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Asite PLC (ASE)

  Print      Mail a friend       Annual reports

Tuesday 23 September, 2008

Asite PLC

Interim Results

RNS Number : 0873E
Asite PLC
23 September 2008
 




23 September 2008

Asite plc (the 'Group' and or 'Asite')


Interim Results for the 6 months ended 30 June 2008




Interim results summary


  • Gross revenues up 29% to £1.067 m (2007: £0.830 m)

  • Gross profit up 35% to £0.851 m (2007: £0.630 m)

  • Operating costs down by 2% to £0.909 m (2007: £0.925 m)

  • First ever EBITA surplus of £0.053 m (2007: deficit £0.181 m)

  • Loss for the period reduced to £0.048m (2007 £0.273m)


Colin Goodall, Chairman of Asite plc comments:


'The Group has built on the progress made in 2007 with further strong revenue growth and detailed cost control and as a result has recorded an EBITA surplus for the first time in its trading history - a significant milestone for Asite plc. It is pleasing to see that the Group's strategy of focusing on product development and performance, cost control and eliminating reliance on reselling third party products is coming to fruition.'


For further information:


Asite plc

Tel: 020 7749 7880

Tony Ryan, Chief Executive Officer




Deloitte & Touche LLP (Nominated Adviser)

Tel: 020 7936 3000

Jonathan Hinton


Nico Elliott








CONSOLIDATED INTERIM INCOME STATEMENT

For the six months ended 30 June 2008





Note

Unaudited 

six months to

 30 June

2008


£'000

Unaudited 

six months to

 30 June

2007

Restated

£'000

Audited 

year 

to

 31 Dec

2007


£'000






REVENUE


1,067

830

1,658






Cost of sales


(216)

(200)

(407)











Gross Profit


851

630

1,251






Sales & distribution costs


(120)

(169)

(295)






Administrative expenses


(789)

(756)

(1,533)






OPERATING LOSS


(58)

(295)

(577)






Fair value adjustments arising on loan from shareholder


283

230

254

Financial income


1

1

1

Financial expenses


(274)

(209)

(244)






LOSS BEFORE TAXATION


(48)

(273)

(566)

Tax credit on loss on ordinary activities


-

-

-






LOSS FOR THE PERIOD


(48)

(273)

(566)






Attributable to:





Equity shareholders


(48)

(273)

(566)

Minority shareholders


-

-

-






LOSS FOR THE PERIOD


(48)

(273)

(566)






Loss per share (expressed in pence per share) - basic and diluted

6

(0.03p)

(0.20p)

(0.30p)












All transactions are derived from continuing operations. There are no material differences between the loss on ordinary activities before taxation and the loss for the six months stated above and their historical equivalent.


 STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2008


Called up share capital

£'000

Share

premium

account

£'000

Profit

and loss

account

£'000

Total



£'000






At 1 January 2008

18,750

2,442

(23,303)

(2,111)

Loss for the period

-

-

(48)

(48)

Exchange differences arising on translation of overseas operations

-

-

1

1

Share based payments

-

-

27

27  






At 30 June 2008

18,750

2,442

(23,323)

(2,131)



CONSOLIDATED BALANCE SHEET

As at 30 June 2008


Note

Unaudited 

at

 30 June

2008


£'000

Unaudited 

at

 30 June

2007

Restated

£'000

Audited 

at

 31 Dec

2007


£'000

ASSETS





NON-CURRENT ASSETS





Property, plant and equipment

7

63

60

47

Intangible assets


120

325

223








183

385

270






CURRENT ASSETS





Trade and other receivables


724

429

546

Cash at bank


33

53

50








757

482

596











TOTAL ASSETS


940

867

866






EQUITY AND LIABILITIES





CAPITAL AND RESERVES





Called up share capital


18,750

18,750

18,750

Share premium account


2,442

2,442

2,442

Profit and loss account


(23,323)

(23,040)

(23,303)






EQUITY SHAREHOLDERS' DEFICIT


(2,131)

(1,848)

(2,111)

Minority interest


-

-

-






TOTAL EQUITY


(2,131)

(1,848)

(2,111)






