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SAL.GB SpaceandPeople Plc

77.50
0.00 (0.00%)
15 Apr 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
SpaceandPeople Plc AQSE:SAL.GB Aquis Stock Exchange Ordinary Share GB00BPQDJM21
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 77.50 70.00 85.00 77.50 77.50 77.50 0.00 06:56:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

SpaceandPeople PLC Half Yearly Report (7530K)

26/09/2016 7:01am

UK Regulatory


SpaceandPeople (AQSE:SAL.GB)
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TIDMSAL

RNS Number : 7530K

SpaceandPeople PLC

26 September 2016

SpaceandPeople plc

("SpaceandPeople" or the "Group")

Interim Results for the 6 months to 30 June 2016

SpaceandPeople (AIM:SAL), the retail, promotional and brand experience specialist which facilitates and manages the sale of promotional and retail merchandising space in shopping centres and other high footfall venues, announces interim results for the six months ended 30 June 2016.

 
      Highlights 
        *    Consolidated gross revenue GBP11.1m (2015: GBP11.3m) 
             - 1.8% down 
 
 
 
        *    Consolidated net revenue GBP4.65m (2015: GBP4.77m) - 
             2.5% down 
 
 
 
       o UK promotional net revenue GBP1.50m (2015: 
       GBP1.43m) - 5.4% up 
 
       o UK retail and MPK net revenue GBP1.46m (2015: 
       GBP1.42m) - 3.2% up 
 
       o German promotional net revenue GBP544k (2015: 
       GBP612k) - 11.1% down 
 
       o German retail net revenue GBP1.07m (2015: 
       GBP1.24m) - 13.7% down 
 
        *    Loss before taxation from continuing operations 
             GBP174k (2015: profit GBP62k) - GBP236k down 
 
 
 
        *    Basic earnings per share negative 2.96p (2015: 
             positive 0.06p) 
 
 
 
        *    Successful start to Network Rail contract won in 2015 
 
 
 
        *    75 Mobile Promotions Kiosks ("MPKs") in operation in 
             the UK 
 
 
 
        *    Commencement of kiosk pilot in France in January 2016 
 
 
 
        *    Closure of S&P+ due to insufficient prospects leading 
             to a one off charge of GBP552k in the period 
------------------------------------------------------------------ 
 

Contact details:

 
SpaceandPeople Plc                              0845 241 8215 
Matthew Bending, Gregor Dunlay 
Cantor Fitzgerald Europe                        020 7894 7000 
David Foreman, Will Goode (Corporate Finance) 
David Banks, Richard Sloss (Sales) 
 

Chief Executive's Interim Operating Statement

Overview

2015 was a year of transition for SpaceandPeople with a focus on gaining new clients and delivering higher value services. The first half of 2016 has been a continuation of this process with the successful expansion of our MPK programme and "Pop Up kiosks" offsetting the termination of some other traditional RMU contracts that were known to be occurring. We have also continued to explore opportunities for geographic expansion of our offer by commencing a pilot project with Immochan in France.

Taking our key divisions in turn:

UK Divisions

MPKs

The expansion of our innovative MPK programme has continued during the first half of 2016 and by the half year end we had 75 kiosks installed in 56 venues throughout the UK including 9 Network Rail stations (2015: 37 kiosks). This area of the business will continue to grow and we anticipate having 80 kiosks in operation by the end of the year. MPK revenue in the first half was GBP661k compared with GBP260k in the same period in 2015. This was as a result of both an increase in the number of kiosks in operation as well as the improved sales performance of each kiosk.

RMUs

Revenue generated by the RMUs decreased in the first half of 2016 compared with the previous period as some contracts came to an end during 2015 and some other clients removed RMUs from their malls. The average number of RMUs trading in the first half year of 2016 was 123 compared with 128 in 2015. The movement away from the long term minimum guarantee business model by some clients has been as a result of them wanting more dynamism on their malls and retailers wanting more flexibility in duration and location for their operations. Our innovative Pop Up kiosk programme, where units can be deployed for shorter periods of time and at short notice, has been refined and should better satisfy the requirements of both venues and operators going forward. This Pop Up kiosk programme, combined with the well-received rebrand of "Retail Profile" as "POP Retail" demonstrates that temporary retailing in malls is vibrant and in demand.

The Pop Up kiosks allow short term trading, particularly at the Christmas period, which allows existing operators to up-sell into more units in different locations as well as removing barriers of entry into the venues for new retailers. In 2015 we deployed around 30 Pop Up kiosks and we aim to double that number this year.

