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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sky High | LSE:SKHG | London | Ordinary Share | GB00B1LCP739 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 15.50 | 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
TIDMSKHG
RNS Number : 3456L
Sky High PLC
29 July 2011
SKY HIGH PLC
("Sky High" or the "Group"),
PRELIMINARY RESULTS FOR THE PERIOD ENDED 31 MARCH 2011
HIGHLIGHTS
Sky High Plc the data collection and analysis group, today announces its results for the year ended 31 March 2011. Despite the impact of restrictions on Government spending relating to the Comprehensive Spending Review ('CSR') on the UK market for traffic related data collection the Group was able to recover from a substantial loss position in the first six months of the year to trade profitably in the second half of the year.
The Group achieved the following full year results:
-- Group turnover down 16% to GBP4.8 million (2010: GBP5.7m million).
-- Group loss before tax of GBP249k (2010: GBP267k profit ).
-- UK Traffic turnover of GBP2,705k was 26% down on 2010 and the segment made a loss before tax of GBP37k (2010: GBP330k profit).
-- Sky High Australia showed a small year on year growth in profit before tax from GBP2k to GBP46k
There have been a number of positive developments since the release of interim results on 7 December 2010 which the directors believe have resulted in the Group being in a good position to move forward.
-- Trading in second half of the year is substantially better than the first half producing a profit before tax of GBP49k compared to a loss of GBP299k after the first six months.
-- As announced on 17 February 2011 the UK Traffic business successfully won a major contract from the Department for Transport ("DfT"). This annual revenue of the contract will be circa GBP900k and the contract commenced in March 2011 and is for a minimum of 2 years.
-- Sky High Australia continues to grow and has outsourced its data analysis to a South Korean. There are opportunities to develop this relationship further including entering the survey market in South Korea and using this company for equipment development.
-- Since the year end the Group has entered into an invoice discounting facility with its existing bank as its primary source of funding for the UK business. This should provide greater headroom and the Directors consider that this funding arrangement is better suited to the business at this time.
-- The new financial year has started profitably and is significantly ahead of the equivalent period last year.
-- The Board is confident that the improved trading trend in the second half of the previous year will continue in 2011 and that the Group is well positioned to take advantage of opportunities as the market improves further
Appointment of Directors
In addition to announcing our year end results we are also delighted to announce a strengthening of the Group management team by the appointment of two new Directors to the Sky High Board.
Martin Prowse the Managing Director of Sky High Australia has been appointed as an executive director. Martin has been with Sky High since 2004 and established Sky High Australia in 2005. Since this time he has grown the business to its current position in the Australian market. The directors believe that Martin will assist with the international development of the group.
Secondly, Alex Johnson has been appointed as Finance Director. Alex joined Sky High in July 2010 as Finance Director (an initial non-board position) and has contributed to the stable operation of the business over this challenging period. He has past experience as a Finance Director but also has a Corporate Finance background which the directors believe will be important as the Group looks to develop its future strategy.
Mark Mattison, Sky High's Chief Executive, said:
"This has been a challenging year for the Group as we have had to respond to the biggest cuts in public spending for decades and one of the most turbulent economic periods. We have worked hard to respond positively to the market conditions with some success as evidenced by the return to profit for the second six months trading. Despite a challenging last year and the continuing general economic uncertainly I am increasingly confident about the prospects for the Group moving forward.
I welcome Martin and Alex onto the Board and am sure they will make a positive contribution to the management of the Group."
For further information, please contact:
Sky High Plc Mark Mattison, Chief Executive Tel: 01937 833 933 Officer WH Ireland Limited Katy Mitchell Tel: 0113 394 6600
CHAIRMAN'S STATEMENT
I am pleased to present the Chairman's Statement for Sky High Plc (the "Company" and together with its subsidiaries, the "Group") for the year to 31 March 2011.
