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Access Intelligence (ACC)

  Print      Mail a friend       Annual reports

Wednesday 24 June, 2009

Access Intelligence

Half Yearly Report

RNS Number : 3885U
Access Intelligence PLC
24 June 2009
 





ACCESS INTELLIGENCE PLC

('Access Intelligence plc' or 'the Group')

(Innovative SaaS Solutions


Unaudited Interim Financial Statements for the Six Months Ended 31 May 2009 



Unaudited

Six months to

31 May 2009

Unaudited

Six months to

31 May 2008

Turnover from Continuing Operations


2,668


1,900

EBITDA from Continuing Operations

240

(103)

Profit before tax

199


(1,168)


Taxation

(15)

22

Loss on Discontinued Operations

nil

(1,706)




Profit after tax

184

(2,845)

Diluted Basic Earnings per share

0.10p

(2.49p)

 Basic earnings per share 

0.12p

(2.59p)


  • Turnover was up by 38% to £2.67m (2008: £1.90m)

  • Profit before taxation generated by continuing operations was £199,000 (2008: adjusted loss £175,000)

  • Positive cash balance of £714,938 (2008: £557,000)

  • Appointment of Michael Jackson and David Lowe to the Board in November 2008

  • Board decision to keep Willow Starcom Ltd and Wired-Gov Ltd.


  • Solcara purchased on 10th November 2008 in for full 6 months



For further information:

Access Intelligence plc


Michael Jackson (Executive Chairman)


Jeremy Hamer (Finance Director) 

07977 234 614

Blue Oar Securities  

020 7448 4400

Shane Gallwey / Matt Marchant


  ACCESS INTELLIGENCE PLC

('Access Intelligence' or 'the Group')

(Innovative SaaS Solutions


INTERIM FINANCIAL RESULTS 

FOR 

THE 6 MONTHS ENDED 31 MAY 2009


Chairman's Statement


I am pleased to announce our results for the 6 months ended 31 May 2009. Since Elderstreet VCT, David Lowe and I invested in October 2008 considerable progress has been made both strategically and financially. All subsidiaries were making monthly profits by the end of the half year with Group performance for the second quarter well ahead of the first quarter.


Results 


Group turnover was up by 38% to £2,667,784 (2008: £1,900,000). Group sales without Solcara were £2,036,146 (2008: £1,900,000) up 7%. The Group's profit before taxation was £198,774 with Solcara and £134,775 excluding Solcara. This compares to an adjusted loss of £175,000 in 2008. The basic earnings per share is 0.12p (2008: loss 2.59p). The Group is not proposing to pay a dividend. The Group had net cash at the end of the period of £714,938 (2008: £557,000).


Strategy


In last year's interim report the Group announced that it was intending to sell all its non-software as a service (SaaS) businesses including Willow Starcom, Wired-Gov and The Marketing Guild. Despite considerable interest and after the completion of extensive due diligence, only the sale of The Marketing Guild was completed. The new Board has decided not to sell Willow Starcom and Wired-Gov. 


The Board intends to develop Access Intelligence further, with an emphasis on recurring revenues. Our product portfolio offers a strong bedrock on which to build a dynamic and competitive Software-as-a-Service proposition, providing us with growing revenues and increasing visibility


Future acquisitions will be targeted to complement our three key divisions: -


  • Compliance (MS2M)

  • Procurement and Contract Management (Due North)

  • Media Relations and PR (Solcara / Wired-Gov)


Alongside this we have decided to develop Willow Starcom, our support services business. Whilst is does not fit into one of our 3 targeted growth areas, Willow Starcom is demonstrating considerable underlying growth, and it adds to our critical mass and has strong recurring revenues and cash flows.


We are seeing a good flow of potential deals and plan for acquisitions to remain at the heart of this buy and build strategy. Whilst some of these acquisitions maybe relatively small, with a clear focus on their market positioning we should quickly build critical mass in some very interesting niche markets, delivering subscription based services with strong recurring revenues. 