Promotions

The core UK promotions division has performed well during the period with revenue increasing by 5% to GBP1.50 million. Within this division there has been a development of large scale Brand Experience campaigns into Network Rail stations, with high profile campaigns including the launch of the new Ghostbusters movie, the Renault Clio 25(th) Anniversary promotion and a campaign by Dubai Tourism.

German Divisions

Retail

Our retail business in Germany transacts almost exclusively with ECE's portfolio of managed shopping centres. When this contract was renewed at the start of 2016 there was an agreed reduction in the number of kiosks deployed as centres that had proven to be difficult to trade in were removed from the contract. As a result, the average number of kiosks in operation in the first half of this year was 112, down from 136 in the previous year. It had been expected that the reduction in the number of kiosks and their concentration in the more desirable centres from our perspective would lead to higher average prices and higher levels of occupancy. Unfortunately, poor weather during the Spring and an unseasonably hot Summer have not helped retailer demand overall. However, the team are currently building the Christmas pipeline which is the crucial trading period for the division.

Promotions

The German promotions business saw a fall away of long term promotions. These are long term promotions booked over three years and are now coming to an end as we exited from the ECE long term agreement hence the overall reduction of revenue, down 11%. Stripping this revenue out showed the underlying performance of short term promotions growing by 14% which is an excellent performance.

SpaceandPeople Ventures

This is the grouping of our overseas companies and also new businesses that we are developing.

SpaceandPeople India, which is 60% owned by the Company, saw trading in line with expectations despite the effects of a heavier monsoon period than usual which has impacted on some retailers. The overall contribution of this business to the profitability of the group is not significant.

The first half of 2016 saw the commencement of the pilot MPK programme with Immochan in France. This pilot is enabling us to learn a great deal about operating in the French market and the client is very happy with the product and the way it has improved the presentation of promotions within their malls. The costs of running the pilot are not inconsiderable with GBP94k being spent in the first six months of the year which has been fully recognised in these results. The pilot will conclude at the end of this year and a decision will be made in early 2017 on whether or not to continue and expand the roll-out.

In June this year the decision was taken to close S&P+, our London based Above-the-Line ("ATL") advertising support business. Although well received by our clients and despite a promising start in 2013, the company did not develop sales to a level that would enable it to be self-sustaining. In late June a number of contracts they had been working on were either cancelled or postponed. This meant that they required additional funding to be able to continue to trade and with their pipeline of business for the remainder of the year not being as strong as we would have hoped, the Board decided that the business did not have a viable future and that committing further cash was not in the best interests of the Group. The closure of this business caused a release of the non-controlling interest resulting in a GBP252k one-off charge to the Group in the first half of 2016.

Outlook

As we entered 2016 we were aware that a number of significant revenue streams that we had benefitted from in the past had either ended or were going to end during 2016. The development of the Pop Up kiosk concept along with the continued roll-out of MPKs and the new contracts with Network Rail and British Land means that our business has replaced the old revenue streams with new products that are attractive to both existing and new venues and customers alike.

The results for the first half year are in line with the results of the previous year excluding the costs associated with the closure of S&P+ and the running of the MPK pilot programme in France.

The continuing development of the MPK and Pop Up kiosk programmes in the UK as well as continuing to source and develop new products that are attractive to our clients is key to the growth in the second half of 2016.

The UK promotions division has a strong pipeline of business for the second half of this year. We have put new sales management in place and combined with a focused programme of staff incentives this should help this business develop further.

The Pop Up kiosk offer could see between 60 and 80 units trading this Christmas. This division's results are crucial to our achieving forecasts. There is a strong pipeline of business, but again transactions in October are historically when this business is done.

The German promotions division is currently negotiating a contract extension beyond 2016 with its key client. While this negotiation has been going on we have encountered a block on long term promotions being accepted. Hopefully once the contract is agreed we will be able to transact this business which is important to our second half year income.

In common with many retail related businesses, trading across the Group in the period since the half year end has been more subdued than we had anticipated. We will need to perform strongly over the remainder of the year in order to meet our expectations. We have a good team led by experienced managers who are all focused on delivering our objectives.

As a result of the one off costs of closing S&P+ and the need to invest further in the growth of the MPK programme next year, for the first time since being admitted to AIM in 2005, we do not intend to propose a dividend during the 2016 financial period. This is intended to be a one year pause with dividends recommencing during the 2017 financial period.

