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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Adili | LSE:ADIL | London | Ordinary Share | GB00B28CRF51 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMADIL
RNS Number : 4223M
Adili PLC
29 January 2009
AIM: ADIL
Adili plc
("Adili" or "the Company")
Unaudited half year results
for the six months ended 31 October 2008
Adili plc is an online retailer of ethical fashion and lifestyle products
trading through Adili.com. The Company sources its goods from a variety of
ethical brands and its own supply chains. Its products are intended to be
fashionable and stylish, as well as ethical and offering value for money. Adili
is advised on ethical issues by one of the UK's leading ethical trading
consultants.
Key Points
* Sales increased by 78% to GBP250,000 (2007: GBP140,000)
* Loss before tax of GBP901,000 (2007: GBP631,000)
* Loss per share of GBP0.03 (2007: GBP0.06)
* Expansion in range of product lines and brands to 1,679 and 68 (2007: 735 and 42
respectively)
* Number of unique visitors in the first half of 239,715 (2007: 172,674)
* Launch of own label product, with recent launch of initial womenswear pieces
* Appointment of Nick Samuel as Chairman in October 2008
* Trading in the four weeks to 21 December 2008 showed year-on-year sales growth
of 33%. In the five weeks since 21 December 2008, sales rose 102% year-on-year
Nick Samuel, Chairman, commented:
"This is my first statement since my appointment as Chairman and I am pleased to
report that the business continues to make progress despite the worst trading
conditions the retail sector has seen for very many years.
Over the half year Adili delivered strong revenue growth and achieved some
important operational goals including the launch of Adili's own label ranges, a
significant expansion in the number of ethical brands and lines we offer and, in
November, the launch of a new website.
Looking ahead, we expect market conditions to remain very challenging but
anticipate satisfactory growth in revenues."
Enquiries:
+-----------------------+------------------------------+------------------+
| Adili plc | Adam Smith, Chief Executive | T: 01258 837 437 |
| | Officer | |
| | Chris Powles, Finance | |
| | Director | |
+-----------------------+------------------------------+------------------+
| | | |
+-----------------------+------------------------------+------------------+
| John East & Partners | David Worlidge/Bidhi Bhoma | T: 020 7628 2200 |
| Limited | | |
+-----------------------+------------------------------+------------------+
| | | |
+-----------------------+------------------------------+------------------+
| Biddicks | Katie Tzouliadis/Sophie Lane | T: 020 7448 1000 |
+-----------------------+------------------------------+------------------+
| | | |
+-----------------------+------------------------------+------------------+
CHAIRMAN'S STATEMENT
Introduction
This is my first statement since my appointment as Chairman in October 2008 and
I am pleased to report that the business continues to make progress despite the
worst trading conditions the retail sector has seen for very many years.
Over the six months to 31 October 2008, Adili delivered strong revenue growth
and achieved some important operational goals. These included the launch of
Adili's own label ranges, a significant expansion in the number of ethical
brands and product lines we offer and, in November, the launch of a new website.
These developments will help to drive future growth and, while trading
conditions remain very challenging, the opportunity to establish Adili as 'the
place' to shop online for ethical fashion and other related lifestyle products
remains substantial.
Financial Results
Revenue for the six months to 31 October 2008 increased to GBP250,000 (2007:
GBP140,000), a rise of approximately 78% on the comparative period last year.
The loss before tax for the six months to 31 October 2008 was GBP901,000 (2007:
GBP631,000 loss). The loss per share for the six months to 31 October 2008 was
GBP0.03 (2007: loss per share GBP0.06). The Company ended the period with net
cash resources of GBP840,000.
Fundraising
In October 2008, we completed a placing and entered into a loan agreement, which
together raised additional funds of GBP1 million before expenses. The loan
converted to equity on the proposed terms after the period end. The new monies
raised are part of the continuing funding required over the next few months to
meet the business' working capital requirements and to take it to cash
break-even.
Business Development
Product Range
Over the period, we invested heavily in stock, significantly expanding the range
of ethical brands and the product lines we sell. At the end of the half year, we
stocked 68 ethical brands and 1,679 lines, up from 53 and 756, respectively, at
30 April 2008. By Christmas, our ethical brands and lines had grown to 86 and
1,806 respectively, which is ahead of management plans. This took our offering
into gifts and broadened our homewares range. We also widened all our core
clothing ranges and our jewellery and skincare collections. More recently, we
appointed a Head of Product whose previous background in buying at GAP, Laura
Ashley, The Bay Trading Company and Liberty, will help to accelerate our range
development.
A key objective for the business has been the launch of our own label products.
Our move into 'own label' is expected not only to improve margins but also
expand our product range in key areas, increase Adili's brand awareness and
allow greater control over the supply chain. The move also helps us to progress
our ethical trade goals.
