Half-yearly Report
30 September 2009
Totally Plc
("Totally" or "the Company")
Half-yearly results for the six month period ended 30 June 2009
Totally Plc, the AIM quoted (ticker `TLY') publisher and digital marketing
services provider announces its half yearly results for the six month period
ended 30 June 2009.
Summary
* Group turnover increased 5.8% to £0.86 million (2008: £0.81 million)
* EBITDA of £68,000 an increase of £108,000 (2008: loss £40,000)
* Operating profit increased by £106,000 to £56,000 (2008: loss £50,000)
* Profit before tax increased by £118,000 to £40,000 (2008: loss £78,000)
* Administrative expenses reduced by 9% to £603,000 (2008: £664,000)
For further information:
Totally Plc T: 020 7692 6929
Daniel Assor
Chief Executive Officer
John East & Partners Limited, a subsidiary of Merchant Securities PLC
Simon Clements/Virginia Bull T: 020 7628 2200
Chairman's Statement
I am pleased to present the results for the six months ended 30 June 2009.
During the period the Group made an operating profit of £56,000 (2008: £50,000
loss) and a profit before taxation of £40,000 (2008: loss £78,000) on turnover
of £0.86 million (2008: £0.81 million).
I am pleased with the progress that the group has made this year. To achieve
year-on-year increases in sales and profitability in the current economic
climate is an excellent achievement and I am confident that the group will have
a strong trading performance in the second half of the year.
Dr Michael Sinclair
Non-Executive Chairman
30 September 2009
Chief Executive's Operational Review
In the last quarter of 2008 the board introduced a series of operational
efficiencies designed to reduce overall group costs by 10%. This was in
preparation for an expected reduction in group revenues as a consequence of the
turmoil in the wider economy.
Despite the instability in the UK economy a like-for-like sales and profits
increase was achieved in the period under review.
Software Development and Digital Marketing Division (Totally Communications)
Revenues of £357,000 (2008: £272,000) and an EBITDA of £105,000 (2008: £23,000)
were achieved during the period under review.
The business division posted a like-for-like sales increase of 31% and an
increase in EBITDA of £82,000 or 357%. This performance was predominantly due
to two significant new business wins. Recurring maintenance contracts made up
21% of revenues in the period.
The challenge to secure longer term contracts remains but I am confident that
this division will deliver an improved performance for the year ending 31
December 2009 on a like-for-like basis.
Publishing division (Jewish News and Media Group)
Revenues of £498,000 (2008: £536,000) and an EBITDA of £125,000 (2008: 126,000)
were achieved during the period under review.
The bulk of this division's revenues are derived from advertising sales.
Despite a decline in sales of 7%, the division generated EBITDA of £125,000
which is consistent with 2008.
The board is also confident that this division will deliver an improved
performance for the year ending 31 December 2009 on a like-for-like basis.
Post Balance Sheet Events
In an attempt to diversify its revenue streams and reduce its reliance on
advertising revenues the Company has launched an events division. On 18 October
2009, TJ Weddings Live! will be held at the Village Hotel in Elstree,
Hertfordshire and 61 paying exhibitors have been secured to promote services to
an expected audience of 1,500 people.
