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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Messaging | LSE:MES | London | Ordinary Share | GB00B0DR6985 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.275 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMES
RNS Number : 3259Y
Messaging International Plc
08 September 2015
Messaging International Plc / Market: AIM / Epic: MES / Sector: Technology
Messaging International Plc
('Messaging International' or 'the Company')
Interim Results
Messaging International Plc, the AIM traded company and provider of innovative messaging services, announces its unaudited results for the six months ended 30 June 2015.
Overview Overview
-- Continued progress of new product: "Business Mobile Messaging" - signed contract with first tier US carrier
-- Gross revenues of GBP1,730,535 down 6.5% from GBP1,851,237 in H1 2014
-- Pre tax loss for the period of GBP85,502 down from a loss of GBP186,664 in H1 2014
Continued Transition period
As we described in our last annual report, the Company is transitioning from its legacy Text-to-Landline product focused on Telecom operators, into our new offering "Business Mobile Messaging" focused on Enterprises.
Revenues in the Text-to-Landline product have stabilized at a new level. Some customers were lost due to market consolidation and, as announced on March 27 2015, the Company has reached an agreement on a change of the Text-to-Landline business model with one of its key mobile carrier customers in North America. The change to the Text-to-Landline service from a standard SMS fee to a premium SMS fee has resulted in fewer transmitted messages with a corresponding decline in the revenue generated from this customer, although there is an improved gross margin.
The Company has been focused on developing its new product line - Secure Business Mobile Messaging - and a growing number of potential customers are currently running pilot trials. We are currently seeking partnership opportunities for these products through our relationships with carriers. In June 2015 the Company signed such a partnership agreement based on revenue share with one of the top tier North American mobile carriers. The agreement includes a set-up fee for the customization of the product to meet our partner's requirements. It is too premature to estimate the success with which the partner will be able to promote the product with initial revenues expected in H1 2016.
The company has also identified an immediate demand for its traditional messaging platform within the developers' community. In view of this, the Company has focused some efforts on providing APIs for its Messaging Gateway for this community as can be seen on http://developer.telemessage.com.
As the new product has been launched in the market, the Company will continue to invest R&D efforts in adding new features and capabilities to the product and if necessary, we may shift some of our resources to support sales and marketing efforts.
Financial Results
For the six-month period ended 30 June 2015, we are reporting a pre-tax loss of GBP85,502 (H1 2014: loss of GBP186,664) based on gross revenues of GBP1,730,535 (H1 2014: GBP1,851,237).
The group's cash balances at 30 June 2015 totaled GBP682,365 (H1 2014: GBP377,058). The bank loan from Mizrahi Tefahot Bank outstanding at 30 June 2015 was GBP533,092 (H1 2014, GBP198,892). This reflects the renewed loan announced earlier this year on January 26, 2015.
Outlook
We have managed to stabilize the reduction in revenues while continuing our efforts in building the new products without neglecting our legacy solutions. We continue to explore opportunities to maintain and grow that business.
With initial revenues and several pilots with potential customers for our "Mobile Business Messaging", we seek to expand this area of the business directly as well as through partners such as the tier one mobile carrier mentioned above.
I would like to thank our team for their hard work and dedication over the past year in adapting to changing markets and changing technologies as well as to our shareholders for their continued support.