We introduced Adili own label products over the summer and the range of own
label products now includes: ladies knitwear, loungewear and nightwear; a
capsule menswear collection and bath linen. The Ascension brand (which we
acquired in March 2008) continues to sell well on our website and we plan to
expand both the Ascension and Adili ranges over coming months, focusing on Adili
ranges in particular. The first Adili womanswear capsule collection is in
production and expected to launch in March 2009.
New Website
In November 2008, we launched Adili's new website, having made significant
improvements to its 'look and feel' and to its functionality. The new website is
enabling us to merchandise our products in a much more appealing way and to
enhance customers' shopping experience. It gives us a good platform for future
growth and we are pleased that customer reaction to the new site has been
positive.
Operations and Logistics
Our operations and logistics are run from our base in Dorset and, after the
period end, we took an additional 9,300 square feet of warehouse and office
space, adjacent to our current site, which had become available at very low
cost. This will provide us with sufficient additional space as we continue to
grow and develop.
Market Developments
Online retailing and ethical consumerism continue to grow. The latest monthly
IMRG Cap Gemini e-Retail Sales Index, published in January 2009, shows online
retailing rising 14.2% year-on-year in December 2008, with sales of clothing
rising by 32% year-on-year for the same month. The latest Co-operative Bank
report on ethical consumerism, published in November 2008, advised that "despite
the first tremors of the downturn being felt towards the end of last year, the
overall ethical market in the UK was worth GBP35.5 billion in 2007, up 15% from
GBP31 billion in the previous 12 months". The report also stated that the
ethical fashion sub-sector has grown by 71% year-on-year to GBP89 million.
Both these trends are positive for Adili especially over the longer term.
However, in the short term, the sharp deterioration in market conditions,
especially evident in the key Christmas trading period, have adversely affected
Adili's gross margins. This reduction reflects the discounting action Adili
took, in line with both online and high street retailers. As the margins
available in our third party brands business are less than for our own label,
this has had a significant impact. However, the action taken enabled us to clear
stock to a comfortable level.
Ethical Initiatives
In October 2008, as part of our report and accounts, we published the Company's
first Social and Environmental Review, which outlined how we are working towards
our social and environmental goals. Since then, we have agreed the legal
structure of the Adili Foundation and we are now in the process of constituting
it. We have also begun ordering products as part of our producer group programme
in Rwanda, which should become available on the website shortly. Aspects of our
own label project, referred to above, are also a key ethical trade initiative
and, as we order and sell more of this product, we will see increasing social
impact. Finally, since the Review, we have now also begun working with charities
in ways designed to increase the number of visitors to the Adili website while
also generating either revenues for the charities or helping them in other ways.
We look forward to developing that activity further.
Board Appointment
I was pleased to join the board as Non-executive Chairman on 3 October 2008.
Having worked in fashion retailing over the last seventeen years, at Hobbs and
before that at Karen Millen, I look forward to helping the management team
realise their growth plans for the business and establishing Adili as a leading
name in ethical retailing.
Current Trading and Outlook
Sales in the four weeks to 21 December 2008, the final shipping date for
Christmas, increased by 33% on those for the same period in 2007. 3,594 items
(2007: 2,357) were shipped, arising from 1,468 orders (2007: 1,050), during the
same period. Trading from 21 December 2008 to 26 January 2009, covering our main
stock clearance sale period, showed sales growth of 102%. Looking ahead, we
expect market conditions to remain very challenging but anticipate satisfactory
growth in revenues.
Finally, in what is a difficult time, on behalf of the board, I would like to
thank Adili's industrious staff for their commitment to the business and our
ethical goals.
