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Asite PLC (ASE)

  Print      Mail a friend       Annual reports

Friday 27 September, 2002

Asite PLC

Interim Results

Asite PLC
27 September 2002

27th September 2002

                           ASITE PLC ('THE COMPANY')

                          INTERIM RESULTS ANNOUNCEMENT

                          SIX MONTHS TO 30TH JUNE 2002




•                    Increase in revenue and reduction in monthly cash burn

•                    Pre-tax loss of £2.15 million (2001: £4.6 million)
                     significantly lower than the same period last year

•                    Framework agreement signed with BAA plc ('BAA') to supply
                     BAA with internet based project collaboration tools

•                    Board strengthened by the appointment of Mathew Riley, BAA
                     commercial director of the £2.7 billion Heathrow 
                     Terminal 5, as a non-executive director

•                    A UK first, as the construction team at the Paternoster
                     Square development, in central London, successfully pilot 
                     the use of handheld computers to access Asite tools

•                    'Stepping Stones' programme developed to facilitate easier
                     access to e-commerce knowledge and other community benefits 
                     for users of the Asite portal

Sir John Egan, Chairman of Asite plc comments:

'Over the first half of this year, Asite plc has continued to make progress in
establishing itself at the leading edge of change within the UK construction
sector.  Client relationships have been strengthened and deepened and the
company is on course to be cash flow positive just 18 months after its launch.

Asite has some significant equity partners, including BAA, Land Securities,
Sainsbury's, Standard Life, Mace, O'Rourke and SAS and the deal we recently
signed with BAA demonstrates the value we can provide for our clients.  With a
growing order book, the company is emerging strongly from its start up phase and
I believe there is great potential for the business and for the creation of
shareholder value in the future.'

For further information:

Asite plc

Charles Woods                                         Tel: 020 7388 4890

Deloitte & Touche

Robin Binks                                           Tel: 020 7438 3000

The Communication Group plc

Richard Evans                                         Tel: 020 7630 1411



The Group's core business, Asite Solutions Limited ('Asite'), made progress
during the first six months of 2002, with a trend of increasing revenues and
reducing cash burn. With this continued progress, the directors' current
forecast indicates that Asite should be operationally cash flow positive by the
end of 2002.  As described in note 1, the Company believes that it has adequate
funding in place to trade to the point where it will become self-funding.

On 28th August, the Company was delighted to appoint Mathew Riley of BAA plc as
a non-executive director. Mathew, as commercial director of the £2.7 billion
Heathrow Terminal 5 project, is responsible for hugely complex supply chain
management issues. As e-business director for BAA plc he has pioneered new ways
of working in partnership to leverage greater value from BAA's supply chain
relationships. Mathew's appointment represents a strengthening of the Company's
experience and strategic ability to develop world-class supply chain management

BAA plc has also awarded Asite a framework agreement to supply Internet based
project collaboration services to all upcoming construction projects.

Earlier this year Asite developed its 'Stepping Stones' programme to facilitate
easier access to e-commerce knowledge and other Asite community benefits for
clients, contractors and suppliers.

Other significant developments during the period included the launch of Asite's
new tendering tool and a UK first as the Paternoster Square construction team
successfully piloted the use of handheld computers to access Asite project
collaboration tools.

The result for the six months to 30th June 2002 show a pre-tax loss of
£2,154,000, of which £1,718,000 relates to Asite trading losses, with the
balance of £436,000 primarily reflecting head office costs.

The figures continued to reflect necessary investment for the future, by a
company that is emerging strongly from its start-up phase and showing great
potential. Asite is progressing at the leading edge of change within the UK
construction sector. The company is poised to reap commercial benefit from
enabling these positive changes for the industry and the Board continues to see
excellent potential for the creation of shareholder value in the future.

I remain firmly of the view that the successful implementation of e-commerce in
UK construction lies with people - technology is just the enabler. More people
are emerging now from all parts of UK construction who are inspired by what
e-commerce can do for them and their businesses.

Working with these people, Asite has significantly strengthened and deepened its
client relationships over the past year, and has tailored its expertise to
address each one's unique needs and circumstances.  The result is a
gradually-changing industry, and a solid basis for a highly innovative business
that continues to enjoy excellent prospects.