Introduction
Despite the impact of restrictions on Government spending relating to the Comprehensive Spending Review ('CSR') on the UK market for traffic related data collection, more details of which were set out in our interim results released on 7 December 2010, the Group was able to recover from a substantial loss position in the first six months of the year to trade profitably in the second half of the year.
In addition there were a number of other positive developments in the second half of the year including the award of a significant contract, the biggest single contract the Group has ever won, which directors believe has resulted in the Group now being in a good position to move forward. Further detail regarding the director's consideration of the Group's future prospects including a review of 'going concern' are included in the Directors Report on pages 12 to 13 of the accounts and Note 4 of the accounts on pages 32 to 33.
Results
Revenues for the year were GBP4,757k (2010: GBP5,720k) from which the Group made a loss before tax of GBP250k (2010: GBP267k profit).
Trading for the second half of the year was substantially better than that of the first half. The Group recorded a loss before tax for the first six months of GBP299k but in the second half of the year the Group traded profitably producing a profit before tax of GBP49k. A more detailed commentary by segment is covered in the Chief Executive Officer's Report.
Sky High Australia traded profitably for the year and showed a small year on year growth in profit before tax to GBP46k from GBP2k in the previous year.
Gross margins for the Group for the period under review were 37.1% compared to 38.9% in the previous year but the margins in the second half of this financial year were 41% compared to 33% in the first six months. This improvement was largely achieved through cost saving measures relating to direct labour costs that were implemented by management.
Cash generated from operations reduced to GBP190k in 2011 from GBP366k in 2010 which the directors believe is a direct impact of the losses caused by the market downturn. The losses in the first six months' eroded the Company's working capital position and the Directors made a decision to move to a confidential invoice discounting facility as its primary source of funding for the business. This change of financing from overdraft to an invoice discounting facility increases the amount that can be borrowed which should provide greater headroom than was available to the business previously.
In addition Sky High Australia have their own banking arrangements which include an overdraft facility of AUS$125,000.
Dividend
Despite the improved performance in the second half of the year it is the Directors opinion that the business needs to retain cash at this time to provide a suitable level of working capital to manage the business. Accordingly, the Directors do not recommend the payment of a final dividend.
The Directors remain hopeful that in the future if the market continues to stabilise that they will be able to return to the historic dividend policy but this will be reviewed against the Company's working capital needs and against the plans for future growth.
Additional Events
As announced on 17 February 2011, Sky High was awarded a significant contract from the Department for Transport ("DfT"). The annual revenue of this contract will be circa GBP900,000. This was a significant win for Sky High and provides a good basis for stability and some insulation against any general market weakness.
People
Ourstaff remain key to our business and I would like to take this opportunity to thank them for their continued loyalty, hard work and co-operation in what has been a challenging year. I would particularly like to acknowledge the support of all the directors and the employees in UK Traffic business where it has been necessary to introduce reduced and flexible working hours to allow us to reduce our cost base to maintain our competiveness.
Events Post the Balance Sheet Date: Appointment of Directors
As announced, two new directors have been appointed to the board of Sky High, which the directors believe strengthens the existing management of the Group.
Martin Prowse the Managing Director of Sky High Australia has been appointed as an executive director. Martin has been with Sky High since 2004 and established Sky High Australia in 2005. Since this time he has grown the business to its current position in the Australian market. The directors believe that Martin will assist with the international development of the group.
Secondly, Alex Johnson has been appointed as Finance Director. Alex joined Sky High in July 2010 as Finance Director (an initial non-board position) and has contributed to the stable operation of the business over this challenging period. He has past experience as a Finance Director but also has a Corporate Finance background which the directors believe will be important as the Group looks to develop its future strategy.
Strategy and Future Prospects
Sky High's strategy has three main objectives;-
-- to further grow market share in the UK traffic market through both organic growth and acquisitions leveraging off our strong market position;
-- to expand the Group through acquisition in areas complementary to Sky High's core skills of data collection; and
-- achieve low risk international expansion through developing existing contacts.
