We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Invu | LSE:INVU | London | Ordinary Share | GB00B28Y2K12 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.35 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMINVU
RNS Number : 9859D
Invu plc
24 May 2012
24 May 2012
Invu Plc
Preliminary Results for the Year Ended 31 January 2012
Invu plc ("Invu" or the "Company"), (INVU.L) the document management software provider, announces its preliminary results for the year ended 31 January 2012.
Key Financial Highlights
-- Revenues of GBP2.68million (2011: GBP2.49million) -- Loss before tax of GBP0.27million (2011: loss: GBP0.65million)
o Adjusted EBITDA profit GBP0.09 million (2011: loss GBP0.03 million)
-- Net Cash (cash net of borrowings) GBP0.55 million (2011: net borrowings: GBP2.27 million)
Commercial Highlights
-- Capital reorganisation increases equity by GBP3.05 million -- Significant contracts wins in the Finance, Wealth Management and Utilities sectors -- Continuing product innovation, including mobile device and web applications
Daniel Goldman, Non Executive Chairman, said:
We continue to build the business through commercial success in several market sectors, improved financial performance and now, following the capital reorganisation, have a significantly stronger financial base on which to continue this progress.
Hot Features
Premium
Contacts:
Invu plc www.invu.net
Colin Gallick, Chief Executive +44 (0) 1604 859 893
Ian Smith, Finance Director
WH Ireland Limited www.wh-ireland.co.uk
Mike Coe / Marc Davies +44 (0) 117 945 3470
About Invu
Invu [LSE, AIM, Symbol: INVU] develops software that incorporates document management, content management, workflow, automation and collaboration specialising in solutions for the mid-market and smaller businesses. Invu typically gives a return on investment in under six months, allowing companies to see efficiency savings in terms of both money and time. Invu's Open Search integration allows SharePoint users to utilise fully the benefits of WSS or MOSS whilst retaining the functions of specialist document and content management. Invu's solutions enable automated scan, capture and management, processing and output transformation. Invu also integrates with all major accounting systems including ERP and CRM systems.
For more information about Invu: www.invu.net
Chairman's statement
The achievement of a full year adjusted EBITDA (earnings before interest, tax, depreciation, amortisation and share option expenses) profit of GBP0.09 million, and a second consecutive year of annual positive operating cash flow of GBP0.14 million, together with the second consecutive year of revenue growth (this year 7.9%: last year 13.2%), shows the Group is making good progress towards our goal of developing a profitable, self sustaining and growing business.
During the year we carried out a capital reorganisation, as described below, and this has significantly strengthened the balance sheet as well as reducing the interest burden this year. In future years, the reduction in interest expense resulting from this capital reorganisation should make it easier for the group to deliver profit attributable to equity holders of the company.
The capital reorganisation included an investment of an additional GBP3,050,000 in the company by way of non-voting A ordinary shares. This investment included the conversion of loans, including interest, amounting to GBP2,353,412, and a subscription (cash payment) of GBP696,588. Part of the subscription monies were used to repay a GBP500,000 loan from certain Puma VCT's, and the balance was used to pay withholding taxes arising on the deemed payment of interest and professional fees related to the issue of the shares. The creation of the A ordinary shares, the conversion and the subscription, were approved by shareholders at a General Meeting on 29 July 2011.
At the year end the only borrowings remaining on the consolidated and company balance sheets amount to GBP90,000, which represents the debt element of the convertible loan issued in August 2009. The convertible loan was originally issued for GBP500,000 and this is convertible into equity at 2.5 pence per share in August 2014.
In November 2011 we issued an additional 5.28 million GBP0.01 ordinary shares in full settlement of an amount of GBP52,800, this was owed to Malu Partners Limited, which is controlled by a former director of the company, David Morgan.
The company's issued share capital at the year end, and as of the date of this report, is 168,752,662 ordinary shares at GBP0.01 each and 305,000,000 of A ordinary shares at GBP0.01 each. The A ordinary shares are not listed and are therefore not included in the market capitalisation figures reported by the London Stock Exchange.
We issued share options to the executive management team in January 2012 and these will considerably increase their equity interest in the business once the share price moves above 1.75 pence per share. The share price was 0.42 pence per share at the date of issue of these options.
The improvements made to date in the business are ultimately the result of the hard work and dedication of our employees and business partners. I would like to register my thanks for another year of achievement.
