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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sigmaroc Plc | LSE:SRC | London | Ordinary Share | GB00BYX5K988 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.80 | -1.23% | 64.20 | 63.80 | 64.10 | 65.10 | 63.20 | 64.20 | 1,124,314 | 16:35:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investment Advice | 580.29M | 13.53M | 0.0121 | 52.89 | 713.51M |
TIDMSRC
RNS Number : 3470L
SigmaRoc PLC
30 September 2016
SIGMAROC PLC
(formerly Messaging International plc)
Interim Results for the period ended 30 June 2016
SigmaRoc plc ('SigmaRoc' or the 'Company'), the AIM traded company (ticker: SRC), announces its unaudited results for the six months ended 30 June 2016, representing the operations of Messaging International plc ('MI') and its subsidiary TeleMessage Ltd ('TeleMessage', together the 'Group'). The Company announced on 22 August 2016 the disposal of its TeleMessage subsidiary and changes to its activity, details of which are outlined below.
Overview
-- Disposal of TeleMessage subsidiary post period end;
-- Company name changed to SigmaRoc plc with new strategy to pursue acquisitions in the construction materials sectors;
-- Change of Board;
-- Gross revenues of GBP1,959,096 up 13% from GBP1,730,535 in H1 2015; and
-- Pre-tax profit for the period of GBP272,509 (H1 2015 loss of GBP85,502).
CEO's Statement
At the end of the period under review, the Company saw a change of direction, both in terms of sector focus and Company strategy. The financial information presented herein represents the Company under its former guise. TeleMessage was taken private following the passing of certain resolutions at the Company's General Meeting ('GM'), held on 22 August 2016. Following the GM, a new Board was appointed with the vision to pursue the new Company strategy, under the name SigmaRoc.
Before commenting on the new direction of SigmaRoc it is worth considering the most recent developments of Messaging International. As described in the last annual report, the Group was transitioning from its legacy Text-to-Landline product to a new offering focused on the Secure Mobile Messaging for Enterprises and also the "Mass Messaging" solution for Enterprises. The further development of these new products and in particular the marketing and sales efforts required a substantial investment. On the back of these developments a consortium of shareholders within MI decided to put forward a proposition to take TeleMessage private which was approved by shareholders at the GM. As a consequence of the GM, the remaining cash shell listed on the AIM market became the starting point for a new venture under new management and with a new name, SigmaRoc plc.
SigmaRoc's business model is a buy and build strategy in the construction materials space. The Company's focus will be on cash generative assets, located in niche and frontier markets that produce aggregates, concrete, pre-cast concrete and other related materials. These materials are in high demand in rapidly growing frontier economies and experience steady but consistently reliable demand in niche markets.
In selecting investment and/or acquisition opportunities, SigmaRoc will focus on three types of business:
-- Businesses, assets and/or projects in markets where anticipated structural change can lead to growth or consolidation within the construction materials sector;
-- Businesses which present a steady cash flow opportunity allowing the Board to build a baseline income to sustain its further expansion projects; and
-- Businesses or projects which present a clear opportunity for the Board to take advantage of cyclical dips within established production majors.
The new Board members appointed at the GM were David Barrett and Dominic Traynor as non-executive Directors, with Max Vermorken as Managing Director/CEO of the new business. All three directors have strong credentials and collectively have extensive relevant experience of the sector, geography and transactions that SigmaRoc is likely to pursue.
The Board is fortunate to have an ambitious and focused team that brings extensive experience and contacts in the sector.
Since the GM and unveiling of the new strategy, many investors and interested parties have made inquiries and the Board is encouraged by the interest received. Shareholders will naturally understand that the investment strategy set out for SigmaRoc is ambitious and one which requires solid due diligence and analysis of potential targets. The Board looks forward to announcing details of its first acquisition in due course.
Funding
On 22 August 2016, the Company raised GBP500,000 (before expenses) by way of a placing of 208,333,333 new ordinary shares of GBP0.001 each in the capital of the Company at a price of GBP0.0024 (the 'Placing').
The net proceeds of the Placing provided the Company with working capital to conduct due diligence on potential acquisition opportunities in line with the Company's new strategy.
Financial Results
For the six-month period ended 30 June 2016, the Group is reporting a pre-tax profit of GBP272,509 (30 June 2015: loss of GBP85,502) based on gross revenues of GBP1,959,096 (30 June 2015: GBP1,730,535).
