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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Amteus | LSE:AUS | London | Ordinary Share | GB00B0NBKL01 | 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% | 7.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMAUS
22 January 2009
Amteus plc
("Amteus" or "the Company")
UNAUDITED PRELIMINARY RESULTS 2008
Amteus, the digital educational networking and media business, is pleased to
announce its unaudited preliminary results for the year ended 30 September
2008.
Highlights:
* Development and launch of imJack - the world's first educational website to
offer full communications, including video conferencing and enabling
collaboration between students and teachers
* MOU signed with Specialist Schools and Academies Trust ("SSAT") and
e-Learning Foundation
* Wide ranging acceptance of imJack from primary schools through to further
education establishments, including significant acceptance by teachers
* Sponsorship revenues to be shared with participating schools, creating
clear financial incentive for schools along with all the benefits of imJack
* Rapid growth of imJack user base to over 500,000 committed users in three
months following launch
* Appointment of Len Sanderson and Richard Addis as new CEO and Director
respectively, following year end, to drive global growth of imJack and
develop significant sponsorship opportunities
Michael Abrahams, Chairman of Amteus, said: "imJack has transformed Amteus into
a digital educational networking and media business. The rapid acceptance of
imJack across a wide range of educational establishments indicates the enormous
potential of this product, enabling us to attract serious media heavyweights to
the Board and create an exciting future for the business."
Enquiries:
Amteus plc 01653 618016
Michael Abrahams (Chairman)
John East & Partners Limited 020 7628 2200
John East/Simon Clements
Rawlings Financial PR Ltd 01653 618016
Catriona Valentine
Chairman's Statement
I am pleased to announce the results for Amteus plc for the year ended 30
September 2008.
Results
Turnover in the year ended 30 September 2008 amounted to GBP198,282 (2007: GBP
131,668). The loss before and after taxation was GBP3,539,038 (2007: GBP3,118,794).
Under the Group's revenue recognition policy there was GBP231,290 (2007: GBP
186,449) of deferred revenue held in the balance sheet as at 30 September 2008.
Business
imJack enables teachers and parents to communicate with and guide children,
while removing the many dangers of using unregulated public sites. It operates
on a secure system by separating a defined user network from general internet
traffic and by using SSL encryption technology to maintain privacy and security
for all users. Students can upload and download homework, share ideas and chat
to their friends through messaging or video conferencing, which is an integral
part of the system. imJack is centrally administered, so the school alone
decides who can and cannot be part of the network.
imJack automatically logs and creates a permanent record of communication
between the parties on the system. This is only accessible by the administrator
for safety, security and legal reasons. imJack also allows truly live
interactive collaborative working with features including real-time drawing
exchange, video conferencing and document management. In this way, teachers and
pupils can exchange documents and sketches, while maintaining a video
conference link.
imJack software is offered as a software package hosted on open source
technology.
Additional modules include an interactive calendar, real time surveys and
polls, as well as educational content, tutorials, news aggregation and
explanatory journalism, etc.
The Company has strategic alliances through its reseller partner with the
Specialist Schools and Academies Trust ("SSAT"), Leading edge Partnership
Programme ("LEPP") and the e-Learning Foundation, the only national charity
dedicated to ensuring that every child in the UK has home access to technology
for their studies.
The Amteus business model provides imJack free to schools, colleges and
universities and aims to generate income from both sponsorship and digital
news. This income is shared with those schools, colleges and universities,
providing them with an additional contribution on top of their funding from the
private sector.
Since the launch of this product some two and a half months ago, the Company
has acquired over 500,000 committed users.
Competition
The Directors believe that there is no direct competitor supplying
communication and collaboration products in a secure and safe environment. Its
communications are embedded in a Web 2.0 environment, where it is simple to
plug in applications and content.
The only relevant competition to imJack falls into three general categories:
- do-it-yourself open-source systems which are technically difficult to
implement with little direct support;
- public hosted systems with the inevitable security concerns and lack of
direct support; and
- complex, expensive, integrated implementations supplied by major software
suppliers with much less functionality.
