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Asite PLC (ASE)

  Print      Mail a friend       Annual reports

Wednesday 29 September, 2004

Asite PLC

Interim Results

Asite PLC
29 September 2004


29 September 2004

                                ASITE PLC

                       INTERIM RESULTS ANNOUNCEMENT

                       SIX MONTHS TO 30 JUNE 2004


Highlights:

•    Net cash outflow from operating activities improved from £2.07m to £0.97m 
     reflecting reduced cost base

•    Significantly improved order book and product take-up

•    Value of new sales contracts in period to June 2004 already in excess of 
     entire value during  2003

•    Continued focus on expanded product offering with planned roll-out of new 
     products

•    Strengthened board through executive appointments

•    Capital restructuring announced in June 2004 subsequently approved by 
     shareholders


Sir John Egan, Chairman of Asite plc comments:

'Given the improved sales prospects, reduced costs and progress made in the
first half of the year in building Asite's order book, the directors remain
confident that Asite will continue to make progress towards profitable and
sustainable trading.'


For further information:

Asite plc
Tom Dengenis, Chief Executive          Tel: 020 7647 5151
Gordon Ashworth, Finance Director

Deloitte & Touche LLP
Robin Binks                            Tel: 020 7936 3000
Richard Collins



Chairman's Statement


Results and dividends


In the first half of 2004 the Group's core business, Asite Solutions Limited ('
Asite'), successfully completed its transformation from being a vendor of third
party software to an integrated software developer and solutions provider.
Asite has introduced its product suite to market with a highly favourable
response measured in terms of our sales, the increase in our order book and the
increase in traffic across our site.

The Group's operating loss of £0.84m compares with a loss of £0.80m in the six
months ended 30 June 2003, and £2.5m in the 12 months ended 31 December 2003.
Net cash outflow before financing was reduced from £2.3m to £1.2m.

The loss per share was 0.7p compared with 0.7p and 2.1p respectively in the
previous half and full year.  Whilst turnover was down in the first half of 2004
(£0.8m against £1.0m in the six months ended 30 June 2003) the value of the
order book has risen significantly. In particular, the value of new contracted
sales in the half year to 30 June 2004 is already in excess of the value of
sales achieved for the whole of the year ended 31 December 2003.


Development of the Group


Asite now has a full suite of business applications deployed on an Application
Service Provider basis (ASP).  These include Asite Workspace, Asite Project
Workflow, Asite Tender, Asite Buy and Supply and Asite Community.  Asite is
planning to deploy two new products in the second half of 2004: Asite Directory
and Asite Prequalify.  We have successfully negotiated our licence with Commerce
One to remove geographical and industry restrictions.  A result of this is that
Asite can now support E-commerce opportunities outside of its core European and
Middle Eastern construction focus and we have already entered into two contracts
to provide non-industry specific E-commerce platforms.

In the early part of the year the Group established software development
capacity in India.  As at 30 June 2004 Asite had 16 employees in India and good
progress is being made to increase this to 55 by the year end.  The impact of
this investment is significant. Firstly, by the year end, we will have
quadrupled our capacity to design, engineer, test and deliver new software
products.  We are therefore well placed to deliver new products to market as
well as to increase considerably our agility to respond to client needs.  At the
same time, we will have reduced our UK cost base such that, notwithstanding the
increase in our costs in India, we will have achieved an overall reduction in
our operating costs.

The Directors have satisfied themselves with the technical, commercial and
financial viability of Asite Project Workflow, the Group's flagship product, and
accordingly have taken the decision to capitalise certain development costs
relating to its production which is reflected in these interim results.
Development costs incurred of £0.47 million have been capitalised in the six
month period to 30 June 2004.

In March and April 2004 the Board strengthened itself with appointments in a
number of executive positions including Finance, Business Development and
Technology.  Additionally, the Sales team in Asite Solutions Limited has been
strengthened to deliver on the growing demand for our products.

On 21 July 2004 Asite plc held an Extraordinary General Meeting during the
course of which all of the resolutions were passed unanimously.  The effect of
these resolutions is, inter alia, that the Board is now in a position to return
the Group to a positive net asset position and to seek funding opportunities
should they arise with Asite's major customers as set out in Asite plc's
explanatory circular dated 25 June 2004.


Operational review


The value of new sales contracts won during the six months ended 30 June 2004
amounted to £1.6m.  As shown below, this represents a significant improvement on
the previous year where the value of contracted sales for the whole year ended
31 December 2003 amounted to £1.3m.


