Final Results

Totally PLC 8 May 2001 Embargoed until 7.00 a.m.8th May, 2001 TOTALLY GROUP PLC ('Totally' or 'the Company') Results for the period ended 31st December, 2000 Highlights Highlights for the period ended 31st December, 2000: * Revenues of £507,000 with an operating loss before exceptional items of £1,311,000 - in line with expectations * Exceptional costs of £1,155,000 in relation to the acquisitions of SoJewish and Kosheronline * Acquisition of London Jewish News - integration of businesses led to dramatic cost reductions * If trends continue monthly revenues could exceed overheads in the UK by the end of this financial year * Totally is currently in detailed discussions with other potential partners/targets in Israel and North America Dr Michael Sinclair, Non-Executive Chairman commented: 'The year since flotation has been an exciting one for the combined Group. The physical integration of London Jewish News, which started in earnest in December 2000, has now been completed and as a result costs have dramatically reduced. At the same time the Company is seeing significant revenue growth. If these trends continue your directors are optimistic that monthly revenues could exceed overheads in the UK by the end of this financial year. The Group is in a strong position to move forward.' For Further Information please contact:- Totally plc Tel: 020 7692 6929 Steve Burns - Chief Executive Hansard Communications Tel: 020 7735 9415/07778 419218 Adam Reynolds/Takki Sulaiman Chairman's Statement I am pleased to present the first annual results for Totally Plc. This first year under review has been an eventful one for Totally, encompassing the flotation on AIM, the launch of www.totallyjewish.com and the acquisition of London Jewish News and www.sojewish.com. These events marked the transformation of Totally into a public company focussed on developing its media, services and products within a niche, affluent, global community - the Jewish community. The Company's performance for the period ended 31st December 2000 has met Board expectations. Turnover for the period was £507,000 with an operating loss before exceptional items of £1,311,000. In addition, exceptional costs of £1,155,000 were incurred in relation to the write-off of goodwill arising on the acquisitions of SoJewish and Kosheronline, both of which were dormant at the point of acquisition. The physical integration of London Jewish News, which started in earnest in December 2000, has now been completed and as a result costs have dramatically reduced. At the same time the Company is seeing significant revenue growth. If these trends continue your directors are optimistic that monthly revenues could exceed overheads in the UK by the end of this financial year. In January 2001 the Company announced its investment in Virtual Jerusalem Holdings, a joint venture company, in partnership with Bank Hapoalim B.M., the leading Israeli financial institution, and E-Shop Enterprises, a US based Jewish e-commerce and Internet service provider. Virtual Jerusalem Holdings owns the leading North American Jewish portal, www.virtualjerusalem.com. Bank Hapoalim B.M. has provided ongoing funding for the joint venture of $1,150,000 on a non-recourse basis to Totally beyond a charge on its shares in Virtual Jerusalem Holdings. Since January the website has been migrated onto Totally's generic technology platform and a team has been retained in Israel to manage the day-to-day operations. This investment in Virtual Jerusalem Holdings represents Totally's first step in developing its products and services in North America. Totally is currently in detailed discussions with other potential partners in Israel and North America. It is hoped that these discussions will lead to further announcements regarding the Company's international development. I would like to thank my co-directors, all our staff and our advisers for their commitment and efforts during Totally's first year as a public company. Finally, I extend my thanks to Non-executive Directors Anthony Caplin and Martin Gill who are stepping down after helping to establish Totally and also to Executive Director Gary Stern who is stepping down after aiding in the integration of London Jewish News. A new independent non-executive director will be appointed as soon as practicable. Dr Michael Sinclair Chairman 8th May, 2001 Consolidated profit and loss account for the period 28th October, 1999 to 31st December, 2000 Period to 31st December, 2000 Note £ £ Turnover - continuing operations Existing 394,042 Acquisitions 112,603 506,645 Other operating income 5,173 Other external charges (541,553) Staff costs: Wages and salaries (756,848) Social security costs (65,525) Depreciation and amounts written off tangible and intangible fixed assets: Ordinary (55,105) Exceptional (1,154,420) Other operating charges (404,144) Total expenses (2,972,422) Loss on operating activities - continuing (2,416,004) operations Existing Acquisitions (49,773) (2,465,777) Interest receivable and 53,615 similar income Interest payable