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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Atlantic Global | LSE:ATL | London | Ordinary Share | GB0030419542 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMATL Press Release 28 September 2010 Atlantic Global Plc ("Atlantic Global" or "the Group") Interim Results Atlantic Global Plc (AIM: ATL), the specialist provider of integrated business and resource management software applications, today announces its Interim Results for the six months ended 30 June 2010. Financial and Operational Summary * Turnover increased to GBP728,000 (2009: GBP647,000) * Profit before tax of GBP21,000 (2009: loss of GBP148,000) * Cash balance increase of GBP78,000 since the Group's financial year end of 31 December 2009 to GBP2,110,000 (2009: GBP2,265,000) * Earnings per share of 0.1p (H1 09: loss of 0.53p) * Proposed interim dividend of 0.1 pence per share * Continued investment in research and development of GBP198,000 (2009: GBP202,000) * New SaaS customers include the British Computer Society, ESURE, Merseyside Police and Experian Adrian Bradshaw, Chairman of Atlantic Global commented: "I am pleased to report Atlantic Global's results for the six months to 30 June 2010. In the first half of the year, the Group remained profitable, continued to develop a fully automated Software as a Service (SaaS) business platform and secured new blue chip customers. The Group has achieved this while maintaining its substantial cash reserves. "The introduction of the automated SaaS platform, which is due to be launched on 29 October 2010, will mark a significant milestone for the Group. It will provide an effective means of targeting small and medium sized enterprises including individual departments within a larger organisation. "Trading remains challenging as customers' IT budgets remain under pressure. However, the Group is seeing an uptake in interest in its SaaS offering, and the Directors remain confident about the Group's future performance." - Ends - For further information please contact: Atlantic Global Plc Eugene Blaine, Managing Director Tel: +44 (0) 1274 863 300 Rupert Hutton, Finance Director eugene.blaine@atlantic-global.com rupert.hutton@atlantic-global.com www.atlantic-global.co.uk Daniel Stewart & Company plc Paul Shackleton / Christopher Theis Tel: +44 (0) 207 776 6550 Media enquiries: Abchurch Communications Sarah Hollins / Nick Probert Tel: +44 (0) 20 7398 7715 nick.probert@abchurch-group.com www.abchurch-group.com Chairman's Statement Introduction During the first half of 2010 the Group was profitable and secured new customers. We have extended the existing SaaS solution to provide a fully self serviced SaaS platform which is scheduled for launch on 29 October 2010. This fully automated SaaS platform marks a significant milestone for the Group in that customers will be able to register and immediately set up their own implementations without needing to speak to any support staff. This new self service SaaS platform will make the trials more relevant and will be available worldwide 24 hours a day, seven days per week. Financial Review Atlantic Global's profit before taxation for the six months to 30 June 2010 was GBP21,000, compared to a loss before taxation of GBP148,000 in the first six months of 2009. Revenue increased to GBP728,000 compared to GBP647,000 in the same period of 2009. Earnings per share were 0.1p for the six month period (2009 losses per share: 0.53p). As at 30 June 2010, the Group had cash balances of GBP2,110,000 (2009: GBP2,265,000). Cash balances have increased by GBP78,000 since the Group's financial year end of 31 December 2009. In the first half of the year, the Group has continued to maintain its investment in research and development of GBP198,000 (2009: GBP202,000) which ensured the successful delivery of the new SaaS suite of products. Atlantic Global has grown its SaaS revenues and now host 35 SaaS implementations for a wide range of customers that include GlaxoSmithKline, Man Group Plc and VILT (Spain and Portugal). New SaaS customers added during the period include the British Computer Society, ESURE, Merseyside Police and as a self hosted customer, Experian. The Group expects SaaS revenues to increase further during the second half of 2010. Operating Review Having technically deployed our solution on a SaaS platform during 2009, research and development and marketing resources have been focussed throughout 2010 on making Atlantic Global's product offerings easier for the customer to trial and adopt. During this time, the Group also passed several extensive SaaS vendor audits, which are becoming more common when larger organisations consider deploying solutions on a SaaS platform. This has given us confidence both in terms of the quality and performance of our SaaS solution and also in terms of the quality and robustness of our supporting business process. Since Atlantic Global first deployed the SaaS solution, the biggest obstacle that the Group has encountered was the degree of assistance that new customers required to get themselves up and running on the solution. The Group initially invested in a significant sales effort to support each evaluation through this critical early adoption phase. Customer feedback has been very positive once a client has successfully negotiated this critical set-up phase in the solution evaluation. In an attempt to make the solution easier to adopt, Atlantic Global introduced a new 'Resource Centre' in April 