In previous reports I have said that the Group has been actively pursuing acquisitions that expand the service offerings and have good synergy benefits. Acquisitions remain a key part of our strategy going forward but have, in reality, been on hold during the last 12 months due to the need to focus on the core business and the difficult market for finance.
We now believe that as the Group has stabilised the time is now right to restart the acquisitions strategy and we will be proactively looking at targets over future months.
The Board remains cautious in its outlook and sensitive to the conditions in the general economy. However, the new financial year has started profitably and is significantly ahead of the equivalent period last year. The Board is confident that the improved trading trend in the second half of the previous year will continue in 2011 and that the Group is well positioned to take advantage of opportunities as the market improves further.
Richard Jackson
Chairman
28 July 2011
CHIEF EXECUTIVE OFFICER'S REPORT
I am delighted to provide an update on Sky High's business and trading during the year ended 31 March 2011.
Business Review
UK Traffic
As previously mentioned this was a challenging year for UK traffic and revenues saw a significant downturn from previous years which the Directors believe was due to the impact of public sector spending cuts as a result of the CSR process. As a response to the difficult market conditions the management of Sky High reduced costs through redundancies and through implementing more flexible working arrangements for employees, which had a positive impact on the second half year trading. Furthermore, as a consequence of these changes the results for the year include a number of non-recurring trading items (including office relocation and redundancy costs) which impacted on profit.
Revenue for the year was GBP2,751k (2010: GBP3,710k) showing a reduction of 27% year on year. The net loss before tax was GBP37k (2010: GBP330k profit).
Whilst the performance for the whole year was a loss, the second half year performance showed a significant turnaround due to cost saving measures implemented. The losses in UK traffic for the first half year were GBP192k. Sales in the second half of the year were 13% up on the first half year which the Directors believe was a sign that the markets were opening up slightly after the CSR process was completed in October 2010.
Despite the reduced costs Sky High maintained its investment in business development and continued to work on developing customer relationships and working on tender opportunities. This approach led to the successful tender and award for the DfT contract. The contract is a significant development for the UK Traffic business as it is worth approximately GBP900k per year for a minimum of 2 years and as it is based on a predetermined schedule of work, the revenue can therefore be more accurately forecast by month and is largely guaranteed.
This contract was awarded in February 2011 but operationally did not start until late March 2011 therefore approximately GBP84k of the GBP900k per annum is included in the results to March 2011.
The general market in the UK remains challenging post CSR as budgets for public sector spending have been cut. However the Directors are confident that the market is slowly improving. Furthermore, in some cases the directors believe the budget reductions have actually created opportunities for Sky High as contracting out services can be a more cost effective solution for public sector organisations than performing the services in-house.
The combination of the new DfT contract, a reduced operating cost base and a slowly improving market ensures the directors are confident for the prospects of the UK Traffic business over the next twelve months.
Australia Traffic
The market in Australia was not subject to the same type of spending review process in the UK. However there were a number of specific market issues that impacted the business and slowed the growth of the business. One issue related to the general election and subsequent hung parliament which the directors believe impacted sales in August and September as companies delayed spending until they had certainty as to the government and the subsequent impact on budgets. In addition the directors understand that the floods in Queensland in late December 2010 resulted in government budgets being reallocated to rebuild projects which impacted the budgets available for traffic surveys. The directors believed this impacted the revenue in the last quarter for our Queensland office.
Reported revenue in the year increased by 6% to GBP1,605k (2010: GBP1,510k) but this was effected by currency fluctuations between the UK pound and the Australian dollar, and in fact the underlying sales in Australia were unchanged from the previous year. However, the profit before tax increased to GBP46k (2010: GBP2k). Again this business delivered a stronger second half performance with profits of GBP65k compared to a loss of GBP19k in the first half year. The results incorporate a number of non recurring trading items which impacted profit in the year relating to redundancies and termination payments.
Other significant events in the year saw the strengthening of the management team in Australia through the recruitment of a financial controller who improved the internal controls and management information flow in the business. Direct costs were reduced during the year through making a small number of redundancies and outsourcing the data analysis to a company in South Korea. Both these actions contributed to the increase in the gross margin in the year to 44% (2010: 40%).