NON-CURRENT LIABILITIES





Borrowings

9

2,364

1,923

2,213






CURRENT LIABILITIES





Trade and other payables


707

792

764






TOTAL LIABILITIES


3,071

2,715

2,977











TOTAL EQUITY AND LIABILITIES


940

867

866








CONSOLIDATED CASH FLOW STATEMENT

For the six months ended 30 June 2008




Note

Unaudited 

six months to 30 June

2008


£'000

Unaudited 

six months to 30 June

2007

Restated

£'000

Audited 

year to

 31 Dec

2007


£'000






Net cash used in operating activities


(158)

(316)

(619)






Cash flows from investing activities





Purchase of property, plant and equipment


(16)

(17)

(24)

Purchase of intangible assets


(9)

(9)

(18)

Proceeds from sale of property, plant and equipment


-

-

4

Interest received


1

1

2






Net cash used in investing activities


(24)

(25)

(36)






Cash flows from financing activities





Interest paid


-


-

Net proceeds from borrowings


160

392

700






Net cash generated from financing


160

392

700






Net increase in cash, cash equivalents and bank overdrafts


(22)

51

45






Cash, cash equivalents and bank overdraft at beginning of year


47

2

2






Cash, cash equivalents and bank overdraft at end of period

13

25

53

47







Notes to the Interim financial statements for the six months to 30 June 2008


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 31 December 2009. 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 three years, Robert Tchenguiz has provided the Group with the financial support it has required in the form of a loan from R20 Limited, of which Robert Tchenguiz is a director. The directors believe that Robert Tchenguiz will continue to provide the funding required and have received written confirmation from him in the form of a loan facility, of £2.807m, and that he will not call for the repayment of this new loan before 31 December 2009.

 

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. IFRS


IFRS financial information presented in this statement has been prepared on the basis of the policies the directors expect to adopt for the Group's financial statements for the year to 31 December 2008. These policies include all prevailing and applicable IFRS including International Accounting Standards ('IAS') and interpretations issued by the International Accounting Standards Board ('IASB') and its committees. These standards and interpretations are subject to ongoing amendment by the IASB and subsequent endorsement by the European Commission and are therefore subject to possible change.


The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. There are two numerical adjustments to the numbers reported in the 30 June 2007 interim report relating to the fair value adjustments arising on the loan from a shareholder and the Group's share option scheme.  


3. SIGNIFICANT ACCOUNTING POLICIES


The condensed financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and methods of computation are followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2007.


Tangible fixed assets

Depreciation is provided to write down the cost of tangible fixed assets by equal annual instalments over the estimated useful lives of the assets. The rates of depreciation are as follows:

Plant and equipment  3 years

Website costs  1 to 2 years

Development costs  5 years


4. COMPANIES ACT 1985


The unaudited financial information set out above does not constitute the Company's statutory accounts for the period ended 30 June 2008. The Company's statutory accounts for the year ended 31 December 2007, based on IFRS have been delivered to the Registrar of Companies.


The Group results for the year ended 31 December 2007 have been extracted from those statutory accounts for the year ended 31 December 2007.  


5. SEGMENT ANALYSIS


The Group has adopted IAS 14 Segment Reporting. The primary segments are United Kingdom ('UK'), United Arab Emirates ('UAE') and Europe. Information regarding these segments is reported below. IAS 14 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. Information reported to the Group's Chief Executive Officer for the purposes of resource allocation and assessment of performance is more specifically focused on the geographic locations of customers


Analysis of results by geographical region



First half 2008

First half 2007



Revenue


(Unaudited)

£'000

EBITA


(Unaudited)

£'000

Operating loss 

(Unaudited)

£'000

Revenue


(Unaudited)

£'000

EBITA


(Unaudited)

£'000

Operating loss

(Unaudited)

£'000

UK

935

46

(51)

717

(156)

(254)

UAE

116

6

(6)

96

(21)

(35)

Europe

16

1

(1)

17

(4)

(6)









1,067

53

(58)

830

(181)

(295)









All of the segment revenue reported above is from external customers.


The Board measures Group and regional performance by using the EBITA (earnings before interest, tax and net amortisation) performance measure. This excludes the impact of amortisation of acquired intangible assets and also the net impact of capitalisation of certain software development and its subsequent amortisation.