2010 where customers can now access a wide range of product literature and over 90 video tutorials that explain how to use and get best value out of the products. We also launched a 'Live Demo' area in April 2010 which was a read only, pre-configured version of the Group's solutions, allowing for interested parties to quickly get a look and feel for the software. Other SaaS vendors have recently started to allow prospective customers to load and edit their own data and configure the system to suit their own requirements without any company intervention. Atlantic Global will launch a similar easy set-up offering that will allow access to all modules on the 29 October 2010. This new method of establishing active client prospects will increase the number of new product trials, and this will help the Group to increase timely sales conversions and help address the issue of slippage in the sales pipeline. The ability to move to a 'remote sales platform' will also produce a more predictable business model and will enable management to establish a clear link between marketing spend and revenue generated, thereby enabling the management to target sales and marketing expenditure. Dividend The Directors are proposing an interim dividend of 0.1 pence per share to be paid on 5 November 2010 to shareholders on the register on 8 October 2010. Current Trading Trading remains challenging as customers' IT budgets remain under pressure. However, the Group is experiencing a sharp increase in penetration from its SaaS offering, and the Directors remain confident about the Group's performance. The addition of the new customers listed above, the increased penetration within Atlantic Global's existing 'Blue Chip' client base and a number of deals that have been introduced via partners provide the Directors with confidence going forward. Outlook The introduction of the automated SaaS platform, which is due to be launched on 29 October 2010, will mark a significant milestone for the Group. It will provide an effective means of targeting small and medium sized enterprises including individual departments within a larger organisation. The Group has achieved this while maintaining its substantial cash reserves. On behalf of the Board, I would like to thank the staff who have demonstrated great levels of skill, commitment and patience whilst delivering an industry leading SaaS solution. Adrian Bradshaw Chairman 28 September 2010 Consolidated Statement of Comprehensive Income for the six months ended 30 June 2010 Unaudited Unaudited Audited Six Six Year notes months to months to ended 30 June 30 June 31 December 2010 2009 2009 GBP 000 GBP 000 GBP 000 Revenue 728 647 1,350 Cost of sales (436) (505) (927) ----------- ----------- ------------ Gross profit 292 142 423 ----------- ----------- ------------ Administration and other operating expenses (278) (299) (569) ----------- ----------- ------------ Operating profit / (loss) 14 (157) (146) Finance income 7 9 16 ----------- ----------- ------------ Profit / (loss) before tax 21 (148) (130) Income tax credit 2 1 28 - ----------- ----------- ------------ Profit and total comprehensive income for the period attributable to owners of the parent 22 (120) 130 Earnings/(loss) per share Basic & diluted (pence) 3 0.1p (0.53)p (0.57)p ----------- ----------- ------------ Consolidated Balance Sheet as at 30 June 2010 Unaudited Unaudited Audited As at As at As at 30 June 30 June 31 December 2010 2009 2009 GBP 000 GBP 000 GBP 000 Assets Non-current assets Intangible assets 2,792 2,792 2,792 Property, plant and equipment 9 17 13 Deferred tax asset 52 9 52 ----------- ----------- ------------- Total non-current assets 2,853 2,818 2,857 Current assets Trade and other receivables 485 401 507 Income tax receivable - - 12 Cash and cash equivalents 2,110 2,265 2,032 ----------------------------------------- 2,595 2,666 2,551 ----------------------------------------- Total assets 5,448 5,484 5,408 Equity and liabilities Liabilities Current liabilities Trade and other payables 497 517 479 ----------- ----------- ------------- Total liabilities 497 517 479 Equity attributable to owners of the parent Share capital 1,123 1,133 1,123 Share premium account 1,578 1,578 1,578 Merger reserve 2,538 2,538 2,538 Retained earnings (310) (294) (332) Capital redemption reserve 22 12 22 ----------- ----------- ------------- Total equity 4,951 4,967 4,929 ----------- ----------- ------------- ----------------------------------------- Total equity and liabilities 5,448 5,484 5,408 Summarised Consolidated Cash Flow Statement for the 6 months ended 30 June 2010 Audited Unaudited Unaudited Year ended Six months Six months 31 to 30 June to 30 June December 2010 2009 2009 GBP000 GBP000 GBP000 Cash flows from operating activities Profit/(loss) after tax for the period 22 (120) (130) Adjustments for Interest income (7) (9) (16) Income tax (credit) (1) (28) - Depreciation 4 5 10 ------------ ------------- ----------- Operating profit/(loss) before changes in working capital and provisions 18 (152) (136) Change in trade and other receivables 22 535 429 Change in trade and other payables 18 (164) (202) Income tax received 13 - - ------------ ------------- ----------- Cash generated from operations 71 219 91 Income tax paid - - (83) ------------ ------------- ----------- Net cash from operating activities 71 219 8 ------------ ------------- ----------- Cash flows from investing activities Net interest received 7 9 16 Acquisition of plant and equipment - (7) (8) ------------ ------------- ----------- Net cash from investing activities 7 2 8 ------------ ------------- ----------- Cash flows from financing activities Purchase of own shares - (24) (52) Dividends paid - (91) (91) ------------ ------------- ----------- Net cash used in financing activities - (115) (143) ------------ ------------- ----------- Net increase in cash and cash equivalents 78 106 (127) Cash and cash equivalents at the beginning of the period 2,032 2,159 2,159 ------------ ------------- ----------- Cash and cash equivalents at the end of the period 2,110 2,265 2,032 ------------ ------------- ----------- Statement of changes in equity for the 6 months ended 30 June 2010 6 months ended 30 June 2009 Share Merger Profit Capital Share premium reserve and loss redemption Capital account account reserve GBP000 GBP000 GBP000 GBP000 GBP000 Balance brought forward at 1 January 2009 1,139 1,578 2,538 (59) 6 Dividends Paid - - - (91) - -------------------------------------------- Share buy back (6) - - (24) 6 -------------------------------------------- Transactions with owners (6) - - (115) 6 Loss and total comprehensive income for the period - - - (120) - -------------------------------------------- Balance at 30 June 2009 1,133 1,578 2,538 (294) 12 12 months ended 31 December 2009 Share Merger Profit Capital Share premium reserve and loss redemption Capital account account reserve GBP000 GBP000 GBP000 GBP000 GBP000 Balance brought forward at 1 January 2008 1,139 1,578 2,538 (59) 6 Dividends Paid - - - (91) - Share buy back (16) - - (52) 16 -------------------------------------------- Transactions with owners (16) - - (143) 16 Loss and total comprehensive income for the period - - - (130) - -------------------------------------------- Balance at 31 December 2009 1,123 1,578 2,538 (332) 22 6 months ended 30 June 2010 Share Merger Profit Capital Share premium reserve and loss redemption Capital account account reserve GBP000 GBP000 GBP000 GBP000 GBP000 Balance brought forward at 1 January 2010 1,123 1,578 2,538 (332) 22 Profit and total comprehensive income for the period - - - 22 - -------------------------------------------- Balance at 30 June 2010 1,123 1,578 2,538 (310) 22 Notes to the interim report Basis of preparation 1. The interim financial information has been prepared on the basis of the recognition and measurement requirements of adopted IFRSs as at 30 June 2010 that are effective (or available for early adoption) at 31 December 2010. Based on these adopted IFRSs, the Directors have applied the accounting policies, which they expect to apply when the annual IFRS financial statements are prepared for the year ending 31 December 2010. The group has chosen not to adopt IAS 34 (Interim Financial Statements) in preparing these interim financial statements and therefore the interim financial information is not in full compliance with International Financial Reporting Standards. The financial information set out in this interim report does not constitute statutory accounts as defined in sections 434 and 435 of the Companies Act 2006. The figures for the year ended 31 December 2009 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498(2) and 498(3) of the Companies Act 2006. The group's accounting policies remain as stated in the group's full annual accounts for the year ended 31 December 2009. Tax and EPS 2. The tax charge for the period is based on the anticipated effective tax rate for the year to 31 December 2010. 3. Basic loss or earnings per share are calculated on the profit for the period of GBP22,000 (2009: loss of GBP120,000) and on 22,471,350 ordinary shares, being the weighted average number of ordinary shares in issue in the period (2009: 22,899,350 ordinary shares). Independent review report to Atlantic Global Plc Introduction We have been engaged by the company to review the financial information in the half-yearly financial report for the six months ended 30 June 2010 which comprises the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, the Summarised Consolidated Cash Flow Statement, the Statement of Changes in Equity and the related notes. We have read the other information contained in the half yearly financial report which comprises only the Chairman's Interim Statement 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 guidance contained in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the company those matters we are required to state to them in a review 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 conclusion we have formed. Directors' responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the financial information in the half-yearly financial report are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts. As disclosed in Note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The financial information in the half-yearly financial report has been prepared in accordance with the basis of preparation in Note 1. Our responsibility Our responsibility is to express to the Company a conclusion on the financial information 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 financial information in the half-yearly financial report for the six months ended 30 June 2010 is not prepared, in all material respects, in accordance with the basis of accounting described in Note 1. GRANT THORNTON UK LLP AUDITOR LEEDS [HUG#1447130] This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Atlantic Global Plc via Thomson Reuters ONE
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