We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| 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 : 4855S
Sky High PLC
03 December 2012
Sky High Plc
Interim Report for the Six Months to 30 September 2012
Sky High Plc ('Sky High' or the 'Group'), the data collection and analysis group, today announces its results for the six months ended 30 September 2012.
Highlights
The results show turnover and profit growth compared to the equivalent period last year despite the challenging economic conditions.
-- Results show profit before tax for the period of GBP289k (2011: GBP153k), reflecting a very strong trading performance across the Group especially in the UK.
-- Group revenue up by 60% to GBP4,793k (2011: GBP2,989k)
-- Significant improvement in the UK market for traffic data collection services, with UK Traffic revenue up by 119% to GBP3,626k (2011: GBP1,656k)
-- Australia Traffic revenues down by 20% to GBP889k (2011: GBP1,115k) but still profitable -- Data Capture revenue increased by 28% to GBP278k (2011: GBP218k)
-- The Board is confident that the Group is well positioned to take advantage of opportunities as the market improves further.
For further information, please contact:
Sky High Plc WH Ireland Limited Mark Mattison, Chief Executive Mike Coe Officer Marc Davies Alex Johnson, Finance Director Tel: 01937 833 933 Tel: 0117 945 3470
Chairman's Statement
I am pleased to present the Interim Report for Sky High Plc for the six month period ended 30 September 2012.
Results
I am delighted to report on a period of continued improvement for Sky High Plc during the first six months of the 2012/13 financial year. The Group's profit before tax for the first six months of the year was GBP289k compared to a profit of GBP153k for the equivalent period last year. Other administrative expenses include approximately GBP75k of costs associated with the integration of Count On Us that the Directors consider to be non-recurring. Turnover for the half year was GBP4,793k which was an increase of 60% over the equivalent period last year (2011: GBP2,989k).
The results reflect a very strong performance in the UK which has been underpinned by the contribution of the Count On Us business acquired in March 2012 and an improved market for traffic data collection services. Turnover in the UK for the first six months was GBP3,904k, an increase of GBP2,030k (108%), over the same period last year.
Trading in Australia has been more challenging and revenues for the period were GBP889k, a decrease of GBP226k (20%) on the same period last year. Whereas the market in Australia was strong last year, this year has seen a decline due to a slowdown in the Australian economy and implementation of general budget and cost reduction programmes by state governments.
Cash and cash equivalents have decreased in the period by GBP271k which is largely due to a temporary increase in working capital required to fund a number of high value projects for which work is on-going or from which payment was not due as at 30 September. In addition the Group has invested GBP113k in equipment during the period. The business is expected to generate cash for the remainder of the financial year.
UK Traffic
Turnover in the UK Traffic business for the period increased by 119% to GBP3,626 k (2011: GBP1,656k) and the profit before tax was GBP404k (2011:GBP60k). The improved performance from last year is due to a number of factors including the increased market share due to the contribution of the Count On Us business, a much improved market for traffic data collection services and the development of our innovative vehicle and pedestrian tracking service.
The Count On Us business has been integrated into the UK Traffic division which is now trading as Sky High-Count on Us to reflect the contribution and importance of both brands in the UK traffic market. Whilst the integration is largely complete the Directors expect further cost savings in the future which should further reduce other administrative expenses as a percentage of sales. Based on management accounts the Count On Us business has contributed GBP1,065k revenue and GBP72k profit before tax in the period.
The market improvement is illustrated by the like for like increase in sales (excluding Count On Us) of GBP905k which is an increase of 55% on the prior year period. The data collection market has been stimulated by an increase in government infrastructure spending and some high profile infrastructure projects. This has had a positive impact on both the volume and value of enquiries. The market improvement has also meant that the volume of work that has been generated by our key framework contracts has increased.
The period has also seen further growth in revenues from our vehicle and pedestrian tracking service. As well as core traffic data collection projects, this service has opened up new opportunities in the pedestrian tracking market. During the period we undertook a spectator movement monitoring project at the Olympic and Paralympic Games. This was a high profile project for Sky High and the experience gained will assist us in growing our market share of the pedestrian tracking market.
The gross profit margin in the business has increased by 4% year on year, due to less price pressure in the UK due to the improved market.
Australia Traffic
Sky High Australia has had a more challenging start to the year. The Australian economy has slowed down due to a lower demand for its resources and a decrease in domestic consumption. This has resulted in a reduction in public spending that has impacted the demand for data collection. This has resulted in a more competitive market and less large scale projects.