Matthew Bending

23 September 2016

Independent Review Report to SpaceandPeople plc

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2016 which comprises, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statement of changes in equity and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies.

As disclosed in note 2, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2016 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules for Companies.

Campbell Dallas LLP

Chartered Accountants

Statutory Auditors

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

Date: 23 September 2016

Consolidated Group Statement of Comprehensive Income

For the 6 months ended 30 June 2016

 
                            Notes           6 months           Restated         Restated 
                                               to 30                  -                - 
                                                June 
                                                 '16 
                                         (Unaudited)           6 months        12 months 
                                                                  to 30            to 31 
                                                                   June         December 
                                                                    '15              '15 
                                             GBP'000        (Unaudited)        (Audited) 
                                                                GBP'000          GBP'000 
 
 Revenue                      5                4,646              4,766           11,433 
 
 Cost of Sales                               (1,725)            (1,637)          (3,947) 
                                       -------------      -------------      ----------- 
 
   Gross Profit 
                                               2,921              3,129            7,486 
   Administration 
   expenses                                  (3,220)            (3,198)          (6,713) 
 Other operating 
  income                                         114                131              295 
 
 Operating (loss) 
  / profit                                     (185)                 62            1,068 
                                       -------------      -------------      ----------- 
 
 Finance income                                   31                 14                - 
 Finance costs                                  (20)               (14)             (28) 
 
 (Loss) / Profit 
  before taxation                              (174)                 62            1,040 
                                       -------------      -------------      ----------- 
 
 Taxation                                          -                  -            (197) 
 
 (Loss) / Profit 
  after taxation 
  from continuing 
  operations                                   (174)                 62              843 
                                       -------------      -------------      ----------- 
 
 Discontinued Operations      6                (552)               (85)               21 
 
 
 (Loss) / Profit 
  after taxation 
 
 
  Other comprehensive 
  income                                       (726)               (23)              864 
 Foreign exchange 
  differences on 
  translation of 
  foreign operations                             143               (10)             (39) 
                                       -------------      -------------      ----------- 
 Total comprehensive 
  income for the 
  period                                       (583)               (33)              825 
 
 
 
 (Loss) / Profit 
  attributable to: 
 Owners of the Company                (578)          12       831 
  Non-controlling 
   interests                          (148)        (35)        33 
                                    -------      ------      ---- 
                                      (726)        (23)       864 
                                    -------      ------      ---- 
 
 
 
 Total comprehensive 
  income for the 
  period attributable 
  to: 
 Owners of the Company                (435)           2       792 
  Non-controlling 
   interests                          (148)        (35)        33 
                                    -------      ------      ---- 
                                      (583)        (33)       825 
                                    -------      ------      ---- 
 
 
 
 Earnings per share    14 
 
 Basic                       (2.96p)    0.06p    4.26p 
 
  Diluted                    (2.74p)    0.06p    3.89p 
 
 
 

Consolidated Group Statement of Financial Position

At 30 June 2016

 
                              Notes         30 June               30 June       31 December 
                                               '16                    '15               '15 
                                           (Unaudited)        (Unaudited)         (Audited) 
                                             GBP'000              GBP'000           GBP'000 
 Assets 
 Non-current assets: 
 Goodwill                       7                8,225              8,225             8,225 
 Other intangible 
  assets                        8                   32                 28                17 
 Property, plant 
  & equipment                   9                1,702              1,701             1,625 
                                         -------------      -------------      ------------ 
                                                 9,959              9,954             9,867 
 Current assets: 
 Trade & other receivables                       3,685              3,648             4,205 
 Cash & cash equivalents       10                  778              1,028             1,723 
                                         -------------      -------------      ------------ 
                                                 4,463              4,676             5,928 
 
 Total assets                                   14,422             14,630            15,795 
                                         -------------      -------------      ------------ 
 
 Liabilities 
 Current liabilities: 
 Trade & other payables                          3,807              4,657             4,506 
 Current tax payable                              (96)              (142)                18 
 Other borrowings              11                    -                250               250 
                                         -------------      -------------      ------------ 
                                                 3,711              4,765             4,774 
 Non-current liabilities: 
 Deferred tax liabilities                           58                 10                58 
 Long term loan                11                1,200                500               750 
                                         -------------      -------------      ------------ 
                                                 1,258                510               808 
 