The Directors remain confident about the prospects for Australia Traffic and expect this business to continue to grow and contribute more to the Group. In addition, the relationship with South Korea opens up interesting opportunities to potentially begin surveys in this market.
Data Capture
Sky High Data Capture ("SHDC") is generally less focussed on public sector markets than the UK Traffic business as it has a mix of public and private sector customers. However in this financial year the SHDC business was impacted by the public sector cuts, as one of SHDC's major clients from the public sector had its budgets reduced. The SHDC business has struggled to win new work to compensate for this. The revenue in this financial year was GBP401k compared to GBP500k in 2010 and this division produced a loss of GBP52k for the year (2010: GBP78k profit).
As this business offers the opportunity for diversification from the public sector market the directors are keen to grow the business and have invested in a business development manager which increased the costs in the year and thus contributed to loss. In the current economic climate it has proved to be more difficult to grow this business than we had hoped. . We have reduced the cost base in other areas in response to the reduction in turnover and we continue to be confident that we can grow SHDC in the medium term despite the difficulties in achieving that this year.
Head Office
Head office costs for the year were GBP207k (2010: GBP143k). The increase in costs primarily relates to a non recurring cost to resolve a historic commercial dispute.
Outlook
Despite a challenging last year and the continuing general economic uncertainly I am increasingly confident about the prospects for the Group moving forward.
Whilst the directors believe the UK market remains difficult we believe there are also signs of a slow improvement evidenced by a rise in the volumes of enquiries and a gradual improvement in the quality of the enquiries. The directors consider that this trend will continue, especially as there is no reason to believe there will be a repeat of last years CSR process.
Sky High (UK) is now in a good position to move forward with a lower cost base and a more flexible labour resource. We believe our commitment to continue to invest in the business development team through the challenging trading period was instrumental in securing the DfT contract and we believe that through continued investment we will continue to grow market share.
Sky High Australia continues to develop and we believe that this business will deliver good growth over the next few years.
In addition we believe the new funding arrangement is better suited to the business and should allow more flexibility to enable the business to grow.
Mark Mattison
Chief Executive Officer
28 July 2011
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2011
Hot Features
Premium
Year ended Year ended
31 March 31 March
2011 2010
GBP'000 GBP'000
Continuing operations
Revenue 4,757 5,720
Cost of sales (2,992) (3,495)
---------- ----------
Gross profit 1,765 2,225
Other administrative expenses (1,977) (1,914)
(Loss)/profit from operating activities (212) 311
Finance income 1 2
Finance expense (39) (46)
(Loss)/profit before taxation (250) 267
Taxation 52 (95)
(Loss)/profit from continuing operations (198) 172
Other comprehensive income
Gain on translation of foreign operations 32 47
Total comprehensive (loss)/income (166) 219
---------- ----------
Basic profit per ordinary share (1.6)p 1.3p
========== ==========
Diluted profit per ordinary share (1.6)p 1.3p
========== ==========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2011
2011 2010
GBP'000 GBP'000
Non-current assets
Property, plant and equipment 693 817
Goodwill 730 730
Other intangible assets 34 48
------- -------
Total non-current assets 1,457 1,595
Current assets
Trade and other receivables 1,281 1,491
Cash and cash equivalents 22 101
------- -------
Total current assets 1,303 1,592
Total assets 2,760 3,187
Current liabilities
Bank borrowings (68) (67)
Hire purchase contracts (100) (110)
Trade and other payables (894) (923)
Current tax payable - (89)
------- -------
Total current liabilities (1,062) (1,189)
Non-current liabilities
Bank borrowings - -
Hire purchase contracts (145) (218)
Other payables - -
Deferred tax provision - (61)
------- -------
Total non-current liabilities (145) (279)
Total liabilities (1,207) (1,468)
Net assets 1,553 1,719
======= =======
Equity
Called up share capital 1,275 1,275
Share premium account 1,655 1,655
