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Asite PLC (ASE)

  Print      Mail a friend       Annual reports

Thursday 01 June, 2006

Asite PLC

Final Results

Asite PLC
01 June 2006


1 June 2006


                                   ASITE PLC
                         FULL YEAR RESULTS ANNOUNCEMENT
                          YEAR ENDED 31 DECEMBER 2005

Highlights:
     
•    Pre exceptional pre minority loss reduced from £1.70m to £1.3m
     
•    Pre exceptional pre minority loss reduced from £0.96m in the first half of 
     2005 to £0.36m in the second half of 2005

•    Gross profit increased from £0.91m to £1.15m (up 27%)

•    Operating costs, excluding exceptional items,  reduced to £2.8m from £3.35m
     
•    Net cash outflow from operating activities reduced from £1.31m to £0.88m


Colin Goodall , Chairman of Asite plc comments:

'Despite significant internal change within the Group during the year gross
operating margins have been increased and operating costs reduced.  It is most
pleasing to note that the pre exceptional pre minority loss recorded in the
second half of 2005 fell to £0.36m, being an improvement of £0.60m over the
comparative loss recorded in the first half of 2005.  We have invested heavily
in our product base and we are seeing improved demand for our collaboration and
sourcing solutions in the first half of 2006.  Whilst progress towards
profitable and sustainable trading has been slower than expected the actions
taken to improve margins and reduce costs have now started to have a real impact
on the Group's performance'


For further information:

Asite plc
Gordon Ashworth, Chief Executive Officer and Finance Director     Tel: 020 7749 7880
Tony Ryan, Chief Operating Officer                                Tel: 020 7749 7880

Deloitte & Touche LLP
Richard Collins                                                   Tel: 020 7936 3000




CHAIRMAN'S STATEMENT

Results and dividends

In the Interim Report for the six months ended 30 June 2005 Group operating
losses were reported of £0.959m.  I am pleased to report that the Group has made
significant further progress towards profitable and sustainable trading and for
the full year ended 31 December 2005 the Group's operating losses prior to
exceptional items fell to £1.316m (2004 - £1.672m).  Looking at the second half
of 2005 in isolation it can be seen that the Group's operating losses prior to
the exceptional items fell to £0.357m (comparative 2004 - £0.829m).  Whilst it
is regrettable that the Group has as yet not recorded an operating profit it is
clear the Group has made considerable progress towards a position of break even
trading.  The Group's gross revenues are down 9% on 2004, however, in line with
our strategy to cease being a reseller of third party products, our gross
profits have increased 27% to £1.152m.  In line with the Group's reduced losses,
the net cash outflow before financing fell from £2.513m to £0.985m.  The Board
is not recommending a dividend this year (2004 - £nil).

Development of the Group

During 2005 the Group continued to invest in its own Intellectual Property.  In
July 2005 the group successfully launched version 1.4 of Project Workflow,
Asite's flagship product.  In the second half of the year investment continued
in Project Workflow Version 2.0, which was launched in February 2006.  This
launch encompassed a major architectural re-design of the system and included
significant new functionality.  Version 2.0 of Project Workflow is highly
significant to the Group as in terms of functionality and core technology the
product is now highly differentiated against the competition within the Group's
market place.  Utilisation of the system increased throughout the year; in
January 2005 12,000 users accessed the system from 1,700 organisations whereas
at the end of 2005 the comparative figures were 17,000 and 2,700 respectively.

The development of our Hub business was most encouraging during the year.  On
the Asite Hub, Asite facilitates the exchange of data between buyers and
suppliers of goods.  This exchange of data can take the form of the exchange of
electronic documents such as invoices and purchase orders.  We are seeing growth
in fully integrated exchanges of data where Asite will connect the procurement
systems of buyers with the sales ordering and invoicing systems of suppliers.
The Asite Hub is a subscription model which will take time to build to critical
mass; in January 2005 the Asite Hub was processing 125,000 documents per month,
whereas at the end of 2005 the hub was processing 312,500 documents per month
and we are continuing to see growth at 6% per month in the first part of 2006.

We continued to reduce our cost base and the final component of this was
achieved in December 2005 when the Group relocated its offices.  The operating
cost base at the start of 2006 is now running at 70% of the comparative 2005
level.

We have now completed our development capacity in India where we have 62 staff
covering design, coding, testing, systems operations and support.  In November
2005 we integrated these activities in to a newly formed Indian subsidiary,
Asite Solutions Private Limited.