Daniel Assor
Chief Executive Officer
30 September 2009
Consolidated Income Statement
For the six months ended 30 June 2009
Six months Six months Year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
(unaudited) (unaudited) (audited)
£000 £000 £000
Group turnover 855 808 1,684
Cost of sales (184) (184) (430)
Gross profit 671 624 1,254
Administrative expenses (603) (664) (1,287)
Profit/(Loss) before interest, 68 (40) (33)
tax, depreciation and amortisation
Depreciation (7) (5) (9)
Amortisation (11) (11) (22)
Operating profit/(loss) 50 (56) (64)
Finance costs (10) (22) (40)
Profit/(Loss) before taxation 40 (78) (104)
Taxation - 18 18
Profit/(Loss) for the period 40 (60) (86)
Discontinued operations
Loss for the year from - (11) (1,000)
discontinued operations
Profit/(Loss) for the year 40 (71) (1,086)
attributable to equity
shareholders
Earnings/(Loss) per share (pence) 0.04p (0.06)p (0.09)p
- basic and diluted
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2009
Period to 30 June 2009 Share Share Other Profit Equity
capital premium reserve and loss shareholders
account account funds
£000 £000 £000 £000 £000
At 1 January 2009 1,124 3,353 - (5,014) (537)
Credit on issue of share - - 9 - 9
options
Profit for the period - - - 40 40
At 30 June 2009 1,124 3,353 9. (4,974) (488)
Balance sheet
As at 30 June 2009
As at As at As at
30 June 2009 30 June 2008 31 December
2008
(unaudited) (unaudited) (audited)
£000 £000 £000
Assets
Non-current assets
Intangible fixed assets 35 1,015 51
Tangible fixed assets 9 23 7
44 1,038 58
Current assets
Inventory - 2 -
Trade and other receivables 241 358 290
Cash and cash equivalents 32 51 14
273 411 304
Total assets 316 1,449 362
Current liabilities
Trade and other payables (222) (389) (338)
Borrowings - financial liabilities (583) (568) (561)
(805) (957) (899)
Non current liabilities
Investment in joint venture - (32) -
Total liabilities (805) (989) (899)
Net (liabilities)/assets (488) 460 (537)
Shareholders' equity
Called up share capital 1,124 1,124 1,124
Share premium account 3,353 3,353 3,353
Translation reserve - 1 -
Retained earnings (4,965) (4,018) (5,014)
Total equity attributable to equity (488) 460 (537)
holders of the parent
Cash Flow Statement
For the six months ended 30 June 2009
Six months Six months Year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
(unaudited) (unaudited) (audited)
£000 £000 £000
Net cash outflow from operating 10 (40) 15
activities (note 5)
Interest paid (10) (22) -
R&D tax credit - 18 18
Income tax paid - - (5)
Net cash (used in)/generated from - (44) 28
operating activities
Cash flows from investing
activities
Purchase of non-current asset (4) - (8)
Cash disposed with subsidiary - - (35)
Costs on disposal of subsidiary - - (44)
Purchase of intangible assets - (25) -
Net cash utilised by investing (4) (25) (87)
activities
Cash outflow before financing (4) (69) (59)
Cash flows from financing
activities
Interest paid - - (40)
Net cash utilised from financing - - (40)
activities
Net decrease in cash and cash (4) (69) (99)
equivalents
Cash and cash equivalents at (547) (448) (448)
beginning of period
Cash and cash equivalents at end of (551) (517) (547)
period
Notes to the Interim Results
1. Basis of preparation
The interim report and accounts for the six months ended 30 June 2009 has been
prepared in accordance with the Disclosure and Transparency Rules of the
Financial Services Authority and with IAS 34 `Interim financial reporting' as
adopted by the European Union. The interim report and accounts should be read
in conjunction with the Group's 2008 Annual Report and Accounts which have been
prepared in accordance with IFRS's as adopted by the European Union.
The interim report and accounts have been prepared on the basis of the
accounting policies set out in the Group's 2008 Annual Report and Accounts. The
interim report and accounts do not comprise statutory accounts within the
meaning of section 434 of the Companies Act 2006. The interim accounts were
approved by the Board of Directors on 29 September 2009. The results for the
six months to 30 June 2009 and the comparative results for six months to 30
June 2008 are unaudited. The comparative figures for the year ended 31 December
2008 do not constitute the statutory financial statements for that year. Those
financial statements have been delivered to the Registrar of Companies and
include the auditor's report which was unqualified and did not contain a
statement either under Section 237(2) or Section 237(3) of the Companies Act
1985.
Disclosure of impact of new accounting standards
The following standards, amendments and interpretations to published standards
were mandatory for the financial year beginning 1 January 2009:
IAS 1 (revised), `Presentation of financial statements'. The Group has elected
to present an income statement. Furthermore, adoption of the above standard has
resulted in management including a statement of changes in equity within the
primary statements of the interim report.