Revenues for the period at GBP889k are down 20% on the same period last year (2011:GBP1,115k). On a positive point, despite the revenue decline the business remains profitable and profit before tax for the period was GBP16k (2011: GBP143k). The changes made to the cost base in previous years and the outsourcing of analysis to South Korea has given the business an ability to better flex its costs in line with revenues.
The business maintains a strong focus on business development and remains a market leading data collection business in Australia. Whilst the economy has flattened the expectation is that it will remain relatively stable going forward.
Data Capture
Sky High Data Capture results show a profit before tax for the period of GBP15k (2011: GBP1k). Turnover in the period was higher than the previous year at GBP278k (2011: GBP218k). The increased turnover is primarily due to a 4 year contract with Transport for London ('TfL') that commenced at the beginning of the financial year. Gross profits in the business have declined slightly by 2%, the major factor in this movement is connected to the TfL contract which is lower margin than other core work due to the contract length. Whilst the TfL contract has been a significant win for the business it remains challenging in the current economic environment to win core retail work.
The short term strategy for the Data Capture business is to reduce the investment in sales and marketing so that the business generates a profit. The Directors believe that the business will remain stable and we will still look to grow and develop the business where appropriate and cost effective to do so.
Head Office
The head office costs which include the costs of maintaining the Company's listing increased in the period to GBP146k (2011: GBP51k). The increase is primarily due to the prior year period costs including a non-recurring credit on the settlement of a legal claim and the re-instatement of fees for the non-executive directors who kindly agreed to waive their fees during the previous financial year due to difficult trading.
Dividends
The Directors maintain the view that despite the improvement in trading, at present the business needs to retain cash to bolster the level of working capital available to the business. Accordingly, the Directors do not recommend the payment of an interim dividend.
Directors and Employees
I would also like to acknowledge the continued support and flexibility of all the Directors and the employees in our business whose attitude and commitment have been instrumental in the improved performance of the business.
Prospects
Despite the slow UK economy in general, the market for traffic data collection services has improved considerably over the first half of this financial year. This has been driven by increased Government spending and focus on infrastructure projects including a number of high profile rail projects. Enquiries have increased in both quantity and value and there are more high profile, complex projects for which Sky High has a competitive advantage in delivering due to its size and experience. Sky High is now in a much better position to benefit from the improved market due to its greater geographical coverage and increased resources after the Count On Us acquisition. The Directors are confident that the stronger market conditions will continue at least to the end of this financial year.
The Directors remain committed to continued investment in business development and are continually looking to improve market share through tendering for new major contracts and looking to develop strategic relationships with other market participants. The Directors are committed to continue to develop the vehicle and pedestrian tracking service with the aim for Sky High to be the market leader in both the traffic and pedestrian markets.
Whilst Australia has declined in this trading period the Directors remain confident about the prospects for Australia Traffic in the medium term. The business is well positioned in its market and is in the prime position to benefit when the market improves, which as we have seen in the UK, is only a matter of time. When the market improves the Directors expect Australia Traffic to enter another growth phase as it will look to increase geographical coverage.
The performance since the 30 September has continued to be strong, especially in the UK, which has continued to perform in line with the trends described above. Whilst the second half of the year has less work from the DfT National Road Traffic Census contract and we expect December and January to be seasonally slow, due to the combination of holidays and weather, the general outlook for the second half of the year is positive.
It is expected that trading in Australia will remain challenging but some improvement on the first half of the year is expected.
Overall, the Board remain positive about the prospects for the Group for the remainder of the year and beyond.
