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Asite PLC (ASE)

  Print      Mail a friend       Annual reports

Wednesday 25 April, 2007

Asite PLC

Final Results

Asite PLC
25 April 2007

25 APRIL 2007

                        ASITE PLC ('ASITE', THE 'GROUP')



•    Loss before charges for share based payments, amortisation of research 
     and development costs and depreciation reduced to £0.514m (2005: £0.919m)

•    Administration expenses reduced to £1.606m from £2.189m

•    Loss per share reduced to 0.5 pence  (2005: 0.7 pence)

•    Net cash outflow from operating activities reduced from £0.881m to £0.594m

Colin Goodall, Chairman of Asite plc comments:

'Gross operating margins have increased and operating costs reduced
significantly.  It is most pleasing to note that the loss, pre share option
charge, recorded in 2006 fell to £0.815m, being an improvement of £0.505m over
the comparative loss recorded in 2005.  Like last year, we invested heavily in
our product base during 2006 and as a result continue to see improved demand for
our collaboration and sourcing solutions in the first quarter of 2007.  The
actions taken to improve margins and reduce costs over the past two years
continue to have a very real impact on the Group's performance, which is moving
towards profitability and sustainable trading.'

For further information:

Asite plc                                                    Tel: 020 7749 7880
Tony Ryan, Chief Executive Officer
Amanda Heald, Company Secretary

Deloitte & Touche LLP                                        Tel: 020 7936 3000
Jonathan Hinton
Patricia Coates


Results and dividends

The Group's performance improved on the previous year with operating losses
reducing to £0.857m, an improvement of £0.552m (2005: loss £1.409m). This
operating loss is after charging research and development ('R&D') costs of
£0.622m (2005: £0.731m) during the year.  The Group continued to invest in its
core technology, the Asite Business Operating System ('ABOS') and the Board
believes that this investment will allow the Group to differentiate itself in
its markets which will lead to sustainable trading in due course.  Operating
costs include £0.182m (2005: £0.182m) relating to amortisation of capitalised R&
D costs from previous years and £0.119m (2005: £0.226m) relating to depreciation
of fixed assets, accordingly the group made an operating profit before
depreciation, amortisation and R&D costs of £0.066m, a significant improvement
on the position as at 31 December 2005 (loss of £0.270m).  The Group continues
to make considerable progress towards profitability.  In line with the Group's
reduced losses, the net cash outflow before financing fell from £0.985m to
£0.635m.  The loss per share was 0.5 pence compared to 0.7 pence for the
previous year.  The Board is not recommending a dividend this year (2005: £nil).

Development of the Group

The Group successfully released version 2.0 of the ABOS platform in February
2006 and continued to invest in two new core technologies to complete its
product stable, namely, Asite Workspace ('AWS') and the Asite collaborative
Building Information Model ('cBIM').  These new products were released in the
first part of 2007 and have significantly improved the Groups position in its
markets.  The AW brings the existing platform to a wider audience enabling lower
cost of entry and ease of use.  cBIM is a highly innovative Information
Modelling tool.  Utilisation of the system increased throughout the year, during
January 2006 18,718 users accessed the system from 2,781 organisations whereas
at the end of 2006 the comparative figures were 24,716 (up 32%) and 3,457 (up
29%) respectively.

Take up of our ABOS platform was extremely encouraging in 2006.  848,167
documents were published on the system.  Users accessing the system increased by
32% and 676 new companies entered the Asite community.  The Group is considering
ways in which its pricing model can be changed to improve revenues across the
different user classes of its client community and the Board believes that
benefits from this will begin to be seen in 2007, in particular the Group is
considering the introduction of a per user price model.  Finally our trading hub
saw an increase in trading volumes of 34%.

By June 2006 the Group had completed its cost reduction exercise with the
resultant reductions in operating losses as noted above.  The focus of the Group
since then has been in sales and marketing, and product development.

Following the appointment of Mr Gordon Ashworth as a Non Executive Director in
June 2006, Mr Tony Ryan was appointed Group Chief Executive and the Board is
pleased with the progress made since this time.

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 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) and subsequently to the Dublin Airport Authorities Pier D project at
Dublin Airport.  In August 2006 Asite was designated as preferred supplier to
the Welsh Health Estates 'Designed for Wales' initiative.  This has seen five
contracts awarded already and a steady pipeline for 2007.

The focus for the Group for 2007 and beyond is to concentrate on growing sales
and we started the year with a significant win in Abu Dhabi - Al Raha Beach
Resort.  This project, a new city district on 6.8m square metres of reclaimed
land, will run for 12 years at a construction spend of US$14.700bn.