IFRS 8, `Operating segments'. IFRS 8 replaces IAS 14, `Segment reporting'. The
standard defines operating segments as components of an entity about which
separate financial information is available and is evaluated by the chief
operating decision maker in deciding how to allocate resources and in assessing
performance. It also sets out the required disclosures for operating segments.
On adoption, there was no change to the Group's reportable segments or
financial measures.
The following new standards, amendments to standards and interpretations are
mandatory for the first time for the financial year beginning 1 January 2009,
but are not currently relevant for the Group or have no impact on the interim
accounts:
IFRIC 13, `Customer loyalty programmes'.
IFRIC 14, `The limit on a defined benefit asset, minimum funding requirements
and their interaction'
IFRIC 15, `Agreements for the construction of real estate'
IFRIC 16, `Hedges of a net investment in a foreign operation'
IFRS 7 `Financial instruments; disclosures' (Amendment)
The following new standards, amendments to standards and interpretations have
been issued, but are not effective for the financial year beginning 1 January
2009 and have not been early adopted:
IAS 39 (amendment), `Financial instruments: Recognition and measurement'
IFRS 3 (revised), `Business combinations' and consequential amendments to IAS
27, `Consolidated and separate financial statements', IAS 28, `Investments in
associates' and IAS 31, `Interests in joint ventures'
IFRIC 17, `Distributions of non-cash assets to owners'
IFRIC 18, `Transfers of assets from customers'
2. Segmental reporting
Business Revenue EBITDA Operating profit
segments
Six Six Year Six Six Year Six Six Year
months months ended 31 months months ended 31 months months ended 31
ended ended December ended ended December ended ended December
30 30 2008 30 30 2008 30 30 2008
June June June June June June
2009 2008 2009 2008 2009 2008
Head office - - - (162) (186) (322) (162) (186) (322)
UK Publishing 498 536 1,076 125 126 101 113 113 73
Digital 357 272 608 105 23 188 99 20 185
marketing
Total 855 808 1,684 68 (37) (33) 50 (53) (64)
continued
operations
Discontinued - - 471 - (3) (40) - (3) (43)
operations
Total 855 808 2,155 68 (40) (73) 50 (56) (107)
3. Earnings/(loss) per share
The basic loss per share has been calculated by dividing the retained profit
for the period of £40,000 (2008: loss £71,000) by the weighted average number
of ordinary shares of 112,447,934 (2008: 112,447,934 in issue during the
period. The diluted profit/loss per share is the same as the basic profit/loss
per share, in accordance with IAS 33 which prescribes that potential ordinary
shares should only be used as dilutive when, and only when, their conversion to
ordinary shares would decrease net profit or increase net loss per share from
continuing operations.
4. Dividends
No dividend is proposed for the six months ended 30 June 2009.
5. Cash flows utilisedin operating activities for the six months to 30 June
2009
Six months Six months Year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash inflow from operating
activities
Profit/(Loss) from continuing 40 (69) (64)
operations
Adjustments for:
Equity settled share based payment 9 2 18
Depreciation, amortisation and 18 22 31
impairment
Operating cash flow prior to 67 (45) (15)
working capital
(Increase)/Decrease in inventory - (6) 1
Decrease/(Increase) in trade and 49 (75) 69
other receivables
(Decrease) /Increase in trade and (106) 86 (32)
other payables
Cash generated/(used by) from 10 (40) 23
continuing operations
Loss before tax from discontinued - - (43)
operations
Depreciation - - 3
Movement in working capital from - - 32
discontinued operations
Cash generated from/(used by) 10 (40) 15
operating activities
6. Copies of half-yearly Results
Copies of the half-yearly Results will be available from the Company's website
(www.totallyplc.com) and from the Company's registered office, Unit 611,
Highgate Studios, 53-79 Highgate Road, London NW5 1TL.
Monday, 13th May 2024
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