property, plant and equipment
Total non-current assets
Current assets
Trade and other receivables
Amounts owed by Group undertakings
Cash and cash equivalents
Total current assets
Total assets
Current liabilities
Trade and other payables
Other taxes and social security costs
Deferred and contingent consideration
Amounts owed to Group undertakings
Total current liabilities
Non-current liabilities
Deferred and contingent consideration
Borrowings
Total non-current liabilities
Total liabilities
Net assets
122
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Company Statement of Financial
Position continued
for the year ended 31 March 2022
EQUITY
Share capital
Own shares
Share premium
Merger reserve
Capital redemption reserve
Other reserves
Retained earnings
Total equity
Note
2022
£’000
2021
£’000
21
21
21
21
21
21
874
(257)
6,449
804
–
5,691
78,705
60,926
15
1,089
11,865
98,740
5
662
1,064
69,152
TPXimpact Holdings Plc has elected to take the exemption under section 408 of the Companies Act 2006 from presenting the
company profit and loss account.
The Company’s profit for the year ended 31 March 2022 was £11.4m (2021: £2.4m).
The financial statements were approved by the Board of Directors on 7 September 2022 and were signed on its behalf by:
Oliver Rigby
Director
Oliver Rigby
Neal Gandhi
Director
Neal Gandhi
The accompanying accounting policies and notes on pages 127 to 187 form an integral part of these financial statements.
TPXimpact Holdings Plc 123
Company Statement of Changes
in Equity
for the year ended 31 March 2022
Share
capital
£’000
Share
premium
£’000
Merger
reserve
£’000
Capital
Own redemption
reserve
£’000
shares
£’000
Share
option
reserve
£’000
Retained
earnings
£’000
Total
£’000
At 1 April 2020
551
5,673
25,804
Profit and total comprehensive
income for the period
Shares issued
Share-based payments
Dividends paid
–
253
–
–
–
18
–
–
–
35,122
–
–
Equity at 31 March 2021
804
5,691
60,926
–
–
–
–
–
5
–
–
–
–
5
368
(1,204)
31,197
–
–
294
–
662
2,406
2,406
–
–
(138)
35,393
294
(138)
1,064
69,152
Share
capital
£’000
Share
premium
£’000
Merger
reserve
£’000
Capital
Own redemption
reserve
£’000
Shares
£’000
Share
option
reserve
£’000
Retained
earnings
£’000
Total
£’000
At 1 April 2021
804
5,691
60,926
Profit and total comprehensive
income for the period
Shares issued
Share cancellations
Share-based payments
Dividends paid
Share options exercised
–
80
(10)
–
–
–
–
–
–
257
–
501
–
17,779
–
–
–
–
–
–
(257)
–
–
Equity at 31 March 2022
874
6,449
78,705
(257)
5
–
–
10
–
–
–
15
662
1,064
69,152
–
–
–
427
–
–
11,404
–
–
–
11,404
17,859
–
427
(603)
(603)
–
501
1,089
11,865
98,740
The accompanying accounting policies and notes on pages 127 to 187 form an integral part of these financial statements.
124
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Company Statement of Cash Flow
for the year ended 31 March 2022
Cash flows from operating activities:
Profit/(loss) before taxation
Adjustments for:
Depreciation
Amortisation
Impairment of intercompany balances
Impairment of investments
Dividends received
Share-based payments
Foreign exchange losses
Finance expense
Movement in fair value contingent consideration
Working capital adjustments:
Increase in trade and other receivables
Increase/(decrease) in trade and other payables
Net cash used in operations
Cash flows from investing activities:
Acquisition of subsidiaries (paid)
Deferred consideration payment
Balances repaid from/(provided to) subsidiary companies
Purchase of property, plant and equipment
Purchase of intangible assets
Dividends received
Net cash generated/used in investing activities
Note
2022
£’000
2021
£’000
12
10
11
5
20
8
20
12
10
11,404
2,424
3
8
914
510
1
–
886
100
(16,065)
(9,358)
427
(5)
679
(152)
294
–
256
4,260
(4,989)
873
(774)
(72)
(6,392)
(1,983)
(8,105)
(11,675)
(467)
–
–
(404)
11,142
2,166
(121)
303
(4)
–
6,131
(5,366)
TPXimpact Holdings Plc 125
Company Statement of Cash Flow continued
for the year ended 31 March 2022
Cash flows from financing activities:
New borrowings
Finance costs
Costs relating to issue of new borrowings
Proceeds from exercise of share options
Dividends paid
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
Comprising:
Cash and cash equivalents at the end of the reporting period
Note
2022
£’000
2021
£’000
26
5,000
8,000
(502)
–
501
(603)
4,396
170
344
514
(221)
(95)
–
(138)
7,546
197
147
344
514
344
15
15
The accompanying accounting policies and notes on pages 127 to 187 form an integral part of these financial statements.
126
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Notes to the Consolidated Financial
Statements
1. General information
TPXimpact Holdings plc is a public limited company incorporated in England and Wales under the Companies Act 2006 with
registered number 10533096. The Company’s shares are publicly traded on the AIM as part of the London Stock Exchange.
The address of the registered office is 7 Savoy Court, London, England, WC2R 0EX. The principal activity of the Group is the provision
of digitally native technology services to clients within the commercial, government and non-government organisation (NGO)
sectors.
The following subsidiaries included in the consolidated financial statements of TPXimpact Holdings plc have taken advantage of the
exemption from audit conferred by s479A of the Companies Act 2006:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Manifesto Digital Limited (Registered number 07885631)
Foundry 4 Consulting Limited (Previously Not Binary Limited) (Registered number 10686321)
iDisrupted Limited (Registered number 09496322)
Human Plus Limited (Registered number 11771564)
Questers Global Group Limited (Registered number 08116392)
Questers Resourcing Limited (Registered number 05640907)
Deeson Group Holdings Limited (Registered number 11418077)
Deeson Group Limited (Registered number 01073356)
Greenshoot Labs Limited (Registered number 10967409)
TPXimpact Limited (previously FutureGov Limited) (Registered number 06472420)
US-Creates Limited (Registered number 05938821)
Ameo Professional Services Limited (Registered number 09786677)
Arthurly Limited (Registered number 11560054)
Difrent Limited (Registered number 09227500)
Keep IT Simple Limited (Registered number 10443621)
Nudge Digital Limited (Registered number 05805455)
RedCortex Limited – (Registered number 10335104)
1.1
Basis of preparation
The consolidated financial statements have been prepared in accordance with applicable UK Adopted International Financial
Reporting Standards (IFRSs), with the Companies Act 2006 and the AIM rules for Companies. The measurement bases and principal
accounting policies of the Group are set out below. These policies have been consistently applied to all years presented unless
otherwise stated.
The financial statements include the financial results of the subsidiaries listed in Note 11 for the full year with the exception of the
following subsidiaries/controlled entities from the date of acquisition. All subsidiaries are incorporated in the UK unless otherwise
stated:
•
•
Nudge Digital Limited – acquired on 30 June 2021
RedCortex Limited – acquired on 6 December 2021
Further details of the above acquisitions can be found in Note 8 Business Combination.
Employee Benefit Trusts (‘EBTs’) are accounted for under IFRS 10 and are consolidated on the basis that the parent has control, thus
the assets and liabilities of the EBT are included on the consolidated and parent balance sheets and shares held by the EBT in the
TPXimpact Holdings Plc 127
Notes to the Consolidated Financial
Statements continued
Company are presented as a deduction from equity in the consolidated and parent balance sheets. TPXimpact Holdings Plc
Employee Benefit Trust was Formed 6 September 2021 and is consolidated in the group financial statements.
1.2 Going concern
As detailed further in the Directors’ report, after reviewing the budgets and cash projections for the next twelve months and beyond,
the Directors believe that the Group and the Company have adequate resources to continue operations for the foreseeable future
and for this reason they have adopted a going concern basis in preparing these financial statements.
In considering the business activities for the forthcoming 12 months, the directors have assessed the impact of principal risks and
uncertainties through scenario modelling. This includes an assessment of the ongoing impact of inflation on our services, sector,
customers and through looking at trends in the digital transformation sector.
At year end, the Group has a rolling credit facility with HSBC of £20m of which £18m has been drawn down. Of the £20m, the £2m is
available as a working capital facility. This facility with HSBC, together with strong cash reserves within the Group provide comfort
over the viability of the Group to prepare the financial statements on a going concern basis. Post period end HSBC have extended
their revolving credit facility with the Group to £30m with a £15m accordion. The new facility is a sustainability-linked revolving credit
facility that incorporates targets which align with our long-term ESG objectives. The impact on going concern of the extension of the
facility is that the repayment date has been extended so the loan is no longer due for repayment until 2025. This improves the cash
flow position of the business.
After performing all the above assessments and through modelling scenarios, it is concluded that we would maintain sufficient
undrawn capacity and satisfy all borrowing facility covenants in the next 12 months.
New IFRS accounting standards adopted in the year
Developments adopted by the Group in 2022 with no material impact on the Group’s financial statements
There were no new IFRSs, endorsed standards and amendments, improvements and interpretations of published standards
applicable for accounting periods beginning 1 April 2021.
Developments expected in future periods of which the impact on the Group’s financial statements is still being assessed
There are new IFRS accounting standards and amendments to existing accounting standards not yet effective in the current year, but
none of these are expected to have a material impact on the Group in the following financial period, these are as follows:
•
•
Amendments to IAS 37 Provisions, Contingent Liabilities, Contingent Assets Onerous Contracts – Cost of Fulfilling a Contract
Amendments to IAS 16 Property, Plant and Equipment – Proceeds before Intended Use
2. Principal accounting policies
a)
Basis of consolidation
The Group financial statements consolidate those of the Company and all of its subsidiary undertakings drawn up to 31 March 2022.
A subsidiary is an entity controlled by the Company. Control is achieved where the Company has existing rights that give it the
current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The
results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate.
Unrealised gains on transactions between the Group and its subsidiaries are eliminated. Unrealised losses are also eliminated unless
the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of
subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
Acquisitions of subsidiaries are dealt with using the purchase method. The purchase method involves the recognition at fair value of
all identifiable assets and liabilities, including contingent liabilities of the subsidiary, at the acquisition date, regardless of whether or
not they were recorded in the financial statements of the subsidiary prior to acquisition. On initial recognition, the assets and
liabilities of the subsidiary are included in the Consolidated Statement of Financial Position at their fair values, which are also used as
the cost bases for subsequent measurement in accordance with the Group accounting policies.
128
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
The consideration transferred in the acquisition is measured at fair value, as are the identifiable net assets acquired. Any goodwill
that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in the profit or loss immediately.
Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred
does not include amounts related to the settlement of pre-existing relationships. Such amounts, to the extent that they exceed the
settlement amounts, are generally recognised in the profit or loss. Any deferred contingent consideration payable is measured at fair
value at the acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is
classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent
consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent
consideration are recognised in profit or loss.
Goodwill is stated after separating out identifiable intangible assets. Goodwill represents the excess of consideration payable over
the fair value of the Group’s share of the identifiable net assets of the acquired subsidiary at the date of acquisition.
The Group disposed of its subsidiary Greenshoot Labs Limited (‘GSL’) on 24 May 2022. The operations of GSL is therefore presented
as discontinued operations. Note 26 sets out the details and impact of discontinued operations
b)
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker
as required by IFRS 8 “Operating Segments”. The chief operating decision-maker, who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the Board of Directors.
The accounting policies of the reportable segments are consistent with the accounting policies of the Group as a whole. Segment
adjusted EBITDA represents earnings before interest, tax, depreciation, amortisation, share-based payments and fair value of
contingent consideration. This is the measure of profit that is reported to the Board of Directors for the purpose of resource
allocation and the assessment of segment performance.
When assessing segment performance and considering the allocation of resources, the Board of Directors review information about
segment assets and liabilities. For this purpose, all assets and liabilities are allocated to reportable segments with the exception of
borrowings.
During the year, there was a change in operating segments due to an internal restructure. Management’s view is that the new
structure better aligns with the entities’ operations mainly as it relates to its revenue-generating activities and how the entities are
managed and reported internally for decision making purposes. There were 9 segments in prior year and 5 in the current year. Where
numbers for each segment has been disclosed for the current year, the prior year comparatives have been restated.
The Group is organised into, and managed through, the following operating segments, which are based on service and supported by
central functions:
•
•
•
•
•
Consulting
Digital experience
Bene Agere
Questers
RedCortex
In addition, management reviews revenue disaggregated by the following sectors to understand our customer base.
•
•
•
Government – Sectors that are run by both local and central government
Non-Government organisations (NGOs) – Organisations such as charities, cultural, housing associations etc that provide public
services but are not run by Governments
Commercial – Commercial clients that do not fall into the two categories above
Government and NGOs are classified as public services for reporting purposes.
TPXimpact Holdings Plc 129
Notes to the Consolidated Financial
Statements continued
c) Goodwill
The Group measures goodwill at the acquisition date as:
•
•
•
the fair value of the consideration transferred; plus
the recognised amount of any non-controlling interests in the acquiree; plus, if the business combination is achieved in stages,
the fair value of the existing equity interest in the acquiree; less
the net recognised amount of the identifiable assets acquired, and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are
generally recognised in profit or loss.
Costs related to acquisition, other than those associated with the issue of debt or equity securities that the Group incurs in
connection with a business combination, are expensed as incurred.
Goodwill is carried at cost less accumulated impairment losses. Impairment review is carried out annually. If there is an impairment,
the cost is reduced by the accumulated impairment amount.
d)
Revenue and revenue recognition
Revenue consists of the value of work delivered to clients during the year exclusive of VAT and is recognised as performance
obligations are met in accordance with the terms of the contract which are primarily on a time and materials basis. Revenue is wholly
attributable to the principal activities of the Group. The Group adopt IFRS 15 principles in recognising the revenue. Revenue
recognised in excess of invoices raised is included within contract asset. Where amounts have been invoiced in excess of revenue
recognised, the excess is included within contract liability.
