Half-yearly Report
25 September 2012
Totally Plc
("Totally", "the Group"or "the Company")
Half-yearly results for the six month period ended 30 June 2012
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 2012.
Summary
* Group turnover Increased by 33% to £1.19 million (2011: £0.89 million)
* EBITDA of £91,000, an increase of £196,000 (2011: profit £15,000)
* Operating profit of £68,000, an increase of £60,000 (2011: profit £8,000)
* Profit Before Tax of £52,000, an increase of £57,000 (2011: Loss (£5,000)
For further information:
Totally Plc T: 020 7284 9730
Clare Thompson - Chief Executive
Officer
Merchant Securities Limited T: 020 7628 2200
Lindsay Mair / Richard Goldsmith
Chairman's Statement
I am pleased to present the results for the six months ended 30 June 2012.
During the period the Group
made an operating profit of £68,000 (2011: £8,000) and a profit before taxation
of £52,000 (2011: Loss
£5,000) on turnover of £1.19m (2011: £0.89 million).
Dr Michael Sinclair
Non-Executi ve Chairman
25 September 2012
Operational Review
Totally is entering a period of dynamic change, focusing on the digital
innovation pioneered over the past two years by the subsidiary Totally
Communications and furthered by the establishment of a new subsidiary Totally
Health. Totally sold the Jewish News in May 2012 and is now focused solely on
Digital growth.
Digital solutions to the healthcare sector (Totally Health)
Revenues of £203,000 were achieved during the period under review.
Totally Health was set up in 2012 to focus on digital solutions for the
management of long-term conditions.
* In February 2012 NHS Midlands and East announced that Totally had won the
Shared Decision Making contract, worth £1.6m
* The company is in the process of successfully delivering the contract and
began invoicing the health authority in May
* Totally announced the `go live' for the shared Decision Making platform and
associated health coaching service last week. The platform currently hosts
five patient decision aids, with another 31 to follow by February 2013.
Software Developmen t and Digital Marketing Division (Totally Communicat ions)
Revenues of £410,000 (2011: £435,000) were achieved during the period under
review.
The first half of 2012 saw Totally Communications focus on creating the
extensive secure interactive website and back-end CRM system, delivered as part
of the Totally Health NHS project.
During the period under review, Totally Communications continued to show strong
growth in the charitable and voluntary sector.
During the period under review, there were notable projects delivered for:
British Group of the Inter-Parliamentary Union (BGIPU); Coram Children's Legal
Centre; Halow Project, as well as a number of significant projects delivered
for existing clients including mobile-friendly websites for Public Interest Law
Alliance (PILA, based in Ireland) as well as for The Health Foundation.
Projects delivered for the commercial sector include extensive interactive
websites for Teliqo (telecommunications company) and Noalot (a support and
monitoring website for parents).
Totally Communications search marketing activities, has shown strong growth
during the period under review, with notable contracts secured with: Oxford
Business Group, Clini-Supplies, MC Saatchi Mobile, Autocue and Union Cash.
Clare Thompson
Chief Executive Officer
25 September 2012
Consolidated Income Statement
For the six months ended 30 June 2012
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2012 2011 2011
(unaudited) (unaudited) (audited)
£000 £000 £000
Group turnover 1,189 899 1,845
Cost of sales (783) (259) (378)
Gross profit 406 640 1,467
Administrative expenses (421) (625) (1,573)
Profit on Disposal of subsidiary 106 - -
Profit before interest, tax, 91 15 (106)
depreciation and amortisation
Depreciation (23) (1) (9)
Amortisation - (6) (18)
Operating profit 68 8 (133)
Finance costs (16) (13) (25)
Profit/(loss) before taxation 52 (5) (158)
Taxation - - 9
Profit/(loss) for the year 52 (5) (149)
attributable to equity shareholders
Earnings per share (pence)
Basic and Diluted 0.1p 0 (0.1p)
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2012
Share Share Profit and Equity
Premium loss shareholders
Capital account account funds
£000 £000 £000 £000
At 1 January 2012 1,124 3,353 (4,933) (456)
Loss for the period - - 52 52
At 30 June 2012 1,124 3,353 (4,881) (404)
Consolidated Statement of Financial Position
As at 30 June 2012
30 June 30 June 31 December
2012 2011 2011
(unaudited) (unaudited) (audited)
£000 £000 £000
Assets
Non-current assets
Intangible fixed assets - 44 29
Tangible fixed assets 50 5 23
50 49 52
Current assets
Trade and other receivables 269 563 606
Work in progress 83 - -