Profit and loss account 299 497
Exchange reserve 98 66
Reverse acquisition reserve (1,774) (1,774)
Equity Attributable to Equity Holders of Parent 1,553 1,719
======= =======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2011
Called
up Share Reverse
share premium acquisition Exchange Retained Total
capital account reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the year
ended 31 March
2011
At start of
period 1,275 1,655 (1,774) 66 497 1,719
Total
comprehensive
income/(loss)
for the
period - - - 32 (198) (166)
Dividends paid - - - - - -
At end of
period 1,275 1,655 (1,774) 98 299 1,553
Called
up Share Reverse
share premium acquisition Exchange Retained Total
capital account reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the year
ended 31 March
2010
At start of
period 1,275 1,655 (1,774) 19 452 1,627
Total
comprehensive
income for
the period - - - 47 172 219
Dividends paid - - - - (127) (127)
At end of
period 1,275 1,655 (1,774) 66 497 1,719
CONSOLIDATED CASHFLOW STATEMENT
For the year ended 31 March 2011
Year
ended Year ended
31 March 31 March
2011 2010
GBP'000 GBP'000
Net cash from operating activities 190 366
Taxation
Income taxes paid (86) (68)
Cashflow from investing activities
Purchases of property, plant and equipment (82) (158)
Proceeds from disposal of property,
plant and equipment 20 16
Equity dividends paid - (127)
Interest paid (39) (46)
Interest received 1 2
Net cash outflow from investing activities (100) (313)
Financing
Repayment of bank loans (27) (52)
Hire purchase repayments (116) (124)
Net cash outflow from financing activities (143) (176)
Net decrease in cash and cash equivalents (139) (191)
Effect of exchange fluctuations 32 47
Cash and cash equivalents at 1 April 61 205
Cash and cash equivalents at 31 March (46) 61
========= ==========
As described in the accounting policies, bank overdrafts repayable on demand fluctuate from being positive to overdrawn and are considered an integral part of the Group's cash management for cash flow statement purposes.
There is no material difference between the fair value and the book value of cash and equivalents.
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2011
1. General Information
Sky High plc is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is 12-14 Westgate, Tadcaster, Leeds, LS24 9AB. The nature of the Group's operations and its principal activities is that of data collection and analysis.
2. Adoption of new and revised International Financial Reporting Standards
Standards and Interpretations effective in the current period
The following new standards and amendments to standards have become effective from 1 January 2010 and hence are reflected in these financial statements when applicable:
-- IAS 1 Presentation of Financial Statements. Current/non-current classification of the liability element of convertible instruments is not affected by settlement of the instrument in equity.
-- IAS 7 Statement of Cash Flows. Only an expenditure that results in a recognised asset in the statement of financial position can be classified as a cash flow from investing activities.
-- IAS 17 Leases. Brings classification requirements for leases of land and buildings under general lease classification rules. Potentially impacts long leases of land and buildings which have been classified as operating leases. The group has no long leases and therefore there has been no impact from adopting this improvement.
-- IAS 18 Revenue. Determining whether an entity is acting as a principal or as an agent. Provides examples of features which indicate the entity is acting as a principal.
-- IAS 27 Consolidated and Separate Financial Statements. Increases or decreases in a parent's ownership interest that do not result in a loss of control are accounted for as equity transactions of the consolidated entity. Losses are allocated to a non-controlling interest even if they exceed that interest's share of equity in the subsidiary. Any retained non-controlling investment at the date control is lost is remeasured to fair value.
-- IAS 28 Investments in Associates. Disclosure required when investments in associates are accounted for at fair value through profit or loss. Clarifies requirements for impairment of investments in associates.
-- IAS 32 Financial Instruments: Disclosures. Clarifies which rights issues will be classified as issues of equity instruments.
-- IAS 36 Impairment of assets. Unit of accounting for goodwill impairment test is capped at the operating segment level as defined by IFRS 8 before permitted aggregation.