The majority of the services are provided on a time and material basis where clients are billed monthly for the time spent on a
project which corresponds directly with the value to the customer of the entity’s performance completed to date and accordingly
revenue is recognised at the amount billed. For fixed-price contracts where criteria to recognise performance obligations over time
have been met, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the
total services to be provided. This is determined by actual labour hours and cost incurred relative to the total expected labour hours
and cost. The use of labour hours and costs is a faithful depiction of the transfer of services as it directly relates to the effort
required to satisfy the performance obligation. Only inputs relating directly to the performance in transferring the services are
included when measuring progress to date. Due to changing circumstances, extent of progress and completion may be revised which
may affect revenue and costs. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in
the period in which the circumstances that give rise to the revision become known by management.
The majority of the contracts are one single performance obligation. However, some contracts include multiple deliverables. In most
cases, the deliverable is separately identifiable from other promises in the contract; therefore, it is accounted for as a separate
performance obligation. In this case, the transaction price will be allocated to each performance obligation based on the stand-alone
selling prices.
Standard terms of payment within 30 or 60 days are typically adopted. There is therefore no financing component.
Revenue is recognised when the Group satisfies the performance obligations, the timing of which is set out in Note 3.2. For the
majority, contracts are for performance obligations that are satisfied over time. However, there are some contracts which contain
performance obligations that are only satisfied at a point in time. The revenue for these contracts is recognised when the
performance obligation has been satisfied, for project development work this occurs when the customer accepts the final output.
When the customer has a right to return the product within a given period, the entity is obliged to refund the purchase price. For
instance, if potential candidates put forward are considered unsuitable by the client and no one is recruited. The contract stipulates
reimbursement of 50% – 100% of the fee, under the agreed terms of contract. Under IFRS 15, revenue is only recognised to the extent
it is highly probable there will not be a significant reversal of revenue in a future period and is usually therefore recognised only when
a successful candidate is recruited.
A small number of contracts have variable consideration associated with it, whereby a bonus is paid if certain cost savings are made
by the client. These are recognised using the ‘most likely amount method’ once it has been identified that a significant reversal in the
amount of cumulative revenue will not occur.
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FINANCIAL STATEMENTS
e)
Foreign currencies
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic
environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in pounds
sterling and rounded to the nearest £’000, which is the Company’s functional and presentation currency and the Group’s
presentation currency.
Transactions and balances
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and
liabilities in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. All exchange
differences are recognised in the Consolidated Income Statement.
As at the reporting date, the assets and liabilities of overseas subsidiaries are translated into pounds Sterling at the rate of exchange
applicable at the reporting date and their Income Statements are translated at the average exchange rates for the period. The
exchange differences arising from the retranslation of foreign operations are taken directly to foreign exchange reserve.
Translation differences on non-monetary financial assets and liabilities are reported as part of the fair value gain or loss. Translation
differences on goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of
the foreign entity and translated at the rates of exchange at the reporting date. Currency translation differences arising are
transferred to the Group’s foreign exchange reserve and are recognised in the Income Statement on disposal of the underlying
investment
f)
Property, plant and equipment
Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment.
The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying
amount of the asset and is recognised in the Consolidated Income Statement.
Depreciation is calculated on a straight-line basis so as to write off the cost of an asset, less its estimated residual value, over the
useful economic life of that asset as follows:
Leasehold improvements
3 – 10 years (depending on the length of the lease)
Fixtures and fittings
Computer equipment
4 – 5 years
3 – 5 years
Useful economic lives and estimated residual values are reviewed annually and adjusted as appropriate.
g)
Intangible assets acquired as part of a business combination and amortisation
In accordance with IFRS 3 “Business Combinations”, an intangible asset acquired in a business combination is recognised at fair value
at the acquisition date. A fair value calculation is carried out based on evaluating the net recurring income stream from each type of
intangible asset. Intangibles are initially recognised at fair value, and are subsequently carried at this fair value, less accumulated
amortisation and impairment. The following items were identified as part of the acquisitions of entities by the Group and were still
owned at 31 March 2022:
•
•
•
•
•
brand amortised over 2 – 5 years;
customer lists amortised over 3 – 8 years;
database over 5 years;
Software Intellectual property over 3 – 10 years; and
Software over 2 – 3 years.
The allocation of fair values to the tangible assets and the identification and valuation of intangible assets affect the calculation of
goodwill recognised in respect of an acquisition and as such represent a key source of estimation uncertainty.
TPXimpact Holdings Plc 131
Notes to the Consolidated Financial
Statements continued
h) Other intangible assets
Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs
that are directly attributable to the design and testing of identifiable software products controlled by the Group are recognised as
intangible assets when the following criteria are met:
•
•
•
•
•
•
It is technically feasible to complete the software product so that it will be available for use;
Management intends to complete the software product and use or sell it;
There is an ability to use or sell the software product;
It can be demonstrated how the software product will generate probable future economic benefits;
Adequate technical, financial and other resources to complete the development and to use or sell the software product is
available; and
The expenditure attributable to the software product during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software product include the software development employee costs
and an appropriate portion or relevant overheads. Other development expenditures that do not meet these criteria are recognised
as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in subsequent
periods.
Computer software development costs recognised as assets are amortised over their estimated useful lives, which does not exceed
3 years.
i)
Impairment testing of goodwill
Impairment reviews are tested at cash generating unit (“CGU”) level. Goodwill is allocated to those CGUs that are expected to benefit
from synergies of the related business combination. Nudge integrated into the Experience CGU while RedCortex formed its own CGU.
Impairment reviews are carried out using multi-year cash flow projections from the approved budgets of the Group. These are
discounted using a weighted average cost of capital (“WACC”) specific to each CGU. The internal rate of return for each CGU reflects
the time value of money and the nature and risks of the CGU. Cash flows are estimated over a maximum of five years and a terminal
value.
An impairment loss is recognised for the amount by which the carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of fair value, reflecting market conditions less costs to sell, and value in use based on an internal discounted
cash flow evaluation. Impairment losses are credited to the carrying amount of the relevant goodwill.
j)
Investment in subsidiaries and impairment
The investment in the Company’s subsidiaries is recorded at cost less provisions for impairment. Carrying values are reviewed for
impairment annually to determine if there is any indication that any of the investments might be impaired. The Company uses
forecast cash flow information and estimates of future growth to assess whether investments are impaired.
If the results of operations in a future period are adverse to the estimates used for impairment testing, an impairment may be
triggered at that point.
k)
Taxation
Current tax is the tax currently payable based on taxable profit for the year. Deferred tax is generally provided on the difference
between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial
recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or
affects tax or accounting profit.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Consolidated Income Statement,
except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also
charged or credited directly to equity.
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FINANCIAL STATEMENTS
l)
Financial instruments
Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Group and Company becomes
a party to the contractual provisions of the instrument.
Financial assets
The Group classifies its financial assets as follows:
Amortised cost
These assets arise principally from the provision of services to customers (e.g. trade receivables), but also incorporate other types of
financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows
are solely payments of principal and interest. They are initially recognised at the transaction price that is directly attributable to their
acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method, less provision for
impairment.
Impairment provisions for trade receivables and contract assets are recognised based on the simplified approach within IFRS 9 using
the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables and contract
assets is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the
lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in
a separate provision account with the loss being recognised within administration expenses in the Consolidated Income Statement.
On confirmation that the trade receivable and contract assets will not be collectable, the gross carrying value of the asset is written
off against the associated provision.
Impairment provisions for loans to related parties are recognised based on a forward-looking expected credit loss model. The
methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk
since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of
the financial asset, twelve month expected credit losses along with gross interest income are recognised. For those for which credit
risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that
are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised.
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with
original maturities of three months or less.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the Group and Company are classified in accordance with the substance of the
contractual arrangements entered and the definitions of a financial liability and an equity instrument. An equity instrument is any
contract that evidences a residual interest in the assets of the Group and Company after deducting all of its liabilities. Equity
instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument.
Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which
ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the
Consolidated and Company Statement of Financial Position. For the purposes of each financial liability, interest expense includes
initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is
outstanding.
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at
amortised cost using the effective interest method.
The effective interest rate method is a method of calculating the amortised cost of a financial asset or liability and allocating interest
income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows
through the expected life of the financial asset or liability, or, where appropriate, a shorter period, to the net carrying amount on initial
recognition.
Fair value on contingent consideration
Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are
subsequently remeasured to fair value, with changes in fair value recognised through profit or loss.
TPXimpact Holdings Plc 133
Notes to the Consolidated Financial
Statements continued
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest
in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are
recognised in profit or loss.
m)
Employee benefits
Share-based payments – equity-settled
All share-based payment arrangements are recognised in the financial statements. All goods and services received in exchange for
the grant of any share-based remuneration are measured at their fair values. Fair values of employee services are indirectly
determined by reference to the fair value of the share-based payments awarded.
Their value is appraised at the grant date and excludes the impact of non-market vesting conditions (for example, profitability and
sales growth targets).
All share-based remuneration is ultimately recognised as an expense in the Consolidated Income Statement with a corresponding
credit to “share option reserve”. If vesting periods or other non-market vesting conditions apply, the expense is allocated over the
vesting period, based on the best available estimate of the number of share- based payments expected to vest. Estimates are
subsequently revised if there is any indication that the number of share-based payments expected to vest differs from previous
estimates.
Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any expense recognised in
prior periods if share-based payments ultimately exercised are different to that estimated on vesting.
Upon exercise of share-based payments, the proceeds received, net of attributable transaction costs, are credited to share capital
and share premium.
The fair value for the share-based payment is measured using the binomial model for share-based payments with no market
performance conditions and the monte carlo method for options with market performance conditions.
n)
Pensions
Contributions to defined contribution schemes are charged to the Consolidated Income Statement as they accrue in accordance
with the rules of the scheme. Differences between contributions payable in the year and contributions actually paid are shown as
either accruals or prepayments in the Consolidated Statement of Financial Position.
o)
Presentation of results
In some instances, Alternative Performance Measures (APMs) such as adjusted EBITDA (refer to Financial Review on page 28) are
used by the Group to provide ‘adjusted’ results. This is because Management are of the view that these APMs provide a more
appropriate basis on which to analyse business performance and is consistent with the way that financial performance is measured
by Management and reported to the Board.
Adjusted EBITDA is a non-IFRS measure, defined as the Group’s operating profit before expensing depreciation of tangible fixed
assets, amortisation, acquisitions and restructuring, impairment, change programme costs, gain or loss on fair value movement
contingent consideration and share-based payments.
There are further APMs discussed within the Annual Report. See note 28 for further details.
p)
Leases
Right-of-use assets
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially
measured at cost, which comprises the initial amount of the lease liability adjusted for annual lease payments made at or before the
commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or
to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of
the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful economic lives of the right-of-
use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically
reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
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FINANCIAL STATEMENTS
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental
borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liabilities comprise the following:
•
•
•
•
Fixed payments, including in-substance fixed payments
Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement
date
Amounts expected to be payable under a residual value guarantee; and
The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional
renewal period if the Group is reasonable certain to exercise an extension option, and penalties for early termination of a lease
unless the Group is reasonably certain not to terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in
future lease payments arising for a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to
be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension
or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset, or is recorded in the profit and loss If the carrying amount of the right-of-use asset has been reduced to zero.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease
term of 12 months or less and leases of low value assets including IT equipment. Assets with a value less than £5,000 are considered
low value. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the
lease term.
The Group has applied Amendment to IFRS 16: COVID-19 Related Rent Concessions. The Group applies the practical expedient
allowing it not to assess whether eligible rent concessions that are a direct consequence of the COVID-19 pandemic are lease
modifications. The Group applies the practical expedient consistently to contracts with similar characteristics and in similar
circumstances. For rent concessions in leases to which the Group chooses not to apply the practical expedient, the Group assesses
whether there is a lease modification. The Group has not received any material rent concessions during the current or prior year.
q) Grant income
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching
to them and that the grants will be received.
Government grants are generally recognised in the Consolidated Income Statement on a systematic basis over the periods in which
the Group recognises as expenses the related costs for which the grants are intended to compensate. Judgement is applied in
assessing when there is reasonable assurance the grant conditions have been complied with and that the grant money will be
received.
r)
Research and development
Research and development expenditure is recognised in the Consolidated Income Statement as an expense until it can be
demonstrated that the conditions for capitalisation under IAS 38 ‘Intangible Assets’ apply. The criteria for capitalisation include
demonstration that the project is technically and commercially feasible, the Group has sufficient resources to complete
development and the asset will generate probable future economic benefit.
During the year, research and development costs are within administrative expenses and are not identifiable with its own
subheading. The allocation of the administrative costs that relates to research and development for the Group is carried out annually
at the point of assessing for R&D tax credit relief as part of the tax work.
The Group benefits from both small, medium enterprises for R&D tax credits and research and development credits (RDEC).
TPXimpact Holdings Plc 135
Notes to the Consolidated Financial
Statements continued
RDEC research and development credits are accounted for as having the substance of a government grant and recognised in other
income. The grants are recognised on the basis of the fair value of claims made. A corresponding other receivable is recognised at
the time the claims are accepted and will subsequently be offset against tax payable.
s)
Equity
Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial
liability. The Group’s Ordinary Share capital is classified as equity instruments. Incremental costs directly attributable to the issue of
new shares are shown in equity as a deduction, net of tax, from the proceeds. Further details of the categories of share capital and
reserves and disclosed in Note 21.
t)
Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, management is required to make estimates and assumptions that affect the reported
amount of revenues, expenses, assets, liabilities and the disclosure of contingent liabilities. The resulting accounting estimates, which
are based on management’s best judgment at the date of these financial statements, will seldom equal the subsequent actual
amounts. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are summarised below.