Reconciliation of EBITA to operating loss



2008 First half

(Unaudited)


£'000

2007 First half

(Unaudited)

Restated

£'000




EBITA

53

(181)


-

-

Amortisation

(111)

(114)




Operating loss

(58)

(295)





6. LOSS PER SHARE



Unaudited 

six months to 30 June


2008

Unaudited 

six months to 30 June

Restated

2007

Audited 

year to

 31 Dec


2007





Basic and diluted




Net loss for the period

£(48,000)

£(273,000)

£(566,000)

Weighted average number of ordinary shares outstanding

187,495,637

187,495,637

187,495,637





Loss per share:

0.03p

0.20p

0.30p






Earnings per share is calculated by dividing the net loss for the period, adjusted for minority interest, by the weighted average number of ordinary shares outstanding during the period.


FRS 22 (IAS 33) Earnings per Share 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.


7. PROPERTY, PLANT AND EQUIPMENT


During the period, the Group spent approximately £0.025m on equipment and licences. It also disposed of equipment with a carrying amount of £Nil for £Nil proceeds.


8. INVESTMENTS IN SUBSIDIARY UNDERTAKINGS


The principal subsidiary undertakings of the Company during the year were:


Subsidiaries

% Shareholding

Principal activities

Asite Solutions Limited (Incorporated 20 July 2000)

99.44%

Web based portal and services

Asite Solutions Private Limited (Incorporated 7 November 2005)

99.70%

Web based portal and services

Asite Consulting Limited (Incorporated 15 March 1996)

100.00%

Dormant company


All companies are incorporated in England and Wales with the exception of Asite Solutions Private Limited which is incorporated in India.


9BORROWINGS


The loan is from R20 Group Limited and has been drawn down against the company's loan facility agreement. This facility allows the company to draw down a maximum of £2.807m. The amounts drawn down against the facility bear interest at 0% and are not due for repayment until 1 January 2010.


10CALLED UP SHARE CAPITAL


Called up share capital as at 30 June 2008 amounted to £18.750m. There were no movements in the called up share capital of the Company in either the current or prior interim reporting period.


11. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW



Unaudited 

six months to

 30 June

2008


£'000

Unaudited 

six months to

 30 June

2007

Restated

£'000

Audited 

year to

 31 Dec

2007


£'000





Operating loss 

(58)

(295)

(577)

Share based payment expense

27

21

53

Depreciation of tangible assets

2

6

20

Amortisation of intangible assets

111

114

226

Other non-cash charges

-

(1)

(1)

(Increase) in debtors

(178)

(20)

(137)

(Decrease) in creditors

(62)

(141)

(203)






(158)

(316)

(619)






12RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET (DEBT) / FUNDS



Unaudited 

six months to

 30 June

2008


£'000

Unaudited 

six months to

 30 June

2007

Restated

£'000

Audited 

year to

 31 Dec

2007


£'000





(Decrease) / Increase in cash in the period

(22)

51

45





Funding received

(51)

(371)

(662)





Movement in net debt in the period

(73)

(320)

(617)

Net debt at start of period

(2,166)

(1,549)

(1549)





Net debt at end of period

(2,239)

(1,869)

(2,166)







13. ANALYSIS OF CHANGE IN NET DEBT




At

1 Jan 2008


£'000

Movement



£'000

At

30 June 2008


£'000






Cash


50

(17)

33

Overdraft


(3)

(5)

(8)








47

(22)

25

Loan


(2,213)

(51)

(2,264)








(2,166)

(73)

(2,239)







14RELATED PARTY TRANSACTIONS


Funding was provided to the Company throughout the year by R20 Limited. The balance of the loan outstanding as at 30 June 2008 was £2,506,000 (31 December 2007: £2,345,000).  Robert Tchenguiz is a director of this company.


Robert Tchenguiz's holding of shares is comprised of 26,607,062 Ordinary shares and 84,585,014 B Ordinary shares held indirectly through B&C Plaza Limited, Rotch Property Group Limited and R20 Limited. There has been no change in his holding during the period ended 30 June 2008.


Asite Solutions Limited provided services to Stanhope plc, a shareholder in Asite plc during the period under review. Revenue generated from Stanhope plc for the six months to June 2008 totalled £18,000 (Six months to June 2007: £19,000) with £7,000 (2007: £1,000) outstanding at the end of the period.


Tony Ryan and Nathan Doughty are related parties of Asite plc through their executive directorships. There were no transactions, other than the transactions through the ordinary course of business, which were related party transactions during the period.


Interim statement

Copies of the Interim statement will be available to the public free of charge from the Company's registered office: Unit E2, 3rd Floor, Zetland House, 5/25 Scrutton StreetLondonEC2A 4HJ.  A copy of the Interim statement will also be made available on the Group's website, www.asite.com.



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