Value of contracted sales                                                  £k

2001                                                                    1,482
2002                                                                    1,964
2003                                                                    1,313
6 Months to 30 June 2004                                                1,612


In the trading update issued on 22 July this year the Directors announced that
Asite had recently been awarded a contract for the supply of Asite Project
Workflow to Grosvenor Limited where the contract value was £1.0m.  As at the
time of this announcement, further contracts with Grosvenor are being negotiated
and our contracted sales figures stands at £2.6m for the year to date.
Additionally, Asite is in active negotiations with some of its major clients to
enter in to long term framework agreements for the supply of Asite product
licences.  Overall the growth in our order book remains robust, currently
standing at £2.9m, and there remains further potential to improve upon the
position prior to the year end.

A measure of the take up of Asite's products by its clients is demonstrated
through the increase in usage across the Asite ASP platform.  The aggregate
number of documents being actively worked on by clients using Asite Project
Workflow has increased by 493% since the start of this year.  The table below
shows how the volume of client data held on the Asite platform as at 30 June
2004 has increased by 551% since January.


     Megabytes of client data on Asite platform

December 2003                                   3,289
January  2004                                   6,485
February  2004                                  8,100
March 2004                                     16,899
April 2004                                     23,268
May 2004                                       31,859
June 2004                                      42,241
July 2004                                      54,520
August  2004                                   80,926
September 2004                                 86,324


In addition, as illustrated below, the monthly number of client logins across
the whole site has increased by 98% during the six month period to 30 June 2004.

                Client Logins per month

January 2004                                     14,115
February 2004                                    15,772
March 2004                                       19,501
April 2004                                       18,395
May 2004                                         21,896
June 2004                                        27,997
July 2004                                        32,492
August 2004                                      34,162


Overall, progress on sales and client take up of our products is pleasing.


Prospects


Asite is entering the second half of 2004 with a significantly improved order
book and improving sales prospects.  Client satisfaction with our software is
steadily improving and our ability to develop new product and bring this to
market has improved significantly.  The Board has remained vigilant on costs and
has taken steps to reduce these as Asite's off shore operations have increased.
In the annual report and accounts for the year ended 31 December 2003 reference
is made to the continued support required from Mr Robert Tchenguiz.  Asite plc
remains within the borrowing limits set out in that report.

On 25 June 2004 notice of an Extraordinary General Meeting was sent to
shareholders.  The resolutions noted therein dealt with a number of proposals
which, having received subsequently shareholders' consent, will reduce the
Group's gearing and improve the strength of its balance sheet.  The pro forma
balance sheet in note 9 below sets out the Unaudited Balance Sheet as at 30 June
2004 on the basis that the loans advanced as financial support by Rotch Property
Group Limited and R20 Limited (together the 'Rotch Loans'), companies of which
Mr Robert Tchenguiz is a director, were capitalised and that the B shares had
been allotted.  The capital restructuring will allow Asite to enter 2005 with a
much strengthened balance sheet.

Given the improved sales prospects, reduced costs and progress made in the first
half of the year in building Asite's order book, the directors, therefore,
remain confident that Asite will continue to make progress towards profitable
and sustainable trading.


Sir John Egan
Chairman
29 September 2004


ASITE PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the Six Months Ended 30 June 2004

                                                              Note     Unaudited    Unaudited      Audited
                                                                      six months   six months         year
                                                                              to           to           to
                                                                         30 June      30 June       31 Dec
                                                                            2004         2003         2003
                                                                           £'000        £'000        £'000

TURNOVER                                                                     788        1,032        1,697

Cost of Sales                                                              (406)        (403)        (806)

Gross Profit                                                                 382          629          891

Sales & distribution costs                                                 (196)        (210)        (357)

Administration expenses                                                  (1,029)      (1,216)      (2,988)

OPERATING LOSS

Continuing operations                                                      (843)        (797)      (2,454)

Interest payable less receivable                                               -            -          (3)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                (843)        (797)      (2,457)

Tax credit on loss on ordinary activities                                      -            -            -

LOSS ON ORDINARY ACTIVITES AFTER TAXATION                                  (843)        (797)      (2,457)

Minority interest                                                            119           92          335

LOSS FOR THE PERIOD                                                        (724)        (705)      (2,122)

Loss per share - basic and diluted                            4           (0.7p)       (0.7p)       (2.1p)



All activities derive from continuing operations.  There are no differences
between the results as disclosed in the P&L and the results on a historical cost
basis



ASITE PLC
CONSOLIDATED BALANCE SHEET
At 30 JUNE 2004

                                                             Note      Unaudited    Unaudited      Audited
                                                                              at           at           at
                                                                         30 June      30 June       31 Dec
                                                                            2004         2003         2003
                                                                           £'000        £'000        £'000
FIXED ASSETS
Tangible assets                                                              274          230           77
Intangible assets                                                            444            -            -

                                                                             718          230           77
CURRENT ASSETS
Work in progress                                                              74            -            -
Debtors                                                                      530          643          368
Cash at bank                                                                 126            -            7

                                                                             730          643          375

CREDITORS: amounts falling due within one year                           (1,306)        (924)        (794)