Strategy
imJack has transformed Amteus from a business selling technology into a digital
educational networking and media business, which is seeking to build revenues
from sponsors targeting imJack's rapidly growing user base. The directors
believe that the ability to profile users is already proving to be a major
attraction to sponsors and, over the next 12 months, aim to introduce more
effective ways to sell local as well as national sponsorship, so that both the
participating schools and the sponsors receive maximum benefit.
The platform Amteus has developed is directly in line with the Government's
educational strategy to involve parents, teachers and pupils more closely in
the learning process and, during the year, our reseller partner signed a 10
year exclusive memorandum of understanding with the SSAT to promote imJack to
schools.
Board Changes
I am also very pleased to report that the Company today announced the
appointment of its new management team. Len Sanderson, who was previously
managing director and main board director of Telegraph plc, has been appointed
as the Company's new Chief Executive Officer. Richard Addis, who was previously
assistant editor of the Financial Times, also joined Amteus as a Director,
assuming the role of Editor in Chief and Director of Website Content.
These appointments are key to the Company's strategy to develop a successful,
global media business, creating value for shareholders through a combination of
innovative technology and the exploitation of commercial opportunities.
Jeffrey Morris, the founder and major shareholder of Amteus, having established
the future direction of the Company and helped to identify and appoint the new
management team, stepped down from the Board today to focus on his other
business interests. His creative ability will continue to be available to the
Company on a consultancy basis, as required. We thank him for his dedication to
Amteus and his considerable investment in the business over the past four
years.
Simon Duffy, who joined the Board as a Non-Executive Director in February 2007,
resigned as a Director of Amteus plc on 31 March 2008 due to other commitments.
We thank him for his contribution and wish him well in his new position.
People
Amteus employed 35 staff at the end of 2007. During the year, the decision was
taken to outsource the development of the Web 2.0 product to The Media Buzz
Limited, a company controlled by Jeffrey Morris, the major shareholder in and
Executive Deputy Chairman of Amteus. Under the terms of the outsourcing
agreement, Amteus pays The Media Buzz Limited royalties of 10 per cent of
turnover. At the financial year end, Amteus employed 23 staff and this number
has now been further reduced to 19.
On behalf of the Board, I would like to thank all of our staff for their hard
work and their contribution to the considerable progress made by the Company in
2008.
Going Concern
The Directors acknowledge that in light of recent credit market conditions,
additional diligence on the part of preparers of accounts and members of audit
committees is required and, in particular, the need for clarity as to the basis
on which judgements have been exercised.
In December 2008, the Company raised GBP710,000 (after expenses) through the
issue of shares, which were admitted to trading on AIM on 5 January 2009. The
proceeds of the placing allows the Company to settle certain trade creditors
and provide additional working capital for the next three months during which
time the Directors anticipate income will be generated from sponsorship and
from the strategic partnerships that are being cultivated.
The Directors have prepared a forecast to September 2010, which assumes a
certain level of sponsorship revenue being achieved. In preparing the
forecasts, the Directors have taken into account the experience and expertise
of the two new Directors, Len Sanderson and Richard Addis, securing favourable
sponsorship contracts.
In the forecasts, the Directors have also relied upon the current intention of
the majority shareholder to not request repayment of his loans to the Company.
This uncertainty of achieving the forecast revenues and the continued
shareholder support indicates the existence of material uncertainties.
Nevertheless after making enquiries and considering the uncertainties described
above, the Directors have concluded that the going concern basis is appropriate
and that the Group will continue in operational existence for the foreseeable
future.
Further details are set out in note 1.
Outlook
Amteus has been transformed from a technology company to a digital educational
networking and media business, whose rapidly growing user base provides an
ideal platform to deploy the skills of the new leadership of the Board. They
have an exceptional track record of monetising media content by attracting
sponsors to large and growing web-based users.
The Directors believe that the Company, with its unique educational platform
imJack, has substantial potential, both in the UK and overseas.
