22 July 2004
Asite plc ('Asite' or the 'Company')
Results of General Meetings and Trading Update
The board of Asite (the 'Board') announces that, at the Annual General Meeting
and the Extraordinary General Meeting of the Company held yesterday, all
resolutions proposed were duly passed.
The effect of the resolutions passed at the Extraordinary General Meeting is,
inter alia, that the Board is now in a position to return the Company to a
positive net asset position and to seek funding opportunities should they arise
with Asite's major customers as set out in Asite's explanatory circular dated 25
As mentioned in the preliminary announcement on 8 June 2004, Asite saw growth in
gross revenue of 8 per cent. on continuing operations in 2003 and a 23 per cent.
increase in gross profit to £891,000. Operating costs before depreciation were
reduced by £0.5 million, from £3.8 million to £3.3 million. Overall, losses
were reduced from £4.6 million to £2.1 million.
In the first half of 2004 Asite has successfully brought a number of products to
the market and there are encouraging signs of acceptance being displayed by our
• the gross value of sales contracts entered into in the period from 1
January 2004 to 21 July 2004 stands at £2.6 million (100 per cent. in
excess of the gross value of sales contracts entered into for the whole of
the year ended 31 December 2003);
• this includes a contract signed with Grosvenor Limited in July 2004 for
the provision of collaboration services over 5 years with a gross sales
value of up to £0.95 million to Asite;
• active negotiations are taking place with Asite's other major customers in
respect of long term framework agreements; and
• Asite's order book measured in terms of forward contracted sales has now
risen to £2.9 million.
Most encouragingly, the take-up and usage across Asite's web-based services has
been growing rapidly:
• monthly client logins to Asite services have increased by 100 per cent.
since January 2004;
• registered companies across the Asite product suite have increased by 50
per cent. since January 2004 and are now approaching 1,400;
• registered users across all Asite products have increased from 6,400 to
9,000 since January 2004;
• client project data held for use under Project Workflow, Asite's key
collaboration product, have increased from 5,000 mega bytes to 42,000 mega
bytes in the same period;
• the total number of documents being worked upon actively in Project
Workflow by Asite's clients across its product suite is now in excess of
51,000, up from 7,000 in January 2004; and
• Asite has created 21,000 electronic purchase orders and invoices for
Asite users in the six months to June 2004.
Sir John Egan, Chairman, commented:
'We are entering the second half of the year with a growing order book of
contracted business and a strong sales pipeline as measured by proposals issued
and contracts where we are in active negotiation with our clients. We have
continued to keep close control over costs and we have built a software
development capacity in India which will allow us to increase output and
responsiveness significantly with little or no change to our cost base. Overall
we are making sound progress to becoming a sustainable and profitable business.'
For further information, please contact:
Tom Dengenis 020 7647 5151
Deloitte & Touche LLP
Robin Binks 020 7936 3000
The directors of Asite accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Asite (who have taken all reasonable care to ensure that such is the case) the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.
This information is provided by RNS
The company news service from the London Stock Exchange