Nick Samuel
Chairman
UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER
2008
+------------------------------------+--------+-------------+-------------+-------------+
| | | 6 months | 6 | |
| | | to 31 | months to | 12 months |
| | | October | 31 October | to 30 |
| | | (Unaudited) | (Unaudited) | April |
| | | | | (Audited) |
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| | Notes | 2008 | 2007 | 2008 |
+------------------------------------+--------+-------------+-------------+-------------+
| | | GBP | GBP | GBP |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Continuing operations | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Revenue | | 249,825 | 140,195 | 354,191 |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Cost of sales | | (230,865) | (126,733) | (317,885) |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Gross profit | | 18,960 | 13,462 | 36,306 |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Administrative expenses | | (923,861) | (647,777) | (1,627,410) |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Operating loss | | (904,901) | (634,315) | (1,591,104) |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Finance costs | | (5,866) | - | (16,500) |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Investment revenues | | 9,933 | 3,243 | 22,179 |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Loss before taxation | | (900,834) | (631,072) | (1,585,425) |
+------------------------------------+--------+-------------+-------------+-------------+
| Taxation | | - | - | - |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Loss for the period | | (900,834) | (631,072) | (1,585,425) |
+------------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Loss per share | | | | |
+------------------------------------+--------+-------------+-------------+-------------+
| Basic and diluted | 3 | (0.03) | (0.06) | (0.12) |
+------------------------------------+--------+-------------+-------------+-------------+
UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2008
+------------------------------------+------------+-------------+-------------+-------------+
| | | 6 months | 6 months | 12 months |
| | | to 31 | to 31 | to 30 |
| | | October | October | April |
| | | 2008 | 2007 | 2008 |
| | | (Unaudited) | (Unaudited) | |
| | | | | (Audited) |
+------------------------------------+------------+-------------+-------------+-------------+
| | Notes | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | GBP | GBP |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Non-current assets | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Plant and equipment | | 110,173 | 45,511 | 102,335 |
+------------------------------------+------------+-------------+-------------+-------------+
| Intangible assets - other | | 15,727 | - | 15,727 |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Total non-current assets | | 125,900 | 45,511 | 118,062 |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Current assets | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Inventories | | 262,068 | 146,657 | 193,562 |
+------------------------------------+------------+-------------+-------------+-------------+
| Trade and other receivables | | 128,828 | 181,581 | 143,064 |
+------------------------------------+------------+-------------+-------------+-------------+
| Cash and cash equivalents | 2 | 839,801 | 482,505 | 706,705 |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Total current assets | | 1,230,697 | 810,743 | 1,043,331 |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Current liabilities | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Trade and other payables | | (821,184) | (1,221,868) | (137,579) |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Total current liabilities | | (823,184) | (1,221,868) | (137,579) |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Net current assets / (liabilities) | | 409,513 | (411,125) | 905,752 |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Net assets / (liabilities) | | 535,413 | (365,614) | 1,023,814 |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Equity | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Share capital | | 320,830 | 105,850 | 254,866 |
+------------------------------------+------------+-------------+-------------+-------------+
| Share premium account | | 2,929,679 | 678,333 | 2,726,487 |
+------------------------------------+------------+-------------+-------------+-------------+
| Merger reserve | | (103,733) | (103,733) | (103,733) |
+------------------------------------+------------+-------------+-------------+-------------+
| Share option reserve | | 223,618 | 40,657 | 146,610 |
+------------------------------------+------------+-------------+-------------+-------------+
| Equity element of convertible loan | | 66,269 | - | - |
| stock | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| Retained earnings | | (2,901,250) | (1,086,721) | (2,000,416) |
+------------------------------------+------------+-------------+-------------+-------------+
| | | | | |
+------------------------------------+------------+-------------+-------------+-------------+
| | | 535,413 | (365,614) | 1,023,814 |
+------------------------------------+------------+-------------+-------------+-------------+
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER
2008
+-----------------------------------------+-------+-------------+-------------+---------------+
| | | | | 12 |
| | | Six | Six | months |
| | | months to | months to | to 30 |
| | | 31 | 31 | April |
| | | October | October | 2008 |
| | | 2008 | 2007 | (Audited) |
| | | (Unaudited) | (Unaudited) | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| | Notes | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| | | | GBP | GBP |
+-----------------------------------------+-------+-------------+-------------+---------------+
| | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| | | | (701,104) | (1,528,597) |
| | | | | |
| Net cash used in operating activities | | (747,259) | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Investing activities | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Interest received | | 9,933 | 3,243 | 22,179 |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Purchases of plant and equipment | | (35,935) | (31,468) | (102,109) |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Purchases intellectual property rights | | - | - | (15,727) |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Net cash used in investing activities | | (26,002) | (28,255) | (95,657) |
+-----------------------------------------+-------+-------------+-------------+---------------+
| | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Financing activities | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Proceeds on issue of shares | | 362,800 | - | 1,500,030 |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Loan stock proceeds | | 637,201 | 1,100,000 | 1,100,000 |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Costs relating to share issue and loan | | (93,644) | (38,965) | (402,860) |
| stock | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Interest paid | | - | - | (16,500) |
+-----------------------------------------+-------+-------------+-------------+---------------+
| | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Net cash generated from financing | | 906,357 | 1,061,035 | 2,180,670 |
| activities | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Net increase in cash and cash | | 133,096 | 331,676 | 556,416 |
| equivalents | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Cash and cash equivalents at beginning | | 706,705 | 150,829 | 150,289 |
| of period | | | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
| Cash and cash equivalents at end of | 2 | | 482,505 | 706,705 |
| period | | 839,801 | | |
+-----------------------------------------+-------+-------------+-------------+---------------+
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED
31 OCTOBER 2008
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| | Share | Share | Share | Merger | Equity | Retained | Total |
| | capital | premium | option | reserve | element | earnings | equity |
| | | | reserve | | of | | |
| | | | | | convertible | | |
| | | | | | loan stock | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| Balance at 30 April | 254,866 | 2,726,487 | 146,610 | (103,733) | - | (2,000,416) | 1,023,814 |
| 2008 | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| Shares issued in | 65,964 | 296,836 | - | - | - | - | 362,800 |
| period for cash | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| Costs of share issue | - | (93,644) | - | - | - | - | (93,644) |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| Equity element of | - | - | - | - | 66,269 | - | 66,269 |
| convertible loan | | | | | | | |
| stock | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| Share option charge | - | - | 77,008 | - | - | - | 77,008 |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| Loss for the period | - | - | - | - | - | (900,834) | (900,834) |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
| Balance at 31 | 320,830 | 2,929,679 | 223,618 | (103,733) | 66,269 | (2,901,250) | 535,413 |
| October 2008 | | | | | | | |
+----------------------+---------+-----------+---------+-----------+-------------+-------------+-----------+
NOTES TO THE HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2008
1.BASIS OF PREPARATION
The interim report is unaudited and does not constitute statutory accounts
within the meaning of s240 of the Companies Act 1985. The statutory accounts for
2008, which were prepared under IFRS, have been delivered to the Registrar of
Companies. The auditors' opinion on these accounts was unmodified and did not
contain a statement under s237 (2) or s237 (3) of the Companies Act 1985.