The Group made further steps towards profitable and sustainable trading in the
second half of 2006.  The directors are satisfied with the financial position of
the companies within the Group at 31 December 2006.  The Group entered 2007 with
a contracted pipeline of £5.811m (2006: £3.100m).  These factors, along with the
planned investment in our sales capacity, position Asite well for the future.

Mr Colin Goodall

24 April 2007

Year ended 31 December 2006
                                                   Note       2006         2005
                                                             £'000     Restated

TURNOVER                                                     1,354        1,529

Cost of sales                                                 (317)        (377)
                                                             ______      _______
Gross profit                                                 1,037        1,152

Sales & distribution costs                                    (288)        (361)

Administration expenses                                     (1,606)      (2,189)
                                                             ______      _______

OPERATING LOSS                                                (857)      (1,398)

Net interest payable                                             -          (11)
                                                             ______      _______
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                  (857)       (1,409)
Tax credit on loss on ordinary activities                       -             -
                                                             ______      _______
LOSS ON ORDINARY ACTIVITES AFTER TAXATION                    (857)       (1,409)
Equity minority interest                                        -             7
                                                             ______      _______
LOSS FOR THE FINANCIAL YEAR                                  (857)       (1,402)
                                                             ======      =======
Loss per share (expressed in pence per share) 
- basic & diluted                                     3     (0.5p)        (0.7p)
                                                             ======      =======

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 financial year stated above and their historic cost equivalents.

                                                               2006        2005
                                                              £'000    Restated

Loss for the financial year                                    (857)     (1,402)

Foreign exchange differences                                      2           -
                                                             ______      _______
Total recognised losses relating to the year                   (855)     (1,402)
                                                             ______      _______

Year ended 31 December 2006                        Note       2006         2005
                                                             £'000        £'000

Tangible assets                                                113          191
Intangible assets                                              365          547
                                                             ______      _______
                                                               478          738
Debtors                                                        409          617
Cash at bank and in hand                                         3            7
                                                             ______      _______
                                                               412          624
CREDITORS: amounts falling due within one year                (935)      (1,271)
                                                             ______      _______
NET CURRENT LIABILITIES                                       (523)        (647)
                                                             ______      _______
TOTAL ASSETS LESS CURRENT LIABILITIES                          (45)          91

CREDITORS: amounts falling due after more than 
one year                                                    (1,645)        (977)
                                                             ______      _______
NET LIABILITIES                                             (1,690)        (886)
                                                             ======      =======
Called up share capital                                     18,750       18,750
Share premium account                                        2,442        2,442
Profit and loss account                                    (22,882)     (22,069)
                                                             ______      _______
TOTAL SHAREHOLDERS' DEFICIT                           4     (1,690)        (877)
                                                             ======      =======

MINORITY INTERESTS                                               -          (9)
                                                             ______      _______
CAPITAL EMPLOYED                                            (1,690)        (886)
                                                             ======      =======

Year ended 31 December 2006
                                                  Note       2006          2005
                                                            £'000         £'000

Net cash outflow from operating activities           5       (594)         (881)
                                                             ______      _______
Returns on investments and servicing of finance
Interest received                                               1             1
Interest paid                                                  (1)           (4)
                                                             ______      _______
Net cash outflow from returns on investments 
and servicing of finance                                        -            (3)
                                                             ______      _______
Capital expenditure
Payments to acquire tangible assets                           (41)         (102)
Proceeds from sale of tangible assets                           -             1
                                                             ______      _______
Net cash outflow from capital expenditure                     (41)         (101)
                                                             ______      _______
Net cash outflow before financing                            (635)         (985)
                                                             ______      _______
Net proceeds from borrowings                                  668           977
                                                             ______      _______
Net cash inflow from financing                                668           977
                                                             ______      _______
Increase / (decrease) in cash in the year           6          33            (8)
                                                             ======      =======

Year ended 31 December 2006


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 2008.  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 twenty four months, Mr Robert Tchenguiz has provided the Group
with the financial support it has required in the form of 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 in the form of a loan facility, of
£2.507m, and that he will not call for the repayment of this new loan before 31
December 2008.

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.


The financial information contained in these preliminary results does not
constitute statutory financial statements within the meaning of section 240 of
the Companies Act 1985. The financial information disclosed for the year ended
31 December 2006 is an abridged version of the Group's financial statements
which have been reported on by the auditors and which will be despatched to
shareholders shortly.

