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Asite PLC (ASE)

  Print      Mail a friend       Annual reports

Wednesday 28 September, 2005

Asite PLC

Interim Results

Asite PLC
28 September 2005

28th September 2005.

                                        ASITE PLC

                                     INTERIM RESULTS

                         FOR THE SIX MONTHS ENDED 30 JUNE 2005


•                Turnover up 1% at £0.793million

•                Cost of sales down 48% to £0.210million from £0.406million

•                Gross profit up by 53% to £0.583million

•                Net cash outflow before financing reduced to £0.489million from 

•                Significant action taken to reduce costs

Colin Goodall, Chairman of Asite plc comments:

In the first half of 2005 the Group maintained revenue levels, whilst at the
same time improving gross profit by 58%.  This improvement in performance
follows the decision in 2003 to reduce reliance on reseller arrangements and to
develop our own suite of software.  We have also reduced our Administration
expenses (including development costs) significantly which fell from
£1.500million to £1.321million.  The Group has continued to reduce costs, the
full impact of which will fall in the second half of 2005.

The Asite Platform is now functioning well and is meeting our clients'
performance requirements.  Accordingly our focus in the second half of 2005 will
be on business development and sales.

The Board believes that it has implemented the required actions to bring Asite
to a position of profitable trading in terms of reducing operating costs and
improving the technical performance of the Asite Platform.  With the focus of
the business now on sales, the Board believes that substantial progress towards
profitable trading will be made in the second half of 2005.

For further information:

Asite plc
Gordon Ashworth Acting Chief Executive                 Tel: 020 7647 5151

Deloitte & Touche LLP
Richard Collins                                        Tel: 020 7936 3000

Chairman's Statement

Results and dividends

In my statement to shareholders in the Annual Report for the year ended 31
December 2004 I referred to the challenging conditions and technical issues
faced by the Group in the second half of 2004.  I am pleased to report that the
technical issues alluded to have now been resolved and we have seen an
improvement in new contract sales in the first half of 2005.

The Group's operating loss of £0.959million compares with a loss of
£0.843million in the six months ended 30 June 2004, and £3.931million in the 12
months ended 31 December 2004.  Net cash outflow before refinancing was reduced
from £1.204million to £0.489million.  As at the year ended 31 December 2004
development of the Group's flagship product, Asite Project Workflow, was
substantially complete. Accordingly, the Group ceased capitalising development
costs, in accordance with the Group policy on capitalisation of development
costs, in January this year.  In the first half of 2004 £0.471million of costs
were capitalised.  When comparing operating losses in the first half of 2005
with those of 2004 including development costs, it is clear that the Group has
made substantial progress in reducing its cost base.

The loss per share was 0.5p compared with 0.7p and 3.6p (losses) respectively in
the previous half and full year.  Turnover edged ahead to £0.793million from
£0.788million.  However, more importantly, our gross profit increased to
£0.583million from £0.382million, an increase of 53%.  This significant
improvement reflects our reduced dependency on reseller agreements.

Development of the Group

The Group has now completed building its software development team in India
where 62 staff are currently employed.  In addition to development, system
operations, design, testing and support activities are all carried out from our
operations there.  We have continued to reduce our cost base in the UK; as at 30
June 2005 our UK gross payroll costs had reduced to 50% of the comparative level
as at 30 June 2004.

We continue to bring improved versions of our products to the market.  We have
released two new versions of Asite Project Workflow and Asite Tender this year.
Prior to the release of new products vigorous internal and external user
acceptance testing has been undertaken to ensure that required quality levels
are achieved.

The Group entered in to a framework agreement with a major customer, Laing
O'Rourke, whereby Asite services are procured by it at agreed rates, subject to
a cap, over a three year period.  The Group was also awarded a contract to
provide collaboration services to Stanhope Properties plc in relation to the
redevelopment of Bracknell Town Centre.  This contract has a value of

In March this year Mr Thomas Dengenis resigned as Group Chief Executive.
Following his resignation, Mr Gordon Ashworth was appointed Acting Chief
Executive Officer and the Board continues to keep this position under review.

Operational review

The value of new sales contracts won during the six months ended 30 June 2005
amounted to £1.498million.  As at 30 June 2005 the value of our contracted sales
pipeline stood at £3.4million compared with an amount of £2.9million as at 30
June 2004.

