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Gresham Computing (GHT)

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Tuesday 29 April, 2008

Gresham Computing

Final Results

Gresham Computing PLC
29 April 2008

Embargoed until 07.00 HRS (BST) 29 April 2008

                             Gresham Computing plc
                   ('Gresham,' 'the Group' or 'the Company')

            Preliminary Results for the year ended 31 December 2007

Gresham, the specialist provider of real-time financial solutions and storage
solutions, today announces preliminary results for the year ended 31 December

Alan Howarth, having steered the business through a number of key changes steps
down from the Board today and Eric Sepkes joins as Chairman.

Eric, ex-Citigroup, has had a distinguished career to date and is recognised as
a leading innovator in the global banking industry. He joins us to help
accelerate the roll out of our unique solutions to the global finance and
banking markets and further develop Gresham's thought leadership in real-time
financial solutions.

Commenting on his appointment, Eric Sepkes, Chairman, said

'I am delighted to join the Board of Gresham at this point of flux in world
markets because with change, comes opportunity. We are in an age where demand
for real-time information is clear and yet largely unfulfilled in many areas of
both the banking and corporate markets. I am excited to be taking on this new
challenge and joining a team that has a track record of innovation, development
and delivery of market leading real-time financial solutions. Gresham has done
the heavy lifting in getting these solutions to market and I now intend to
rapidly increase Gresham's profile and ensure that the demands for real-time
financial information are met.'


  • Significant growth in cash reporting services
  • Successful launch of a supply chain financing solution, 'Optus Early Pay'
  • Market acceptance of our new data storage solution

In 2007 our focus has been on building long term recurring revenues. We started
2008 with a significantly improved order book, representing around three
quarters of our 2007 turnover. As a result, Q1 2008 trading performance was
significantly better than the like for like period in 2007 with net cash
balances at the end of Q1 2008 being broadly similar to the 2007 year end

Commenting on the results Andrew Walton-Green, Gresham Chief Executive Officer,

'Our movement from a largely licensed based sales model to selling software as a
service is now starting to pay off. We made solid progress in taking our core
solutions to market and we have made a solid start to 2008. I am delighted that
Eric has joined Gresham. His knowledge and experience in financial markets is
renowned and the whole team is excited at the opportunity to focus our
attentions on fulfilling the growing demand for our solutions.'

'I would like to thank Alan Howarth on behalf of myself and the Board for his
assistance over the years in steering the business through some key changes,
including the launch of core technologies, and for assisting us in bringing Eric
onto the Board.'

For further information please contact:
Gresham Computing plc
Andrew Walton-Green                              +44(0)20 7653 0228


Overview of the year

I am pleased to report that we have made substantial progress in 2007 towards
our strategic objectives.

We have significantly grown our cash reporting business, launched our supply
chain financing solution and successfully installed our storage backup
virtualisation technology in multiple customer sites.

We have invested heavily over the last few years to build an innovative range of
products in the payments, cash management and storage markets with a view to
securing the longer-term benefits of recurring revenues, predominantly from
selling software as a service.


Our strategy is to grow the business by focusing on real-time financial and
storage solutions.  Our preferred model is to work closely with our customers
and partners globally to add value to their business and hence our own.

The markets for real-time financial solutions and storage solutions are huge and
we believe that Gresham technology is well placed to satisfy a significant part
of the growing demand for both.  We have strengthened our businesses with the
addition of new people and increased our sales and marketing capabilities to
achieve growth based on meeting the needs of our customers.

When the time is right, we will seek acquisitions to accelerate our growth in
the real-time financial solutions market.  During the year under review, we
identified a number of businesses within the group that do not fit with our core
focus.  As a result, we are currently reviewing our options regarding these
businesses and expect this review may give rise to one or more business
disposals in the current financial year.

Real-time financial solutions

Cash reporting

During the year, we further increased the number of providers and currencies
available on the Clareti Cash Reporting Service at the request of our user
banks. We now have 29 major banks (an increase of 7 in 12 months) that have
agreed to provide data to the service of which data from 20 of them is now
available in 19 currencies, with more on the way. There are 9 user banks, some
of which have deeply embedded our solution in their back office environment. We
are currently collating data and building the business case for another 20

We continue to see transaction traffic with a value in excess of $500 billion
per day passing across our service to users.

We are already seeing significant interest in us delivering this solution to the
broker dealer community via their primary bankers.  Our outsourced real-time
information solution provides efficiency and speed to market for banks wishing
to provide this service.