Daniel Goldman
Non Executive Chairman
23 May 2012
Chief Executive Officer's statement
Financial performance
I am pleased to report a full year trading performance with sales growth (up 7.9% to GBP2.68 million), an adjusted EBITDA (earnings before interest, tax, depreciation, amortisation and share option expenses) profit of GBP0.09 million (2011: loss GBP0.03 million) and another improvement in the operating loss which was reduced from GBP0.33 million to GBP0.10 million.
We exit the year having generated GBP0.17 million of cash with a net cash balance of GBP0.55 million (2011: net borrowings of GBP2.27 million). The net cash balance represents, cash of GBP0.64 million (2011: GBP0.47) net of borrowings of GBP0.09 million (2011: GBP2.74 million).
Operations
During the year the business has been focused on, the design, development and distribution of software that enables customers to manage paper and electronic documents and information, as well as business process workflow, in a simple and effective way.
Our market
We have carried out the great majority of our business in the United Kingdom and have had a small amount of legacy revenue from overseas, the majority of which arises from business relationships established through our former Netherlands office.
In March 2011 we appointed Kompro as our exclusive reseller in the Netherlands. This year the Netherlands has contributed GBP0.09 million of revenue during the year.
Small and medium sized businesses
Our software is designed to address the needs of small and medium sized businesses.
We have set ourselves a goal to improve our sales mix towards the larger companies in the small and medium sized business sector. This year we have increased the average deal size of new customer wins by 43% (last year an increase of 50%) which shows good progress towards this goal.
This approach does mean that we focus our efforts on winning higher value deals at new customer sites and consequently the number of new customer sites acquired in the year has been lower (148) than last year (217).
The total contract value of deals won at new customers has remained steady and our growth has been through both selling more seats to existing customers and the growth in customer support revenue that occurs if you add new customers and retain a high percentage of your existing customers. We have a customer retention rate of around 90% (by value) and closed the year with 1,600 customers who had a customer support contract.
Sales model
Our primary route to market has traditionally been through our reseller channel, last year we introduced one OEM in the accountancy sector, IRIS, and began to make some direct sales. The reseller channel has proven effective at winning business in the small business sector. However, we have identified that we can more effectively serve medium sized businesses by supplementing the reseller approach with a direct approach. This year 46% of our new customer wins by value (7% of the number of new customer sites) have come through this direct approach. Our reseller channel remains the most significant part of our revenue with 72% of our business being transacted through the reseller channel.
Vertical markets
Invu document management software can yield significant business benefits to any business in any sector and consequently our reliance on any particular sector is limited.
During last year we introduced IRIS as an OEM. IRIS supplies Invu software under its own brand in the accountancy sector, and in its first full year it has established itself as one of our top resellers.
The housing association market emerged as a major vertical last year, and though we reported no significant new contract wins this year, it has been an important source of recurring revenue both in terms of additional software sales to existing customers and customer support revenue.
Some of the larger contract wins in the year have been in the finance, wealth management and utilities sectors.
In the finance sector we made a significant sale to Redmayne Bentley Stockbrokers. The primary driver for this sale was the ability of Invu software to aid regulatory compliance.
In the wealth management sector we made a significant sale to Waddesdon Manor. The primary driver of this sale was the ability of the Invu software to effectively manage records with effective capture, storage and retrieval which can then facilitate process improvement through the use of workflow.
In the utilities sector we made a significant sale to Jersey Water. The primary driver for this sale was the ability of Invu software to automate the capture of documents and then to improve the access of staff working offsite to those documents resulting in improvements in customer relationship management.
Delivering market-driven innovation
Our annual software release, which was made available to all customers during the first quarter of the financial year, included e-mail management and web approval modules. These modules have been well received by customers and have helped drive sales to both new and existing customers during the year.
We have just made available to all customers our latest software release and this continues the theme of making documents and workflow available anywhere. This release, as well as supporting the latest platforms and using the latest technology (.Net4), offers invoice processing functionality applicable to small and medium size business, provides simple records management and enables portals for the accountancy sector.
The needs of the mobile worker, particularly those who want to work through their browser using devices like tablets, are addressed. The introduction of a next generation viewer provides true thin client viewing of PDF's and Microsoft Office documents. An upgrade to Invu Web Approval is browser based and suitable for tablet devices.
We find that many of our customers have onerous compliance requirements. Our simple records management functionality allows straightforward and effective management of document life cycle management policy, execution of that policy and a robust audit trail.
We have partnered with Practice Web, a leading provider of portal technology to accountants, in producing a connector to their portal which will allow accountants to securely share documents stored in Invu with their clients, transact with them and then bring the updated document back into Invu.