Sir John Egan stepped down as a Non-Executive Director in December 2005 to focus
on his Chairmanship of Severn Trent plc.  I would like to take this opportunity
of thanking him for his services over the past five years.  In March 2005 Mr Tom
Dengenis resigned and Mr Gordon Ashworth took over as Acting Chief Executive and
this position was made permanent in December 2005.  Having completed the
restructuring of the business and brought the Group's cost base down to a
sustainable level Mr Gordon Ashworth has decided to step down as Chief Executive
Officer.  He has kindly agreed to act as a Non-Executive Director and the Board
welcomes him to this position.  Additionally the Board would like to thank him
for his services over the past two years to the Group.  The Board has appointed
Mr Tony Ryan as Chief Executive Officer from June 2006, and it will keep the
position of Finance Director under review.  I am a Non-Executive Director of
four other companies.  It is the opinion of the Board that these roles do not
constitute any impediment to me being able to discharge my duties at Asite.

Operational review

We have continued to focus our sales resource on our major client relationships
including Laing O'Rourke, Stanhope, Grosvenor Estates and BAA.  In particular in
April 2005 Asite was awarded a contract for collaboration services from Stanhope
in relation to the redevelopment of Bracknell town centre.  In the early part of
2006 the Group was pleased to be awarded a contract for the provision of
collaboration services to the Lansdowne Road Stadium Development Company Limited
(Dublin).

Through the development of our Hub business we have provided data logistics
services to some of the major suppliers to the construction industry in the UK.
Having invested heavily in our product suite and the restructuring of our cost
base now completed, we are now in the process of building our sales team to
deliver on increased revenues.  As described in note 1 to the preliminary
results, the Company believes that it has adequate funding in place to support
the Group through to a position of profitable and sustainable trading.

Outlook

Our progress towards profitable and sustainable trading has been considerably
slower than anticipated, however, as noted, and in particular in the second half
of 2005, the Group made significant progress towards achieving this.  The
directors are satisfied with the position of the companies within the Group at
31 December 2005.  The Group entered 2006 with a contracted pipeline for 2006 of
£1.4m and a total contracted pipeline through to 2016 of £3.1m.  These factors,
along with the planned investment in our sales capacity position Asite well for
the future.



____________________

Mr Colin Goodall
Chairman


31 May 2006




ASITE PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2005
                                                                                      Note        2005        2004
                                                                                                 £'000       £'000

TURNOVER                                                                                         1,529       1,674

Cost of sales                                                                                    (377)       (768)

Gross Profit                                                                                     1,152         906

Sales & distribution costs                                                                       (361)       (450)

Administration expenses excluding exceptional item                                             (2,107)     (2,128)
Write off of goodwill arising on acquisition of shares in subsidiary                                 -     (2,259)

Administration expenses including exceptional item                                             (2,107)     (4,387)

OPERATING LOSS                                                                                 (1,316)     (3,931)

Net finance costs                                                                                 (11)        (31)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                                    (1,327)     (3,962)
Tax credit on loss on ordinary activities                                                            -           -

LOSS ON ORDINARY ACTIVITIES AFTER TAXATION                                                     (1,327)     (3,962)
Minority interest                                                                                    7         222

LOSS FOR THE FINANCIAL YEAR                                                                    (1,320)     (3,740)

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



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

All transactions are derived from continuing operations.





ASITE PLC
CONSOLIDATED BALANCE SHEET
At 31 December 2005
                                                                                      Note        2005        2004
                                                                                                 £'000       £'000

CALLED UP EQUITY SHARE CAPITAL NOT PAID                                                              -         199

FIXED ASSETS
Tangible assets                                                                                    738       1,051

CURRENT ASSETS
Debtors                                                                                            513         498
Work in progress                                                                                   104          84
Cash at Bank                                                                                         7          39

                                                                                                   624         621
CREDITORS: amounts falling due within one year                                                 (1,232)     (1,191)

NET CURRENT LIABILITIES                                                                          (608)       (570)

TOTAL ASSETS LESS CURRENT LIABILITIES                                                              130         680

CREDITORS: falling due after more than one year                                                  (977)           -

PROVISIONS FOR LIABILITIES AND CHARGES                                                            (39)       (239)

EQUITY MINORITY INTERESTS                                                                            9           2

                                                                                                 (877)         443

CAPITAL AND RESERVES
Called up share capital                                                                         18,750      18,750
Share premium account                                                                            2,442       2,442
Profit and loss account                                                                       (22,069)    (20,749)