-- IAS 38 Intangible assets. Additional consequential amendments from IFRS 3 to measure the fair value of an intangible asset acquired in a business combination.
-- IFRS 3 Business Combinations. Costs incurred in an acquisition (except debt costs) and most changes to contingent consideration are period costs. A business combination leading to acquisition accounting applies only at the point where control is achieved. Option to measure non-controlling interests in the entity acquired either at fair value or at the non-controlling interest's proportionate share of the net identifiable assets of the entity acquired. Leases and insurance costs acquired are not reassessed on acquisition.
-- IFRS 5 Non-current assets held for sale and discontinued operations. Clarifies requirements for non-current assets (or disposal groups) classified as held for sale or discontinued operations in accordance with IFRS 5. Confirms disclosures on these assets/groups may be required by other standards.
-- IFRS 8 Operating Segments. Measure of segment assets disclosure should only be disclosed if that amount is regularly provided to the chief operating decision maker.
-- IFRIC 16 Hedges of a Net Investment in Foreign Operation. Amendment to the restriction on the entity that can hold hedging instruments.
-- IFRIC 17 Distributions of Non-cash Assets to Owners. Dividends payable should be measured at fair value of the net assets distributed. The difference between the dividend paid and the carrying amount of the net assets distributed is recognised in profit or loss.
-- IFRIC 18 Transfers of Assets from Customers. Clarifies the requirements for IFRSs when an entity receives items of property, plant or equipment from a customer that the entity must then use to connect the customer to a network or to provide the customer with access to goods or services.
There have been no amendments to prior year's comparatives as a result of the adoption of the above standards.
Standards and Interpretations in issue not yet adopted
At the date of approval of these financial statements the following Standards and Interpretations were in issue and endorsed by the EU but not yet effective:
-- Amendment to IFRS 1 Limited Exemption from Comparative IFRS 7 Disclosures for first time adopters.
-- IFRS 7 Disclosures - Transfers of Financial Assets
-- IFRS 9 (as amended in 2010) Financial Instruments
-- IFRS 10 Consolidated Financial Statements
-- IFRS 11 Joint Arrangements
-- IFRS 12 Disclosure of Interests in Other Entities
-- IFRS 13 Fair Value Measurement
-- Amendment to IFRIC 12 Service Concession Arrangements
-- IAS 24 (revised in 2009) Related Party Disclosures
-- Amendments to IAS 32 Classification of Rights Issues
-- Amendments to IFRIC 14 Prepayments of a Minimum Funding Requirement
-- IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
The adoption of these Standards and Interpretations is not expected to have a material impact on the financial statements of the Group.
3. Significant accounting policies
Going concern
The Directors are satisfied that the Group has adequate resources to continue in operation for the foreseeable future as disclosed in the Directors Report on page 12 to 13 and in note 4 on page 32 to 33. For this reason, they consider it appropriate to adopt the going concern basis in preparing the financial statements.
4. Segment analysis
The primary reporting format is by business operations and then split by geographical area on the same basis that management reports are prepared for the chief operating decision maker. All operations are UK based with the exception of Australia Traffic. Since last year's annual report, management have reviewed the relevant business segments for their own internal reporting purposes and have amended the segmental reporting to reflect these changes.
The relevant segments are presented below. Previously Australia Traffic was described as Australia and what was previously described as UK has now been split into UK Traffic, Data Capture and Head Office.