Critical judgements:
1.
Revenue recognition
The main judgements are:
•
•
•
Deciding what are the performance obligations in a contract
Deciding whether the contract should be measured over time or at a point in time
The cost to complete contracts to determine the percentage completion
Under IFRS 15, measurement and recognition of revenue required the Group to make judgements and estimates. In particular, there
are a large number of contracts within the business which may require significant contract interpretation to determine the
appropriate accounts such as whether promised goods and services specified in an arrangement are distinct performance
obligations and based on the contract terms, whether the performance obligation should be recognised at a point in time or over
time (refer to Note 3.2).
2.
Cash generating units (CGUs)
IFRS 3 Business combination requires the management to assess the Cash Generating Unit (CGU) as part of purchase price
allocation process. The Board uses their judgement in deciding the number of CGU per entity acquired during the year. CGU is
defined as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from
other assets or groups of assets.
During the year, there was a change in cash generating units due to an internal restructure. Management’s view is that the new CGU
structure better aligns with the entities’ operations mainly as it relates to its revenue-generating activities and how the entities are
managed and reported internally for decision making purposes. There were 9 CGUs in the prior year and 5 in the current year.
The cash generating units in the prior year were as follows:
Foundry4, Human Plus and Arthurly
Bene Agere
Questers
TPXimpact and Ameo
Manifesto
–
–
–
–
Deeson
Greenshoot Labs
Difrent
Keep IT Simple
•
•
•
•
•
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STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
For the current year, there are five CGUs within the group, with the two main ones being Consulting and Digital Experience. The
current year cash generating units are as follows:
•
•
•
•
•
Consulting – Consulting includes Foundry4, Human Plus, Arthurly, TPXimpact, Ameo, Difrent and Keep IT Simple
Digital experiences (DX) – This includes Deeson, Manifesto and Nudge
Bene Agere
Questers
RedCortex
Where numbers for each CGU have been disclosed for the current year, prior year comparatives have been restated.
3.
Intangible assets from acquisition
Acquiring a business entity would include purchasing its intangible assets even when there were no intangible assets on its
Statement of Financial Position. The board uses judgement in identifying the types of intangible assets as a result of business
combination. During the year the board identified several intangibles such as customer list, brand, client database and software.
Details of intangible assets identified on acquisitions are in notes 8 and 10.
Key source of estimation uncertainty:
1.
Impairment of goodwill (Group)
Impairment of goodwill is subject to an annual review. The key estimate for the carrying value of CGU is the cash flows associated
with the CGU and the WACC. Each of the CGU held by the Group is measured regularly to ensure that they generate sufficient
positive cash flows to justify no impairment.
The Group performs an impairment review of CGUs on at least an annual basis. This requires an estimation of the ‘value in use’ of the
cash-generating units to which the intangible value is allocated. Estimating a value in use amount requires management to make an
estimate of the expected future cash flows from the cash-generating unit and also to choose a suitable discount rate in order to
calculate the present value of those cash flows. Where there is indication of impairment, the goodwill is impaired by a charge to the
Consolidated Income Statement. The key area of uncertainty is the projected revenue growth. Management perform sensitivity
analysis to ascertain the level of growth rate that will start to impair the goodwill on a yearly basis. Further explanation is included in
Note 9 – Goodwill and impairment.
2.
Impairment of investments (Company)
An assessment of impairment of investments is performed if there is an indicator of impairment. The key estimate for the carrying
value of the investment is the cash flows associated with the investment and the WACC. Each investment is reviewed regularly to
ensure that they generate discounted positive cash flows.
The same principles used in the assessment of impairment of goodwill are used for estimating the ‘value in use’ of the cash flows of
the investment. Where there is an indication of impairment, the investment is impaired by a charge to the company income
statement. The key area of uncertainty is the projected revenue growth. Management perform sensitivity analysis to ascertain the
level of growth rate that will start to impair the investment on a yearly basis.
3.
Measuring the fair value of contingent consideration (Group and Company)
The fair value of contingent deferred consideration is determined by reference to the future EBITDA of the acquired business and
applying the contingent deferred consideration formula as specified in the asset or share purchase agreement and discounting the
net present value of the future cash flows. The total fair value of consideration for the businesses acquired during the year was £20m
(2021: £43m) and the goodwill was calculated as £13m (2021: £18m). Further details are included in Note 8.
4.
Impairment of inter-group balances (Company)
An assessment of the recoverability of intercompany balances is performed by reviewing the future cash flows of the subsidiary.
Where there is an indication of impairment, a provision for doubtful debt is recorded by a charge to the Company income statement.
TPXimpact Holdings Plc 137
Notes to the Consolidated Financial
Statements continued
u)
Non-current assets held for sale and discontinued operations
Under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, where certain conditions are met, an asset or disposal
group that is for sale is recognised as “held for sale”. The Group has classified a disposal group as held for sale if the carrying amount
will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the disposal group
must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such
assets and its sale must be highly probable. Such assets are measured at the lower of carrying amount and fair value less costs to
sell, and are not depreciated or amortised, excluding certain assets that are carried at fair value under IFRS 5.
3. Segment reporting
The Group has identified its operating segments based on the internal reports reviewed and used by the Chief Operating Decision
Maker (CODM), being the Board of Directors, in assessing the Group’s performance and in determining the allocation of resources.
The Board has concluded that it monitors the Group’s performance and makes business decisions around investments, resource
allocation and acquisitions based on the Group’s services. These services are noted below and consist of 5 reportable segments
(3 in the previous financial year). Comparatives have been restated to present information under the new reporting segments.
•
•
•
•
•
Consulting
Digital experience
Bene Agere
Questers
RedCortex
The Board of Directors primarily uses a measure of revenue and adjusted EBITDA which is taken as earnings before interest, tax,
depreciation, amortisation, costs relating to business acquisitions and restructuring, costs relating to share- based payments and
fair value movement in contingent consideration to assess the performance of the operating segments. Information about segment
revenue is disclosed in the tables below.
3.1.1 Revenue
i)
Revenue by service
Included in revenues arising from ‘Consulting’ services are revenues of £10.9m (2021: £3.2m) which arose from the Group’s largest
customer and represents 14% of the Group’s total revenue.
Consulting
Experience
Bene Agere
Questers
RedCortex
Intersegment eliminations
Total revenue
138
2022
£’000
Restated
2021
£’000
57,781
35,442
16,090
1,633
10,645
2,067
9,210
1,750
8,487
–
(8,507)
(4,574)
79,709
50,315
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
ii)
Revenue by geography
United Kingdom
Norway
Switzerland
EU
USA
Malaysia
Other
Total Revenue
3.1.2 Adjusted EBITDA by service
Consulting
Experience
Bene Agere
Questers
RedCortex
Central services
Total adjusted EBITDA
Finance costs
Finance income
Depreciation and amortisation
Costs relating to business restructuring
Costs directly attributable to business combinations
Fair value moment in contingent consideration
Share-based payments
Other gains and losses
Profit/(loss) before tax
2022
£’000
Restated
2021
£’000
70,942
42,143
1,633
2,641
662
3,389
270
172
1,750
1,080
806
4,160
–
376
79,709
50,315
2022
£’000
6,868
5,106
699
1,184
303
Restated
2021
£’000
6,261
2,094
(6)
1,004
–
(1,963)
(2,252)
12,197
(683)
–
7,101
(303)
3
(5,931)
(3,344)
(1,769)
(1,013)
152
(427)
–
(250)
(496)
(4,260)
(294)
187
2,526
(1,656)
TPXimpact Holdings Plc 139
Notes to the Consolidated Financial
Statements continued
3.1.3 Segment assets
Segment assets are measured in the same way as in the financial statements. These assets are allocated based on the operations
of the segment and the physical location of the asset.
Consulting
Experience
Bene Agere
Questers
RedCortex
Total segment assets from continuing operations
Assets held by discontinued operations
Total segment assets
Intersegment eliminations
Unallocated:
Central services
Total assets per the Statement of Financial Position
2022
£’000
82,017
17,907
2,618
6,645
16,745
Restated
2021
£’000
89,856
12,203
2,551
5,805
–
125,932
110,415
708
503
126,640
110,918
(6,456)
(8,818)
5,489
2,374
125,673
104,474
140
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
3.1.4 Segment liabilities
Segment liabilities are measured in the same way as in the financial statements. These assets are allocated based on the operations
of the segment and the physical location of the liability.
The Group’s borrowings are not considered to be segment liabilities, but are managed by the Group finance function.
Consulting
Experience
Bene Agere
Questers
RedCortex
Total segment liabilities from continuing operations
Liabilities of discontinued operations
Total segment liabilities
Intersegment eliminations
Unallocated:
Central services
Total liabilities per the Statement of Financial Position
2022
£’000
Restated
2021
£’000
16,406
23,659
3,231
757
2,050
3,765
26,209
103
4,364
709
4,019
–
32,751
1,197
26,312
33,948
(6,456)
(8,818)
27,256
18,690
47,112
43,820
3.2 Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of services over time and at a point in time in the following service line:
Consulting Experience
£’000
£’000
Bene
Agere
£’000
50,797
15,399
1,633
691
–
Other &
Questers RedCortex Eliminations
£’000
£’000
£’000
Total
£’000
9,813
832
2,067
–
79,709
–
(8,507)
–
Year ended 31 March 2022
External revenue
Inter-segment revenue
Total revenue
Recognised at a point in time
Recognised over time
Total revenue
6,984
57,781
–
57,781
57,781
16,090
1,633
10,645
2,067
(8,507)
79,709
–
–
10,164
–
833
10,997
16,090
16,090
1,633
1,633
481
10,645
2,067
2,067
(9,340)
68,712
(8,507)
79,709
TPXimpact Holdings Plc 141
Notes to the Consolidated Financial
Statements continued
Year ended 31 March 2021
External revenue
Inter-segment revenue
Total revenue
Recognised at a point in time
Recognised over time
Total revenue
Consulting Experience
£’000
£’000
Bene
Agere
£’000
Other &
Questers RedCortex Eliminations
£’000
£’000
£’000
Restated
Total
£’000
31,833
3,609
35,442
88
35,354
35,442
8,639
571
9,210
–
9,210
9,210
1,750
8,093
–
1,750
–
1,750
1,750
394
8,487
8,481
6
8,487
–
–
–
–
–
–
–
50,315
(4,574)
–
(4,574)
50,315
–
8,569
(4,574)
41,746
(4,574)
50,315
•
Inter-segment revenues are eliminated on consolidation and reflected in the adjustments and eliminations column.
4. Operating profit/(loss)
Operating profit/(loss) is stated after charging/(crediting):
Depreciation of property, plant & equipment (see note 12)
Depreciation of right-of-use assets (see note 13)
Amortisation of intangible assets (see note 10)
Employee costs (see note 5.2)
Costs directly attributable to business combinations
Costs relating to restructuring and change programme*
Disposal of fixed assets
(Gain)/loss on fair value movement contingent consideration (see note 20)
Share-based payments (see note 5.5)
Short-term leases (see note 13)
Net foreign exchange losses
2022
£’000
Restated
2021
£’000
178
406
175
660
5,347
2,509
33,874
24,485
1,013
1,769
(4)
(152)
427
425
99
496
250
–
4,260
294
341
5
* Business restructuring costs were incurred in the year relating to the restructuring of personnel and aggregation of activities to a divisional structure. In the
prior year, restructuring related mainly to the restructuring of personnel.
142
STRATEGIC REPORT
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FINANCIAL STATEMENTS
4.1 Auditors remuneration
Fees payable to the Company’s auditors and its associates for the audit of parent company
and consolidated financial statements
Fees payable to Company’s auditors and its associates for the audit of Company’s subsidiaries
Fees payable to Company’s auditors and its associates for other services:
Audit-related assurance services
4.2 Finance income and costs
Finance income
Interest income from financial assets held for cash management purposes
Finance income
Finance costs
Interest payable on bank loan and overdrafts
Interest and finance charges paid/payable for lease liabilities and financial liabilities
not at fair value through profit or loss
Finance costs expensed
Net finance costs
5. Employee costs
5.1 Directors and employees
The average number of staff employed by the Group during the financial year is 548 (2021: 495) as follows:
Consultant**
Administrative staff***
Management
Total
2022
£’000
Restated
2021
£’000
223
29
9
261
189
26
9
224
2022
£’000
Restated
2021
£’000
–
–
669
14
683
683
2022
444
64
40
548
3
3
279
24
303
300
2021
380
72
43
495
** Consultant includes 194 consultants employed by Questers solely for clients’ projects, where they provide highly skilled IT teams to clients.
*** Administrative staff also participate in income generating activities, sales and marketing.
Employee numbers are stated including Directors.
TPXimpact Holdings Plc 143
Notes to the Consolidated Financial
Statements continued
5.2 Employee remuneration
Wages and salaries
Pension contributions
Share-based payments
Social security costs
Other benefits
Total
5.3 Key management personnel head count
Number of key personnel for the parent company
Number of key personnel for the Group
Group key personnel comprises of Directors of the parent company.
5.4 Key management emoluments
Emoluments for the key management personnel for the parent company.
Wages and salaries
Pension contributions
Share-based payments
Social security costs
Other benefits
Total
144
2022
£’000
28,999
746
427
3,182
520
2021
£’000
21,053
595
294
2,261
282
33,874
24,485
2022
6
2022
24
2022
£’000
620
24
46
75
6
771
2021
6
2021
30
2021
£’000
569
37
69
68
6
749
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
The total emoluments for the Group’s key personnel for the year:
Wages and salaries
Pension contributions
Share-based payments
Social security costs
Other benefits
Total
2022
£’000
2,653
115
66
247
22
2021
£’000
2,729
138
127
256
13
3,103
3,263
The aggregate remuneration of the highest paid director of the Company was £311k (2021: £320k). The amount of pension
contribution paid into the defined contribution scheme for the highest paid director totaled £14k (2021: £14k) in the year. A full
breakdown of other benefits is detailed in the remuneration report.