Outlook
The UK economy is expected to perform weakly in our next financial year to 31 January 2013. As the majority of our business comes from UK customers, we are anticipating this will be a demanding year. Our first quarter has proven to be challenging as we have seen customer order lead times for new business lengthen, while our recurring revenue has continued to be strong. Over the full financial year we intend to continue to build on the stable base we have created during last two financial years.
Colin Gallick
Chief Executive Officer
23 May 2012
Financial Review
Revenue has increased by 7.9% from GBP2.49 million to GBP2.68 million. Revenue comprises the sale of software and related implementation and installation services and the sale of annual software support contracts. The Group reported sales of software and related services of GBP1.04 million compared to GBP0.97 million in the prior year. The revenue arising from the sale of support contracts is recognised evenly over the life of the contract and revenue was GBP1.64 million compared to GBP1.52 million in the prior year. The key performance metric for the sale of software support contracts is the renewal rate which was 90% compared to 85% last year.
The gross profit has increased to GBP2.20 million from GBP2.01 million. This represents an improvement in the gross margin percentage from 80.7% to 81.9%. This improvement is primarily driven by the revenue increase and favourable product sales mix offset increased in investment in technical support staff to maintain the service level offered to customers with support contracts.
The average headcount was 32 compared to 25 last year, with 33 (2011: 27) employed at the end of the year. The head count figures, in both years, include 3 non-executive directors. This increase in headcount was the major contribution to a 13.5% increase in staff costs to GBP1.81 million from GBP1.60 million. Staff costs related to professional services and technical support personnel are included in cost of sales and were GBP0.22 million (2011: GBP0.17 million). The remaining GBP1.59 million (2011: GBP1.43 million) of staff costs are included in administrative expenses.
Administrative expenses were 1.6% lower than last year at GBP2.30 million (2011: GBP2.34 million). The decrease arises from lower expenditures on non staff costs, (primarily facility costs, amortisation and depreciation) of GBP0.20 million offset by an increase in the staff costs, included in administration, of GBP0.16 million.
Finance costs were GBP0.2 million this year compared to GBP0.3 million last year. This decrease arose because of the conversion of GBP2.35 million of borrowings to equity in July 2011 and the subsequent repayment of GBP0.5 million of borrowings in August 2011, which were both enabled by the issue of shares in July 2011.
The tax credit of GBP0.04 million (2011: charge GBP0.09 million) represents the payment by Her Majesty's Revenue and Customs of research and development tax credits claimed for prior financial years.
The net loss of GBP0.23 million (2011: loss GBP0.75 million) results in a loss per share of 0.07 pence compared to a loss per share of 0.46 pence in the previous year.
The operating cash generation was at the same level as last year, GBP0.14 million. This arose from an adjusted EBITDA profit of GBP0.09 million (2011: loss of GBP0.03 million) and cash generation from working capital of GBP0.05 million (2011: GBP0.17 million). The primary driver this year for cash generated from working capital was growth in the billings of customer support contracts which are recognised in revenue over their term.
Net cash generation in the period was GBP0.17 million (2011: cash consumption of GBP0.018 million) and this resulted in a closing cash balance of GBP0.64 million (2011: GBP0.47 million).
The balance sheet shows a shareholders' deficit of GBP0.8 million compared to a GBP3.65 million deficit last year. This improvement is primarily the result of the issue of GBP3.05 million of A ordinary shares which were used to convert borrowings and related interest of GBP2.35 million into equity, to pay withholding taxes on the interest, to repay additional borrowings of GBP0.5 million and to pay the costs of the issue.
Ian Smith
Finance Director
23 May 2012
INVU PLC
Consolidated Income Statement
For the year ended 31 January 2012
Notes 2012 2011
GBP'000 GBP'000
Revenue 2 2,684 2,488
Cost of sales (487) (479)
---------- ----------
Gross profit 2 2,197 2,009
Administration expenses (2,298) (2,335)
---------- ----------
Loss from operations 2 (101) (326)
Finance costs (167) (326)
---------- ----------
Loss before income tax 2 (268) (652)
Income tax credit/(charge) 3 42 (97)
---------- ----------
Loss for the year attributable
to:
Equity holders of the parent
company (226) (749)
Loss per share
Basic and diluted (pence per
share) 4 (0.07) (0.46)
---------- ----------
INVU PLC
Statement of Comprehensive Income
For the year ended 31 January 2012
Notes 2012 2011
GBP'000 GBP'000
Loss for the year 2 (226) (749)
Other comprehensive income
Exchange differences on translating foreign - -
operations
------------ ------------
Other comprehensive income for the year - -
(net of tax)
------------ ------------
Total comprehensive income for the year
attributable to:
Equity holders of the Company (226) (749)
The Company did not have any other income or expense other than the loss for the year.