and (4,285) similar charges Loss on ordinary (2,416,447) activities before taxation Taxation - Retained loss for the (2,416,447) period Loss per share before (8.21)p goodwill amortisation Loss per share - basic 6 (16.08)p Consolidated balance sheet at 31st December, 2000 31st December, 2000 Note £ £ Fixed assets Intangible assets - goodwill 2 2,150,627 Tangible assets 3 111,613 Current assets 2,262,240 Debtors 4 415,793 Cash at bank and in hand 445,712 861,505 Creditors: amounts falling 5 (670,790) due within one year Net current assets 190,715 Total assets less current 2,452,955 liabilities Creditors: amounts falling (8,132) due after more than one year Net assets 2,444,823 Capital and reserves Called up share capital 278,813 Share premium account 1,545,827 Merger reserve 3,015,530 Profit and loss account (2,416,447) Shares to be issued 21,100 Shareholders' funds - equity 2,444,823 interests Consolidated cash flow statement for the period 28th October, 1999 to 31st December, 2000 Period to 31st December, 2000 £ £ Net cash outflow from operating activities (1,053,572) Returns on investments and servicing of finance Interest received 53,615 Bank interest paid (4,049) Finance lease interest paid (236) 49,330 Net cash inflow/(outflow) from returns on investment and servicing of finance (1,004,242) Capital expenditure Purchase of tangible fixed assets (93,602) Acquisitions Purchase of subsidiary undertakings (172,523) Cash outflow before financing (1,270,367) Financing Issue of ordinary share capital 2,254,500 Capital repayments of finance leases (3,296) Expenses paid in connection with share issues (563,830) Increase in cash in the period 417,007 Notes 1 Accounting policies Basis of preparation The financial information has been prepared in accordance with applicable accounting standards and under the historical cost accounting rules. 2 Intangible fixed assets Goodwill £ Cost At beginning of period - Additions 3,332,497 At end of period 3,332,497 Amortisation At beginning of period - Charged in period 27,450 Write-offs 1,154,420 At end of period 1,181,870 Net book value At 31st December, 2000 2,150,627 The Directors consider each acquisition separately for the purpose of determining the amortisation period of any goodwill that arises. Goodwill has arisen on three acquisitions during the period. That arising on SoJewish.co.uk Limited and Kosheronline Plc has been written off on acquisition. Goodwill on the acquisition of London Jewish News Limited is being written off over a period of 10 years, being the Directors' estimate of its useful life by reference to consideration of its future earnings potential and synergistic benefits brought to the Group. 3 Tangible fixed assets Short Computer Fixtures and Total leasehold equipment fittings property £ £ £ £ Cost At beginning of - - - - period Additions 37,379 44,550 11,673 93,602 On acquisitions - 57,451 12,033 69,484 At end of period 37,379 102,001 23,706 163,086 Depreciation At beginning of - - - - period Charge for period 3,115 21,933 2,607 27,655 On acquisitions - 18,356 5,462 23,818 At end of period 3,115 40,289 8,069 51,473 Net book value At 31st December, 34,264 61,712 15,637 111,613 2000 Included above are assets held under finance lease contracts. The net book value of these assets at 31st December, 2000 is £12,923 and the depreciation charged for the period was £561. 4 Debtors 31st December, 2000 £ Trade debtors 252,328 Prepayments and accrued income 99,148 Other debtors 64,317 415,793 Included in other debtors is £43,000 due after more than one year, representing a deposit paid on 23rd March, 2000 when the leasehold was signed. This is repayable at the end of the six-year term of the lease. 5 Creditors: amounts falling due within one year 31st December, 2000 £ Trade creditors 359,344 Bank loans and overdrafts 112,145 Net obligations under finance leases 5,566 Other taxation and social security 33,487 Accruals and deferred income 160,248 670,790 6 Loss per share The calculation of the basic loss per share is based on the loss on ordinary activities after taxation of £2,416,447 and on 15,029,494 ordinary shares, being the weighted average number of shares in issue during the period. 7 Dividends The Directors are not proposing the payment of a dividend in respect of the period ended 31st December, 2000. 8 Publication of non-statutory accounts The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The consolidated balance sheet at 31st December, 2000 and the consolidated profit and loss account, consolidated cash flow statement and associated notes for the period then ended have been extracted from the Group's financial statements. Those financial statements have not yet been delivered to the Registrar of Companies, nor have the auditors reported on them. -Ends- For Further Information please contact:- Totally plc Tel: 020 7692 6929 Steve Burns - Chief Executive Hansard Communications.Com Ltd Tel: 020 7735 9415/07778 419218 Adam Reynolds/Takki Sulaiman

Companies

Totally (TLY)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today