Sir John Egan


27th  September 2002


for the six months ended 30th June 2002
                                                              Note        Unaudited      Unaudited    Audited

                                                                          six months     six months   year

                                                                          to             to           to

                                                                          30th June      30th June    31st Dec

                                                                          2002           2001         2001

                                                                          £'000          £'000        £'000

Continuing operations:
     Turnover                                                                 816            -           307
Discontinued operations:
     Fees for professional services                                             -        4,267         4,779
                                                                              816        4,267         5,086

Revenue share                                                               (219)            -         (130)
Change in work in progress - discontinued                                       -        (477)         (474)

Total turnover                                                                597        3,790         4,482

Staff costs                                                                 1,123        4,332         5,741
Depreciation and amortisation                                                 760          184         1,307
Other operating charges                                                       861        3,850         3,763
                                                                            2,744        8,366        10,811

Continuing operations                                                     (2,147)      (2,113)       (5,991)
Discontinued operations                                                         -        (765)         (338)

                                                                          (2,147)      (2,878)       (6,329)

Loss on disposal of subsidiaries - discontinued                                 -      (1,698)       (1,991)
Interest payable less receivable                                              (7)         (25)          (34)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                               (2,154)      (4,601)       (8,354)

Tax credit on loss on ordinary activities                                       -            -            27

LOSS ON ORDINARY ACTIVITIES AFTER TAXATION                                (2,154)      (4,601)       (8,327)

Equity minority interest                                                      266            -           358

LOSS FOR THE PERIOD                                                       (1,888)      (4,601)       (7,969)

Loss per share - basic                                                     (2.0p)      (11.6p)       (12.3p)

Consolidated statement of total recognised gains and losses

For the six months ended 30th June 2002

                                                              Note         Unaudited    Unaudited    Audited

                                                                           six months   six months   year

                                                                           to           to           to

                                                                           30th June    30th June    31st Dec

                                                                           2002         2001         2001

                                                                           £'000        £'000        £'000

Loss for the period                                                       (1,888)      (4,601)       (7,969)

Gain arising on deemed disposal in subsidiaries                                 -            -           641

Total recognised losses in the period                                     (1,888)      (4,601)       (7,328)


at 30th June 2002

                                                               Note           Unaudited    Unaudited    Audited

                                                                              at           at           at

                                                                              30th June    30th June    31st Dec

                                                                              2002         2001         2001

                                                                              £'000        £'000        £'000


Tangible fixed assets                                                         4,120        2,022        4,720

Stock                                                                            10           25           22
Debtors                                                                         593          663          800
Cash at bank                                                                  1,923          187          358

                                                                              2,526          875        1,180

CREDITORS: amounts falling due

 within one year                                                            (5,617)      (5,336)      (2,699)

NET CURRENT LIABILITES                                                      (3,091)      (4,461)      (1,519)

TOTAL ASSETS LESS CURRENT LIABILITIES                                         1,029      (2,439)        3,201

CREDITORS: amounts falling due

   after more than one year                                                 (2,267)            -      (2,742)

EQUITY MINORITY INTERESTS                                                     1,265            -          999

NET ASSETS/ (LIABILITIES)                                                        27      (2,439)        1,458

Called up share capital                                         3             9,801        3,955        9,344
Share premium account                                                         2,442        2,418        2,442
Merger reserve                                                                    -      (1,211)            -
Profit and loss account                                                    (12,216)      (7,601)     (10,328)

EQUITY SHAREHOLDERS' FUNDS / (DEFICIT)                                           27      (2,439)        1,458


for the six months ended 30th June 2002

                                                             Note          Unaudited       Unaudited    Audited

                                                                           six months      six months   year

                                                                           to              to           to

                                                                           30th June       30th June    31st Dec

                                                                           2002            2001         2001

                                                                           £'000           £'000        £'000

Net cash outflow from operating activities                    4             (1,609)      (1,629)      (4,564)

Return on investments and servicing of finance                                  (7)         (25)         (34)

Taxation                                                                          -        (112)        (246)

Cash flow from capital expenditure and financial
                                                                              (357)      (1,196)      (1,583)

Acquisitions and disposals
Cash flow from disposals                                                          -        2,802        2,940

Net cash outflow before financing                                           (1,973)        (160)      (3,487)

Financing                                                                     1,950        (450)        4,264

(Decrease)/increase in cash in the period                     5                (23)        (610)          777