 Total liabilities                               4,969              5,275             5,582 
                                         -------------      -------------      ------------ 
 
 Net assets                                      9,453              9,355            10,213 
                                         -------------      -------------      ------------ 
 
 Equity 
 Share capital                 13                  195                195               195 
 Share premium                                   4,868              4,868             4,868 
 Special reserve                                   233                233               233 
 Retained earnings                               3,883              3,957             4,747 
 
 Equity attributable 
  to owners of the 
  Company                                        9,179              9,253            10,043 
                                         -------------      -------------      ------------ 
 Non-controlling 
  Interest                                         274                102               170 
                                         -------------      -------------      ------------ 
 Total equity                                    9,453              9,355            10,213 
                                         -------------      -------------      ------------ 
 

Consolidated Group Statement of Cash Flows

For the 6 months ended 30 June 2016

 
                               Notes           6 months           Restated         Restated 
                                                  to 30                  -                - 
                                               June '16 
                                            (Unaudited)           6 months        12 months 
                                                                     to 30            to 31 
                                                                  June '15         December 
                                                                                        '15 
                                                GBP'000        (Unaudited)        (Audited) 
                                                                   GBP'000          GBP'000 
 Cash flows from 
  operating activities 
 Cash (outflow) / 
  inflow from operations                          (290)              (448)              192 
 Interest paid                                     (20)               (14)             (28) 
 Taxation                                         (114)                 28               39 
                                          -------------      -------------      ----------- 
 Net cash (outflow) 
  / inflow from operating 
  activities                                      (424)              (434)              203 
                                          -------------      -------------      ----------- 
 
 Cash flows from 
  investing activities 
  Interest received                                  31                 14                - 
 Purchase of intangible 
  assets                                           (23)               (15)             (15) 
 Purchase of property, 
  plant & equipment              9                (300)              (512)            (690) 
 Net cash outflow 
  from investing activities                       (292)              (513)            (705) 
                                          -------------      -------------      ----------- 
 
 Cash flows from 
  financing activities 
 Bank facility received         11                  200                250              500 
 Dividends paid                 12                (429)              (390)            (390) 
                                          -------------      -------------      ----------- 
 Net cash outflow 
  from financing activities                       (229)              (140)              110 
                                          -------------      -------------      ----------- 
 
 
 (Decrease) in cash 
  and cash equivalents                            (945)            (1,087)            (392) 
 Cash at beginning 
  of period                                       1,723              2,115            2,115 
                                          -------------      -------------      ----------- 
 Cash at end of period          10                  778              1,028            1,723 
                                          -------------      -------------      ----------- 
 
 
 Reconciliation of 
  operating profit 
  to net cash flow 
  from operating activities 
                                       ------      --------      -------- 
 Operating (loss) 
  / profit                              (185)            62         1,068 
                                       ------      --------      -------- 
 Operating (loss) 
  / profit from discontinued    6       (300)          (85)            21 
  Amortisation of 
   intangible assets                        8             5            16 
 Depreciation of 
  property, plant 
  & equipment                             223           185           439 
 Effect of foreign 
  exchange rate moves                     143          (10)          (39) 
 Decrease in receivables                  520           573            16 
 (Decrease) in payables                 (699)       (1,178)       (1,329) 
                                       ------      --------      -------- 
 Cash flow from operating 
  activities                            (290)         (448)           192 
                                       ------      --------      -------- 
 

Consolidated Group Statement of Changes in Equity

For the 6 months ended 30 June 2016

 
                           Share      Share    Special    Retained   Non-controlling      Total 
   6 months to           capital    premium    reserve    earnings          Interest     equity 
   30 June '16                                                               GBP'000 
                         GBP'000    GBP'000    GBP'000     GBP'000                      GBP'000 
 
 At 1 January 
  '16                        195      4,868        233       4,747               170     10,213 
 Foreign currency 
  translation                  -          -          -         143                 -        143 
 Loss for the 
  period                       -          -          -       (578)             (148)      (726) 
 Elimination 
  of non-controlling 
  interest in 
  S&P+                         -          -          -           -               252        252 
 Dividends 
  paid                         -          -          -       (429)                 -      (429) 
 At 30 June 
  '16                        195      4,868        233       3,883               274      9,453 
                       ---------  ---------  ---------  ----------  ----------------  --------- 
 