Take up and usage of Asite's products remains strong.  Total users accessing our
platform have increased by 23% between January and June 2005.  The total number
of organisations registered on the platform has increased by 31% to 2,225 as at
30 June 2005.  We are starting to experience growth in traffic through our
business transaction gateway, which allows suppliers and buyers to connect their
accounting and procurement systems.  The number of transactions being processed
through this system increased by 68 % in the first six months of 2005. The
operational stability of the platform continues to improve with performance
levels remaining above client contractual requirements.


The second half of 2004 represented a set back in Asite's path to sustainable
and profitable trading.  We have now addressed the technical issues which held
the Group back.  In addition we have reduced our UK costs to a more sustainable
level.  The Group is now focussing its available resources on sales and business
development and our progress in the first half of 2005 has been promising.

In the annual report and accounts for the year ended 31 December 2004 reference
was made to the continued support required from Mr Robert Tchenguiz.  As at 30
June 2005 Asite plc remained within the borrowing limits set out in that report.
At the Annual General Meeting held on 26 July 2005 consent was obtained from
shareholders, inter alia, to grant a specific charge over the Intellectual
Property of the Group to Mr Tchenguiz as security for the loans that he has made

The directors believe that all reasonable actions required to bring the business
to a position of sustainable and profitable trading are being undertaken by the
executive directors of the Group.  These include the reduction of costs, the off
shoring of development activities to a sustainable cost area and through the
maintenance of a strong focus on business development.  The directors are
confident that Asite will continue to make progress towards profitable and
sustainable trading.

Mr Colin Goodall
28 September 2005

for the six months ended 30 June 2005

                                                              Note     Unaudited    Unaudited      Audited
                                                                      six months   six months         year
                                                                              to           to           to
                                                                         30 June      30 June       31 Dec
                                                                            2005         2004         2004
                                                                           £'000        £'000        £'000

TURNOVER                                                                     793          788        1,674

Cost of sales                                                              (210)        (406)        (768)

Gross Profit                                                                 583          382          906

Sales & distribution costs                                                 (221)        (196)        (450)

Administration expenses                                                  (1,321)      (1,029)      (2,128)
Write off of goodwill arising on acquisition of shares in
subsidiary                                                                     -            -      (2,259)
OPERATING LOSS                                                             (959)        (843)      (3,931)

Net finance costs                                                            (3)            -         (31)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                (962)        (843)      (3,962)
Tax credit on loss on ordinary activities                                      -            -            -

LOSS ON ORDINARY ACTIVITES AFTER TAXATION                                  (962)        (843)      (3,962)
Minority interest                                                              5          119          222

LOSS FOR THE PERIOD                                                        (957)        (724)      (3,740)

Loss per share - basic and diluted                              3         (0.5p)       (0.7p)       (3.6p)

There are no recognised gains or losses in either financial period other than
the loss for each period, and therefore, no statement of total recognised gains
and losses has been prepared.

All transactions are derived from continuing operations.

As at 30 June 2005
                                                             Note      Unaudited    Unaudited      Audited
                                                                              at           at           at
                                                                         30 June      30 June       31 Dec
                                                                            2005         2004         2004
                                                                           £'000        £'000        £'000

CALLED UP EQUITY SHARE CAPITAL NOT PAID                                        -            -          199

Tangible assets                                                              854          718        1,051

Debtors                                                                      490          530          498
Work in progress                                                             115           74           84
Cash at bank                                                                  96          126           39

                                                                             701          730          621
CREDITORS: amounts falling due within one year                           (1,299)      (1,306)      (1,191)

                                                                           (598)        (576)        (570)

TOTAL ASSETS LESS CURRENT LIABILITIES                                        256          142          680

CREDITORS: amounts falling due after more than one year                    (558)      (7,299)            -

PROVISIONS FOR LIABILITIES AND CHARGES                                     (219)            -        (239)

EQUITY MINORITY INTERESTS                                                      7        2,157            2

                                                                           (514)      (5,000)          443
Called up share capital                                      4            18,750       10,291       18,750
Share premium account                                        4             2,442        2,442        2,442
Profit and loss account                                      4          (21,706)     (17,733)     (20,749)

EQUITY SHAREHOLDERS' DEFICIT                                               (514)      (5,000)          443

for the six months ended 30 June 2005
                                                 Note       Unaudited      Unaudited             Audited
                                                        six months to     six months             year to
                                                              30 June     to 30 June              31 Dec
                                                                 2005           2004                2004
                                                                £'000          £'000               £'000

Net cash outflow from operating activities         5            (452)          (970)             (1,314)

Returns on investments and servicing of finance
Interest received                                                   1              1                   2
Interest paid                                                     (4)            (1)                 (3)