  The half year in focus


The last 6 months have seen a significant reduction in costs in most areas of the Group and increased clarity over the strategic direction of each subsidiary. We have invested in two separate consultants one concentrating on operational effectiveness and the other on marketing and the benefits of these investments have started to show. 


Compliance: - MS2M has now won the long expected contract with RBS. At this time we are working through a significant consulting and development phase before the delivery of the SaaS service which should begin next year. The business is now making small monthly profits but will not see its recurring revenue streams grow until our next financial year.


Procurement and Contract Management: - Due North continues to build its recurring revenues with the public sector generating 11 new users who have signed-up during the period. The product has been upgraded significantly by integrating a 'balanced scorecard' weighting system into the buying decision and automated population of certain data requirements in response to the Glover report. Overall this offers increased clarity and reduced documentation into the tender process and decision making. Recurring revenues have grown 30% in the last 6 months.


Media Relations and PR: - Solcara was loss making when purchased in November 2008. Added to this, sales of their products aimed at the legal market have been slower than expected during the first half due to the impact of the economy on the sector. However due to cost cutting and increased sales and marketing activity in the public sector the last 5 months we have returned the company to profit. Wired-Gov meanwhile is building its 'sponsorship revenue' in recent weeks due to a new 2 man sales team starting to have an impact.


Willow Starcom has taken the decision to come out of storage sales and is now predominantly generating support services revenue. The market is competitive but Willow's reputation for outstanding service is resulting in some excellent new wins. They are concentrating their downsized team on larger deals, and this strategy is producing results.


These are early days but the signs of progress are evident across the Group. Updated versions of all core products continue to be released with over £250,000 being invested in R&D last year - all R&D expenditure is expensed as incurred. 


The registered office of the Group has been moved to 32 Bedford Row, London WC1R 4HE.


Directors and Senior Management


With all Board and senior management changes completed by the end of 2008 the emphasis over the last 6 months has been on strengthening sales teams, adding vigour and direction to our marketing activities and controlling costs. Huge progress has been made and I would like to thank all of our staff for their contribution to these developments.


Current Trading


With this early announcement of our interim results only a few weeks have passed since the conclusion of the first half. However all the signs are that the progress delivered in the first half will continue and that we can look forward to a good second half.


Michael Jackson

Chairman

23 June 2009 

  Access Intelligence Plc

Consolidated Income Statement

for the six months ended 31 May 2009


Note

Unaudited

Restated

Unaudited

Audited




Six months to

31 May 2009

Six months to

31 May 2008 

Year ended

 30 November 2008



£000

£000

£000






Revenue 

2

2,668

1,900

3,967






Cost of sales


(1,373)

(992)

(2,146)






Gross Profit


1,295

908

1,821






Administrative expenses


(1,055)

(1,012)

(2,395)






EBITDA Profit/(loss)


Impairment of Goodwill

Write-off capitalised development costs

Non-recurring expenses

Depreciation

Financial income

Financial expenses



240


-


-

-

(41)

2

(2)

(104)


(993)


-

-

(76)

6

(3)

(574)


(2,950)


(532)

(256)

(81)

17

(7)

Profit/(loss) before tax


199

(1,170)

(4,383)

Taxation

3

(15)

30

258

(Loss)/ profit from continuing operations



 184


(1,140)


(4,125)











Loss attributable to discontinued 

operations 

6

nil

(1,705)

(1,751)


Profit/(Loss) for the period 



184


(2,845)


(5,876)






Earnings per share





Basic profit/(loss) per share

5

0.12p

(2.59p)

(0.08p)

Diluted profit/(loss) per share

5

0.10p

(2.49p)

(0.08p)

There were no recognised gains and losses in the period, or in the prior periods shown, other than the results shown above.