Outlook
The Board looks forward to using the opportunity granted by the investment community to build out its strategy into a solid cash flow generative business with significant growth potential. Its focus is entirely on generating long term attractive returns for investors. It will therefore continue its current efforts of identifying the right opportunities for the Company and mobilising its intellectual capital, aiming to achieve an excellent result for shareholders.
I would like to thank SigmaRoc's shareholders and advisers for their support going forward and I look forward to updating the market with further news in due course.
Max Vermorken
Chief Executive
30 September 2016
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
SigmaRoc plc +44(0)20 Max Vermorken 7193 4470 Strand Hanson Limited (Nominated +44(0)20 and Financial Adviser) 7409 3494 James Spinney James Dance Peterhouse Corporate Finance +44(0)20 Limited (Broker) 7469 0930 Eran Zucker Lucy Williams Duncan Vasey Tavistock (Public Relations adviser) Jos Simson +44(0)20 Barney Hayward 7920 3150
Consolidated statement of comprehensive income for the six months ended 30 June 2016
Unaudited Unaudited Audited Notes six months six months year ended ended ended 31 December 30 June 30 June 2015 2016 2015 GBP GBP GBP Revenues 2 1,959,096 1,730,535 3,465,182 Cost of revenue (484,712) (645,849) (1,140,630) Gross profit 1,474,384 1,084,686 2,324,552 ------------ ------------ ------------- Operating expenses Research and development (533,044) (521,452) (1,009,551) Sales and marketing (437,855) (451,903) (829,065) Administrative costs (255,065) (252,533) (490,439) Goodwill Impairment - - (219,000) ------------ ------------ ------------- Total operating expenses (1,225,964) (1,225,888) (2,548,055) ------------ ------------ ------------- Operating profit/(loss) 248,420 (141,202) (223,503) Finance gains/(costs) 24,089 55,700 (50,806) Profit/(loss) before taxation 272,509 (85,502) (274,309) Taxation 3 (176) - (1,337) Profit/(loss) for the period/year 272,333 (85,502) (275,646) ============ ============ ============= Other comprehensive loss Re-measurement of loss from defined benefit scheme - - 14,805 Foreign exchange difference on translation of foreign operations 40,927 (54,213) (3,167) Foreign exchange difference arising from restating the carrying value of goodwill associated with foreign operations - - (63,056) 40,927 (54,213) (51,418) ============ ============ ============= Total comprehensive profit/(loss) 313,260 (139,715) (327,064) ============ ============ ============= Profit/(loss) per share Basic earnings/(loss) per share 4 0.24p (0.07)p (0.24)p ------------ ------------ ------------- Diluted earnings/(loss) per share 4 0.17p (0.07)p (0.24)p ------------ ------------ -------------
Consolidated statement of changes in equity for the six months ended 30 June 2016
Capital Share redemption Translation Revenue capital reserve reserve reserves Total GBP GBP GBP GBP GBP As at 1 January 2016 579,361 600,039 8,785 (281,474) 906,711 Profit for the period 272,333 272,333 Share based payments 7,825 7,825 Foreign currency translation changes 40,927 40,927 As at 30 June 2016 579,361 600,039 49,712 (1,316) 1,227,796 ========== ============ ============ ============ ============ 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 2015 579,361 600,039 75,008 (63,431) 1,190,977 (Loss) for the for the year (275,646) (275,646) Re-measurement of defined benefit plan 14,805 14,805 Share based payments 42,798 42,798 Foreign currency translation changes for goodwill (63,056) (63,056) Other foreign currency translation changes (3,167) (3,167) As at 31 December 2015 579,361 600,039 8,785 (281,474) 906,711 ========== ============ ============ ============ ============
Consolidated Statement of financial position as at 30 June 2016
Unaudited Unaudited Audited as at as at as at 30 June 30 June 31 December 2016 2015 2015 GBP GBP GBP Non current assets Goodwill 521,901 803,957 521,901 Property, plant and equipment 37,771 54,209 48,207 Other investments 466,558 373,134 391,946 1,026,230 1,231,300 962,054 ------------ ------------ ------------- Current assets Trade and other receivables 928,496 903,493 850,096 Cash and cash equivalents 1,097,821 682,365 737,416 2,026,317 1,585,858 1,587,512 ------------ ------------ ------------- Total assets 3,052,547 2,817,158 2,549,566 Current liabilities Trade and other payables (643,065) (652,888) (599,274) Borrowings (266,316) (206,811) (229,425) ------------ ------------ ------------- (909,381) (859,699) (828,699) ------------ ------------ ------------- Non current liabilities Borrowings (127,648) (326,281) (233,104) Other payables (151,228) (46,599) (44,076) Employee provisions (636,494) (521,869) (536,976) ------------ ------------ ------------- (915,370) (894,749) (814,156) ------------ ------------ ------------- Total liabilities (1,824,751) (1,754,448) (1,642,855) Net assets 1,227,796 1,062,710 906,711 ============ ============ ============= Equity Share capital 579,361 579,361 579,361 Capital redemption reserve 600,039 600,039 600,039 Foreign currency translation reserve 49,712 20,795 8,785 Revenue reserves (1,316) (137,485) (281,474) Shareholders' equity 1,227,796 1,062,710 906,711 ============ ============ =============