The next annual financial statements of Adili plc will be prepared in accordance
with IFRS as adopted for use in the EU, applied in accordance with the
provisions of the Companies Act 1985. Accordingly, the interim financial
information in this report has been prepared using accounting policies
consistent with IFRS. IFRS is subject to amendment and interpretation by the
International Accounting Standards Board (IASB) and the International Financial
Reporting Interpretation Committee (IFRIC) and there is an ongoing process of
review and endorsement by the European Commission. The financial information has
been prepared on the basis of IFRS that the Directors expect to be applicable as
at 30 April 2009. Comparative figures are given for the six months ended 31
October 2007 and the year ended 30 April 2008.
The consolidated financial statements have been prepared under the historical
cost convention and on a going concern basis. It is expected that the Group's
funds will last less than 12 months from the preparation of this report based on
management's investment plans for the business. The directors believe it
appropriate to prepare the interim report on a going concern basis as they
believe a planned fund raising should be successful.
2. CASH AND CASH EQUIVALENTS
+-----------------------------------------------+-------------+-------------+-----------+
| | As at | As at | As at |
| | 31 October | 31 October | 30 April |
| | 2008 | 2007 | 2008 |
| | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------------------------------+-------------+-------------+-----------+
| | | GBP | GBP |
+-----------------------------------------------+-------------+-------------+-----------+
| | | | |
+-----------------------------------------------+-------------+-------------+-----------+
| Cash at bank and in hand | 39,801 | 482,505 | 55,874 |
+-----------------------------------------------+-------------+-------------+-----------+
| Short term bank deposits | 800,000 | - | 650,831 |
+-----------------------------------------------+-------------+-------------+-----------+
| | | | |
+-----------------------------------------------+-------------+-------------+-----------+
| | 839,801 | 482,505 | 706,705 |
+-----------------------------------------------+-------------+-------------+-----------+
3. LOSS PER SHARE
+-----------------------------------------------+-------------+-------------+-------------+
| | Six months | Six months | Year |
| | to | to | to |
| | 31 October | 31 October | 30 April |
| | 2008 | 2007 | 2008 |
| | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------------------------------+-------------+-------------+-------------+
| | GBP | GBP | GBP |
+-----------------------------------------------+-------------+-------------+-------------+
| | | | |
+-----------------------------------------------+-------------+-------------+-------------+
| Earnings | | | |
+-----------------------------------------------+-------------+-------------+-------------+
| Earnings for the purposes of basic and | (900,834) | (631,072) | (1,585,425) |
| diluted earnings per share being net loss | | | |
| attributable to equity shareholders | | | |
+-----------------------------------------------+-------------+-------------+-------------+
+-------------------------------------------------+------------+------------+------------+
| Number of shares | | | |
+-------------------------------------------------+------------+------------+------------+
| Weighted average number of ordinary shares for | 26,495,862 | 10,585,000 | 13,277,531 |
| the purposes of basic and diluted earnings per | | | |
| share | | | |
+-------------------------------------------------+------------+------------+------------+
Basic and diluted loss per share are the same as the Group was loss making and
therefore any contingently issuable shares would have be anti-dilutive.
4. DIVIDEND
No dividends are proposed for the six months ended 31 October 2008 (31 October
2007 - Nil).
5. COPIES OF THE REPORT & ACCOUNTS
Copies of the Interim Report will be posted to shareholders shortly and will be
available from the Company's website www.adili.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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