Michael D Abrahams CBE DL
Chairman
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 30 September 2008
Note Year ended Year ended
30 September 30 September
2008 2007
GBP GBP
Unaudited Audited
Turnover 198,282 131,668
Cost of sales (313,087) (56,275)
Gross (loss)/profit (114,805) 75,393
Administrative expenses (3,366,830) (3,209,526)
OPERATING LOSS (3,481,635) (3,134,133)
Investment revenue 10,421 48,708
Finance costs (67,824) (33,369)
LOSS BEFORE TAXATION (3,539,038) (3,118,794)
Tax on loss on ordinary activities - -
LOSS FOR THE PERIOD FROM CONTINUING (3,539,038) (3,118,794)
OPERATIONS ATTRIBUTABLE TO EQUITY HOLDERS OF
THE PARENT COMPANY
Loss per share
- basic and diluted 4 (7.6p) (8.3p)
statement of total recognised gains and losses
There is no recognised income or expense for the financial period other than
those shown in the consolidated income statement above and consequently no
separate statement of recognised income and expense has been presented.
UNAUDITED CONSOLIDATED BALANCE SHEET
30 September 2008
Note As at 30 As at 30
September September
2008 2007
GBP GBP
Unaudited Audited
NON-CURRENT ASSETS
Intangible assets 51,232 23,349
Property, plant and equipment 62,308 178,855
113,540 202,204
CURRENT ASSETS
Inventories 189,600 480,096
Trade and other receivables 486,987 267,720
Cash and cash equivalents 4,250 626,360
680,837 1,374,176
TOTAL ASSETS 794,377 1,576,380
CURRENT LIABILITIES 5
Trade and other payables (1,967,368) (1,067,127)
Obligations under finance leases (10,468) (37,129)
Bank Overdraft (14,473) -
(1,992,309) (1,104,256)
NET CURRENT (LIABILITIES)/ASSETS (1,311,472) 269,920
NON-CURRENT LIABILITIES
Obligations under finance leases 6 (10,291) (44,736)
TOTAL LIABILITIES (2,002,600) (1,148,992)
NET (LIABILITIES)/ ASSETS (1,208,223) 427,388
CAPITAL AND RESERVES
Share capital 5,376,333 4,045,328
Share premium 6,320,186 5,937,455
Share options reserve 489,915 300,224
Retained earnings (13,394,657) (9,855,619)
TOTAL EQUITY (1,208,223) 427,388
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 September 2008
Note Year ended Year ended
30 September 30 September
2008 2007
GBP GBP
Unaudited Audited
Net cash used in operating activities 7 (2,403,896) (3,301,754)
Investing activities
Interest received 10,421 48,708
Proceeds on disposal of property, plant and 86,920 54,902
equipment
Purchase of property, plant and equipment (75,480) (87,133)
Net cash generated from investing activities 21,861 16,477
Financing activities
Finance cost (67,824) (57,853)
Repayments of obligations under finance (61,106) (45,700)
leases
Proceeds on issue of shares 1,713,736 3,163,865
Receipt/(Repayment) of related party loans 160,646 (68,633)
Net cash generated from financing activities 1,745,452 2,991,679
Net decrease in cash and cash equivalents (636,583) (293,598)
Cash and cash equivalents at beginning of 626,360 919,958
year
Cash and cash equivalents at end of year (10,223) 626,360
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 September 2008
1. Publication of non-statutory accounts
While the financial information included in this preliminary announcement has
been prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRSs), this announcement does not
itself contain sufficient information to comply with IFRSs. The Company expects
to publish full financial statements that comply with IFRSs in March 2009.
The financial information for the year ended 30 September 2007 is derived from
the statutory accounts for that year which have been delivered to the Registrar
of Companies. The auditors reported on those accounts: their report was
unqualified and did not contain a statement under s237(2) or (3) Companies Act
1985. The audit report included an emphasis of matter in respect of going
concern. The emphasis of matter included the uncertainty in respect of the
placing of ordinary shares being subject to shareholder approval and the
dependency on the adequate continued financial support of the majority
shareholder.
The audit of the statutory accounts for the year ended 30 September 2008 is not
yet complete. These accounts will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and
will be delivered to the Registrar of Companies following the company's annual
general meeting.
The directors have prepared a forecast, to September 2010, which assumes a
certain level of sponsorship revenue being achieved. In preparing the forecasts
the directors have taken into account the experience and expertise of the two
new directors, Leonard Sanderson and Richard Addis, securing favourable
sponsorship contracts
In the forecasts, the directors have also relied upon the current intention of
the majority shareholder to not request repayment of his loans to the company.