  Access Intelligence Plc

Consolidated Balance Sheet

at 31 May 2009


Note

 Unaudited

Restated

Unaudited

Audited



6 Months to 31 May 2009

6 months to 31 May 2008

Year ended 30 November

2008



£000

£000

£000

Non-current assets





Property, plant and equipment


175

207

192

Intangible assets

4

2,988

4,292

2,988

Deferred tax asset


162

-

197

Trade receivables


-

54

-






Total non-current assets


3,325

4,553

3,377






Current assets





Inventories


240

357

268

Trade and other receivables


1,767

1,345

1,455

Cash and cash equivalents


  715

557

763



2,722

2,259

2,486

Assets classified as held for resale  

6

-

44

-

Total current assets


2,722

2,303

2,486






Total assets


6,047

6,856

5,863






Current liabilities





Other interest-bearing loans and borrowings


25

13

2

Trade and other payables


731

428

614

Accruals and deferred income


1,314

1,010

1,577

Other liabilities


333

181

258



2,403

1,632

2,451

Liabilities classified as held for resale  

6

-


30


-


Total current liabilities


2,403

1,662

2,451






Non-current liabilities





Other interest-bearing loans and borrowings


-

-

52






Total non-current liabilities


-

-

52






Total liabilities


2,403

1,662

2,503






Net assets


  3,644

5,194

3,360






Equity 





Share capital


797

549

779

Share premium


8,955

7,906

8,873

Capital redemption reserve


191

178

191

Retained earnings


(6,299)

(3,439)

(6,483)






Total equity attributable to equity shareholders


3,644

5,194

3,360

  Access Intelligence Plc

Consolidated Cash Flow Statement

for the six months ended 31 May 2009


Unaudited

Restated Unaudited

Audited


6 months ended 31 May 2009 

6 months ended 31 May 2008

Year ended 30 November

2008


£000

£000

£000

Cash flows from continuing operating activities




(Loss)/profit for the year attributable to equity shareholders of the parent

184

(2845)

(5876)

Adjustments for:




Depreciation

Loss attributable to Disposal of Subsidiary 

   

41

-

76

1705


81

1751

Impairment of intangible assets

-

993

3482

Financial income

(2)

(6)

(17)

Financial expense

2

2

7

Taxation

15

(22)

(258)





Operating (loss)/profit before changes in working capital and provisions

240

(97)

(830)

(Increase)/Decrease in trade and other receivables

(Increase)/Decrease in Inventories

(278)

24

(263)

(6)

145

83

Increase in trade and other payables

117

76

168

(Decrease)/ increase in provisions 

(188)

27

27





Cash generated from /(utilised by) the continuing operations

(85)

(263)

(407)

Tax received

0

30

51





Net cash inflow/ (outflow) from continuing operating activities

(85)

(233)

(356)





Cash flows from investing in continuing activities




Interest received

2

7

17

Expenditure on business acquisition

Cash acquired with acquisition

-

-

-

-

(830)

15

Acquisition of property, plant and equipment

(34)

(61)

(67)





Net cash outflow from investing in continuing activities

(32)

(54)

(865)





Cash flows from financing continuing activities




Interest paid

Issue of equity share capital

Cost of share issue

(2)

100

-

(2)

-

-

(7)

1265

(68)

Repayment of borrowings

(29)

(26)

(45)





Net cash inflow from financing continuing activities

69

(28)

1145





Net decrease in cash and cash equivalents

(48)

(315)

(76)

Cash (utilised by)/from discontinued operations    6

-

-

(33)

Opening cash and cash equivalents 

763

872

872






Closing cash and cash equivalents 

715

557

763





  Access Intelligence Plc

Statement of Changes in Shareholders' Equity







Unaudited 31 May 2009

Share capital

Share

 premium

Capital

redemption

Retained

 earnings

Total


£000

£000

£'000

£000

£000

Net income recognised directly in equity






Profit for the period

-

-

-

184

184







Total recognised income and expense 

-

-

-

184

184

Issue of new equity shares

18

82

-

-

100

Opening shareholders' funds at 1 December 2008

779

8873

191

(6483)