INVU PLC
Consolidated Balance Sheet
As at 31 January 2012
Notes 2012 2011
GBP'000 GBP'000
Non-current assets
Intangible assets 137 210
Property, plant and equipment 24 42
------------ ------------
161 252
Current assets ------------ ------------
Trade and other receivables 634 581
Cash and cash equivalents 5 641 470
------------ ------------
1,275 1,051
------------ ------------
Total assets 1,436 1,303
Current liabilities
Trade and other payables 2,181 2,212
Borrowings 26 2,667
------------ ------------
2,207 4,879
------------ ------------
Net current liabilities (932) (3,828)
------------ ------------
Non-current liabilities
Borrowings 64 77
------------ ------------
64 77
------------ ------------
Total liabilities 2,271 4,956
Net liabilities (835) (3,653)
Equity
Share capital 4,738 1,635
Equity components of convertible loan
notes 375 375
Shares to be issued 29 29
Share premium 412 412
Merger reserve 361 29,260
Share option reserve 246 233
Reverse acquisition reserve (20,570) (20,570)
Retained earnings 13,511 (15,090)
Foreign currency translation reserve 63 63
------------ ------------
Total deficit attributable to:
Equity holders of the Company (835) (3,653)
Consolidated statement of changes in equity
For the year ended 31 January 2012
Equity
Components Shares Foreign
of to Share Reverse Currency
Share Convertible be Share Merger option acquisition Retained Translation
Capital loan notes issued premium reserve reserve reserve earnings reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 February
2010 1,635 375 29 412 29,260 229 (20,570) (14,341) 63 (2,908)
Total
comprehensive
income - - - - - - - (749) - (749)
Movement on
share
option
reserve - - - - - 4 - - - 4
At 31 January
2011 1,635 375 29 412 29,260 233 (20,570) (15,090) 63 (3,653)
Equity
Components Shares Foreign
of to Share Reverse Currency
Share Convertible be Share Merger option acquisition Retained Translation
Capital loan notes issued premium reserve reserve reserve earnings reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 February
2011 1,635 375 29 412 29,260 233 (20,570) (15,090) 63 (3,653)
Total
comprehensive
income - - - - - - - (226) - (226)
Transfer
between
reserves - - - - (28,899) - - 28,899 - -
Movement on
share
option
reserve - - - - - 13 - - - 13
Issue of
shares 3,103 - - - - - - (72) - 3,031
At 31 January
2012 4,738 375 29 412 361 246 (20,570) 13,511 63 (835)
INVU PLC
Consolidated cash flow statement
For the year ended 31 January 2012
Notes 2012 2011
GBP'000 GBP'000
Net cash inflows from operating activities 6 140 142
Taxation 77 -
Investing activities
Purchases of property, plant and equipment
and intangibles (35) -
Sales of property, plant and equipment 1 18
Expenditure on internally developed intangible
assets (54) (55)
------------ ------------
Net cash used in investing activities (88) (37)
Financing activities
Net proceeds from the issue of shares 677 -
Borrowings (repaid) (535) -
Interest paid (100) (92)
Repayment of obligations under finance
leases - (31)
------------ ------------
Net cash flow from financing activities 42 (123)
------------ ------------
Net increase/(decrease) in cash and cash
equivalents 171 (18)
Cash and cash equivalents at the beginning
of the year 470 8 488
Cash and cash equivalents at the end
of the year 5 641 470
---------------- --------
INVU PLC
Notes to the preliminary announcement
For the year ended 31 January 2012
1. ANNUAL REPORT
The financial information set out above/ below does not constitute the company's statutory accounts for 2011 or 2012. Statutory accounts for the years ended 31 January 2012 and 31 January 2011 have been reported on by the Independent Auditors. The Independent Auditor's report on the Annual Report and Financial Statements for 2012 were unqualified and did not contain a statement under 498 (2) or (498 (3) of the Companies Act 2006. The Independent Auditor's Reports on the Annual Report and Financial Statements for 2011 were unqualified and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006 but did include an emphasis of matter paragraph regarding going concern.