These material uncertainties, being achievement of the forecast sponsorship
revenues and JC Morris not requesting repayment of his loans to the company,
may cast significant doubt on the entity's ability to continue as a going
concern and, therefore, that it may be unable to realize its assets and
discharge its liabilities in the normal course of business.
Nevertheless after making enquiries and considering the uncertainties described
above, the directors have concluded that the going concern basis is
appropriate. If the adoption of the going concern basis was inappropriate,
adjustments, which it is not practicable to quantify, would be required,
including those to write down assets to their recoverable value, to reclassify
fixed assets as current assets and to provide for any further liabilities that
may arise.
The directors' current expectation is that the audit report on the statutory
accounts is likely to be modified to include an emphasis of matter paragraph in
respect of the material uncertainties regarding going concern.
2. ACCOUNTING POLICIES
Amteus has adopted revised accounting policies in accordance with IFRS and the
financial statements have been prepared in accordance with these accounting
policies, which have been published on the group's website www.amteus.com. The
comparative financial information has been restated accordingly. Further
details are set out in note 9.
3. DIVIDENDS
No dividends are proposed for the year ended 30 September 2008 (2007: nil).
4. LOSS PER SHARE
The calculations of loss per ordinary share are based on the loss for the
financial year and the weighted average number of ordinary shares in issue
during the year. Dilutive earnings per share is based on the weighted average
number of ordinary shares in issue, adjusted to reflect conversion of all
dilutive potential ordinary shares. Dilutive potential shares comprise share
options granted to employees. For the years ended 30 September 2008 and 30
September 2007 the impact of share options is anti-dilutive and these have been
excluded from the calculation of diluted weighted average share capital.
2008 2007
GBP GBP
Unaudited Audited
Loss for the year (3,539,038) (3,118,794)
Number Number
Weighted average number of shares 46,299,585 37,631,140
Pence Pence
Basic and diluted loss per ordinary share (7.6) (8.3)
5. CURRENT LIABILITIES
2008 2007
GBP GBP
Unaudited Audited
Trade and other payables
Trade creditors 745,555 563,645
Amounts due to related parties 196,276 25,442
Accruals and deferred income 481,686 382,714
Other taxes and social security 512,486 69,258
Other creditors 31,365 26,068
1,967,368 1,067,127
Obligations under finance leases 10,468 37,129
Bank and cash 14,473 -
6. NON-CURRENT LIABILITIES
2008 2007
GBP GBP
Unaudited Audited
Obligations under finance leases 10,291 44,736
7. NET CASHFLOW FROM OPERATING ACTIVITIES
2008 2007
GBP GBP
Unaudited Audited
Loss for the year (3,539,038) (3,118,794)
Adjustments for:
Investment revenue (10,421) (48,708)
Finance cost 67,824 33,369
Loss on disposal of property, plant and 2,502 6,649
equipment
Amortisation of intangible assets 14,229 790
Depreciation of property, plant and equipment 60,493 87,577
Employee share based payment 189,691 134,728
Operating cash outflows before movements in (3,214,720) (2,904, 389)
working capital
Decrease/(Increase) in inventories 290,496 (394,971)
Increase in receivables (209,079) (199,447)
Increase in payables 729,407 197,053
(2,403,896) (3,301,754)
8. related party transactions
At the year end the group owed Hak Services Limited, HAK Developments Limited
and The Media Buzz Limited (companies under common control) GBP389, GBP3,149 and GBP
99,915 respectively (2007: GBP9,354, GBP3,149 and GBP7,264 respectively).
All amounts are repayable within one year and are interest free.
At the year end there is an amount owed from Countrylarge Limited (a company
under common control) of GBP10,188 (2007: GBP11,770). This amount is receivable
within one year and accrues no interest.
At 30 September 2008 there are amounts of GBP92,823 (2007: GBP5,675) owed to J C
Morris. Of this amount GBPnil is due in more than 12 months from the balance
sheet date. All amounts are repayable within one year and are interest free.
Subsequent to the year end J C Morris has provided further funds of GBP24,676 to
the Company. The highest amount due to J C Morris during the year was GBP286,602.
J C Morris has confirmed his current intention to not request repayment of his
loans from the Company.
All amounts at both 30 September 2007 and 30 September 2008 due to related
parties are unsecured.