H Furman
Chairman
10 September 2015
For more information visit www.telemessage.com or contact:
Guy Levit Messaging International Tel: + 972 3 Plc 9225252 Horacio Furman Messaging International Tel: + 972 3 Plc 6964420 Catherine Leftley/David Cantor Fitzgerald Tel: +44 (0) Foreman Europe 20 7894 7000
Consolidated statement of comprehensive income for the six months ended 30 June 2015
Unaudited Unaudited Audited Notes six months six months year ended ended ended 31 December 30 June 30 June 2014 2015 2014 GBP GBP GBP Revenues 2 1,730,535 1,851,237 3,607,978 Cost of revenue (645,849) (640,431) (1,218,844) Gross profit 1,084,686 1,210,806 2,389,134 ------------ ------------ -------------- Operating expenses Research and development (521,452) (681,464) (1,235,070) Sales and marketing (451,903) (417,490) (865,147) Administrative costs (252,533) (258,976) (552,676) Goodwill Impairment - - (2,550,000) ------------ ------------ -------------- Total operating expenses (1,225,888) (1,357,930) (5,202,893) ------------ ------------ -------------- Operating loss (141,202) (147,124) (2,813,759) Finance gains (costs) 55,700 (39,540) (71,039) (Loss) before taxation (85,502) (186,664) (2,884,798) Taxation 3 - - (8,914) Loss for the period/year (85,502) (186,664) (2,893,712) ============ ============ ============== Other comprehensive loss Re-measurement of loss from defined benefit scheme - - (71,715) Foreign exchange difference on translation of foreign operations (54,213) (19,568) 21,632 Foreign exchange difference arising from restating the carrying value of goodwill associated with foreign operations - - (78,802) (54,213) (19,568) (128,885) ============ ============ ============== Total comprehensive loss (139,715) (206,232) (3,022,597) ============ ============ ============== Loss per share Basic and diluted loss per share 4 (0.07)p (0.16)p (2.50)p ============ ============ ==============
Consolidated statement of changes in equity for the six months ended 30 June 2015
Capital Share redemption Translation Revenue capital reserve reserve reserves Total GBP GBP GBP GBP GBP As at 1 January 2015 579,361 600,039 75,008 (63,431) 1,190,977 (Loss) for the period (85,502) (85,502) Share based payments 11,448 11,448 Foreign currency translation changes (54,213) (54,213) As at 30 June 2015 579,361 600,039 20,795 (137,485) 1,062,710 ========== ============ ============ ============== ============== As at 1 January 2014 579,361 600,039 118,602 2,845,271 4,143,273 (Loss) for the period (186,664) (186,664) Share based payments 25,919 25,919 Foreign currency translation changes (19,568) (19,568) As at 30 June 2014 579,361 600,039 99,034 2,684,526 3,962,960 ========== ============ ============ ============== ============== As at 1 January 2014 579,361 600,039 118,602 2,845,271 4,143,273 (Loss) for the for the year (2,893,712) (2,893,712) Re-measurement of defined benefit plan (71,715) (71,715) Share based payments 56,725 56,725 Foreign currency translation changes for goodwill (78,802) (78,802) Other foreign currency translation changes 35,208 35,208 As at 31 December
(MORE TO FOLLOW) Dow Jones Newswires
September 08, 2015 02:00 ET (06:00 GMT)
2014 579,361 600,039 75,008 (63,431) 1,190,977 ========== ============ ============ ============== ==============
Consolidated Statement of financial position as at 30 June 2015
Unaudited Unaudited Audited as at as at as at 30 June 30 June 31 December 2015 2014 2014 GBP GBP GBP Non current assets Goodwill 803,957 3,432,759 803,957 Property, plant and equipment 54,209 120,870 86,526 Other investments 373,134 314,183 343,699 1,231,300 3,867,812 1,234,182 ------------ ------------ ------------- Current assets Trade and other receivables 903,493 862,212 696,068 Cash and cash equivalents 682,365 377,058 381,109 1,585,858 1,239,270 1,077,177 ------------ ------------ ------------- Total assets 2,817,158 5,107,082 2,311,359 Current liabilities Trade and other payables (652,888) (556,084) (525,664) Borrowings (206,811) (198,892) (110,013) ------------ ------------ ------------- (859,699) (754,976) (635,677) ------------ ------------ ------------- Non current liabilities Borrowings (326,281) - - Other payables (46,599) (6,233) (5,049) Employee provisions (521,869) (382,913) (479,656) ------------ ------------ ------------- (894,749) (389,146) (484,705) ------------ ------------ ------------- Total liabilities (1,754,448) (1,144,122) (1,120,382) Net assets 1,062,710 3,962,960 1,190,977 ============ ============ ============= Equity Share capital 579,361 579,361 579,361 Capital redemption reserve 600,039 600,039 600,039 Foreign currency translation reserve 20,795 99,034 75,008 Revenue reserves (137,485) 2,684,526 (63,431) Shareholders' equity 1,062,710 3,962,960 1,190,977 ============ ============ =============
Consolidated cash flow statement for the six months ended 30 June 2015