                                                                           (576)        (281)        (419)

TOTAL ASSETS LESS CURRENT LIABILITIES                                        142         (51)        (342)

CREDITORS: amounts falling due after more than one year                  (7,299)      (4,671)      (5,972)

EQUITY MINORITY INTERESTS                                                  2,157        1,863        2,038

                                                                         (5,000)      (2,859)      (4,276)

CAPITAL AND RESERVES
Called up share capital                                      5            10,291       10,291       10,291
Share premium account                                        5             2,442        2,442        2,442
Profit and loss account                                      5          (17,733)     (15,592)     (17,009)

EQUITY SHAREHOLDERS' DEFICIT                                             (5,000)      (2,859)      (4,276)


ASITE PLC
CONSOLIDATED CASH FLOW STATEMENT
For the Six Months Ended 30 June 2004

                                                           Note       Unaudited    Unaudited      Audited
                                                                  six months to   six months      year to
                                                                        30 June   to 30 June       31 Dec
                                                                           2004         2003         2003
                                                                          £'000        £'000        £'000

Net cash outflow from operating activities                 6              (970)      (2,072)      (3,275)

Returns on investments and servicing of finance
Interest received                                                             1            -            1
Interest paid                                                               (1)            -          (4)

Net cash out flow from returns on investments and                             -            -          (3)
servicing of finance

Capital expenditure
Payments to acquire fixed assets                                          (234)        (231)        (129)
Proceeds from sale of fixed assets                                            -            -            2

Net cash outflow from capital expenditure                                 (234)        (231)        (127)

Acquisitions and disposals
Acquisition of additional interest in subsidiaries                            -         (10)         (25)

Net cash outflow from acquisitions and disposals                              -         (10)         (25)

Net cash outflow before financing                                       (1,204)      (2,313)      (3,430)

Financing
Net proceeds from borrowings                                              1,327        2,039        3,344

Net cash outflow from financing                                           1,327        2,039        3,344

Increase / (Decrease) in cash in the period                7                123        (274)         (86)



ASITE PLC
NOTES TO THE INTERIM REPORT
For the Six Months Ended 30 June 2004


1.   BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
     
The early stage of development of the Group's business is such that there can be
considerable unpredictable variation in the amount of revenue and timing and
amounts of cash flows.  The directors have projected cash flow information for
the period to 30 September 2005.  On the basis of this cash flow information,
the directors are of the opinion that additional funding may be required.  The
directors are working towards bringing the Company to a level of profitable
trading.  In doing so, they are assessing, on a regular basis, cost levels,
sales activities and research and development expenditure.

Over the past twelve months, Mr Robert Tchenguiz has provided the Group with the
financial support it has required in the form of loans from two companies, Rotch
Property Group Limited and R20 Limited (together the 'Rotch Loans'), of which Mr
Robert Tchenguiz is a director.   The directors believe that Mr Robert Tchenguiz
will continue to provide the funding required and have received written
confirmation from him that he intends to provide this funding in the form of a
new loan, which, when added to existing facilities, amount to £1.35m and that he
will not call for the repayment of this new loan or existing loans before 9 June
2005. At an Extraordinary General Meeting held on 21 July 2004 shareholder
consent was sought to convert the Rotch Loans to equity. This was approved
unanimously and it is planned to carry out this conversion prior to 31 December
2004.

There is inherent uncertainty as to the realisation of the forecasts.  The
directors consider that in preparing the financial statements they have taken
into account the uncertainty and all information that could reasonably be
expected to be available.   On this basis, the directors have formed a judgement
at the time of approving the financial statements that they consider it
appropriate to prepare these financial statements on the going concern basis.
The financial statements do not include any adjustments that would result should
the going concern basis of accounting no longer be appropriate.


2.   COMPANIES ACT 1985
     
This announcement does not constitute the statutory accounts of the Group. The
statutory group accounts of Asite plc for the year to 31 December 2003 were
filed with the Registrar of Companies, following the AGM on 21 July 2004.  The
interim report contains financial information on the year ended 31 December 2003
which constitutes non-statutory accounts for the purposes of section 240 of the
Companies Act 1985.  The auditors provided an emphasis of matter on their
opinion on these accounts on the basis of the ability of Asite plc to continue
as a going concern as detailed in note 1.  The numbers in the interim financial
statements to 30 June 2004 are neither reviewed nor audited.

The interim financial information has been prepared on the basis of accounting
policies, which with the exception of the accounting policy adopted in relation
to research and development outlined in note 3 below, are consistent with those
applied in the 2003 financial statements.


3.   ACCOUNTING POLICIES
     

Intangible assets - research and development

The group has capitalised the costs associated with the development of new
products which are being written off over five years.


