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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| India Out. | LSE:IOS | London | Ordinary Share | GB00B0YTNL47 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2673F
India Outsourcing Services PLC
28 June 2006
For immediate release 28 June 2006
INDIA OUTSOURCING SERVICES PLC
("India Outsourcing" or "the Company")
Interim Results for the six months ended 31 March 2006
India Outsourcing Services plc (AIM: IOS), a company formed to capitalise on
acquisition and investment opportunities primarily in the Indian business
process outsourcing (BPO) market, is pleased to announce its interim results for
the six months to 31 March 2006.
Highlights
* A successful placing in Feburary 2006 raised #3 million before expenses to
assist the Company to pursue its strategy of building an international
outsourcing business through acquisition
* After a thorough search, the Company is now focussing its attention on a
specific opportunity from a limited number of potential acquisition
candidates. The Company realises this process has been protracted but hopes
to be in a position to provide shareholders with an update in the near
future
* Wheddon Limited, an investment vehicle associated with Vincent Tchenguiz'
Consensus Business Group, invested a further #0.5 million in the Company by
subscribing for 1 million shares at 50p per share
* India Outsourcing is working with Consensus Business Group to identify
opportunities where the Company can provide offshoring solutions to
Consensus' portfolio companies
* Balance sheet remains strong, with net cash at the period end of #3.37
million
Haresh Kanabar, India Outsourcing's Chairman, commented: "Our search for
acquisitions has been detailed and selective but I am satisfied by the progress
made during the period, and post the period end, as we continue to move closer
towards our first transaction."
For further information:
India Outsourcing Services plc Tel: 020 7297 0010
Haresh Kanabar, Chairman
Amit Pau, Chief Executive
Teather & Greenwood Tel: 020 7426 9000
Mark Dickenson
Sindre Ottesen
Buchanan Communications Tel: 020 7466 5000
Mark Court/Suzanne Brocks/Amy Rajendran
CHAIRMAN'S STATEMENT
I am pleased to report India Outsourcing's interim results for the six months to
31 March 2006, a period during which we made further progress towards the
delivery of our strategy of creating through acquisition an international
outsourcing business with a focus on the Indian business processing outsourcing
(BPO) market.
The Indian BPO market continues to grow strongly, reinforcing our confidence in
the Company's strategy. A recent forecast by NASSCOMM and McKinsey indicates
that the Indian BPO market will be worth $21 billion by 2008.
Our search for acquisition opportunities has been thorough. We have looked at a
number of potential acquisition candidates but have been highly selective. Our
acquisition criteria include requirements including that potential acquisition
is should be revenue-generating, scalable, cashflow positive, have strong
management teams and recurring revenues.
The Company's ultimate objective is to acquire a small number of complementary
companies to exploit cross selling opportunities and to benefit from cost
reduction. The market segments that we are focussing on are document management
and healthcare. The Company has made significant progress in evaluating one
particular acquisition opportunity, although there is no certainty at this stage
that this transaction will complete. We look forward to providing further
details in due course.
The Company's balance sheet was strengthened during the period by a #3 million
fundraising before expenses in which new institutional shareholders joined the
Company's register. At the time of this fundraising the Company's shares were
consolidated on a 10 for 1 basis to ensure that the Company's shares are
attractive to institutional investors.
On 21 March, the Company was delighted to attract a further strategic investment
from Wheddon Limited ("Wheddon"), an investment vehicle associated with Vincent
Tchenguiz' Consensus Business Group. The investment, in 1 million shares in the
Company at 50p a share, marks the second strategic investment in the Company by
Wheddon.
The Company is now working with Consensus Business Group to identify
opportunities where the Company can provide offshoring solutions to Consensus
Business Group's portfolio companies. We look forward to updating shareholders
in due course on progress with this relationship.
Financials
The Company's performance in the period was in line with management
expectations. The pre- and post-tax loss in the period was #(213,808) and the
loss per share was (7.33)p. The Company's net cash as at 31 March 2006 was #3.37
million.