 
                        Share      Share    Special    Retained   Non-controlling      Total 
   6 months to        capital    premium    reserve    earnings          Interest     equity 
   30 June '15                                                            GBP'000 
                      GBP'000    GBP'000    GBP'000     GBP'000                      GBP'000 
 
 At 1 January 
  '15                     195      4,868        233       4,345               137      9,778 
 Foreign currency 
  translation               -          -          -        (10)                 -       (10) 
 Profit / (Loss) 
  for the period            -          -          -          12              (35)       (23) 
 Dividends 
  paid                      -          -          -       (390)                 -      (390) 
 At 30 June 
  '15                     195      4,868        233       3,957               102      9,355 
                    ---------  ---------  ---------  ----------  ----------------  --------- 
 
 
                        Share      Share    Special    Retained   Non-controlling      Total 
   12 months          capital    premium    reserve    earnings          Interest     equity 
   to 31 December                                                         GBP'000 
   '15                GBP'000    GBP'000    GBP'000     GBP'000                      GBP'000 
 
 At 1 January 
  '15                     195      4,868        233       4,345               137      9,778 
 Foreign currency 
  translation               -          -          -        (39)                 -       (39) 
 Profit for 
  the period                -          -          -         831                33        864 
 Dividends 
  paid                      -          -          -       (390)                 -      (390) 
 At 31 December 
  '15                     195      4,868        233       4,747               170     10,213 
                    ---------  ---------  ---------  ----------  ----------------  --------- 
 

Notes to the financial statements

For the 6 months ended 30 June 2016

   1.          General information 

SpaceandPeople plc is a limited liability company incorporated and domiciled in Scotland (registered number SC212277) which is listed on AIM (ticker: SAL).

This condensed consolidated interim financial information has been reviewed, but not audited, by the auditors, and their independent review is set out in this announcement. It does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. The financial information for the 12 months to 31 December 2015 has been extracted from the statutory accounts for that period. These published accounts were reported on by the auditors without qualification or an emphasis of matter reference, and did not include a statement under section 498 of the Companies Act 2006, and have been delivered to the Registrar of Companies.

This condensed consolidated interim financial information was approved by the board on 23 September 2016.

   2.          Basis of preparation 

This condensed consolidated interim financial information for the 6 months ended 30 June 2016 has been prepared in accordance with IAS 34 'Interim financial reporting'. The condensed consolidated interim financial information should be read in conjunction with the financial statements of the Group for the period ending 31 December 2015 which were prepared on a going concern basis under the historical cost convention in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, and those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

   3.          Accounting policies 

The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the financial statements of the Group for the year ended 31 December 2015.

   4.          Seasonality of operations 

Due to the seasonal nature of the retail business, higher revenues and operating profits are usually expected in the second half of the year than in the first six months, particularly for subsidiary companies POP Retail Limited and Retail Profile Europe GmbH.

   5.          Segmental reporting 

The Group maintains its head office in Glasgow and an office in Hamburg, Germany. These are reported separately. The Group operates both Promotional Sales and Retail businesses in both the UK and Germany. The Group has determined that these are the principal operating segments as the performance of these segments is monitored separately and reviewed by the board.

The following table presents revenue and profit and loss information regarding the Group's two business segments - Promotional Sales and Retail, split by geographic area. Other segment represents the Groups investments in SpaceandPeople India and Retail Profile France.

 
                    Promotions   Promotions     Retail     Retail       Head      Other      Group 
                            UK      Germany         UK    Germany     Office 
 
                       GBP'000      GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
 6 months 
  to 
  30 June 
  '16 
 Revenue                 1,502          544      1,462      1,068          -         70      4,646 
                   -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment 
  operating 
  profit/(loss)            385          145      (169)          1      (456)       (80)      (174) 
                   -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 6 months 
  to 
  30 June 
  '15 
 Revenue                 1,425          612      1,417      1,237          -         75      4,766 
                   -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment 
  operating 
  profit/(loss)            328          279         27         60      (649)      (107)       (62) 
                   -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 12 months 
  to 31 December 
  '15 
 Revenue                 3,063        2,438      3,151      2,632          -        149     11,433 
                   -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment 
  operating 
  profit/(loss)          1,684           53        206         46    (1,039)         90      1,040 
                   -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 
   6.          Discontinued operations 

During the period, the Group took decision to close its S&P+ business, which operated in a niche sector distinct from SpaceandPeople's core business. SpaceandPeople owned 51% of S&P+ and didn't consider it prudent to continue funding the venture beyond what had already been provided. The combined results of the discontinued operations included in the loss for the year are set out below. The comparative loss / profit from discontinued operations have been represented to include those operations classified as discontinued in the current year.