During the year the group incurred recharges of GBP26,914 (2007: 46,657) from Hak
Services Limited and recharged costs of GBPNil (2007: GBP400) to Hak Services
Limited.
During the year the group incurred recharges of GBP7,473 (2007: GBP3,069) from
Countrylarge Limited and recharged costs of GBP1,257 (2007: GBP8,499) to
Countrylarge Limited.
During the year the group incurred recharges of GBP326,835 (2007: GBP35,940) from
The Media Buzz Limited and recharged costs of GBP146,388 (2007: GBP10,959) to The
Media Buzz Limited.
9. first time adoption of ifrs
The year ending 30 September 2008 is the first year that the group will present
its consolidated financial statements under IFRS. The last consolidated
financial statements under UK GAAP were for the year ended 30 September 2007.
The Group's date of transition to IFRS was therefore 1 October 2006. The
adoption of IFRS does not affect the cash flows of the group. The disclosures
required in the period of transition are given below:
Reconciliation of equity at 30 September 2007
UK GAAP Effect of Restated
30 transition Under IFRS
September
2007
GBP GBP GBP
NON-CURRENT ASSETS
Intangible assets - 23,349 23,349
Property, plant and equipment 202,204 (23,349) 178,855
202,204 - 202,204
CURRENT ASSETS
Inventories 480,096 - 480,096
Trade and other receivables 267,720 - 267,720
Cash and cash equivalents 626,360 - 626,360
1,374,176 - 1,374,176
TOTAL ASSETS 1,576,380 - 1,576,380
CURRENT LIABILITIES
Trade and other payables (1,067,127) - (1,067,127)
Obligations under finance leases (37,129) - (37,129)
(1,104,256) - (1,104,256)
NET CURRENT ASSETS 269,920 - 269,920
NON-CURRENT LIABILITIES
Obligations under finance leases (44,736) - (44,736)
TOTAL LIABILITIES (1,148,992) - (1,148,992)
NET ASSETS 427,388 - 427,388
CAPITAL AND RESERVES
Called up share capital 4,045,328 - 4,045,328
Share premium 5,937,455 - 5,937,455
Share options reserve 300,224 - 300,224
Profit and loss account (9,855,619) - (9,855,619)
TOTAL EQUITY 427,388 - 427,388
The adoption of IAS 38 requires computer software to be recognised as an
intangible asset. Computer software under UK GAAP was capitalised and recorded
as property, plant and equipment.
Reconciliation of equity at 1 October 2006
UK GAAP Effect of Restated
1 October transition under IFRS
2006 to IFRS
GBP GBP GBP
NON-CURRENT ASSETS
Intangible assets - 15,478 15,478
Property, plant and equipment 178,715 (15,478) 163,237
178,715 - 178,715
CURRENT ASSETS
Inventories 85,125 - 85,125
Trade and other receivables 59,774 - 59,774
Cash and cash equivalents 919,958 - 919,958
1,064,857 - 1,064,857
TOTAL ASSETS 1,243,572 - 1,243,572
CURRENT LIABILITIES
Trade and other payables (1,169,350) - (1,169,350)
Obligations under finance leases (25,547) - (25,547)
(1,194,897) - (1,194,897)
NET CURRENT LIABILITIES (130,040) - (130,040)
NON-CURRENT LIABILITIES
Trade and other payables (577,342) - (577,342)
Obligations under finance leases (15,744) - (15,744)
(593,086) - (593,086)
TOTAL LIABILITIES (1,787,983) - (1,787,983)
NET LIABILITIES (544,411) - (544,411)
EQUITY
Share capital 3,447,458 - 3,447,458
Share premium 2,579,460 - 2,579,460
Share options reserve 165,496 - 165,496
Retained earnings (6,736,825) - (6,736,825)
TOTAL EQUITY (544,411) - (544,411)
The adoption of IAS 38 requires computer software to be recognised as an
intangible asset. Computer software under UK GAAP was capitalised and recorded
as property, plant and equipment.
Reconciliation of profit for the year ended 30 September 2007
The reclassification of computer software from property, plant and equipment to
intangible assets required a corresponding reclassification of the related
depreciation charge to amortisation. This has no impact on the operating loss
recorded for this year.
10. Copies of the Report and Accounts will be sent to shareholders in due
course and a further announcement will be made at that time.
END
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