Details of individual Directors’ emoluments for the year (including employer’s National Insurance (“NI”) contributions) are as follows:
Fees and Salaries
Employer’s NI
Other benefits (refer to
remuneration report)
Total
2022
£’000
2021
£’000
2022
£’000
2021
£’000
2022
£’000
2021
£’000
2022
£’000
2021
£’000
Non-Executive
Chris Sweetland
Mark Smith
Isabel Kelly
Rachel Neaman
Executive
Neal Gandhi
Oliver Rigby
Total
35
50
35
35
275
190
620
35
50
35
16
275
158
569
4
6
4
4
35
22
75
4
6
3
2
35
18
68
3
4
3
–
36
30
76
4
7
4
–
45
52
112
42
60
42
39
346
242
771
43
63
42
18
355
228
749
5.5 Share-based payments
The Group has the following equity-settled share plans:
Enterprise Management Incentive Scheme ‘EMI’
Share options were granted to employees as determined by key management personnel and the Remuneration Committee at IPO of
the company. No further EMI options can be granted by the Group. The options cannot be exercised within two years unless specific
criterias are met and have a maximum life of 10 years. Exercise of the options will be settled by the issue of shares and there are no
cash alternatives. Options ordinarily are forfeited if the employee leaves the Group before the options vest.
Company Share Option Plan ‘CSOP’
Share options are granted to employees as determined by key management personnel and the Remuneration Committee. The CSOP
permits the Company to grant CSOP options which have tax advantages pursuant to the provisions of Schedule 4 to the Income Tax
(Earnings & Pensions) Act 2003 (“Schedule 4”). The options cannot be exercised within one year unless specific criteria are met and
have a maximum life of 10 years. Exercise of the options will be settled by the issue of shares and there are no cash alternatives.
Options ordinarily are forfeited if the employee leaves the Group before the options vest.
TPXimpact Holdings Plc 145
Notes to the Consolidated Financial
Statements continued
Unapproved Share Option Plan ‘Unapproved scheme’
Unapproved share options are typically granted to employees based outside of the UK as determined by key management personnel
and the Remuneration Committee. The options cannot be exercised within two years unless specific criteria are met and have a
maximum life of 10 years. Exercise of the options will be settled by the issue of shares and there are no cash alternatives. Options
ordinarily are forfeited if the employee leaves the Group before the options vest.
UK Share Incentive Plan (SIP)
The Group has established a Share Incentive Plan for UK employees in the current year. Under this scheme all eligible employees are
able to purchase ordinary shares ‘Partnership shares’ through tax-efficient salary sacrifice. Each Partnership share offers a free
matching award of ordinary shares on a one-to-one basis. ‘Matching Share’. The shares are held in trust by Cytec Solutions
Corporate Trustees who also administer the scheme. A minimum period of three years is imposed before the employee can
withdraw.
(i)
Total share-based payments
The number of outstanding options under each valuation method has been disclosed in the table below.
Binomial Monte Carlo
model
Model
Total
Number of outstanding options as at 31 March 2022
1,101,912
2,232,834
3,334,746
The following table lists the key inputs to the model used for the grant of share options in 2021.
There was no grant of share options made in 2022. Expected volatility was determined by calculating the historical volatility of the
Group’s share price over the expected term.
Exercise price
Share price at grant date
Expected volatility1
Expected dividend yield
Risk free interest rate
Contractual life of option (years)
May 2020
Grant
Dec 2020
Grant
82p
48p
184.5p
184.5p
38.40%
35.00%
1%
0%
0.06%
0.00%
10
10
1 The expected price volatility is based on the historical volatility (based on the remaining life of the options), adjusted for any expected changes to future
volatility due to publicly available information
The total share-based payments expense included in the Consolidated Income Statement is:
Share-based payments to employees
Total
2022
£’000
427
427
2021
£’000
294
294
The total share-based payments expense relating to Directors of the Company is £46k (2021: £69k).
The total share-based payments expense relating to key management personnel of the Group is £66k (2021: £127k).
The Group currently does not have tax liability in respect of the share options which have been issued to date as at 31 March 2022.
146
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
6. Taxation
Current tax
UK corporation tax for the period at 19% (2021: 19%)
Adjustments in respect of prior period provisions
Adjustments in respect of prior period R&D credits
Overseas current tax charge on income for the year
Total current tax
Deferred tax
Current year
Change in deferred tax rate
Adjustments in respect of prior periods
Total deferred tax
Total tax credit/(charge)
2022
£’000
Restated
2021
£’000
(1,566)
(888)
575
–
(56)
(69)
172
(53)
(1,047)
(838)
1,012
(1,372)
(339)
(699)
(1,746)
439
–
15
454
(384)
The total tax charge for the year is £1,746k of which £1,706k is attributable to continuing operations and £40k is attributable to
discontinued operations.
During 2022 a deferred tax credit of £724k (2021: £454k) was attributable to deferred tax on intangible assets acquired as part of
business combinations. For further deferred tax information – see Note 22.
TPXimpact Holdings Plc 147
Notes to the Consolidated Financial
Statements continued
The relationship between expected tax expense based on the effective tax rate of the Group of 99% (2021: 21%) and the tax
expense recognised in the Consolidated Income Statement can be reconciled as follows:
Profit/(loss) for the year before tax from total operations:
Tax rate
Expected tax (charge)/credit
Principal differences due to:
Expenses not deductible for tax purposes
Non taxable income
Foreign tax suffered
Other timing differences leading to increase/decrease
Adjustments in respect of prior period provisions
Adjustments in respect of prior period R&D credits
Adjustments in respect of prior period deferred tax
Difference in overseas tax rates
Movement in deferred tax rates
Deferred tax asset not recognised
2022
£’000
1,764
19%
(335)
2021
£’000
(1,845)
19%
351
(306)
(907)
19
35
(27)
575
–
(339)
–
(1,372)
4
(2)
–
–
(69)
172
15
14
–
42
(1,746)
(384)
Earnings per share
7.
Basic earnings per share are calculated by dividing the profit attributable to ordinary shareholders by the weighted average number
of ordinary shares in issue during the period. The weighted average number of shares excludes shares held by an Employee Benefit
Trust (see Note 21) and has been adjusted for the issue/purchase of shares during the period.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares. These represent share-based payments (see note 5) granted to employees where the exercise
price is less than the average market price of the Company’s ordinary shares and share purchase agreements (see note 8) where the
terms and conditions could affect the measurement of basic and diluted earnings per share during the year ended 31 March 2022.
A number of shares that were issued during the period are contingent on certain conditions being met and therefore these have
been excluded from the calculation of the weighted average number of Ordinary Shares in issue.
148
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
The Group has also chosen to present an alternative earnings per share measure, adjusted earnings per share, with profit adjusted
for non-underlying items because it better reflects the Group’s underlying performance. This measure is defined on note 27.
For the year
Weighted average number of shares in issue, basic
Contingent consideration where all conditions are met
Less: Shares held by the Employee Benefit Trust (weighted average)
Less: Shares held by the SIP (weighted average)
Weighted average number of shares for calculating basic earnings per share
Weighted average number of dilutive shares
2022
2021
Number of Number of
shares
000
shares
000
84,583
63,783
1,698
(3)
(67)
86,211
1,768
–
–
–
63,783
–
Weighted average number of shares for calculating diluted earnings per share
87,979
63,783
For the year
Profit/(Loss) after tax on continuing operations
Loss after tax on discontinued operations
Profit/(Loss) after tax on total operations
Earning per share is calculated as follows:
For the year
Basic earnings per share on continuing operations
Basic earnings per share on discontinued operations
Basic earnings per share on total operations
For the year
Diluted earnings per share on continuing operations
Diluted earnings per share on discontinued operations
Diluted earnings per share on total operations
2022
£’000
820
(723)
2021
£’000
(2,040)
(189)
97
(2,229)
2022
2021
1.0p
(0.8)p
0.2p
(3.5)p
–
(3.5)p
2022
2021
0.9p
(0.8)p
0.1p
(3.5)p
–
(3.5)p
TPXimpact Holdings Plc 149
Notes to the Consolidated Financial
Statements continued
8. Business combinations
During the year the Company completed the acquisitions of Nudge Digital Limited and RedCortex Limited. A summary of the
acquisitions is shown below.
Summary
Business combination summary
as at 31 March 2022
Date of acquisition
Consideration payable
% acquired
Acquisition related costs
Intangible assets acquired on acquisition
Net assets/(liabilities)
Total identifiable net assets acquired at fair value
Cash
Shares (including deferred consideration)
Total fair value consideration
Goodwill
Cash flow
Nudge
£’000
RedCortex
£’000
Total
£’000
30 Jun 2021
6 Dec 2021
Cash and Shares
Cash and Shares
100%
170
2,059
1,963
4,022
3,805
2,808
6,613
2,591
100%
210
2,418
375
2,793
380
4,477
2,338
6,815
6,355
10,160
6,812
9,620
13,167
19,780
10,374
12,965
Total cash consideration less cash acquired
1,397
5,443
6,840
All acquisition-related costs which were not directly attributable to the issue of shares are included in administrative expenses in
the Consolidated Income Statement and in operating cash flows in the Statement of Cash Flows.
Having joined the Group, Nudge will sit within the Experience CGU and RedCortex will form its own CGU.
150
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(I)
Revenue and profit/(loss) if acquired from 1 April 2021
The consolidated pro-forma revenue and profit/(loss) for the year ended 31 March 2022, had the acquisitions occurred on 1 April
2021 are shown below. These amounts have been calculated using the subsidiary’s results adjusted for:
•
•
differences in the accounting policies between the Group and the subsidiary; and
the additional depreciation and amortisation that would have been charged, assuming the fair value adjustments to property,
plant and equipment and intangible assets had applied from 1 April 2021, together with the consequential tax effects.
Revenue
Nudge
RedCortex
Profit before tax
Nudge
RedCortex
Revenue
Entire group including Nudge and RedCortex
Total
Profit before tax
Entire group including Nudge and RedCortex
Total
(ii) Cashflows from investing activities – acquisition of subsidiaries
The cash paid for acquiring the companies and the cash acquired are summarised as follows:
Entity
Nudge
RedCortex
Total
From
Acquisition date
to 31 March 2022
£’000
12 months to
31 March 2022
£’000
2,053
1,124
3,177
3,011
4,769
7,780
From
Acquisition date
to 31 March 2022
£’000
12 months to
31 March 2022
£’000
1,005
39
1,044
1,327
803
2,130
12 months to
31 March 2022
£’000
84,311
84,311
£’000
5,469
5,469
Cash paid
for acquisition
£’000
Cash obtained
in acquisition
£’000
3,804
6,355
10,159
2,408
912
3,320
TPXimpact Holdings Plc 151
Notes to the Consolidated Financial
Statements continued
The cash paid by the parent company only is as follows
Entity
Nudge
RedCortex
Total
Cash paid for acquisition
of subsidiaries
£’000
1,750
6,355
8,105
Goodwill comprises the value of expected synergies arising from combining the operations of the acquiree and acquirer, customer
relationships and brand which has been recognised as intangible assets. None of the goodwill recognised is expected to be
deductible for income tax purposes.
Business combination explained by entity
a.
Nudge Digital Limited
On 30 June 2021, TPXimpact Holdings plc acquired the entire issued share capital of Nudge Digital Limited, a digital services agency
which delivers strategy-led services primarily to the pharmaceutical industry, health sector and, more recently, to local authorities,
with a particular focus around care pathways. Nudge Digital Limited, company registration number 05805455 is incorporated in
England and Wales. Its registered office is 7 Savoy Court, London, England, WC2R 0EX.
Bristol-based Nudge, provides strategic consultancy and digital execution on mission-critical services, from global pharmaceutical
projects to the software underpinning social housing and social care. The acquisition was strategically important to us as it
strengthened our overall position in healthcare and, importantly, provided an entry into the pharmaceutical industry at a time when
the NHS is looking at precision medicine, risk stratification and data-driven personalised care plans for patients. The majority of the
Nudge staff and projects have now been integrated into our Digital Experience division.
152
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
The consideration for the acquisition was £6.6m, satisfied through the payment of £3.8m cash and the issue of 1,190,476 new
ordinary shares in TPXimpact Holdings plc.
Nudge
Intangibles
Brand
Customer lists
Tangible assets
Property, plant and equipment
Current assets
Trade and other receivables
Cash and cash equivalents
Current liabilities
Trade and other liabilities
Tax liability
Non-current liabilities
Deferred tax
Net assets
Cash
Shares issued (Non contingent equity)
Fair value of total consideration
Goodwill
Fair value
Book cost adjustments
£’000
£’000
Fair value
£’000
–
–
7
935
2,408
(658)
(339)
–
2,353
124
1,935
–
–
–
–
–
(390)
1,669
124
1,935
7
935
2,408
(658)
(339)
(390)
4,022
3,805
2,808
6,613
2,591
The trade and other receivables are all considered recoverable. Cash consideration of £3.8m includes £1.75m paid by the parent
company, TPXimpact Holdings plc.
b. RedCortex Limited
On 8 December 2021, TPXimpact Holdings plc acquired the entire issued share capital of RedCortex Limited which is a Microsoft
Gold Partner providing cloud transformation, architecture and programme management services mainly to the NHS, Welsh
Government and Rail sectors. RedCortex, company registration number 10335104 is incorporated in England and Wales. Its registered
office is 5th Floor, Trafalgar House, Fitzalan Place, Cardiff, Wales, CF24 0ED.