When the service was originally launched the primary targets were the banks as
the end users of the data. Our experience indicates that while the pressure for
real-time data grows, especially in a credit crunch, the most significant driver
of new revenues for us is the demand for intra-day/real-time cash management
information from the banks' corporate customers. This can then be used by the
corporate for intraday decision making and hence drives new revenues for the
bank. It also acts as a differentiator in a globally competitive market.  The
visibility of real-time data is a significant enabler to risk management, which
is particularly relevant in uncertain economic times.

As at 31 December 2007, our solutions were enabling 10 corporate customers of a
major UK clearing bank with intraday cash management information. I am pleased
to report that a hosted version of this service went live in the first quarter
of 2008 and the number of customers is now growing. We currently have a pipeline
of several hundred new corporate users and will be working closely with our
partners to bring these onboard during 2008 and beyond.

Supply chain finance

Unlocking the working capital tied up between corporate buyers and their
suppliers is of immense value. We have developed a world leading technology
solution for multiple forms of trade finance and are currently engaged in
rolling this service out to market with some major players.

Our supply chain finance technology went live in the second half of 2007,
initially in Australia.  The 'Optus Early Pay' collaboration between Optus, a
global bank and Gresham is focused on providing a comprehensive solution for
supply chain financing.  The first major corporate buyer, a multi-billion
turnover listed company, went live in Q3 2007 on this service and we are working
to on-board their suppliers. Four more major buyers are currently integrating to
the service.  Our banking partner has developed a strong pipeline and has
aggressive growth plans for 2008 and beyond.

Treasury management

In February 2008, we were pleased to announce a substantial contract win for a 
treasury management solution with a blue chip customer.

The implementation of this solution is expected to be completed during 2008.

This new win follows earlier successful implementations at both Petronas and 
Khazanah in Malaysia where we continue to deliver enhancements and provide 


Our storage solutions provide advanced backup/restore capability designed to
meet the needs of the largest and most complex businesses but are also equally
effective in the mid market. We focus on ease of use, scalability and
performance and have over 4,000 installations of our software including 90
customers in the global Fortune 500.

Historically we have sold largely through major resellers hence our brand
awareness has been lower than one would expect for a company with such an
established client base. In 2007, we made significant steps to grow our brand
recognition within the global storage technology industry in order to gain more
attention to our newest storage product.  We have invested in senior experienced
professionals for major account development, reseller partner management and
global marketing.  We also increased our engagement with the press and industry
analyst community to educate our customers, our partners and the market on our

During 2007, we successfully launched our Backup Virtualization solution, which
allows multiple backup applications to write to any number of disks or tape.   I
am pleased to report that we now have 15 implementations, including a number of
Fortune 500 companies. These solutions are typically running in complex open and
mainframe system environments both in the US and Europe.


During the year we continued to invest in our three core technologies; cash
reporting, supply chain finance and backup virtualisation.  Alongside this we
continue to invest in brand awareness and marketing focused on our core target
markets for these technologies.

Group revenues were £13.4m (2006: £14.5m) generating a loss after tax of £2.4m
(2006: loss £0.4m) with cash at year end of £2.3m (2006: £3.6m).  We saw an
EBITDA loss of £2.2m (2006: loss £49,000), with an adjusted EBITDA loss of £1.5m
(2006: loss £85,000).

Overall, we saw growth from all three of our core technology solutions. We
invested in taking them to market faster and with greater brand awareness.

We saw lower revenues in non core areas, especially our Staff IT contracting arm
and in legacy products.  We also saw the deferral of a significant treasury
management contract from 2007 to Q1 2008.  A significant proportion of our
revenues are from overseas and the weakened US Dollar has also adversely
impacted revenues.

In aligning the business with our core technologies we have been able to reduce
cost and increase focus going into 2008.  During 2007, we incurred one off
restructuring costs of approximately £700,000 in non core areas, with a cash pay
back period of less than six months.  The benefits of this restructuring are
already being felt.

EMEA revenues were £8.2m (2006: £8.8m) with growth in our core businesses offset
by lower sales volumes in non core businesses. North American revenues were
steady at £3.9m (2006: £3.9m) with growth in sales of our new technology offset
by unfavourable foreign currency rates. Asia Pacific revenues were £1.3m (2006:
£1.8m) which reflects the focus on establishing longer term revenues from the
supply chain financing service as opposed to short term services/product. Within
this region, we saw one major treasury management deal fall away and one
deferred into 2008.  The benefits from this focus on core technologies resulted
in good progress with our supply chain financing technology in Australia and
winning of the deferred treasury management deal in 2008.