EQUITY SHAREHOLDERS' (DEFECIT)  / FUNDS                                                  4       (877)         443





ASITE PLC
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2005
                                                                                      Note        2005        2004
                                                                                                 £'000       £'000

Net cash flow from operating activities                                                  5       (881)     (1,314)

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

Net cash outflow from return on investments and servicing of finance                               (3)         (1)

Capital expenditure
Payments to acquire tangible assets                                                              (102)     (1,198)
Proceeds from sale of tangible assets                                                                1           -

Net cash outlow from capital expenditure                                                         (101)     (1,198)

Net cash outflow before financing                                                                (985)     (2,513)

Financing
Net proceeds from borrowings                                                                       977       2,487

Net cash inflow from financing                                                                     977       2,487
                                                                                                         
Decrease in cash in the year                                                                       (8)        (26)





ASITE PLC
NOTES TO THE PRELIMINARY RESULTS
For the year ended 31 December 2005
     

1.   BASIS OF PREPARATION


Going concern

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 31 December 2007.  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 a loan from R20 Limited, 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 an additional loan facility, which amounts to £0.711million and that he
will not call for the repayment of this new loan before 31 December 2007.

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

The preliminary results have been prepared in accordance with applicable
accounting standards.  The particular accounting policies are disclosed in the
Annual Report and Accounts 2005.  They have all been applied consistently
throughout the year and the preceding year.

This preliminary announcement contains financial information on the year ended
31 December 2004 and 31 December 2005 which constitutes non statutory accounts
for the purposes of section 240 of the Companies Act 1985.  The statutory Group
Accounts of Asite plc for the year ended 31 December 2004 were filed at the
Registrar of Companies, following the AGM on 25 July 2005.The statutory Group
Accounts of Aiste plc for the year ended 31 December 2005 will be filed
following the AGM to be held on 27 July 2006 .

The auditors provided an emphasis of matter on their opinion on the statutory
accounts for the years ended 31 December 2004 and 31 December 2005 on the basis
of the ability of Asite plc to continue as a going concern as detailed in note
1.

     
3.   LOSS PER SHARE

                                                                                      2005              2004

Basic
Net loss for the year:                                                        £(1,320,000)      £(3,740,000)
Weighted average number of ordinary shares outstanding                         187,495,637       103,142,363

Loss per share:                                                                       0.7p              3.6p


FRS 22 (IAS 33) 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 decreased by the exercise of out-of-the-money
share 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 identical to the basic loss per
share.

     
4.   RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' (DEFICIT) / FUNDS
                                                                                 2005              2004
                                                                                £'000             £'000

Loss for the period                                                           (1,327)           (3,962)
Issue of new share capital from loan conversion                                     -             8,459
Minority interest                                                                   7               222

                                                                              (1,320)             4,719
Opening shareholders' funds / (deficit)                                           443           (4,276)

Closing shareholders' (deficit) / funds                                         (877)               443


     
5.   RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW
                                                                                 2005              2004
                                                                                £'000             £'000

Operating loss                                                                (1,316)           (3,931)
Depreciation of tangible assets                                                   408               224
Amortisation of goodwill on deemed acquistion                                       -             2,259
Loss on disposal of fixed assets                                                    6                 -
Fees received in advance                                                            4                35
Increase in work in progress                                                     (20)              (84)
Increase in debtors                                                              (15)             (130)
Decrease / (increase) in share capital not paid                                   199             (199)
Increase in creditors                                                              53               273
(Decrease) / increase in provisions                                             (200)               239

Net cash flow from operating activities                                         (881)           (1,314)


     
6.   RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
                                                                               2005              2004
                                                                              £'000             £'000

Decrease in cash in the year                                                    (8)              (26)

Funding received                                                              (977)           (2,487)
Loan conversion                                                                   -             8,459

Movement in net debt in the year                                              (985)             5,946
Net debt at 1 January                                                          (23)           (5,969)

Net debt at 31 December                                                     (1,008)               (23)


     
7.   ANALYSIS OF NET DEBT
                                                                   At              Cash                At
                                                            1 January              Flow       31 December
                                                                 2005                                2005
                                                                £'000             £'000             £'000

Cash                                                               39              (32)                 7
Overdraft                                                        (62)                24              (38)

                                                                 (23)               (8)              (31)
Loan                                                                -             (977)             (977)

                                                                 (23)             (985)           (1,008)


     
8.   APPROVAL OF THIS PRELIMINARY ANNOUNCEMENT

This announcement was approved by the Board of Directors on 31 May 2006.





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