Not only has RedCortex strengthened TPXimpact’s existing foothold in the Welsh Public Sector, it continues to build on TPXimpact’s
operational momentum to create regional hubs across the UK. The addition of RedCortex also extended TPXimpact’s Microsoft stack
capabilities with RedCortex being a Gold Partner across multiple disciplines which further advances its ability to perform partnership
programmes with Microsoft of significant value. Additionally, RedCortex added an established apprenticeship programme to
TPXimpact’s long-term staffing strategy, taking school leavers from South Wales and turning them into digital professionals.
The consideration for the acquisition was £13.2m, satisfied through the payment of £6.4m cash and the issue of 2,645,302 new
ordinary shares in TPXimpact Holdings plc.
TPXimpact Holdings Plc 153
Notes to the Consolidated Financial
Statements continued
RedCortex
Intangibles
Brand
Customer lists
Property, plant and equipment
Current assets
Trade and other receivables
Cash and cash equivalents
Current liabilities
Trade and other liabilities
Taxes and social security costs
Non-current liabilities
Deferred tax
Net assets
Cash
Share issued (Non contingent equity)
Fair value of total consideration
Goodwill
Fair value
Book cost adjustments
£’000
£’000
Fair value
£’000
–
–
19
924
912
(1,016)
(3)
–
836
228
2,190
–
–
–
–
–
(461)
1,957
228
2,190
19
924
912
(1,016)
(3)
(461)
2,793
6,355
6,812
13,167
10,374
The trade and other receivables are all considered recoverable.
8.1 Acquisitions post year end
On 6 April 2022, TPXimpact Holdings plc acquired the entire issued share capital of Swirrl IT Limited, a software and services
business. The core operations of the business are to help government organisations to disseminate and manage their data enabled
decisions. Swirrl IT Limited, company registration number SC337356 is incorporated in Scotland. Its registered office is Macfarlane
Gray House Castlecraig Business Park, Springbank Road, Stirling, Stirlingshire, FK7 7WT.
The consideration for the acquisition was £3.2m, satisfied through the payment of £1.2m cash and the issue of 888,888 new ordinary
shares in TPXimpact Holdings plc.
The acquisition related costs for Swirrl were £0.2m.
On 7 April 2022, TPXimpact Holdings plc acquired the entire issued share capital of Peak Indicators Limited, a visionary data science
and analytics consultancy offering services such as analytics, Data engineering and Data science. Peak Indicators Limited, company
registration number 06704556 is incorporated in England and Wales. Its registered office is 7 Savoy Court, London, United Kingdom,
WC2R 0EX.
The consideration for the acquisition was £3.5m, satisfied through the payment of £1.4m cash and the issue of 938,888 new ordinary
shares in TPXimpact Holdings plc.
The acquisition related costs for Peak were £0.2m.
154
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
The Group is currently performing a fair value review of Peak Indicators Limited and Swirrl IT Limited’s assets and liabilities and will
report these within its next published financial statements.
These acquisitions were strategically important to TPX, significantly expanding the Group’s capabilities in artificial intelligence (AI),
data science and analytics. Together they will form TPXimpact’s Data & Insights capability, opening a new market opportunity that
the Company has so far addressed by working with associates. This new capability will be positioned to assist clients across TPX’s
target sectors in gaining stronger insights to aid their decision making.
9. Goodwill and impairment
As at 1 April 2020
On acquisitions
As at 31 March 2021
On acquisitions
Assets held for sale
As at 31 March 2022
Accumulated
impairment
losses
£’000
Carrying
amount
£’000
35,672
17,651
53,323
12,965
(131)
66,157
–
–
–
–
–
–
Cost
£’000
35,672
17,651
53,323
12,965
(131)
66,157
The acquisitions during the year were Nudge and RedCortex. Management have concluded that Nudge is a part of the Experience
cash generating unit and RedCortex is a separate cash generating unit. In the year ended 31 March 2022, there is a total of five cash
generating units (CGU).
Impairment tests for goodwill
The value of CGUs is assessed according to the projected performance of the relevant businesses. This is performed by calculating
the recoverable amount of all CGUs based on value-in-use calculations. These calculations use a post-tax cash flow projection
based on latest forecasts by each CGU which are extrapolated to cover a 5 year period. The forecasts used are the latest forecasts.
A risk-free discount rate is based on WACC using the CAPM model. As the WACC used in the value-in- use calculation is the post-
tax WACC, the implied pre-tax WACC has been subsequently calculated and disclosed below.
Each reporting period, management compares the resulting cash flow projections by CGU to the carrying value of goodwill. Any
material variance in this calculation results in an impairment charge to the Consolidated Income Statement. The following table sets
out the key assumptions for those CGUs that have significant goodwill allocated to them. The growth rate used varies between years,
with the maximum growth rate shown in the table below.
As well as the following assumptions, EBITDA margin based on historic and latest forecasts have been used for each CGU and ranges
from 9% to 24%. A long-term growth rate of 2.2% based on CPI as at 31 March 2022 was used to extrapolate cash flows beyond the
budget period.
TPXimpact Holdings Plc 155
Notes to the Consolidated Financial
Statements continued
CGU
Consulting
Digital Experience
Bene Agere
Questers
RedCortex
Carrying value
31 March
2022
£’000
Annual
revenue
growth rate
%
Pre-tax
discount
rate
%
41,029
9,920
1,844
2,992
10,372
13%
10%
10%
13%
10%
16.6
16.6
12.0
18.4
16.6
Based on the impairment review carried out at the end of 31 March 2022, management believes that the projection of cash flows
from the CGUs exceeds the carrying value of the goodwill.
Sensitivity analysis:
Management concluded that the key factor for sensitivity analysis is the revenue growth rate from FY2023 onward. The discount
factor is assumed to be easily determined by way of the known risk of the market and the cost of debt which is based on the credit
facility from HSBC at 2.5% plus SONIA. If the forecasted annual revenue for each CGU falls by the following rate shown in the table
below, goodwill impairment would be required.
Annual revenue
reduction rate
%
69%
56%
15%
75%
51%
CGU
Consulting
Digital experience
Bene Agere
Questers
RedCortex
156
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Intangible assets
10.
Intangible assets are non-physical assets which have been obtained as part of an acquisition or research and development activities,
such as innovations, introduction and improvement of products and procedures to improve existing or new products. All intangible
assets have an identifiable future economic benefit to the Group at the point the costs are incurred. Customer lists and brands are
amortised over a maximum period of six years from the date of acquisition.
Group
Intangible assets
Cost
As at 1 April 2020
Additions
Acquired on acquisition
As at 31 March 2021
Additions
Acquired on acquisition
Assets Held for Sale
As at 31 March 2022
Amortisation
As at 1 April 2020
Charge for the year
As at 31 March 2021
Charge for the year
Assets Held for Sale
As at 31 March 2022
Net book value
As at 31 March 2022
At 31 March 2021
As at 1 April 2020
Brand
£’000
Customer
List
£’000
Database Software (IP)
£’000
£’000
Software
£’000
Total
£’000
1,577
–
1,038
2,615
–
352
–
8,638
–
21,788
30,426
–
4,125
(64)
2,967
34,487
392
409
801
554
–
1,355
1,612
1,814
1,185
1,487
2,031
3,518
4,719
(27)
8,210
26,277
26,908
7,151
50
–
–
50
–
–
–
50
12
10
22
10
–
32
18
28
38
50
–
141
191
–
–
(50)
141
6
9
15
47
(11)
51
90
176
44
198
321
–
519
829
–
(836)
512
25
50
75
197
(256)
16
496
444
173
10,513
321
22,967
33,801
829
4,477
(950)
38,157
1,922
2,509
4,431
5,527
(294)
9,664
28,493
29,370
8,591
TPXimpact Holdings Plc 157
Notes to the Consolidated Financial
Statements continued
Software
£’000
Total
£’000
–
–
–
–
402
402
–
–
–
8
8
–
–
–
–
402
402
–
–
–
8
8
394
–
394
–
Company
Intangible assets
Cost
As at 1 April 2020
Additions
Acquired on acquisition
As at 31 March 2021
Additions
As at 31 March 2022
Amortisation
As at 1 April 2020
Charge for the year
As at 31 March 2021
Charge for the year
As at 31 March 2022
Net book value
As at 31 March 2022
At 31 March 2021
158
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Investment in subsidiaries
11.
Investment in subsidiaries
Cost
As at 1 April 2020
Additions
As at 31 March 2021
Additions
As at 31 March 2022
Accumulated impairment
As at 1 April 2020 and 1 April 2021
Impairment in the year
As at 31 March 2022
Net book value
As at 31 March 2022
As at 31 March 2021
As at 1 April 2021
Total
£’000
54,952
43,626
98,578
19,791
118,369
Total
100
510
610
117,759
98,478
54,952
Investments in Group undertakings are recorded at cost, which is the fair value of the consideration paid plus the fair value of
contingent consideration determined at the acquisition date.
Investments include £249k for Greenshoot Labs Limited which was classified as held for sale as at 31 March 2022 and was sold
subsequent to the end of the financial year.
TPXimpact Holdings Plc 159
Notes to the Consolidated Financial
Statements continued
At 31 March 2022, the Company had the following subsidiaries:
Registered address
Principal activity
Shareholding
Companies
Foundry4 Limited
(previously Not Binary
Limited)
Country of
incorporation
England & Wales
Human Plus Limited
England & Wales
iDisrupted Limited
England & Wales
Manifesto Digital Limited
England & Wales
Questers Global Group
Limited
England & Wales
Questers Resourcing Limited
England & Wales
7 Savoy Court, London,
WC2R 0EX
Digital service consultancy,
software development, data and
automation
7 Savoy Court, London,
WC2R 0EX
IT focus on Robotic Process
automation (RPA)
7 Savoy Court, London,
WC2R 0EX
7 Savoy Court, London,
WC2R 0EX
7 Savoy Court, London,
WC2R 0EX
7 Savoy Court, London,
WC2R 0EX
Ceased trading in the year
Digital experience agency
Holding company
Provides dedicated highly skilled
talent pool to businesses from
Sofia, Bulgaria
Arthurly Limited
England & Wales
7 Savoy Court, London,
WC2R 0EX
Capabilities in hyperscale cloud
projects
Difrent Limited
England & Wales
7 Savoy Court, London,
WC2R 0EX
Digital transformation
consultancy
Keep IT Simple Limited
England & Wales
Questers Bulgaria EOOD
Bulgaria
Deeson Group Holdings
Limited
England & Wales
Deeson Group Limited
England & Wales
7 Savoy Court, London,
WC2R 0EX
Sofia, 17 H. Ibsen Str.,fl.5
BG175406553
7 Savoy Court, London,
WC2R 0EX
7 Savoy Court, London,
WC2R 0EX
Delivers managed services with
expertise in service integration &
management
Provides dedicated highly skilled
talent pool to businesses from
Sofia, Bulgaria
Holding company
Digital experience agency
Greenshoot Labs Limited
England & Wales
7 Savoy Court, London,
WC2R 0EX
IT development mainly in
conversational interfaces and AI
Bene Agere Norden AS
Norway
TPXimpact Limited
(previously
FutureGov Limited)
England & Wales
Postboks 573 Sentrum
O105 Oslo
Strategic and management
digital transformation
Runway East (Second
Floor) 20 St. Thomas
Street, London, SE1 9RG
Digital and service design
consultancy
160
100%
100%1
100%
100%
100%2
100%
100%
100%
100%
100%
100%
100%3
100%
100%
100%4
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Companies
Country of
incorporation
Us-Creates Limited
England & Wales
Ameo Professional Services
Limited
England & Wales
FutureGov Australia Pty
Limited
Australia
Nudge Digital Limited
England & Wales
RedCortex Limited
England & Wales
Registered address
Principal activity
Shareholding
Runway East (Second
Floor) 20 St. Thomas
Street, London, SE1 9RG
Dormant
Runway East (Second
Floor) 20 St. Thomas
Street, London, SE1 9RGL
Strategic and management
consultancy focusing on digital
transformation
Level 4, 29 Kiora Road,
Miranda NSW 2228
7 Savoy Court, London,
WC2R 0EX
Dormant
Digital experience agency
5th Floor, Trafalgar House,
Fitzalan Place, Cardiff,
Wales, CF24 0ED
Cloud transformation,
architecture and programme
management
100%
100%
100%
100%
100%
1 Foundry4 Limited (previously Not Binary Limited) owns 100% of Human Plus Limited
2 Questers Global Group Limited fully own Questers Resourcing Limited and Questers Bulgaria
3 Deeson Group Holdings Limited owns 100% of Deeson Group Limited
4 TPXimpact Limited owns 100% of FutureGov Australia Pty Limited and US Creates Limited
TPXimpact Holdings Plc 161
Notes to the Consolidated Financial
Statements continued
12. Property, plant and equipment
Group
Cost of assets
At 1 April 2020
Acquisition of subsidiaries
Additions
Disposals
At 31 March 2021
Depreciation
At 1 April 2021
Charge for the year
Disposals
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
IT equipment
£’000
Fixtures &
Fittings
£’000
Leasehold
Improvements
£’000
Total
£’000
200
37
133
(73)
297
84
94
(64)
114
183
116
104
12
4
(11)
109
24
13
(11)
26
83
80
185
–
–
–
185
91
68
–
159
26
94
489
49
137
(84)
591
199
175
(75)
299
292
290
162
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
IT equipment
£’000
Fixtures &
Fittings
£’000
Leasehold
Improvements
£’000
Total
£’000
297
23
173
(27)
(3)
463
114
155
(40)
(3)
226
237
183
109
3
–
(25)
–
87
26
17
(16)
–
27
60
83
185
–
–
591
26
173
(185)
(237)
–
–
159
6
(3)
550
299
178
(165)
(220)
–
–
–
26
(3)
253
297
292
IT equipment
£’000
Total
£’000
1
4
5
–
1
1
4
1
1
4
5
–
1
1
4
1
TPXimpact Holdings Plc 163
Group
Cost
At 1 April 2021
Acquisition of subsidiaries
Additions
Disposals
Assets held for sale
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
Disposals
Assets held for sale
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
Company
Cost of assets
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
Notes to the Consolidated Financial
Statements continued
Company
Cost of assets
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
IT equipment
£’000
Total
£’000
5
3
8
1
3
4
4
4
5
3
8
1
3
4
4
4
13. Right of use assets/Lease liabilities
The Group leases various offices and office equipment. Rental contracts vary from rolling 3 month contracts to fixed contracts up to
several years.