EBITDA calculated as earnings before interest, tax, amortisation and

Adjusted EBITDA calculated as EBITDA before non-cash share option charges and
one off restructuring charge in 2007 of £700,000

Board change

After several years overseeing the transition of the group to this point, I have
decided that the time is right to step down from my role as Chairman of the
board on announcement of these preliminary results.

I am delighted to announce that Eric Sepkes has agreed to become Chairman of the

Eric is a very well known figure in the global banking community, with
particular interests in international payments, cash management and trade
finance.  Eric completed 38 years with Citigroup where he held various
management positions, including Operations and Treasury and Cash Management, and
most recently held a senior strategic role in Global Transaction Services.  Eric
has been involved in Payment Infrastructures since 1985, when he was responsible
for managing Citibank's entry into CHAPS (Clearing House Automatic Payment
System) where he was director for 12 years and Chairman for 3 years. He was
Chairman and Deputy Chairman of the Euro Banking Association between 1994 and
2005. He was the founder and coordinator of the European Payments Group
(formerly Heathrow Group) and was a member of both APACS (the UK trade
association for payments and for those institutions that deliver payment
services to customers) and the European Council.  Latterly he was a member of
APACS Senior Sponsors Committee for Faster Payments in the UK.

Eric is a well known industry speaker and event chairman retaining key roles at
many industry events including International Payments Systems week and the
Supply Chain Management Forum.

I welcome Eric to the Board and to the position of Chairman.


We started the year with a very substantial level of contracted revenues for
2008 in the above mentioned areas of our business. We also have a strong
pipeline of new or incremental revenue in each of our core areas of business. We
are aggressively pursuing these opportunities, which we believe should have a
significant impact on our trading performance in 2008 and beyond.  We will
dispose of non-core businesses as the opportunity arises.

I am pleased to report that our trading performance in Q1 2008 was significantly
ahead of that seen in the comparative period with cash balances broadly similar
to those held at 31 December 2007.  We are working towards improving these
results further during 2008 and beyond.

Alan Howarth
28 April 2008

Group income statement
For the year ended 31 December 2007

                                                     Notes        31 December      31 December
                                                                         2007             2006
                                                                        £'000            £'000
Revenue                                                2               13,423           14,522
Cost of goods sold                                                    (7,192)          (6,928)
Gross profit                                                            6,231            7,594

Administrative expenses                                               (9,184)          (8,124)
Trading loss                                           2              (2,953)            (530)

Finance revenue                                                           107              132
Finance costs                                                            (23)             (16)

Loss before taxation                                                  (2,869)            (414)
Taxation                                                                  449               40
Attributable to equity holders of the parent           5              (2,420)            (374)

Loss per share (total and continuing)
Basic loss per share - pence                           3               (4.74)           (0.74)
Diluted loss per share - pence                         3               (4.74)           (0.74)

Group statement of recognised income and expense
For the year ended 31 December 2007
                                                                                    2007         2006
                                                                                   £'000        £'000

Exchange differences on translation of foreign operations                             68        (103)

Net income / (expense) recognised directly in equity                                  68        (103)

Attributable loss for the period                                                 (2,420)        (374)

Total recognised income and expense for the period                               (2,352)        (477)

Group balance sheet
At 31 December 2007
                                                                Notes         31 December     31 December
                                                                                     2007            2006
                                                                                    £'000           £'000
Non-current assets
Property, plant and equipment                                                       1,327           1,195
Intangible assets                                                                   6,086           5,879
                                                                                    7,413           7,074
Current assets
Trade and other receivables                                                         3,650           3,543
Inventories                                                                           100               0
Income tax receivable                                                                 374             305
Other financial assets                                                                 20              32
Cash and cash equivalents                                                           2,300           3,557
                                                                                    6,444           7,437

TOTAL ASSETS                                                      2                13,857          14,511

Equity attributable to equity holders of the parent
Called up equity share capital                                                      2,643           2,518
Share premium account                                                              12,564          10,037
Other reserves                                                                      1,039           1,039
Foreign currency translation reserve                                                 (64)           (132)
Retained earnings                                                                 (8,761)         (6,383)
                                                                  5                 7,421           7,079
Non-current liabilities
Deferred income                                                                       715           1,562
Provisions                                                                              0              90

Current liabilities
Income tax payable                                                                     61             121
Trade and other payables                                                            5,460           5,659
Provisions                                                                            200               0