The financial information is presented on the basis of the accounting policies
of the Group set out in the Annual Report for the year ended 31 December 2005
(under the historical cost convention and in accordance with applicable
accounting standards in the United Kingdom) apart from the following changes to
accounting policies:

i.  The adoption of Financial Reporting Standard 20, Share Based Payments ('FRS
20'). The adoption during the period of FRS 20 requires that the cost of share
based payments be recognised in the profit and loss account. The only type of
payment made by the Group that is a share based payment is the cost of share
options granted to employees and directors. The Black Scholes valuation model
has been used to calculate the fair value of the share options at the date of
grant. This fair value is then charged to the profit and loss account over the
vesting period of the options. Since this charge is not a cash item (no effect
on Consolidated Cash Flow Statement) nor a diminution in asset value, there is
an equal and opposite credit to reserves of the amount of the share option
charge with the result that there is no net change in shareholders' funds. This
credit is reported in the Reconciliation of Movements in Shareholders' Funds.

In accordance with the transitional provisions of FRS 20, the standard has been
applied retrospectively to all options granted after 7 November 2002 that were
not yet vested as of 1 January 2006. The charge for the year ended 31 December
2006 was: £42,000. Comparatives for the year ended 31 December 2005 have been
restated as shown below:

Loss for financial year previously reported                              (1,320)
FRS 20 Share based payment charge                                           (82)
Loss for financial year restated                                         (1,402)

ii.         During the period the Directors reviewed the policy with respect to
the classification of revenue which has not yet been invoiced to customers and
minority interests. These were previously classified as work in progress and
within net liabilities respectively. The Directors have determined that this it
is more appropriate to classify this revenue in amounts recoverable on contracts
within debtors and minority interests within Capital and Reserves and have
restated the 2005 balance sheet accordingly. The result of this change is that
£29,000 (2005:£104,000) is included as amounts recoverable on contracts within
debtors that would have been shown as work in progress and £nil (2005: £9,000)
is shown as minority interest in Capital and Reserves that would have been
included in net liabilities under the previous policy.

iii.        During the period the Directors reviewed the policy with respect to
amounts classified as provisions. Provisions are liabilities that are uncertain
in timing and amount. As a result £14,000 (2005: £39,000) is included in
accruals within creditors that would previously have been classified as a

The financial information for the year ended 31 December 2005 has been extracted
from the statutory financial statements for that year, but has been restated for
the impact of the two changes in accounting policy explained above, which
contained an unqualified audit report and no adverse statement under Section 237
(2) or (3) of the Companies Act 1985. The auditors provided an emphasis of
matter in their opinion on the statutory accounts for the years ended 31
December 2005 and 31 December 2006 on the basis of the ability of Asite to
continue as a going concern as detailed in note 1.

3.         LOSS PER SHARE

                                                             2006          2005
Basic and diluted
Net loss for the year:                                  £(857,000)  £(1,402,000)
Weighted average number of ordinary shares 
outstanding                                           187,495,637   187,495,637

Loss per share:                                               0.5p          0.7p
                                                             ======      =======

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

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.


                                                              2006         2005
                                                             £'000        £'000

Loss for the year                                             (857)      (1,402)
Other recognised gains and losses related to the year            2            -
Share based compensation                                        42           82
                                                             ______      _______
Net increase in shareholders' (deficit)                       (813)      (1,320)
Opening shareholders' (deficit) / funds                       (877)          443
                                                             ______      _______
Closing shareholders' (deficit)                             (1,690)        (877)
                                                             ======      =======


                                                              2006         2005
                                                             £'000        £'000

Operating loss                                                (857)      (1,398)
Share based payment expense                                     42           82
Depreciation of tangible assets                                119          226
Amortisation of intangible assets                              182          182
Other non-cash charges                                          10            6
Decrease / (increase) in debtors                               207          (35)
Decrease in share capital not paid                               -          199
Decrease in creditors                                         (297)        (143)
                                                             ______      _______
Net cash flow from operating activities                       (594)        (881)
                                                             ======      =======


                                                               2006        2005
                                                              £'000       £'000

Increase / (decrease) in cash in the year                        33          (8)

Funding received                                               (668)       (977)
                                                             ______      _______
Movement in net debt in the year                               (635)       (985)
Net debt at 1 January                                        (1,008)        (23)
                                                             ______      _______
Net debt at 31 December                                      (1,643)     (1,008)
                                                             ======      =======


                                                 At            Cash       At 31
                                          1 January           flows    December
                                               2006                        2006
                                              £'000           £'000       £'000

Cash                                              7              (4)          3
Overdraft                                       (38)             37          (1)
                                             _______          _____      _______
                                                (31)             33           2
Loan                                           (977)           (668)     (1,645)
                                             _______          _____      _______
                                             (1,008)          (635)      (1,643)
                                             =======          =====      =======


The preliminary report, including the financial information contained therein,
is the responsibility of, and has been approved by, the Directors.  The
Directors are responsible for preparing the report in accordance with the AIM
rules issued by the London Stock Exchange which require that the accounting
policies and presentation applied to the preliminary figures should be
consistent with those applied in preparing the preceding annual financial

This announcement was approved by the Board of Directors on 24 April 2007.

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

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