Statutory accounts for the year ended 31 January 2011 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 January 2012 will be delivered to the Registrar in due course and will be posted to shareholders shortly and thereafter will be available from the Company's registered office at The Beren, Blisworth Hill Farm, Stoke Road, Blisworth, Northampton, Northamptonshire NN7 3DB and from the Company's website www.invu.net.
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 consolidated financial statements for the year ended 31 January 2012 comprise the consolidated financial information for Invu plc ("the company") and its subsidiaries.
2. SEGMENTAL ANALYSIS
The Group's services being, the design, sale and support of computer software for the electronic management of information and documents operate through a common infrastructure and support function. Therefore the Directors believe the activities constitute one operating segment through which it provides services.
The segment results are as follows:
2012 2011
GBP'000 GBP'000
Revenue by service:
Sale of software licences and
related services 1,040 966
Sale of software maintenance contracts 1,644 1,522
------------ ------------
Revenue 2,684 2,488
Gross profit 2,197 2,009
Loss from operations (101) (326)
Loss before income tax (268) (652)
Loss for the year (226) (749)
Included in revenue above are GBP0.086 million (2011: GBP0.007 million) related to sales in Europe. All other revenue relates to the UK.
All non-current assets and liabilities are held within the UK.
The Group had one reseller who was responsible for 17% (2011: 24%) of the Group's sales through resellers to end users. No other reseller was responsible for more than ten percent of the Group's sales through resellers to end users.
3. TAXATION
2012 2011
GBP'000 GBP'000
Current taxation
- Adjustment in respect of prior years (42) 97
- Current tax charge - -
Total tax credit (42) 97
========= =========
The tax rate used for the reconciliations below is the corporate tax rate of 26% (2011:28%) payable by corporate entities in the United Kingdom on taxable profits under tax law in that jurisdiction.
The charge for the year can be reconciled to the loss per the income statement as follows:
2012 2011
GBP'000 GBP'000
Loss before taxation (268) (652)
============ ============
Profit multiplied by standard rate of
corporation tax in the UK of 26% (2011:
28%) (70) (183)
Tax effect of:
Expenses not deductable 47 93
Enhanced relief on research and development (14) (7)
Tax effect of share options 3 1
Fixed asset temporary differences 13 38
Unutilised losses carried forward 21 58
Research and development tax (credit)/reversal (42) 97
Total tax (credit)/charge for the year (42) 97
============ ============
4. EARNINGS PER SHARE
2012 2011
Number Number
Weighted average number of common shares in
issue during the year 320,083,512 163,472,662
================== ==================
Basic loss per share (0.07) p (0.46)p
================== ==================
Diluted loss per share (0.07) p (0.46)p
================== ==================
The basic loss per share is based on the loss after taxation of GBP226,000 (2011: GBP749,000) and on the weighted average number of shares in issue during the year of 320,083,512 (2011: 163,472,662).
In accordance with IAS 33, there is no difference calculated between the basic and diluted earnings per share figures on the basis of the average market value and exercise prices prevailing during the period. The convertible loan notes have no impact on diluted earnings per share because the exercise of conversion rights would have the effect of reducing the loss per share by virtue of saving of loan stock interest which would otherwise be payable.
5. CASH AND CASH EQUIVALENTS
Group Group
2012 2011
GBP'000 GBP'000
Cash at bank and in hand 641 470
6. CASH GENERATED FROM OPERATIONS
2012 2011
GBP'000 GBP'000
Loss for the year (226) (749)
Adjustments for:
Tax (42) 97
Depreciation 35 97
Amortisation 145 196
(Profit)/Loss on disposal of property,
plant and equipment (1) 3
Employee share scheme expense 13 4
Interest expense 167 326
Changes in working capital
Inventories - 17
Trade and other receivables (98) 143
Trade and other payables 147 8
Net cash generated by operating activities 140 142
========== ===========
7. AVAILABILITY OF THIS ANNOUNCEMENT
Copies of this announcement will be available from the Company's registered office: The Beren, Blisworth Hill Farm, Stoke Road, Blisworth, Northampton, Northamptonshire NN7 3DB, and on the Company's website, www.invu.net.
8. CAUTIONARY STATEMENT
Invu Plc has made forward looking statements in this press release, including: statements about the market for and benefits of its products and services; financial results; product development plans; the potential benefits of business relationships with third parties; and business strategies. These statements about future events are subject to risks and uncertainties that could cause Invu Plc's actual results to differ materially from those that might be inferred from the forward-looking statements. Invu Plc can make no assurance that any forward-looking statements will prove correct.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UOSNRUAAVUAR
1 Year Invu Chart |
1 Month Invu Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