Total liabilities                                                 2                 6,436           7,432

TOTAL EQUITY AND LIABILITIES                                                       13,857          14,511

Group cashflow statement
                                                                                31              31 
                                                                          December        December
                                                                              2007            2006
                                                                             £'000           £'000
Cash flows from operating activities
Loss before taxation                                                       (2,869)           (414)
Depreciation, amortisation and impairment                                      741             481
Share based payment expense/(credit)                                            42            (36)
Increase in inventories                                                      (100)               0
(Increase)/Decrease in trade and other receivables                           (188)           1,337
(Decrease)/Increase in trade and other payables                            (1,151)           1,408
Movement in provisions                                                         110              33
Net finance income                                                              84             116

Cash (outflow)/inflow from operations                                      (3,331)           2,925
Net income taxes received                                                      474               -

Net cash (outflow)/inflow from operating activities                        (2,857)           2,925

Cash flows from investing activities
Interest received                                                            (107)           (132)
Purchase of property, plant and equipment                                    (324)           (180)
Payments to acquire intangible fixed assets                                  (662)           (956)

Net cash used in investing activities                                      (1,093)         (1,268)

Cash flows from financing activities
Proceeds from issue of ordinary share capital                                2,750              33
Share issue costs                                                             (98)               -
Interest paid                                                                   11               8
Decrease in obligations under finance leases                                     -            (59)

Net cash generated by/(used in) financing activities                         2,663            (18)

Net (decrease)/ increase in cash and cash equivalents                      (1,287)           1,639
Cash and cash equivalents at beginning of period                             3,557           1,973
Exchange adjustments                                                            30            (55)
Cash and cash equivalents at end of period                                   2,300           3,557

Notes to the financial information

1 Basis of preparation

The financial information contained herein does not constitute the company's
statutory accounts for the years ended 31 December 2007 or 2006 but is derived
from those accounts. Statutory accounts for 2006 have been delivered to the
Registrar of Companies and those for 2007 will be delivered following the
Company's annual general meeting. The auditors have reported on those accounts;
their reports were unqualified, did not include references to any matters to
which the auditors drew attention by way of emphasis without qualifying their
reports and did not contain statements under the Companies Act 1985, s 237(2) or

The financial statements are prepared under the historical cost convention,
except for certain financial instruments which are measured at fair value.

The preparation of financial statements in conformity with generally accepted
accounting principles requires the use of estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. Although these
estimates are based on the Directors' best knowledge of current events and
actions, actual results ultimately may differ from those estimates.

2 Segmental information

The primary segment reporting format is determined to be geographical segments
as the group's risks and rates of return are affected predominantly by
differences in geography. Secondary segment information is reported by business
segment. The operating businesses are organised and managed separately according
to geography, with each segment representing a strategic business unit that
offers the Clareti range of solutions to market.

The group's geographical segments are based on the location of the group's
assets. Sales to external customers disclosed in geographic segments are based
on the geographical location of its customers and destination.  The geographic
segments relate primarily to operations in the following countries: Asia
Pacific: Australia and Malaysia; EMEA: UK and Northern Europe; North America:
United States of America, Canada and the Caribbean.

The real time financial solutions segment is a supplier of solutions
predominantly to the finance and banking markets.  Included within the real time
financial solutions segment is the group's IT staff placement business and,
because this business contributes significant revenues, certain additional
information concerning the results of this business have been provided to aid
understanding of the overall segment results.  The storage solutions segment is
a supplier of solutions predominantly to the enterprise level storage market.

Transfer prices between segments are set on an arm's length basis in a manner
similar to transactions with third parties. Segment revenue, segment expense and
segment result include transfers between business segments. Those transfers are
eliminated in consolidation.

Primary reporting format - Geographical segments

The following tables present revenue and profit/loss and certain asset and
liability information regarding the group's geographical segments for the years
ended 31 December 2007 and 2006, all of which are continuing.