Richard Jackson
Chairman
3 December 2012
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six month period to 30 September 2012
Hot Features
Premium
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2012 2011 2012
Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 8 4,793 2,989 5,779
Cost of sales (3,133) (1,893) (3,647)
Gross profit 1,660 1,096 2,132
Other administrative expenses (1,357) (932) (1,929)
Profit from operating activities 8 303 164 203
Exceptional costs on acquisition - - (76)
Finance income - - 1
Finance expenses (14) (11) (48)
Profit before taxation 289 153 80
Taxation 26 (61) (49)
Profit from continuing operations 8 315 92 31
Other comprehensive loss
Loss on translation of foreign
operations (4) (16) (6)
Total comprehensive income 311 76 25
============= ============= ==========
Basic profit per ordinary
share 5 1.5p 0.7p 0.2p
============= ============= ==========
Diluted profit per ordinary
share 5 1.4p 0.7p 0.2p
============= ============= ==========
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2012
At 30 At 30 At 31
September September March
2012 2011 2012
Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 1,062 705 1,096
Goodwill 730 730 730
Other intangible assets 156 27 179
---------- ---------- --------
Total non-current assets 1,948 1,462 2,005
---------- ---------- --------
Current assets
Trade and other receivables 2,724 1,414 1,686
Cash and cash equivalents 330 100 285
---------- ---------- --------
Total current assets 3,054 1,514 1,971
---------- ---------- --------
Total assets 8 5,002 2,976 3,976
---------- ---------- --------
Current liabilities
Bank borrowings (548) (322) (205)
Hire purchase contracts (85) (97) (115)
Trade and other payables (1,432) (796) (1,034)
Current tax payable (7) (41) -
---------- ---------- --------
Total current liabilities (2,072) (1,256) (1,354)
---------- ---------- --------
Non-current liabilities
Bank borrowings (70) - (50)
Hire purchase contracts (163) (91) (186)
Total non-current liabilities (233) (91) (236)
---------- ---------- --------
Total liabilities 8 (2,305) (1,347) (1,590)
---------- ---------- --------
Net assets 2,697 1,629 2,386
========== ========== ========
Capital and reserves
Called up share capital 1,362 1,275 1,362
Share premium account 2,376 1,655 2,376
Profit and loss account 645 391 330
Foreign Exchange reserve 88 82 92
Reverse acquisition reserve (1,774) (1,774) (1,774)
Shareholders' funds 2,697 1,629 2,386
========== ========== ========
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period to 30 September 2012
Called up Share
share premium Retained Exchange Reverse acquisition
capital account earnings gain reserve reserve Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the 6 months ended
30 September 2012
Unaudited
At start of period 1,362 2,376 330 92 (1,774) 2,386
Total comprehensive
income for the period - - 315 (4) - 311
At end of period 1,362 2,376 645 88 (1,774) 2,697
Called up Share
share premium Retained Exchange Reverse acquisition
capital account earnings gain reserve reserve Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the 6 months ended
30 September 2011
Unaudited
At start of period 1,275 1,655 299 98 (1,774) 1,553
Total comprehensive
income for the period - - 92 (16) - 76
At end of period 1,275 1,655 391 82 (1,774) 1,629
Called up Share
share premium Retained Exchange Reverse acquisition
capital account earnings gain reserve reserve Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the 12 months ended
31 March 2012
Audited
At start of period 1,275 1,655 299 98 (1,774) 1,553
Total comprehensive
income for the year - - 31 (6) - 25
Shares issued 87 739 - - - 826
Professional fees -
share issue - (18) - - - (18)
At end of period 1,362 2,376 330 92 (1,774) 2,386
UNAUDITED CONSOLIDATED STATEMENT OF CASHFLOW
For the six month period to 30 September 2012
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2012 2011 2012
Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Net cashflow from operations 7 (134) 60 311
Taxation
Income taxes paid - (49) (45)
Cashflow from investing
activities
Acquisition of business - - (159)
Exceptional costs on acquisition - - (76)
Purchase of property, plant
and equipment (113) (107) (620)
Proceeds from disposal of
property, plant and equipment 1 - 16
Equity raised from share
issue - - 808
Interest paid (14) (11) (48)
Interest received - - 1
Net cash outflow from investing
activities (126) (118) (78)
------------- ------------- ----------
Cashflow from financing
activities
Proceeds from new bank loan 67 - 75
Repayment of bank loans (25) - -
Hire purchase repayments (53) (53) (106)
Net cash outflow from financing (11) (53) (31)
------------- ------------- ----------
Net (decrease)/increase
in cash and cash equivalents (271) (160) 157
Effect of exchange fluctuations (4) (16) (6)
Cash and cash equivalents
at beginning of period 105 (46) (46)
Cash and cash equivalents
at end of period (170) (222) 105
============= ============= ==========
NOTES TO THE ACCOUNTS
For the six month period to 30 September 2012
1 BASIS OF PREPARATION
The interim financial report comprises the results and balances of the Company and its subsidiaries (the Group) for the six month period ended 30 September 2012. They are unaudited and do not comprise statutory accounts in accordance with Section 434 of the Companies Act 2006.