The directors have prepared projected Group cash flow information for the
current financial year and for the first nine months of the following financial
year, covering the period to 30th September 2003.  The early stage of
development of the Group's business is such that there can be considerable
unpredictable variation in the amount of revenue projected and timing and amount
of cash flows. Consequently, there is uncertainty as to the carrying value of
the website development costs stated at £4.0 million in the Group balance sheet
and in the Company's balance sheet as to the recoverability of the inter company
debtor stated at £6.8 million reflecting the financing to the Company's
principal operating subsidiary, Asite Solutions Limited. On the basis of this
cashflow information, the directors are aware that additional funding will be
required.  The directors believe Mr Tchenguiz will continue to provide the
funding forecast to be required and have received written confirmation from Mr
Tchenguiz that he intends to provide this funding in the form of a loan.

On the basis of this cashflow information and discussions with Mr. Tchenguiz,
the directors have formed a judgement at the time of approving the interim
financial statements that they consider it appropriate to prepare interim
financial statements on the going concern basis.  The interim financial
statements do not include any adjustments that would result should financial
support from Mr. Tchenguiz or other sources no longer be available.

2.   Notes

These accounts are not the statutory accounts of the Group. The statutory group
accounts of Asite plc for the year to 31st December 2001 have been delivered to
the Registrar of Companies. The interim report contains financial information on
the year ended 31st December 2001 which constitutes non-statutory accounts for
the purposes of section 240 of the Companies Act 1985. The auditors qualified
their opinion on these accounts on the basis of a limitation of scope arising
following the sale of the subsidiary Foremans Limited. In this report a
statement was made by the auditors that they did not obtain all information and
explanations required for the purposes of the audit under Section 237 (3) of the
Companies Act 1985. The auditors report also contained a modification relating
to a going concern uncertainity.

The numbers in the interim financial statements to 30th June 2002 are neither
reviewed nor audited.

The interim financial information has been prepared on the basis of accounting
policies consistent with those applied in the 2001 financial statements.


The increase in called up share capital in the six months to 30th June 2002
arose as follows:
                                                                                     Number            £'000
Alloted, issued and fully paid ordinary shares of 10p each:
At 31st December 2001                                                             93,445,097            9,344

Issued for cash:
Warrencity Invest Corp                                                             4,065,030              407

Issued for services to the company:
Sir John Egan                                                                        500,000               50

At 30th June 2002                                                                 98,010,127            9,801


During the period, new ordinary shares were issued for services at 10p per


                                                                            Unaudited    Unaudited    Audited

                                                                            six months   six months   year

                                                                            to           to           to
                                                                            30th June    30th June    31st Dec

                                                                            2002         2001         2001

                                                                            £'000        £'000        £'000

Operating loss                                                              (2,147)      (2,878)      (6,329)
Depreciation and amortisation                                                   760          184        1,307
Loss on disposal of fixed assets                                                  -            -          141
Services charged to operating profit in
return for issue of shares
                                                                                 50            -          255
Stock                                                                            11         (77)         (74)
Debtors                                                                         207        (268)        (648)
Creditors                                                                     (490)        1,410          784

Net cash outflow from operating activities                                  (1,609)      (1,629)      (4,564)


                                                                             Unaudited    Unaudited    Audited

                                                                             six months   six months   year

                                                                             to           to           to

                                                                             30th June    30th June    31st Dec

                                                                             2002         2001         2001

                                                                             £'000        £'000        £'000

(Decrease)/increase in cash in the period                                      (23)        (376)          777
Cash outflow from decrease in debt finance                                        -          792          466
Cash outflow from decrease in lease finance                                       9            5           21

                                                                               (14)          421        1,264
New finance leases                                                                -            -         (11)
Loans disposed of with subsidiaries                                               -            -          560

Movement in net funds in the period                                            (14)          421        1,813
Net funds / (debt) at start of period                                           172      (1,641)      (1,641)

Net funds / (debt) at end of period                                             158      (1,220)          172

6.   analysis of NET FUNDS

                                                                               At                        At

                                                                              31st Dec      Cash        30th June

                                                                              2001          Flows       2002

                                                                              £'000         £'000       £'000

Cash                                                                             358       1,565        1,923
Bank overdrafts                                                                (161)     (1,588)      (1,749)

                                                                                 197        (23)          174
Finance leases                                                                  (25)           9         (16)

Total net funds                                                                  172        (14)          158

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

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