 
                              6 months   6 months      12 months 
   Profit / (Loss)                  to         to             to 
   for the year from           30 June    30 June    31 December 
   discontinued operations         '16        '15            '15 
                               GBP'000    GBP'000        GBP'000 
 
  Revenue                        487          997          2,381 
   Cost of Sales                (343)       (744)        (1,738) 
   Gross Profit                  144          253            643 
   Administration expenses      (444)       (338)          (622) 
 Results from operating 
  activities (net 
  of tax) to date 
  of disposal 
 
  Non-controlling 
  interest eliminated            (300)       (85)             21 
 
  (Loss) / profit                (252)          -              - 
  for period from 
  discontinued operations        (552)       (85)             21 
 
   7.          Goodwill 
 
                     6 months   6 months      12 months 
   Net book value          to         to             to 
                      30 June    30 June    31 December 
                          '16        '15            '15 
                      GBP'000    GBP'000        GBP'000 
 Opening Balance        8,225      8,225          8,225 
 Closing Balance        8,225      8,225          8,225 
                    ---------  ---------  ------------- 
 

8. Other intangible assets

 
                     6 months   6 months      12 months 
   Net book value          to         to             to 
                      30 June    30 June    31 December 
                          '16        '15            '15 
                      GBP'000    GBP'000        GBP'000 
 Opening Balance           17         18             18 
 Additions                 23         15             15 
 Amortisation             (8)        (5)           (16) 
                    ---------  ---------  ------------- 
 Closing Balance           32         28             17 
                    ---------  ---------  ------------- 
 
   9.          Property, plant and equipment 
 
                     6 months   6 months      12 months 
   Net book value          to         to             to 
                      30 June    30 June    31 December 
                          '16        '15            '15 
                      GBP'000    GBP'000        GBP'000 
 Opening Balance        1,625      1,374          1,374 
 Additions                300        512            690 
 Depreciation           (223)      (185)          (439) 
                    ---------  ---------  ------------- 
 Closing Balance        1,702      1,701          1,625 
                    ---------  ---------  ------------- 
 
   10.        Cash & cash equivalents 
 
                      30 June    30 June   31 December 
                          '16        '15           '15 
                      GBP'000    GBP'000       GBP'000 
 
 Cash at Bank and 
  on hand                 778      1,028         1,723 
                          778      1,028         1,723 
                    ---------  ---------  ------------ 
 
   11.        Non-current liabilities 

As at 30 June 2016, SpaceandPeople had drawn down GBP1.2 million (June 2015: GBP750k) of its agreed bank facility of GBP2 million. The amount drawn is part of a revolving credit facility of which GBP1 million is repayable by 31 Jul 2017 and GBP1 million is repayable by 31 July 2019.

   12.        Dividends 
 
                     30 June    30 June   31 December 
                         '16        '15           '15 
                     GBP'000    GBP'000       GBP'000 
 
 Paid during the 
  period                 429        390           390 
 
 
   13.        Called up share capital 
 
 Allotted, issued                  30 June      30 June   31 December 
  and fully paid                       '16          '15           '15 
 Class       Nominal 
              value 
 Ordinary    1p        GBP         195,196      195,196       195,196 
                       Number   19,519,563   19,519,563    19,519,563 
 
   14.        Earnings per share 

Earnings per share has been calculated using the (loss) / profit after taxation for the period and the weighted average number of shares in issue.

 
                     30 June    30 June   31 December 
                         '16        '15           '15 
                     GBP'000    GBP'000       GBP'000 
 (Loss) / profit 
  after taxation       (578)         12           831 
 
 
 
 Weighted average 
  number of shares                   '000     '000     '000 
  in issue during 
  the period 
 
   *    1p ordinary shares         19,520   19,520   19,520 
 
   *    Share options               1,562    1,883    1,866 
 
   *    Diluted ordinary shares    21,082   21,403   21,386 
 

SpaceandPeople plc

2(nd) Floor

100 West Regent Street

Glasgow

G2 2QD

   Telephone:           0845 2418215 
   Email:                     help@spaceandpeople.com 

www.spaceandpeople.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BRGDCCSDBGLU

(END) Dow Jones Newswires

September 26, 2016 02:01 ET (06:01 GMT)

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