Outlook
The second half of the financial year has started well in terms of progress with
the delivery of our strategy. The Indian BPO market is growing at a formidable
pace and we hope to be in a position to provide shareholders with further
updates in the near future.
Haresh Kanabar
Chairman
28 June 2006
India Outsourcing Services Plc
Profit and loss account for the period ended 31 March 2006
6 months ended 6 months ended period ended
31 March 2006 31 March 2005 30 September 2005
(unaudited) (unaudited) (audited)
# # #
Administrative expenses 226,888 106,037 432,503
Operating Loss (226,888) (106,037) (432,503)
Net Interest receivable 13,080 4,404 8134
Loss on ordinary activities before taxation (213,808) (101,633) (424,369)
Tax on loss on ordinary activities - - -
Loss on ordinary activities after taxation (213,808) (101,633) (424,369)
Loss per share- basic and diluted (7.33)p (11.4)p (34.75)p
All amounts relate to continuing activities.
All recognised gains and losses for the period have been included in the profit
and loss account.
India Outsourcing Services Plc
Balance sheet at 31 March 2006
6 months ended 6 months ended period ended
31 March 2006 31 March 2005 30 September 2005
(unaudited) (unaudited) (audited)
# # #
Fixed assets 2,609 5,162 4,078
Tangible assets
Current assets
Debtors 44,777 61,541 5037
Cash at bank and in hand 3,373,237 394,527 359,795
3,418,014 456,068 364,832
Creditors falling due within one year (111,843) (113,458) (106,015)
Net current assets 3,306,171 342,610 258,817
Total assets less current liabilities 3,308,780 347,772 262,895
Capital and reserves
Called up share capital 947,917 150,000 181,250
Share premium account 2,999,040 299,405 506,014
Profit and loss account (638,177) (101,633) (424,369)
Shareholders funds - equity 3,308,780 347,772 262,895
India Outsourcing Services Plc
Cash flow statement for the period ended 31 March 2006
6 months ended 6 months ended period ended
31 March 2006 31 March 2005 30 September 2005
(unaudited) (unaudited) (audited)
# # #
Net cash outflow from operating activities (259,330) (53,776) (329,729)
Returns on investments and servicing of finance
Interest received 13,080 4,404 8,134
Net cash inflow from returns on investments 13,080 4,404 8,134
and servicing of finance
Capital expenditure
Purchase of tangible fixed assets - (5,505) (5,874)
Net cash outflow for capital expenditure - (5,505) (5,874)
Net cash outflow before financing (246,250) (54,877) (327,469)
Financing
Issue of ordinary shares 3,500,000 550,000 800,000
Expenses paid in connection with share issues (240,308) (100,596) 112,736
Cash inflow from financing 3,259,692 449,404 687,264
Increase in net cash in the period 3,013,442 394,527 359,795
India Outsourcing Services Plc
Notes to the Interim Report
1. Basis of preparation
The interim accounts for the six months ended 31 March 2006 are unaudited and do
not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.
The financial statements have been prepared in accordance with currently
applicable Accounting Standards in the United Kingdom, which have been applied
consistently, and under the historical cost convention.
Accounting policies consistent with those applied in the financial statements
for the period ended 30 September 2005 have been used in preparing the unaudited
interim financial statements for the 6 months ended March 2006.
2. Taxation
There is no tax charge for the period due to the loss arising.
3. Dividends
The Directors are not declaring a dividend for the six months ended 31 March
2006.
4. Loss per ordinary share
The calculation of basic and diluted loss per share of 7.33 pence is based on
the loss for the period of #213,808 and on 2,915,064 ordinary shares, being the
weighted average number of ordinary shares in issue during the period ended 31
March 2006. The effect of all potential ordinary shares is antidilutive and
therefore dilutive EPS is the same as basic EPS.
5. Copies of interim results
Copies of the interim results are available from the Company's office, 22 Soho
Square, London W1D 4NS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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