Unaudited Unaudited Audited six months six months year ended ended ended 31 December 30 June 30 June 2014 2015 2014 GBP GBP GBP Cash flow from operating activities Loss before taxation (141,202) (147,124) (2,813,759) ------------ ------------ ------------- Adjustments for: Goodwill impairment - - 2,550,000 Share based payments - shares 11,448 25,919 56,725 Share based payments 25,609 - - - issue of warrants Defined benefit plan - - (71,715) Depreciation and amortisation 32,151 43,289 100,094 Foreign currency translation adjustments (33,739) (39,370) (2,899) ------------ ------------ ------------- 35,469 29,838 2,632,205 ------------ ------------ ------------- Operating cash flow before working capital movements (105,733) (117,286) (181,554) (Increase)/decrease in receivables (207,425) (77,558) 75,086 (Decrease)/increase in payables 168,774 (78,002) (105,019) Increase in provisions 42,213 723 97,466 3,562 (154,837) 67,533 ------------ ------------ ------------- Cash (outflow)/inflow from operating activities (102,171) (272,123) (114,021) Investing activities Interest received - - 232 Investments (29,435) 9,521 (19,995) Purchase of property, plant and equipment (385) (6,288) (14,581) Net cash from /(used in) investing activities (29,820) 3,233 (34,344) ------------ ------------ ------------- Financing activities Interest and related costs (31,092) (14,954) (25,068) Bank loan net of repayments 464,339 (104,124) (210,484) Net cash (used) in financing activities 433,247 (119,078) (235,552) ------------ ------------ ------------- Net increase/(decrease) in cash and cash equivalents 301,256 (387,968) (383,917) Cash and cash equivalents at the beginning of the period/year 381,109 765,026 765,026 Cash and cash equivalents at the end of the period/year 682,365 377,058 381,109 ============ ============ =============
Notes to the interim report
For the six months ended 30 June 2015
1. Basis of preparation and consolidation
The financial information contained in the interim results has been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union. It has been prepared in accordance with IAS 34 - Interim Financial Reporting and does not include all of the information required for full annual financial statements.
The financial information contained in these interim results for the six months ended 30th June 2015 and 30th June 2014 are un-audited. The comparative figures for the year ended 31st December 2014 do not constitute statutory financial statements of the group within the definition of S434 of the Companies Act 2006. Full audited accounts of the group in respect of that financial period prepared in accordance with IFRS, which we received an unqualified audit opinion have been delivered to Registrar of Companies.
The accounting policies and methods of computation used in the interim statements are consistent with those used in the financial statements for the year ended 31 December 2014 and are in accordance with International Financial Reporting Standards.
The statement of comprehensive income, statement of changes in equity and financial position include the financial statements of the company and its subsidiary undertakings up to 30 June 2015.
The consolidated interim financial statements do not include all the information required for full annual financial statements and therefore cannot be construed to be in full compliance with IFRS.
The consolidated interim financial statements were approved by the board and authorised for issue on 10 September 2015.
2. Turnover Unaudited Unaudited Audited six months six months year ended ended ended 31 December 30 June 30 June 2014 2015 2014 GBP GBP GBP North America 1,427,874 1,626,395 3,171,573 Europe and Middle East 288,979 205,226 405,494 Rest of the World 13,682 19,616 30,911 ------------ ------------ ------------- 1,730,535 1,851,237 3,607,978 ------------ ------------ -------------
Notes to the interim report
For the six months ended 30 June 2015 (continued)
3. Taxation
The tax charge in the six months ended 30 June 2015 represented amounts due for US State tax in relation to the profits of TeleMessage Inc. based in the USA. U.S. operating losses from previous years are subject to annual limitations due to the "change in ownership" provisions of the Internal Revenue Code of 1986 and similar state provisions.
No further provision has been made for taxation as there are losses available to carry forward against future trading profits. No deferred tax asset has been recognised in accordance with International Accounting Standard 12.
4. Basic and diluted loss per share
For the six months ended 30 June 2015, basic loss per share has been calculated on the Group's loss attributable to owners the Company of GBP85,502 and on the weighted average number of shares in issue during the year, which was 115,872,147.
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