Net cash out flow from returns on investments and
servicing of finance
                                                                  (3)              -                 (1)

Capital expenditure
Payments to acquire tangible assets                              (34)          (234)             (1,198)

Net cash outflow from capital expenditure                        (34)          (234)             (1,198)

Net cash outflow before financing                               (489)        (1,204)             (2,513)

Net proceeds from borrowings                                      558          1,327               2,487

Net cash inflow from financing                                    558          1,327               2,487

Increase / (Decrease) in cash in the period        6               69            123                (26)


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 June 2006.  On the basis of this cash flow information, the
directors are of the opinion that additional funding will be required.  The
directors are working towards bringing the Group 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, of which Mr Robert Tchenguiz is a
director.  In accordance with the capital restructuring the Group allotted
84,585,014 B Ordinary shares to Rotch Property Group Limited and R20 Limited the
consideration for which was the forgiveness of £8.459m of loans that these
companies had made to the Group.  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 facility, which amounts to £0.722million and that he will not call for
the repayment of this new loan before 31 December 2006.

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.

If the Group were unable to continue in operational existence for the
foreseeable future, adjustments would have been made to reduce the balance sheet
values of assets to their recoverable amounts, to provide for further
liabilities that might arise and to reclassify assets and long-term liabilities
as current assets and liabilities.

2.             COMPANIES ACT 1985

These accounts are not the statutory accounts of the Group. The statutory group
accounts of Asite plc for the year to 31 December 2004 were filed with the
Registrar of Companies, following the AGM on 25 July 2005.  The interim report
contains financial information on the year ended 31 December 2004 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 2005 are neither reviewed nor audited.

The financial statements are prepared in accordance with applicable accounting
standards.  They have all been applied consistently throughout the year and the
preceding year.

3.             LOSS PER SHARE
                                                              Unaudited       Unaudited       Audited
                                                          six months to   six months to        year to
                                                                30 June         30 June         31 Dec
                                                                   2005            2004           2004
Net loss for the period                                       £(957,000)      £(724,000)    £(3,740,000)
Weighted average number of ordinary shares outstanding       187,495,637     102,910,633     103,142,363

Loss per share:                                                     0.5p            0.7p            3.6p

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.


                                                        Called up        Share      Profit        Total
                                                            share      premium    and loss
                                                          capital      account     account
Group                                                       £'000        £'000       £'000        £'000

At 1 January 2005                                          18,750        2,442     (20,749)          443
Minority interest                                               -            -            5            5
Loss for the period                                             -            -        (962)        (962)

At 30 June 2005                                            18,750        2,442     (21,706)        (514)


                                                             Unaudited        Unaudited        Audited
                                                         six months to    six months to         year to
                                                               30 June          30 June          31 Dec
                                                                  2005             2004             2004
                                                                 £'000            £'000            £'000

Operating loss                                                    (959)            (843)          (3,931)
Software development costs capitalised                                -            (471)                -
Depreciation and amortisation of tangible assets                    231               63              224
Amortisation of goodwill on deemed acquisition                        -                -            2,259
Fees received in advance                                            (8)               16               35
Provision for redundancy                                              -               89                -
Increase in work in progress                                       (31)             (74)             (84)
Decrease / (increase) in debtors                                      8            (162)            (130)
Decrease / (increase) in share capital not paid                     199                -            (199)
Increase in creditors                                               128              412              273
(Decrease) / increase in provisions                                (20)                -              239

                                                                  (452)            (970)          (1,314)


                                                             Unaudited        Unaudited         Audited
                                                          six months to    six months to        year to
                                                                30 June          30 June         31 Dec
                                                                   2005            2004            2004
                                                                  £'000           £'000           £'000

Increase / (decrease) in cash in the period                          69             123             (26)

Funding received                                                  (558)         (1,327)          (2,487)
Loan conversion                                                       -               -            8,459

Movement in net debt in the period                                (489)         (1,204)            5,946
Net debt at start of period                                        (23)         (5,969)          (5,969)

Net debt at end of period                                         (512)         (7,173)             (23)

7.             ANALYSIS OF NET DEBT

                                                                   At                                 At
                                                           1 Jan 2005         Movement      30 June 2005
                                                                £'000            £'000             £'000

Cash                                                               39               57                96
Overdraft                                                        (62)               12              (50)

                                                                 (23)               69                46
Loan                                                                -            (558)             (558)

                                                                 (23)            (489)             (512)

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            The company news service from the London Stock Exchange