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease
and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Group is a
lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements
do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may
not be used as security for borrowing purposes.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is
generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee
would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic
environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group uses recent third-party financing received by the individual lessee as a
starting point, adjusted to reflect changes in financing conditions since third party financing was received.
164
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Amounts recognised in the Statement of Financial Position
Right-of-use assets relate to property rentals where the lease term is greater than 12 months in duration. Items that do not meet the
criteria of a right-of-use asset have been recorded in the income statement and are summarised below.
The Statement of Financial Position shows the following amounts relating to leases:
Right-of-use assets
Leased buildings
Lease liabilities
Current
Non-current
The maturity profile of the Group’s lease liabilities is as follows:
Within one year
In more than one year but less than two years
In more than two years but less than three years
Effect of discounting
Lease liability
2022
£’000
1,293
1,293
416
878
1,294
2021
£’000
445
445
336
53
389
£’000
£’000
415
409
523
1,347
(53)
1,294
341
74
–
415
(26)
389
TPXimpact Holdings Plc 165
Notes to the Consolidated Financial
Statements continued
Right-of-use assets
Cost of assets
1 April 2021
Additions
At 31 March 2022
Depreciation
1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
The income statement shows the following amounts relating to leases:
Interest on lease liabilities
Expenses relates to short term leases
Expenses relating to leases of low-value assets, excluding short term leases of low-value assets
Amounts recognised in the Consolidated Statement of Cash Flows
Total cash outflow for leases
Leased
buildings
£’000
Total
£’000
1,688
1,253
2,942
1,243
406
1,649
1,293
445
1,688
1,253
2,942
1,243
406
1,649
1,293
445
2022
£’000
2021
£’000
13
425
21
459
2022
£’000
341
24
341
1
366
2021
£’000
610
166
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
14. Trade and other receivables
Group
Trade receivables
Prepayments
Other receivables
Trade and other receivables
2022
£’000
15,924
559
370
2021
£’000
12,963
470
581
16,853
14,014
Trade receivables at the reporting date comprise amounts receivable from the provision of the Group’s products and services.
The average credit period taken on the provision of these services is 73 days (2021: 93 days).
A breakdown of trade receivables by currency is provided in Note 25.
Trade receivables are non-interest bearing and generally have a 30 to 60 day payment term. The age of trade receivables before
impairment is as follows:
Not yet due
Past due 1-30 days
Past due 31–60 days
Past due 61–90 days
Past due 91–120 days
Past due 121+ days
Trade receivables before impairment
Provision for bad debt
Trade receivables as at 31 March
2022
£’000
10,632
3,117
1,183
951
49
59
15,991
2021
£’000
7,971
3,348
1,510
80
45
204
13,158
(67)
(195)
15,924
12,963
Loss rates are calculated based on actual credit losses over the past three years and adjusted to reflect differences between the
historical credit losses and the Group’s view of the economic conditions over the expected lives of the receivables. The Group’s
provision for the loss allowance is £67k (2021: £195k).
Company
Other receivables
Trade and other receivables
2022
£’000
272
272
2021
£’000
298
298
TPXimpact Holdings Plc 167
Notes to the Consolidated Financial
Statements continued
15. Cash and cash equivalents
Group
Cash at bank and in hand
Cash held by trust
Total cash and cash equivalents
2022
£’000
7,864
50
7,914
2021
£’000
5,734
–
5,734
Cash balances are held with a small number of counterparties, with high credit ratings. Borrowings were taken out during the year.
These are discussed in note 17.
Company
Cash at bank and in hand
Total cash and cash equivalents
2022
£’000
514
514
2021
£’000
344
344
The Directors consider that the carrying amount of these assets is a reasonable approximation of their fair value. The credit risk on
liquid funds is limited because the counterparty is a bank with high credit ratings.
2022
£’000
5,236
2,482
7,718
2022
£’000
607
662
1,269
2021
£’000
3,996
1,685
5,681
2021
£’000
202
359
561
16 Trade and other payables
16.1 Current
Group
Trade payables
Accruals and other payables
Trade and other payables
Company
Trade payables
Accruals and other payables
Trade and other payables
168
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
17. Borrowings
The Group entered into a three year £5m revolving credit facility (“RCF”) with HSBC UK Bank Plc (“HSBC”) on 11 June 2019. The RCF
was amended to £7m in September 2020 and £2m was drawn down for the acquisition of Difrent. In February 2021, the RCF was
further extended to £20m and £6m was drawn-down for the acquisition of Keep IT Simple. In the year ended 31 March 2022, a
further drawdown of £5m was made for the purchase of Nudge and RedCortex. Of the total facility, £18m has been drawn down and
£2m was undrawn as at the year end.
Post period end the facility with HSBC was renewed and extended in order to provide access to further capital. The revolving credit
facility with HSBC was extended (which has an initial term of three years and may be extended by a further year by mutual
agreement) from £20.0m to £30.0m (of which £11m is undrawn) with a £15m accordion. The extended facility has the same security
package as announced on 12 June 2019, namely that HSBC has taken security over TPX and all of the Group’s material subsidiaries
and their assets in connection with the RCF Facility.
As at 31 March 2022 the Group can draw-down up to £5m for working capital purposes with the remainder set aside for acquisitions.
Prior to the post period end renewal and extension and as at 31 March 2022, interest is payable on a monthly basis at an average
margin of 2.5% plus SONIA.
The RCF reaches maturity in June 2023 and under the terms of the RCF facility, the Group is required to comply with the following
financial covenants:
•
•
the adjusted leverage (based on net debt over adjusted EBITDA) should be less than 1.75 and
the interest cover taken as adjusted EBITDA over net finance costs must be more than 4.
Adjusted EBITDA is taken on a proforma basis, assuming that all companies have been part of the Group for 12 months.
The Group has complied with these covenants throughout the reporting period. As at 31 March 2022, the adjusted leverage was 0.7
and the interest cover was 38.1.
All the financial assets of the company and its material subsidiaries are secured against the loan.
Group secured
Bank loans
Total secured borrowings
Group unsecured
Credit cards & unsecured borrowings
Total unsecured borrowings
Total borrowings
Company secured
Bank loans
Total secured borrowings
Total borrowings
2022
£’000
18,000
18,000
20
20
2021
£’000
13,000
13,000
55
55
18,020
13,055
2022
£’000
18,000
18,000
2021
£’000
13,000
13,000
18,000
13,000
TPXimpact Holdings Plc 169
Notes to the Consolidated Financial
Statements continued
18. Assets and liabilities related to contracts with customers
All revenue relates to contracts with customers. The Group have a number of contracts where it receives payments from customers
based on a billing schedule. Revenue recognised in excess of invoices raised is included within contract assets. Where amounts have
been invoiced in excess of revenue recognised, the excess is included within contract liabilities.
Group
Current contract assets
Loss allowance
Total contract assets
Contract liabilities
Total contract liabilities
2022
£’000
3,840
–
3,840
4,536
4,536
2021
£’000
1,144
–
1,144
1,941
1,941
There was an increase due to entities acquired part way in the previous financial year now having a full year of activity and also,
activity from new entities acquired during the current financial year.
Contract liabilities have increased due to overall contract activity where customers are paying in advance for performance
obligations that have yet to be satisfied.
Revenue recognised in relation to contract liabilities
The following table shows how much of the revenue recognised in the current reporting period relates to carried- forward contract
liabilities and how much relates to performance obligations that were satisfied in a prior year:
Group
Revenue recognised that was included in the contract liability taken over on acquisition
Revenue recognised that was included in the contract liability balance at the beginning
of the period
Revenue recognised from performance obligations satisfied in previous periods
Unsatisfied long-term contracts
2022
£’000
598
1,144
478
2021
£’000
144
1,454
–
The majority of customer contracts for the Group as at 31 March 2022 are 12 months or less. Long term contracts with unsatisfied
performance obligations as at 31 March 2022 are £nil (2021: £nil).
170
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
19. Other taxes and social security costs
Group
Current liability
VAT
Other taxes and social security costs
Total
Current Asset
Corporation tax
VAT
Total
Company
Current Liability
VAT
Other taxes and social security costs
Total
2022
£’000
2,435
1,725
4,160
2021
£’000
2,423
1,464
3,887
2022
£’000
2021
£’000
–
71
71
22
115
137
2022
£’000
2021
£’000
27
88
115
12
41
53
TPXimpact Holdings Plc 171
Notes to the Consolidated Financial
Statements continued
20. Deferred and contingent consideration
The consideration payment for the acquired businesses includes deferred consideration, in the form of equity payment, contingent
upon certain results being achieved over relevant periods.
Group
Opening fair value at 1 April
Initial fair value for deferred contingent consideration on acquisitions in the year
Settlement of deferred consideration (shares)
Settlement of deferred consideration (cash)
Movement on fair value contingent consideration
Fair value at 31 March
Deferred consideration measured at amortised cost
Acquired as part of business combination
Settlement in the year (cash)
Amortised cost at 31 March
Total
Deferred and contingent consideration as at 31 March:
Deferred and contingent consideration due less than one year
Deferred and contingent consideration due more than one year
As at 31 March
Company
Fair value at 1 April
Initial fair value for deferred contingent consideration on acquisitions in the year
Settlement of deferred consideration (shares)
Settlement of deferred consideration (cash)
Movement on fair value contingent consideration
Fair value at 31 March
172
2022
£’000
11,752
–
2021
£’000
16,545
2,093
(8,229)
(11,025)
(467)
(152)
2,904
467
–
–
467
3,371
3,173
198
3,371
2022
£’000
11,752
–
(121)
4,260
11,752
138
467
(138)
467
12,219
8,478
3,741
12,219
2021
£’000
16,545
2,093
(8,229)
(11,025)
(467)
(152)
2,904
(121)
4,260
11,752
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Company
Deferred consideration measured at amortised cost
Deferred consideration on acquisitions in the year
Settlement in the year
Amortised cost at 31 March
Total
Deferred and contingent consideration as at 31 March:
Deferred and contingent consideration due less than one year
Deferred and contingent consideration due more than one year
As at 31 March
2022
£’000
467
–
–
467
3,371
3,173
198
3,371
2021
£’000
–
467
–
467
12,219
8,478
3,741
12,219
The contingent consideration is due from 1 April 2022 to 30 September 2023.
The fair value movement of £(152)k in the year (2021: £4,260k) resulted from the unwinding of the discount and changes in the value
of contingent consideration based on latest forecasts.
21. Share capital and reserves
Share capital and reserves comprise of the following categories:
•
•
•
•
•
•
•
•
Share capital: The nominal value of shares in issue.
Share premium: The excess of the value received for shares issued over their nominal value less transaction costs and amounts
used to fund bonus issues.
Merger reserve – Under section 612 of the Companies Act 2006, where a company issues equity shares in consideration for
shares in another company and secures at least 90% equity holding in another company, then the excess consideration over
the nominal value of the shares issued should be recorded as a merger relief reserve.
Capital redemption reserve: The nominal value of shares cancelled.
Foreign exchange reserve: Cumulative gains or losses recognised on retranslation of overseas operations.
Share option reserve: The cumulative charge recognised under international financial reporting standards less amounts
exercised.
Retained earnings: Cumulative gains or losses not recognised elsewhere, less amounts distributed to shareholders. In the
current year, an interim dividend of £603k was made by the Company.
Own shares: the value of shares held by the Employee Benefit Trust and the Employee Share Incentive Plan.
TPXimpact Holdings Plc 173
Notes to the Consolidated Financial
Statements continued
Shares issued and fully paid
Beginning of year
Issued during year/share options exercised
Share cancellations
Shares issued and fully paid
2022
£’000
2021
£’000
804
80
(10)
874
551
253
–
804
Share capital allotted, called up and fully paid
2022
2021
Ordinary shares of £0.01 each
At 31 March
Movement in ordinary shares
At 1 April 2020
Acquisition of subsidiaries
Settlement of contingent consideration
Shares issued to SIP scheme
Number of
shares
£‘000
Par value
£’000
55,052
14,562
10,805
9
551
146
107
–
Share
premium
£’000
Merger
reserve
£’000
5,673
25,804
–
–
18
24,225
10,897
–
As at 31 March 2021
80,428
804
5,691
60,926
Acquisition of subsidiaries
Settlement of contingent consideration
Cancellation of shares
Exercise share options
Shares issued to SIP scheme
3,836
3,309
(972)
688
98
38
35
(10)
7
–
-
–
-
501
257
9,581
8,198
–
–
–
As at 31 March 2022
87,387
874
6,449
78,705
The share price with reference to the acquisitions in the year ranged from 264.6p to 273.0p.
87,386,595
80,428,360
Own
Shares
£’000
-
-
–
–
–
-
-
–
–
99
99
Total
£’000
32,028
24,371
11,004
18
67,421
9,619
8,233
(10)
508
356
86,127
174
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Own Shares
Holding of own shares are stated at cost and represent shares purchased by TPXImpact Holdings plc Employee Benefit Trust (EBT) in
the Company for the purpose of funding the Group’s share-based incentive plans. In addition, own shares also include shares held by
the Share incentive plan (SIP) on behalf of employees until vesting conditions have been met. Details of these arrangements are
disclosed in note 5.5 on pages 145 to 146. The trustees of the EBT purchase the Company’s ordinary shares in the open market using
funds provided by the Company. The Company has provided a loan facility to the EBT which is drawn down monthly by the Trust to
enable it to meet its administrative costs. As part of the SIP scheme the company gives 1 free ‘Matching Share’ for every 1 Partnership
Share purchased by the employee. Details of the number and value of shares has been disclosed below:
Number of shares
Market value of shares
22. Deferred tax
Deferred tax liability
Accelerated capital allowances and intangible assets arising from acquisition of subsidiaries:
As at 1 April
Deferred tax arising from acquisition of subsidiaries
Movement in income statement for the year
As at 31 March
EBT SIP Scheme
51k
£99k
107k
£257k
2022
£’000
5,133
851
712
6,696
2021
£’000
1,623
3,964
(454)
5,133
The Government had announced an increase in corporation tax rate to 25% which becomes effective 1 April 2023. As at the balance
sheet date, this was enacted and therefore has been reflected in current year’s trading results.