Cash and cash equivalents 17 1 134
369 564 740
Total assets 419 613 792
Current liabilities
Trade and other payables (563) (492) (658)
Borrowings - financial liabilities (260) (447) (590)
Total liabilities (823) (939) (1,248)
Net liabilities (404) (326) (456)
Shareholders' equity
Called up share capital 1,124 1,124 1,124
Share premium account 3,353 3,353 3,353
Retained earnings (4,881) (4,803) (4,933)
Equity Shareholders Deficit (404) (326) (456)
Consolidated Cash Flow Statement
For the six months ended 30 June 2012
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2012 2011 2011
(unaudited) (unaudited) (audited)
£000 £000 £000
Net cash outflow from operating (43) (28) (1)
activities (note 4)
R&D tax credit - 10 9
Net cash (used in)/generated from (43) (18) 8
operating activities
Cash flows from investing activities
Purchase of property, Plant and (67) (2) (37)
Equipment
Purchase of intangible assets - (12) -
Net cash flow from disposal od 339 - -
subsidiary (note 5)
Net cash utilised by investing 272 (14) (37)
activities
Cash (outflow)/inflow before financing 229) (32) (29)
Cash flows from financing activities
Interest paid (16) (13) (25)
Net cash utilised from financing (13) (13) (20)
activities
Net (decrease)/increase in cash and cash 213 (45) (54)
equivalents
Cash and cash equivalents at beginning (456) (402) (402)
of period
Cash and cash equivalents at end of (243) (447) (456)
period
Notes to the Interim Results
1. Basis of preparation
The interim report and accounts for the six months ended 30 June 2012 have been
prepared using the recognition and measurement principles of International
accounting Standards. International Financial Reporting Standards and
Interpretations as adopted for use in the European Union (collectively "Adopted
IFRS").
The interim report and accounts should be read in conjunction with Group's 2011
Annual Report and Accounts which have been prepared in accordance with IFRSs 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 2011 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 24 September 2012. The results for the
six months to 30 June 2012 and the comparative results for six months to 30
June 2011 are unaudited. The comparative figures for the year ended 31 December
2011 do not constitute the statutory financial statements for that year. The
auditor's report on those financial statements was modified by the inclusion of
an emphasis of matter and a disclaimer of opinion on the financial statements.
Change in Cost of Sales apportionment
Management have decided to include the costs relating to the development of the
NHS website into direct costs, hence direct costs have increased substantially
in relation to comparative numbers for the last financial year and 6 months to
30 June 2011, hence Administrative costs are lower in comparison.
Emphasis of Matter - Going Concern
As has been previously announced, pursuant to both the Company's entry into the
Healthcare market and significant growth opportunities in providing IT services
to the Charity Sector, Totally intends to raise additional capital over the
coming months. In the meantime the Company continues to benefit from the
financial support of its banks and major shareholders.
2. Earnings per share
The basic earnings per share has been calculated by dividing the retained
profit for the period of £52,000 (2011: £5,000 Loss) by the weighted average
number of ordinary shares of 91,947,934 (2011: 91,947,934) in issue during the
period. None of the share options or warrants in issue had a dilutive effect in
2012 and 2011.
3. Dividends
No dividend is proposed for the 6 months ended 30 June 2012.
Notes to the Interim Results
(Continued)
4. Cash flows utilised in operating activities for the six months ended 30
June 2012
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2012 2011 2011
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash flow from operating activities
Profit for the period 68 (5) (133)
Adjustments for:
Profit on disposal of subsidiary (note (106) - -
5)
Equity settled share based payment - 3 14
Depreciation, amortisation and 23 7 27
impairment
Operating cash flow prior to working (15) 5 (92)
capital
Increase in trade and other receivables 38 (189) (232)
Increase/(Decrease) in trade and other (66) 156 323
payables
Cash (utilised by)/generated from (43) (28) (1)
operating activities
5. Net cash flow on disposal of subsidiary
Six months
ended 30 June
2012
(unaudited)
£000
Net current assets over which control was lost 9
Non-current assets over which control was lost 46
Liabilities created due to disposal of subsidiary 178
Profit on disposal of subsidiary 106
Net cash flow on disposal of subsidiary 339
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