The comparative period for the six months ended 30 September 2011 is also unaudited but the comparative information for the year ended 31 March 2012 is audited and taken from the statutory financial statements on which an audit report with an unmodified opinion was issued.
This set of interim financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. As required, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 March 2012 and should be read in conjunction with those annual financial statements, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
2 ACCOUNTING POLICIES
Basis of Accounting
The interim financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 March 2012.
These accounting policies reflect IFRS and interpretations that are expected to be applicable to the group for its 2012/13 financial statements. It is possible that there will be changes to these standards and interpretations before the end of the group's 2012/13 financial year, which might require adjustments to this information before it is included in the financial statements for the year ended 31 March 2013.
3 CRITICAL ACCOUNTING JUDGEMENTS
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value.
4 Dividends
The directors do not recommend the payment of an interim dividend.
5 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:
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2012 2011 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 315 92 31
============= ============= ==========
No. '000 No. '000 No. '000
Weighted average number of
equity shares: Basic 21,518 12,745 13,129
============= ============= ==========
Weighted average number of
equity shares: Diluted 21,987 13,053 13,357
============= ============= ==========
6 PROPERTY, PLANT AND EQUIPMENT
During the period the Group made additions amounting to GBP113k (2011: GBP107k).
7 CASH USED IN OPERATIONS
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2012 2011 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Results from operating activities 303 164 203
Depreciation of property,
plant and equipment 140 87 190
Amortisation of intangible
fixed assets 23 7 14
Loss on disposal of property,
plant & equipment 5 - 8
Increase in receivables (1,038) (134) (405)
Increase/(Decrease) in payables 433 (64) 301
Net cashflow from operations (134) 60 311
============= ============= ==========
8 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. The relevant segments are presented below. There were no discontinued operations in the period.
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 Total
UK Traffic Traffic Data Capture Head Office for group
For the 6 months ended
30 September 2012
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 3,626 889 278 - 4,793
=========== ========== ============= ============ ===========
Operating profit/(loss) 410 24 15 (146) 303
Finance income - - - - -
Finance expenses (6) (8) - - (14)
Profit/(loss) before
taxation 404 16 15 (146) 289
Taxation - 26 - - 26
Profit/(loss) from continuing
operations 404 42 15 (146) 315
=========== ========== ============= ============ ===========
Balance sheet
Total assets 3,104 799 207 892 5,002
=========== ========== ============= ============ ===========
Total liabilities (1,700) (335) (95) (175) (2,305)
=========== ========== ============= ============ ===========
Australia Total
UK Traffic Traffic Data Capture Head Office for group
For the 6 months ended
30 September 2011
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 1,656 1,115 218 - 2,989
=========== ========== ============= ============ ===========
Operating profit/(loss) 63 148 1 (48) 164
Finance income - - - - -
Finance expenses (3) (5) - (3) (11)
Profit/(loss) before
taxation 60 143 1 (51) 153
Taxation - (61) - - (61)
Profit/(loss) from continuing
operations 60 82 1 (51) 92
=========== ========== ============= ============ ===========
Balance sheet
Total assets 1,220 874 114 768 2,976
=========== ========== ============= ============ ===========
Total liabilities (733) (513) (75) (26) (1,347)
=========== ========== ============= ============ ===========
Australia Total
UK Traffic Traffic Data Capture Head Office for group
For the 12 months ended
31 March 2012
Audited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 3,322 2,023 434 - 5,779
=========== ========== ============= ============ ===========
Operating profit/(loss) 189 151 (13) (124) 203
Exceptional costs - - - (76) (76)
Finance income 1 - - - 1
Finance expenses (14) (34) - - (48)
Profit/(loss) before
taxation 176 117 (13) (200) 80
Taxation - (49) - - (49)
Profit/(loss) from continuing
operations 176 68 (13) (200) 31
=========== ========== ============= ============ ===========
Balance sheet
Total assets 2,034 822 206 914 3,976
=========== ========== ============= ============ ===========
Total liabilities (895) (391) (86) (218) (1,590)
=========== ========== ============= ============ ===========
Copies of this report will be available from the Company's website at www.skyhighplc.co.uk and the Company's registered office at 12-14 Westgate, Tadcaster, Leeds, LS24 9AB.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BMBATMBIJBAT
1 Year Sky High Chart |
1 Month Sky High Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
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