4.   LOSS PER SHARE
                                                                  Unaudited     Unaudited      Audited
                                                              six months to    six months      year to
                                                                    30 June    to 30 June       31 Dec
                                                                       2004          2003         2003

Basic
Net loss for the period                                          (£724,000)    (£705,000)  £(2,122,000)
Weighted average number of ordinary shares outstanding          102,910,633   102,910,633   102,910,633

Loss per share:                                                      (0.7p)        (0.7p)        (2.1p)


FRS 14 requires presentation of diluted loss per share when a company could be
called upon to issue shares that would decrease net profit or increase net loss
per share.  For a loss making company with outstanding share options, net loss
per share would only be increased by the exercise of out-of-the-money options.
No adjustment has been made to diluted loss per share for out-of-the-money share
options and there are no other diluting future share issues, therefore diluted
loss per share is the same as basic loss per share.


5.            RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' (DEFICIT)/FUNDS

                                                        Called up        Share       Profit        Total
                                                            share      premium     and loss
                                                          capital      account      account
                                                            £'000        £'000        £'000        £'000
Group
At 1 January 2003                                          10,291        2,442     (14,887)      (2,154)
Minority interest                                               -            -           92           92
Loss for the period                                             -            -        (797)        (797)

At 30 June 2003                                            10,291        2,442     (15,592)      (2,859)


6.   RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW
     
                                                              Unaudited        Unaudited          Audited
                                                          six months to    six months to          year to
                                                                30 June          30 June           31 Dec
                                                                   2004             2003             2003

                                                                  £'000            £'000            £'000

Operating loss                                                    (843)            (797)          (2,454)
Software development costs capitalised                            (471)                -                -
Depreciation                                                         37                1               52
Amortisation of goodwill on deemed acquisition                        -                -              185
Amortisation of intangible assets                                    26                -                -
Profit on disposal of fixed assets                                    -                -              (2)
Fees received in advance                                             16             (66)             (98)
Provision for redundancy                                             89                -                -
Increase in work in progress                                       (74)                -                -
(Increase) / decrease in debtors                                  (162)             (79)              196
Increase / (decrease) in creditors                                  412          (1,131)          (1,154)

                                                                  (970)          (2,072)          (3,275)


7.         RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

                                                              Unaudited        Unaudited        Audited
                                                          six months to       six months        year to
                                                                30 June       to 30 June         31 Dec
                                                                   2004             2003           2003
                                                                  £'000            £'000          £'000

Increase / (decrease) in cash in the period                         123           (274)             (86)

Loan                                                            (1,327)         (2,039)          (3,340)

Movement in net debt in the period                              (1,204)         (2,313)          (3,426)

Net debt at start of period                                     (5,969)         (2,543)          (2,543)

Net debt at end of period                                       (7,173)         (4,856)          (5,969)



8.   ANALYSIS OF NET DEBT
                                                                   At         Movement                At
                                                           1 Jan 2004     30 June 2004
                                                                £'000            £'000             £'000

Cash                                                                7              119               126
Overdraft                                                         (4)                4                 -

                                                                    3              123               126

Loan                                                          (5,972)          (1,327)           (7,299)

                                                              (5,969)          (1,204)           (7,173)



9.   DEBT CONVERSION
     

On 21 July 2004, an Extraordinary General Meeting of Asite plc was held.  The
resolutions passed at this meeting dealt with a number of proposals which, inter
alia, will reduce the Group's gearing and improve the strength of its balance
sheet.  In particular the Group proposes to convert the Rotch Loans to equity
through the allotment of B shares in Asite plc.  The pro forma balance sheet set
out below sets out the Unaudited Balance Sheet as at 30 June 2004 on the basis
that the Rotch Loans were capitalised and that the B shares had been allotted.

                                                                               Unaudited        Unaudited
                                                                                      at               at
                                                                                 30 June          30 June
                                                                                    2004             2004
                                                                                           after Proposed
                                                                                          Debt Conversion
                                                                                   £'000            £'000

FIXED ASSETS
Tangible assets                                                                      274              274
Intangible assets                                                                    444              444

                                                                                     718              718
CURRENT ASSETS
Work in Progress                                                                      74               74
Debtors                                                                              530              530
Cash at bank                                                                         126              126

                                                                                     730              730

CREDITORS: amounts falling due within one year                                   (1,306)          (1,306)

                                                                                   (576)            (576)

TOTAL ASSETS LESS CURRENT LIABILITIES                                                142              142

CREDITORS: amounts falling due after more than one year                          (7,299)                -

EQUITY MINORITY INTERESTS                                                          2,157            2,157

                                                                                 (5,000)            2,299
CAPITAL AND RESERVES
Called up share capital                                                           10,291           17,590
Share premium account                                                              2,442            2,442
Profit and loss account                                                         (17,733)         (17,733)

EQUITY SHAREHOLDERS' FUNDS                                                       (5,000)            2,299



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