Revenue by source           Year ended 31 December 2007        Year ended 31 December 2006
                           Segment  Inter-segment  Sales to   Segment  Inter-segment  Sales to
                           revenue          sales  external   revenue          sales  external
                                                  customers                          customers
                             £'000          £'000     £'000     £'000          £'000     £'000
Asia Pacific                 2,034          (755)     1,279     2,384          (613)     1,771
EMEA                         8,203           (14)     8,189     8,869           (54)     8,815
North America                5,770        (1,815)     3,955     3,936              0     3,936
                            16,007        (2,584)    13,423    15,189          (667)    14,522

Result by segment          Year ended 31 December 2007             Year ended 31 December 2006
                          Asia      EMEA     North     Total      Asia      EMEA     North     Total
                       Pacific             America             Pacific             America
                         £'000     £'000     £'000     £'000     £'000     £'000     £'000     £'000
Segment result           (555)     (272)     (406)   (1,233)      (81)        95       711       725
Unallocated expenses                                 (1,720)                                 (1,255)
Trading loss                                         (2,953)                                   (530)
Net finance revenue                                       84                                     116
Loss before income tax                               (2,869)                                   (414)
Income tax credit                                        449                                      40
Net loss for the                                     (2,420)                                   (374)

Assets by segment               Year ended 31 December 2007              Year ended 31 December 2006
                               Asia      EMEA     North     Total      Asia      EMEA     North       Total
                            Pacific             America             Pacific             America
                              £'000     £'000     £'000     £'000     £'000     £'000     £'000       £'000
Segment assets                1,670     5,684     2,911    10,265     1,438     5,943     2,166       9,547
Unallocated assets                                          3,592                                     4,964
Total assets                                               13,857                                    14,511

Segment liabilities           (690)   (3,863)   (1,814)   (6,367)     (342)   (5,219)   (1,536)     (7,097)
Unallocated liabilities                                      (69)                                     (335)
Total liabilities                                         (6,436)                                   (7,432)

Unallocated assets and liabilities comprise certain property, plant and
equipment, cash and taxation.

Secondary reporting format - Business segments

The following tables present revenue, expenditure and certain asset information
regarding the group's business segments for the years ended 31 December 2007 and

Revenue by business segment                                                            2007        2006
                                                                                      £'000       £'000
Real Time Financial Solutions                                                        10,969      11,823
Storage Solutions                                                                     2,454       2,699
                                                                                     13,423      14,522

Included in the Real Time Financial Solutions business segment is £2,952,000 of
revenue in respect of the IT staff placement business (2006: £3,411,000).

3 Loss per ordinary share

Basic loss per share amounts are calculated by dividing net loss or profit for
the year attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year.

Diluted loss per share amounts are calculated by dividing the net loss or profit
attributable to ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the year plus the weighted average
number of ordinary shares that would be issued on the conversion of all the
dilutive potential ordinary shares into ordinary shares except when such
dilutive instruments would reduce the loss per share.

The following reflects the loss and share data used in the basic and diluted
loss per share computations:

                                                                                       2007            2006
                                                                                      £'000           £'000
Net loss attributable to equity holders of the parent                               (2,420)           (374)

                                                                                       2007            2006
Basic weighted average number of shares                                          51,042,671      50,293,800
Dilutive potential ordinary shares:
           Employee share options                                                         -               -
Diluted weighted average number of shares                                        51,042,671      50,293,800

Basic loss per share - pence                                                         (4.74)          (0.74)
Diluted loss per share - pence                                                       (4.74)          (0.74)

The employee share options are not dilutive because they would reduce the loss
per share in both years.

There have been no other transactions involving ordinary shares or potential
ordinary shares between the reporting date and the date of completion of these
financial statements.

4 Dividends paid and proposed

No dividends were declared or paid during the year and no dividends are proposed
for approval at the AGM (2006: None).

5 Reconciliation of movements in equity         
                                                  Share      Share      Other      Currency   Retained    Total
                                                capital    premium   reserves   translation   earnings
                                                  £'000      £'000      £'000         £'000      £'000    £'000
At 1 January 2006                                 2,513     10,009      1,039          (29)    (5,973)    7,559

Exchange differences on translation of foreign        0          0          0         (103)          0    (103)
Share based payment expense                           0          0          0             0       (36)     (36)
Issue of shares                                       5         28          0             0          0       33
Share issue costs                                     0          0          0             0          0        0
Attributable loss for the period                      0          0          0             0      (374)    (374)

At 31 December 2006                               2,518     10,037      1,039         (132)    (6,383)    7,079

Exchange differences on translation of foreign        0          0          0            68          0       68
Share based payment income                            0          0          0             0         42       42
Issue of shares                                     125      2,625          0             0          0    2,750
Share issue costs                                     0       (98)          0             0          0     (98)
Attributable loss for the period                      0          0          0             0    (2,420)  (2,420)

At 31 December 2007                               2,643     12,564      1,039          (64)    (8,761)    7,421

                      This information is provided by RNS
            The company news service from the London Stock Exchange