3,360







Closing shareholders' funds at 31 May 2009

797

8,955

191

(6299)

3644









Unaudited 31 May 2008

Share capital

Share

 premium

Capital

redemption

Retained

 earnings

Total


£000

£000

£'000

£000

£000

Net income recognised directly in equity






Loss for the period

-

-

-

(2,845)

(2,845)







Total recognised income and expense 

-

-

-

(2,845)

(2,845)

Redemption value of preference shares

-

-

18

(18)

-

Opening shareholders' funds at 1 December 2007

549

7,906

160

(576)

8,039







Closing shareholders' funds at 31 May 2008

549

7,906

178

(3,439)

5,194









Audited 30 November 2008

Share capital

Share

 premium

Capital

redemption

Retained

 earnings

Total


£000

£000

£'000

£000

£000

Net income recognised directly in equity






Loss for the year

-

-

-

(5,876)

(5,876)







Total recognised income and expense 

-

-

-

(5,876)

(5,876)

Redemption value of preference shares

 Issue of new equity shares (net of costs)

-

230

-

967

31

-

(31)

-

-

1,197

Opening shareholders' funds at 1 December 2007

549

7,906

160

(576)

8,039







Closing shareholders' funds 30 November 2008

779

8873

191

(6483)

3360

  

Notes
1.       Basis of preparation
The consolidated interim financial statements of the Group for the period ended 31 May 2009 are unaudited and do not comprise statutory accounts within the meaning of Section 240 of the Companies Act 1985.
 
From 1 December 2007, Access Intelligence was required to prepare its consolidated financial statements in accordance with adopted International Financial Reporting Standards (IFRS) as adopted by the European Union (‘adopted IFRS’). This consolidated interim financial information has been prepared on the basis of the recognition and measurement requirements of endorsed IFRS and in accordance with IFRS 1.
 
The comparative figures for 30th November 2008 have been abridged from the statutory accounts for the period ended on that date. The auditors’ opinion on those accounts was unqualified and did not contain any statements under Section 237 (2) or (3) of the Companies Act 1985. The statutory accounts for the period ended 30th November 2008 have been filed with the Registrar of Companies.
2.       Turnover
The Group operates from one geographical segment with its entire turnover being within the United Kingdom. As our strategy evolves our business segmentation also changes shape. The segment information for the 6 months ended May 2009 is as follows: -
 

(£000’s)
Compliance
Procurement
Media Relations
Willow Starcom
Turnover          2009(H1)              
141
631
758
1138
Turnover          2008(H1)              
159
514
102
1125
3.       Taxation
The tax charge is based on a 20% tax rate for the year ended 30 November 2009.
4.       Goodwill impairment
The Group has not undertaken a full impairment review on goodwill since 30th November 2008 however the Board is of the opinion that goodwill is fairly valued.
5.       Earnings per share
The calculation of the basic earnings per share is based on the profit after taxation divided by the weighted average number of shares in issue, being 157,831,302 (period ended 31 May 2008:109,800,999; year ended 30 November 2008:114,968,122). 
 
The diluted earnings per share takes the weighted average number of ordinary shares in issue during the period and adjusts this for dilutive share options existing at the period end. The diluted weighted average number of shares in the period ended 31 May 2009 was 190,331,645 (period ended 31 May 2008:114,150,999; year ended 30 November 2008:145,028,987).
 

6 months to
30th May 2009
30th May 2008
Basic earnings per share (weighted)                              
0.12p
(2.59p)
Diluted earnings per share (weighted)
0.10p
(2.48p)
 


Sale of subsidiary undertaking
 
The assets for resale reported in the half year comparatives in these financial statements were those of The Marketing Guild Limited which was sold on 16 October 2008 for £1. The loss reported in the prior year resulting from this sale was £1,751,000.
 
 
This statement is being sent to the shareholders of the Company and will also be available at the Company’s registered office at 32 Bedford Row, London WC2R 4HE and on the website www. accessintelligence.com.
 

 


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