Deferred tax asset
Tax losses:
Unused tax losses for which no deferred tax asset has been recognised
Potential tax benefit available for offset against future profits in the jurisdiction in which the loss arises
Accelerated capital allowances
As at 1 April
Movement in income statement for the year
As at 31 March
2022
£’000
2021
£’000
19
5
44
8
2022
£’000
2021
£’000
15
32
47
–
15
15
TPXimpact Holdings Plc 175
Notes to the Consolidated Financial
Statements continued
23. Ultimate controlling party and related party transactions
In the opinion of the Directors there is no ultimate controlling party. All other transactions and balances with related parties, which
are presented for the Group and the Company, are detailed below.
Transactions with subsidiaries
(i)
Transaction Company (to and from) subsidiaries:
Transactions with subsidiaries comprise sale and purchase of services in the ordinary course of business at normal commercial
terms. Total income accrued in the Company as a result of management fees was £2.5m (2021: £1.4m). During the year the Company
received £16.1m (2021: £9.4m) dividends from its subsidiaries (refer to Company Statement of Cash Flow). There were also purchases
totalling £0.4m (2021: £0.1m). Intercompany loans to and from subsidiaries for the year are noted in the table below.
Balances outstanding at 31 March 2022 and 2021 in respect of the transactions between Company and its subsidiaries are shown
below:
Outstanding balances between Company and subsidiaries
Other receivables from Group undertakings
Intercompany loans to Group undertakings*
Intercompany loans from Group undertakings
Total
2022
£’000
1,997
951
(396)
2,552
2021
£’000
797
104
(5,040)
(4,139)
* Intercompany loans to Group undertakings are interest-bearing at a market rate of 3% and are repayable on demand. As at 31 March 2022, the balance was
£1.9m (2021: £1.1m) with a provision of £0.9m (2021: £1.0m).
Other receivables from Group undertakings relate to management fees due to the Company from its subsidiaries. As at 31 March
2022, the balance was £1.2m (2021: £1.2m), with a provision of £0.4m (2021: £0.4m).
In addition, the Company owed £232k (2021: £2k) to subsidiaries which is included within trade payables.
The expected credit loss on intercompany receivables and loans is £2.2m based on actual credit losses over the past three years
and adjusted to reflect differences between the historical credit losses and the Company’s view of the economic conditions over the
expected lives of the receivables. The Company’s provision for the loss allowance as at 31 March 2022 was £2.2m (2021: £1.3m).
(ii) Transaction amongst subsidiaries:
Transactions with subsidiaries comprise sale and purchase of services in the ordinary course of business at normal commercial
terms. Total intercompany sales revenue was £2.1m (2021: £0.4m).
Transactions with Directors
Details of Directors’ interests in the Company’s shares, service contracts and remuneration are set out in the report of the
Remuneration Committee to members on pages 92 and 93.
The director’s loan provided to Neal Gandhi of £50k in the year ending 31 March 2019 from its subsidiary, Questers Resourcing
Limited remains outstanding as at 31 March 2022. This is interest free and repayable on demand.
In December 2018, the Group acquired Questers Global Group Limited. Neal Gandhi owned shares in Questers Global Group Limited
totalling 58.5 per cent. The fair value of contingent consideration shares due to him in the coming FY2023 is £434k and nil thereafter.
Total dividends paid to directors during the year was £7k (2021: £30k).
176
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
24. Financial instruments
In common with other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes
the Group’s objectives, policies and processes for managing those risks and the methods used to measure them. The significant
accounting policies regarding financial instruments are disclosed in Note 2.
Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:
•
•
•
•
•
•
•
Trade and other receivables
Cash and cash equivalents
Trade and other payables
Contract Assets
Deferred and contingent consideration
Lease liabilities
Borrowings
Financial assets and liabilities measured at amortised cost
The book values of the financial instruments (excluding equity shares) used by the Group, from which financial risk arises, are as
follows (note prepayments and other receivables are not financial assets under IFRS 9 but are disclosed for ease of reconciliation):
Group
Financial assets at amortised cost*
Trade receivables
Other receivables
Contract assets
Cash and cash equivalents
As at 31 March
2022
£’000
15,924
370
3,840
7,914
28,048
2021
£’000
12,963
581
1,144
5,734
20,422
* The fair value of financial assets carried at amortised cost approximates to the carrying amounts because of the short maturity of these instruments.
Financial assets at amortised cost include the following debt investments which are included within ‘Other receivables’:
Loans to related parties
As at 31 March
2022
£’000
2021
£’000
50
50
50
50
TPXimpact Holdings Plc 177
Notes to the Consolidated Financial
Statements continued
Financial liabilities at amortised cost less than one year
Trade payables
Other payables
Accruals
Borrowings
Deferred and contingent consideration
Lease liabilities
As at 31 March
Financial liabilities at amortised cost greater than one year
Borrowings
Lease liabilities
As at 31 March
2022
£’000
5,236
719
1,763
20
467
416
2021
£’000
3,996
263
1,422
55
467
336
8,621
6,539
2022
£’000
2021
£’000
18,000
13,000
878
18,878
53
13,053
At a Company level, the principal financial instruments used from which financial instrument risk arises, are as follows:
•
•
•
•
•
•
Intercompany loans and other receivables due from Group undertakings
Cash and cash equivalents
Trade and other payables
Deferred and contingent consideration
Borrowings
Intercompany loans due to Group undertakings
Company
Financial assets at amortised cost
Other receivables
Other receivables from Group undertakings
Intercompany loans to Group undertakings
Cash and Cash equivalents
As at 31 March
2022
£’000
2021
£’000
181
1,997
951
514
298
797
104
344
3,643
1,543
* The fair value of financial assets carried at amortised cost approximates to the carrying amounts because of the short maturity of these instruments
178
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Financial liabilities at amortised cost due on demand or within one year
Trade payables
Accruals and other payables
Deferred consideration
Amounts owed to Group undertakings
As at 31 March
Financial liabilities at amortised cost due greater than one year
Borrowings
As at 31 March
Fair value measurement
2022
£’000
2021
£’000
607
662
–
396
1,665
2022
£’000
18,000
18,000
202
359
467
5,040
6,068
2021
£’000
13,000
13,000
Financial instruments in the category “fair value through profit or loss” are measured in the Consolidated Statement of Financial
Position at fair value. In determining fair value, the group has classified its financial instruments into three levels of fair value
measurement hierarchy:
•
•
•
Level 1 – Quoted prices (unadjusted) in an active market for identical assets or liabilities
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for assets or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices)
Level 3 – Inputs for asset or liability that are not based on observable market data (that is unobservable inputs)
The following table presents the Group’s and Company’s assets and liabilities that are measured at fair value at 31 March 2022:
Contingent consideration (see below)
–
–
2,904
–
–
11,752
Level 1
£’000
Level 2
£’000
2022
Level 3
£’000
Level 1
£’000
Level 2
£’000
2021
Level 3
£’000
Reconciliation for level 3 is shown below:
Opening balance
Additions
Settlements
Fair value movement deferred contingent consideration (reflected in Consolidated
Income Statement)
Deferred contingent consideration (See Note 20)
Fair value gains and losses have been recognised in administrative expenses.
2022
£’000
11,752
–
2021
£’000
16,545
2,093
(8,696)
(11,146)
(152)
2,904
4,260
11,752
TPXimpact Holdings Plc 179
Notes to the Consolidated Financial
Statements continued
25. Risk management
The Group finances its activities through equity and bank financing. No speculative treasury transactions are undertaken, and no
derivative contracts were entered into. Financial assets and liabilities include those assets and liabilities of a financial nature, namely
cash and borrowings. The Group is exposed to a variety of financial risks arising from its operating activities, which are monitored by
the Directors and are reported in the Risk and Risk Management section on pages 85 to86.
25.1 Cash and liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash
assets safely and profitably. The Group policy throughout the year has been to ensure continuity of funding by a combination of
available bank facilities and the issue of equity. The following table shows the contractual maturities of financial liabilities measured
at amortised cost:
Contractual maturities of financial liabilities at 31 March 2022:
Group
Company
Less than
1 year
£’000
1 to
Effect of
2 to
2 years 5 years discounting
£’000
£’000
£’000
Less than
1 year
£’000
Total
£’000
1 to
Effect of
2 to
2 years 5 years discounting
£’000
£’000
£’000
Total
£’000
–
–
–
Trade and other
payables (Note 16)
7,718
–
Borrowings (Note 17)
486
18,956
–
7,718
1,269
–
(1,422)
18,020
486
18,956
Deferred consideration
(Note 20)
Lease Liabilities (Note 13)
Amount owed to Group
undertakings (Note 23)
467
415
–
–
467
409
523
(53)
1,294
–
–
–
–
–
–
–
396
9,086
19,365
523
(1,475) 27,499
2,151
18,956
Contractual maturities of financial liabilities at 31 March 2021
–
–
–
–
–
–
–
1,269
(1,422)
18,020
–
–
-
–
–
396
(1,422)
19,685
–
–
–
Group
Company
Less than
1 year
£’000
1 to
Effect of
2 to
2 years 5 years discounting
£’000
£’000
£’000
Total
£’000
Less than
1 year
£’000
1 to
Effect of
2 to
2 years 5 years discounting
£’000
£’000
£’000
Total
£’000
Trade and other
payables (Note 16)
5,681
–
Borrowings (Note 17)
554
13,148
Deferred consideration
(Note 20)
Lease Liabilities (Note 13)
Amount owed to Group
undertakings (Note 23)
467
341
–
–
74
–
7,043
13,222
–
–
–
–
–
–
–
5,681
(647)
13,055
–
(26)
467
389
561
499
–
–
–
–
5,040
–
13,148
–
–
–
(673)
19,592
6,100
13,148
–
–
–
–
–
–
–
561
(647)
13,000
–
–
–
–
–
5,040
(647)
18,601
180
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
25.2 Capital risk management
Factors affecting the economy
The macro-economic impact of the Covid-19 pandemic and the conflict in Ukraine is uncertain. It is reflected by a rapidly increasing
inflation rate and a high cost of living. This continues to evolve, with potential disruption to financial markets including currencies,
interest rates, borrowing costs and the availability of debt financing.
However, the Group’s financial risk management strategies seek to reduce our potential exposure in relation to these risks.
The Group has a combined cash and cash equivalent of £7.9m, providing significant headroom over short term liquidity
requirements.
The Group’s operating activities result in customer credit risk, for which provisions for expected credit losses are recognised. This
customer related credit risk is generally short term in duration and while Covid-19 and other macroeconomic conditions impacts on
our customers it had no material impact on credit loss provisioning at 31 March 2021 and remains a risk in relation to this matter for
the year ending 31 March 2022.
The Group’s policy on capital structure is to maintain a level of gross cash available, which the Board considers to be adequate to
fund a range of potential EBITDA movements, taken from a series of business projections and scenarios. Based on these business
projections which takes into account the impact of Covid-19 the Board believes it has sufficient cash resources at its disposal to
pursue its chosen strategy of maximising shareholder returns from its customer base.
The Group manages its capital to ensure that trading entities in the Group will be able to continue as going concerns, while
maximising the returns to shareholders through the efficient use of cash and equity. The capital structure of the Group consists of
cash at bank and in hand and equity attributable to equity holders of the parent, comprising issued share capital, reserves and
retained earnings as disclosed in the Consolidated Statement of Changes in Equity on page 119.
The Directors seek to promote recurring revenues to a wide range of business customers, to reduce the risks associated with
fluctuations in the UK economy and to increase the long-term value to customers and shareholders.
The declaration and payment by the Group of any future dividends on the Ordinary Shares and the amount will depend on the
results of the Group’s operations, its financial condition, cash requirements, future prospects, profits available for distribution and
other factors deemed to be relevant at the time. In order to maintain or adjust the capital structure, the Group may adjust the
amount of any pay-outs to the shareholders, return capital to the shareholders, issue new shares and make borrowings or sell assets
to reduce debt.
25.3 Credit risk
The Group’s policy is to monitor trade and other receivables and avoid significant concentrations of credit risk. The principal credit
risk arises from trade receivables. Aged receivables reports are reviewed monthly as a minimum. The credit control function follows a
policy of sending reminder letters that start once an invoice is over 30 days overdue. These culminate in a legal letter with the threat
of legal action. In a limited number of cases, legal action has been pursued. An aged analysis of receivables is shown in Note 14 to the
financial statements.
In line with IFRS 9, the Group assesses the credit risk balances at each reporting date, to assess whether the credit risk on a financial
instrument has increased significantly since initial recognition. The simplified approach has been applied to trade debtors to
measure the loss allowance at an amount equal to the lifetime expected credit loss (ECL) at initial recognition and throughout its life.
The credit risk is assessed by reviewing the contract income amount compared to the amount subsequently recovered. The Group
does not identify specific concentrations of credit risk with regards to trade and other receivables, as the amounts recognised
represent a large number of receivables from various customers, including some government authorities. Assessment of the average
expected credit loss across the Group is deemed to be low over a period of 36 months to 31 March 2022 with the exception of Bene
Agere in 2021. The bad debt provision as at 31 March 2022 was assessed to be £67k (2021: £195k). Trade receivables are stated net of
an impairment for estimated irrecoverable amounts to £16m (2021: £13m). This impairment has been determined by reference to
known issues. The Group was not adversely affected by the impact of Covid-19 on the expected credit loss assessment.