Consolidated cash flow statement for the six months ended 30 June 2016
Unaudited Unaudited Audited six months six months year ended ended ended 31 December 30 June 30 June 2015 2016 2015 GBP GBP GBP Cash flow from operating activities Operating profit/(loss) 248,420 (141,202) (223,503) ------------ ------------ ------------- Adjustments for: Goodwill impairment - - 219,000 Share based payments - shares 7,825 11,448 28,676 Share based payments - 25,609 - - issue of warrants Defined benefit plan - - 14,805 Depreciation and amortisation 17,095 32,151 61,436 Foreign currency translation adjustments 86,016 (33,739) 1,009 ------------ ------------ ------------- 110,936 35,469 324,926 ------------ ------------ ------------- Operating cash flow before working capital movements 359,356 (105,733) 101,423 (Increase)/decrease in receivables (78,400) (207,425) (154,978) (Decrease)/increase in payables 150,943 168,774 112,639 Increase in provisions 99,518 42,213 57,320 172,061 3,562 14,981 ------------ ------------ ------------- Cash (outflow)/inflow from operating activities 531,417 (102,171) 116,404 Investing activities Investments (74,612) (29,435) (48,248) Purchase of property, plant and equipment (1,525) (385) (18,599) Net cash from/(used in) investing activities (76,137) (29,820) (66,847) ------------ ------------ ------------- Taxation (176) - (387) ------------ ------------ ------------- Financing activities Interest and related costs (26,134) (31,092) (53,755) Bank repayments/net borrowings (68,565) 464,339 360,892 Net cash (used in)/from financing activities (94,699) 433,247 307,137 ------------ ------------ ------------- Net increase in cash and cash equivalents 360,405 301,256 356,307 Cash and cash equivalents at the beginning of the period/year 737,416 381,109 381,109 Cash and cash equivalents at the end of the period/year 1,097,821 682,365 737,416 ============ ============ =============
Notes to the interim report
For the six months ended 30 June 2016
1. Basis of preparation and consolidation
The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. The interim financial statements have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2015 were approved by the Board of Directors on 27 June 2016 and subsequently delivered to the Registrar of Companies. The independent auditor's report on those financial statements was unqualified.
The 2016 interim financial statements of the Group have not been audited or reviewed.
The consolidated interim financial statements were approved by the board and authorised for issue on 30 September 2016.
A copy of the interim financial statements will be available on the Company's website www.sigmaroc.com
2. Turnover Unaudited Unaudited Audited six months six months year ended ended ended 31 December 30 June 30 June 2015 2016 2015 GBP GBP GBP North America 1,598,776 1,427,874 2,852,915 Europe and Middle East 346,865 288,979 582,827 Rest of the World 13,455 13,682 29,440 ------------ ------------ ------------- 1,959,096 1,730,535 3,465,182 ------------ ------------ -------------
Notes to the interim report
For the six months ended 30 June 2016 (continued)
3. Taxation
The tax charge in the six months ended 30 June 2016 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 2016, basic earnings per share has been calculated on the Group's profit attributable to owners the Company of GBP272,333 and on the weighted average number of shares in issue during the year, which was 115,872,147.
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.
For the six month periods ended 30 June 2016, diluted earnings per share has been calculated on the Group's profit attributable to owners the Company of GBP272,333 and on the weighted average number of shares in issue during the year plus share options and warrants to subscribe for shares in the company which together total 159,025,429.
For the six month ended 30 June 2015 share options and warrants are anti-dilutive and for that reason the diluted earnings per share information is the same as the basic loss per share.
For the year ended 31 December 2015, basic loss per share has been calculated on the Group's loss of GBP275,646 and on the weighted average number of shares in issue in 2015 of 115,872,147.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FMGFLGGGGVZM
(END) Dow Jones Newswires
September 30, 2016 06:35 ET (10:35 GMT)
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