There were no discontinued operations in the year.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Australia Data Head Total
31 March 2011 UK Traffic Traffic Capture Office for group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 2,751 1,605 401 - 4,757
=========== ========== ========== =========== ===========
Operating
profit/(loss) (26) 73 (52) (207) (212)
Finance income 1 - - - 1
Finance
expenses (12) (27) - - (39)
Profit/(loss)
before
taxation (37) 46 (52) (207) (250)
Taxation 61 (9) - - 52
Profit/(loss)
from
continuing
operations 24 37 (52) (207) (198)
=========== ========== ========== =========== ===========
Balance sheet
Total assets 1,155 724 117 764 2,760
=========== ========== ========== =========== ===========
Total
liabilities (657) (409) (62) (79) (1,207)
=========== ========== ========== =========== ===========
Australia Data Head Total
31 March 2010 UK Traffic Traffic Capture Office for group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 3,710 1,510 500 - 5,720
=========== ========== ========== =========== ===========
Operating
profit/(loss) 346 29 79 (143) 311
Finance income 2 - - - 2
Finance
expenses (18) (27) (1) - (46)
Profit/(loss)
before
taxation 330 2 78 (143) 267
Taxation (63) (24) (8) - (95)
Profit/(loss)
from
continuing
operations 267 (22) 70 (143) 172
=========== ========== ========== =========== ===========
Balance sheet
Total assets 1,244 939 223 781 3,187
=========== ========== ========== =========== ===========
Total
liabilities (696) (599) (86) (87) (1,468)
=========== ========== ========== =========== ===========
5. (Loss)/profit from operating activities
(Loss)/profit from operating activities has
been stated after charging the following:
2011 2010
GBP'000 GBP'000
Loss on disposal of fixed assets 1 3
Depreciation of property, plant and equipment 210 213
Amortisation of intangible fixed assets 14 13
Auditors' remuneration
2011 2010
GBP'000 GBP'000
Auditors' remuneration - Audit services
to the parent company 18 17
Auditors' remuneration - Audit services
to the Group 12 20
Auditors' remuneration - Non-audit services
to the Group 1 -
-------- --------
Total audit fees 31 37
6. Earnings per share
The calculation is based on the earnings attributable to ordinary shareholders divided by the weighted average number of Ordinary Shares in issue during the period as follows:
2011 2010
GBP'000 GBP'000
Numerators: earnings attributable to equity (198) 172
No. '000 No. '000
Denominators: weighted average number of
equity shares:
Basic 12,745 12,745
Effect of dilutive potential ordinary shares:
Share options - 261
Diluted 12,745 13,006
======== ========
7. Equity capital
Ordinary Share Share
shares 10p capital Premium Total
No. '000 GBP'000 GBP'000 GBP'000
At 31 March 2010 & 31
March 2011 12,745 1,275 1,655 2,932
2011 2010
GBP'000 GBP'000
Authorised
17,336,353 (2010: 17,336,353) Ordinary
Shares of 10p each 1,734 1,734
=======
Allotted, called up and fully paid
12,744,737 (2010: 12,744,737) Ordinary
Shares of 10p each 1,275 1,275
======= =======
The company has granted the following share warrant instruments:
Number of
Subscription shares for
price per Periods within which which rights
Grant date share options are exercisable are exercisable
12 October On 12 October 2010
2009 GBP0.125 to 12 October 2012 160,666
12 October On 12 October 2011
2009 GBP0.125 to 12 October 2012 160,666
12 October
2009 GBP0.125 On 12 October 2012 160,668
482,000
=================
Share warrant instruments granted on 12 October 2009 have a vesting period of 1 year, 2 years and 3 years as shown in the tranches above. The options are exercisable by the option holder at any point following the annual vesting date and prior to October 2012.
8. Events after the balance sheet date
On 28 April 2011 additional funding in the form of Invoice Discounting was agreed with the bank that gave the UK business a potential borrowing limit of GBP750k.
No other significant events have occurred since the balance sheet date other than those discussed elsewhere.
9. Annual General Meeting
The Annual General Meeting of Sky High Plc will be held at 32 Bedford Row, London, WC1R 4HE on 7 September 2011 at 2.00pm.
The Annual Report and Accounts for the year ended 31 March 2011 will be sent by post to all shareholders on 5 August 2011. The Annual Report and Accounts may also be viewed on Sky High Plc's website at www.skyhighplc.co.uk .
This information is provided by RNS
The company news service from the London Stock Exchange
END
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