Write-offs are made when the irrecoverable amount becomes certain. During the year £67k of bad debt was written off against the
provision which primarily relates to Difrent. The Group’s main risk relates to trade receivables which are stated net of the provisions
above. No collateral is held as security against these debtors and the carrying value represents the fair value.
TPXimpact Holdings Plc 181
Notes to the Consolidated Financial
Statements continued
The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 March 2022 and the
corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward- looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group
has identified that the GDP and the unemployment rate of the countries in which it sells its goods and services are the most
relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
25.4 Foreign currency risk
The Group’s main foreign currency risk is the short-term risk associated with accounts receivable and payable denominated in
currencies that are not the subsidiaries’ functional currency. The risk arises on the difference in the exchange rate between the time
invoices are raised/received and the time invoices are settled/paid. For sales denominated in foreign currencies the Group will try to
ensure that the purchases associated with the sale will be in the same currency. Most monetary assets and liabilities of the Group
were denominated in pound sterling except for the following currency in the table below, and which are included in the financial
statements at the sterling value based on the exchange rate ruling at the Statement of Financial Position date.
Sensitivity analysis in foreign exchange rates shows an increase or decrease by 10% in exchange rates against GBP, with all other
variables held constant, would increase or decrease net assets attributable to shareholders by approximately £294k (2021: £234k).
The maximum exposure to foreign currency risk for the Group trade receivables at the reporting date was:
Norwegian Krone (NOK)
European Union currency (EUR)
United States of America Dollar (USD)
As at 31 March
2022
£’000
2021
£’000
252
99
–
351
168
57
615
840
The maximum exposure to foreign currency risk for Group cash and cash equivalents at the reporting date by was:
European Union currency (EUR)
Norwegian Krone (NOK)
Australian Dollar (AUD)
Bulgarian Lev (BGN)
United States of America Dollar (USD)
As at 31 March
2022
£’000
2021
£’000
126
444
–
89
21
680
127
352
2
43
166
690
The maximum exposure to foreign currency risk for the Group trade and other payables at the reporting date was:
USD
EUR
NOK
BGN
As at 31 March
182
2022
£’000
2021
£’000
11
–
208
100
319
5
–
265
78
348
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
25.5 Interest rate risk
In the year ended 31 March 2022, the Group has an RCF facility balance of £18m denominated in GBP. The facility has been taken out
on a floating rate basis (SONIA) for a period of 3 years up to June 2023. Interest rate risk arises on the change in SONIA which affects
the interest payable by the Group.
Sensitivity analysis in interest rates show that with an increase in 100 basis points, with all other variables held constant, the net
assets attributable to shareholders would increase or decrease by approximately £202k. Management periodically reviews the
interest rates with lenders to manage the interest rate risk associated with the loans.
26. Non-cash investing and financing activities
Non-cash investing and financing activities disclosed in other notes are:
•
•
Partial settlement of a business combination through the issue of shares (see note 8)
Acquisition of right-of-use assets (see note 13)
Net debt reconciliation
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
Group
Net (debt)/cash at 1 April 2020
New borrowings
Loans acquired on acquisition
Cash flows
Net (debt)/cash as at 31 March 2021
New borrowings
Loans acquired on acquisitions
New leases
Cash flows
Liabilities from financing activities
Borrowings
£’000
Leases
£’000
Sub-total
£’000
Cash/bank
overdraft
£’000
Total
£’000
(5,000)
(8,000)
(55)
–
(13,055)
(5,000)
(20)
–
55
(999)
(5,999)
4,614
(1,385)
(8,000)
8,000
–
–
610
–
–
(55)
610
(20)
(389)
(13,444)
5,734
(7,710)
(6,880)
(6,270)
(5,000)
5,000
–
(55)
–
(20)
(1,267)
–
–
–
(1,267)
(1,267)
362
417
(2,820)
(2,403)
Net (debt)/cash at 31 March 2022
(18,020)
(1,294)
(19,314)
7,914
(11,400)
Net cash increase in the year due to an increase in trading and cash acquired on acquisition offset by a cash outflow for acquisitions
completed in the year.
TPXimpact Holdings Plc 183
Notes to the Consolidated Financial
Statements continued
Company
Net cash at 1 April 2020
New borrowings
New borrowings – non cash items
Cash flows
Liabilites from financing activities
Borrowings
£’000
Intercompany
loans
£’000
Sub-total
£’000
Cash/bank
overdraft
£’000
Total
£’000
(5,000)
(3,227)
(8,227)
147
(8,080)
(8,000)
–
(8,000)
–
–
(1,813)
(1,813)
–
–
–
–
197
344
–
–
220
564
(8,000)
(1,813)
197
(17,696)
(5,000)
(416)
220
(22,892)
Net (debt)/cash as at 31 March 2021
(13,000)
(5,040)
(18,040)
New borrowings
New borrowings – non cash items
Cash flows
(5,000)
–
(5,000)
(20)
–
(396)
–
(416)
–
Net (debt)/cash at 31 March 2022
(18,020)
(5,436)
(23,456)
Net cash increase in the year due to increase borrowings offset by a cash outflow for acquisitions completed in the year.
27. Discontinued operations
On 1 December 2021 the group announced its intention to dispose of Greenshoot Labs Limited, “GSL”, a wholly owned subsidiary.
The Board considers that GSL has a great product, however it would require significant investment to develop the right sales and
marketing functions required to gain commercial traction in an Enterprise software market. As the entity operates within a non-core
sector for the group, the directors made the decision to dispose of the entity. The total consideration for the sale was £2.2m.
The sale of the subsidiary was completed post year end on 24 May 2022 and as such is reported in the current period as a
discontinued operation. The associated assets and liabilities were consequently presented as held for sale in the 2022 consolidated
statement of financial position. The results of the entity was presented as discontinued operations in the current year consolidated
statement of comprehensive income. The prior year statement of comprehensive income was also restated to show the results of
the discontinued operation. Financial information relating to the discontinued operation for the group is set out below.
Revenue
Cost of Sales
Gross (loss)/Profit
Administrative expenses
Other income
Operating profit/(loss)
Finance income
Finance costs
Profit/(Loss) before tax from discontinued operations
Taxation
Profit/(Loss) for the year from discontinued operations
184
2022
£’000
2021
£’000
93
(439)
(346)
(427)
16
(758)
–
(4)
(762)
39
(723)
782
(489)
293
(499)
19
(187)
–
(2)
(189)
–
(189)
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
The major classes of assets and liabilities of Greenshoot Labs Limited classified as held for sale as at 31 March 2022 are, as follows:
Assets
Intangible assets
Property, plant and equipment
Trade and other receivables
Contract assets
Other tax and other statutory assets
Cash and cash equivalents
Assets held for sale
Liabilities
Trade and other payables
Other tax and other statutory liabilities
Liabilities directly associated with assets held for sale
Net assets directly associated with disposal group
2022
£’000
579
8
19
13
55
34
708
(86)
(17)
(103)
605
Immediately before the classification of Greenshoot Labs Limited as discontinued operations, the recoverable amount was
estimated for the assets of the entity and no impairment loss was identified.
As at 31 March 2022, there was no further write-down as the carrying amount of the disposal group did not fall below its fair value
less costs to sell.
The cash flows of discontinued operations are immaterial to the Consolidated Statement of Cash Flows and so have not been
presented separately for the previous financial year.
TPXimpact Holdings Plc 185
Notes to the Consolidated Financial
Statements continued
Income statement reconciliation:
Revenue
Cost of Sales
Gross Profit
Administrative expenses
Other income
Operating profit/(loss)
Finance income
Finance costs
Profit/(Loss) before tax
Taxation
Profit/(Loss) after tax for the year
Continuing Discontinued
operations
operations
2022
2022
£’000
£’000
Total
2022
£’000
Continuing Discontinued
operations
operations
2021
2021
£’000
£’000
Total
2021
£’000
79,709
(55,341)
24,368
(21,738)
579
3,209
–
(683)
2,526
(1,706)
820
93
79,802
50,315
782
51,097
(439)
(55,780)
(34,479)
(489)
(34,968)
(346)
(427)
16
(758)
–
(4)
(762)
39
(723)
24,022
15,836
293
16,129
(22,165)
(17,586)
(499)
(18,085)
595
2,451
–
(687)
1,764
(1,667)
394
19
413
(1,356)
(187)
(1,543)
3
(303)
(1,656)
(384)
–
(2)
3
(305)
(189)
(1,845)
–
(384)
97
(2,040)
(189)
(2,229)
28. Alternative performance measures
Our consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In
measuring our performance, the financial measures that we use include those which have been derived from our reported results in
order to eliminate factors which distort period-on-period comparisons. These are considered non-GAAP financial measures, and
include measures such as like-for-like revenue, adjusted EBITDA and net debt. We believe this information, along with comparable
GAAP measurements, is useful to shareholders and analysts in providing a basis for measuring our financial performance. The
adjusted EBITDA is based on the results of continuing operations.
Operating profit/(loss)
Amortisation of intangible assets
Depreciation
Gain/(Loss) on fair value movement contingent consideration
Share based payments
Costs directly attributable to business combinations
Costs relating to the change programme
Costs relating to business restructuring
Adjusted EBITDA
186
2022
£’000
3,209
5,347
584
(152)
427
1,013
1,764
5
12,197
2021
£’000
(1,543)
2,509
835
4,260
294
496
–
250
7,101
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
29. Provisions
As at 1 April 2020
Charge during the year
As at 31 March 2021
Utilised during the year
As at 31 March 2022
Total
£’000
23
53
76
(76)
–
30. Post-balance sheet events
On 6 April 2022, TPXimpact Holdings plc acquired the entire issued share capital of Swirrl IT Limited, a software and services
business. The core operations of the business are to help government organisations to disseminate and manage their data enabled
decisions. Swirrl IT Limited, company registration number SC337356 is incorporated in Scotland. Its registered office is Macfarlane
Gray House Castlecraig Business Park, Springbank Road, Stirling, Stirlingshire, FK7 7WT.
The consideration for the acquisition was £3.2m, satisfied through the payment of £1.2m cash and the issue of 888,888 new ordinary
shares in TPXimpact Holdings plc. The ordinary shares in TPXimpact was issued at a price of 225 pence per share (the “Swirrl
Consideration Shares”). The Swirrl Consideration Shares will be subject to lock-in and orderly market arrangements until 1 April 2024.
The orderly market provisions will apply to all of the Consideration Shares until 1 April 2025.
On 7 April 2022, TPXimpact Holdings plc acquired the entire issued share capital of Peak Indicators Limited, a visionary data science
and analytics consultancy offering services such as analytics, Data engineering and Data science. Peak Indicators Limited, company
registration number 06704556 is incorporated in England. Its registered office is 7 Savoy Court, London, United Kingdom, WC2R 0EX.
The consideration for the acquisition was £3.5m, satisfied through the payment of £1.4m cash and the issue of 938,888 new ordinary
shares in TPXimpact Holdings plc. The ordinary shares in TPXimpact was issued at a price of 225 pence per share, (the “Peak
Indicators Consideration Shares”). The Peak Indicators Consideration Shares will be subject to lock-in and orderly market
arrangements with one-third of the Peak Indicators Consideration Shares being released on each of the first three anniversaries of
completion of the acquisition. The orderly market provisions will apply to all of the Peak Indicators Consideration Shares until the
fourth anniversary of completion.
The Group is currently performing a fair value review of Peak Indicators Limited and Swirrl IT Limited’s assets and liabilities and will
report these within its next published financial statements.
Post period end HSBC have extended their revolving credit facility with the Group to £30m with a £15m accordion. The new facility is
a sustainability-linked revolving credit facility that incorporates targets which align with our long-term ESG objectives.
TPXimpact Holdings Plc (TPXH) disposed of its subsidiary Greenshoot Labs Limited post year end to OpenDialog AI Limited (ODAL).
The sale of the subsidiary was completed on 24 May 2022 for a total aggregate price of £2,187,500. The price was satisfied on
completion of the transaction by the allotment and issue by ODAL to TPXH of 800,000 ordinary shares of £0.00001 each in the
capital of the Buyer, such Consideration Shares having an aggregate value of at least £2,187,500 and being equal to at least 17.5% of
the fully diluted share capital of ODAL. GSL was classified as asset held for sale and discontinued operation as at the year end and
financial information relating to the entity is set out in note 26.
TPXimpact Holdings Plc 187
Directors, Secretary and Advisers
Registered Auditor
CLA Evelyn Partners Limited
(formerly Nexia Smith & Williamson Audit Limited)
45 Gresham Street,
London EC2V 7BG
Bankers
HSBC UK Bank plc
4th Floor,
3 Temple Quay, Bristol BS1 6DZ
Registrars
Neville Registrars
Neville House,
Steelpark Road,
Halesowen B62 8HD
Directors
Mark Smith
Non-Executive Chairman
Chris Sweetland
Non-Executive Director
Isabel Kelly
Non-Executive Director
Rachel Neaman
Non-Executive Director
Neal Gandhi
Chief Executive Officer
Oliver Rigby
Chief Financial Officer
Secretary
Oliver Rigby
Company number
10533096
Registered office
7 Savoy Court,
London WC2R 0EX
Nominated adviser and Joint broker
Stifel Nicolaus Europe Ltd
150 Cheapside,
7th Floor,
London EC2V 6ET
Joint broker
Dowgate Capital Limited
15 Fetter Lane,
London EC4A 1BW
Solicitors
Harbottle & Lewis LLP
14 Hanover Square,
London W1S 1HP
Financial statements and other information included in annual reports may differ from legislation in other jurisdictions.
188
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