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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tadpole Tech. | TAD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 1.70 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.70 |
| Top Posts |
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Posted at 16/10/2010 18:21 by the bull Hey Beau, sorry missed your post till now, all's well thanks apart from many of my lousy investments. Still, I am doing better than old smooth talker John Dilts, remember him? well I was doing some Tad searches the other day to see how the crooks are doing with Endeavors and seems he kicked the bucket:I also see Greg Bolcher has moved on several times and likely wasted more investors money. Did you put money into encryptanet or whatever it was. How's RTZ, was that who you joined? and how's about the rubber business |
Posted at 11/3/2010 23:15 by tt2oo5 F--kin Tad...sorry. |
Posted at 25/1/2009 17:54 by hectorp Good old TAD . I got out in 2004-5 I remember. Bought at 19p and added more at 61p. such is life, these were the dot com days! |
Posted at 02/10/2008 07:24 by indieman Tad was a company which always looked more likely than not to fail. There was a small possibility that it would succeed and it was on that basis that people gambled on it over the last few years.The outcome is sad, but not unexpected. |
Posted at 01/10/2008 19:07 by monty333 Shadu, the full facts surrounding the forced sale will never be known nor do the powers that be ever want them to be. The reality is, shareholders are the lowest form of amoebae when it comes to protection, value or indeed dishing out any spoils that may be left over however unlikely that would be anyway. The stock market over the years is littered with companies that have been prized out of the hands of shareholders where the only beneficiaries are usually directors or vultures who play to their strengths whilst all the excuses as to why a company failed are dished out like confetti and the value disappears into their hands.Only time will tell here whether the new owners will make ago of it. Obviously, the reason why it was rescued in this way can only be because of the strength of the IP (certainly not the quality of the management), and if that is going to be big, the little ol' shareholder can feel very aggrieved, albeit totally powerless now anyway, should the millions spouted as the true value of the IP ever gets handed over in those numbers. Tadpole had a history so clouded with failure, incompetence and disaster that it became, for me personally, compulsive viewing, with hopes and then hopes dashed on pretty much every occasion. Many friends, who I got to know purely through Tad, have lost significant sums of money and that is very sad and I feel for them, my losses peter into insignificance. It is just such a shame that the regulators and legislators are not able to come up with more plausible and effective corporate governance guidelines that protect shareholders more. I'm not convinced that even with the current financial woes plaguing the markets, things will not change and the actions, decisions, management quality and activities of listed companies will be monitored, controlled and regulated more effectively. End of sermon. Probably my last ever post re Tadpole. AIMHO Beau |
Posted at 01/10/2008 08:57 by uknighted Shadu The company failed to complete a fund raising and was insolvent. Administrators were appointed who sold the business and the assets to pay off the Company's debts. The RNS dated 08/08/08 states "There is no prospect of the Company's shareholders receiving a dividend from theadministration." I'm afraid the shareholders have no rights or recourse in such situations. Regards UK |
Posted at 30/9/2008 15:47 by winter_days TAD BUST MY GOD?Keef! |
Posted at 24/8/2008 14:18 by yf23_1 I think you are allowed to claim the losses at your convenience up to a number of years back. e.g If you had gains in 2010-11 you could claim the TAD loss in that year rather than declare TAD loss in 08-09 when you weren't liable for tax. At any rate you will have to wait till they appear in the negligible value list from HMRC. |
Posted at 22/4/2008 10:33 by ridicule The MS announcement has just been posted by TAD as an RNS. It is now a race against time to avoid massive dilution and loss of what's left of TAD shareholder value through share confetti creation,associated with unfavourable loan note deals, in order for TAD to survive, and the creation of a TAD cash base to stem such activity through (at last) delivering SaaS sales. Still too early to see just how much shareholder value will evaporate through the confetti process before cash generation is achieved. |
Posted at 15/5/2007 07:50 by rodrod1 RNS Number:5397WTadpole Technology PLC 15 May 2007 Tadpole Technology plc ("the Group") Interim Results The Group announces its Interim Results for the six months ended 31 March 2007. A copy of this report is also available on the Company's website www.tadpoletechnolog 15 May 2006 Tadpole Technology plc Interim Report 31 March 2007 Corporate Summary Tadpole Technology plc ("Tadpole") is an application software and solution provider with two operating divisions; Streaming and Geospatial Solutions. The Streaming Division offers packaged systems integration, licensing and OEM solutions based on its patented applications streaming technologies. End customers benefit from these technologies by reducing the cost of ownership of their computer environments whilst improving their ability to manage, deploy, control and monitor their users' requirements. Headquartered in Irvine, California, the division supports customers in North America, Japan and Europe. Customers include Parsons Engineering, Wyse Technologies, Softbank, Microsoft and Citrix. The Geospatial Solutions Division provides innovative solutions that focus on the integration of geospatial information with data acquisition, dissemination and management information tools. Through these solutions customers gain improved reliability, access and confidence in their asset data and systems which underpin critical operational activities. Headquartered in Edinburgh, Scotland, the division services its international client base directly and through partners, offering both packaged and consultancy-based solutions. Customers include Ordnance Survey GB, United Utilities, ScottishPower, BP and ESSO. Business and Financial Review Group Financial Highlights Operating results The Group reports an operating profit of #539,000 in the first half year, compared with an operating loss of #404,000 in the same period last year. Revenues declined by 9% to #4,658,000 due primarily to lower revenues from Ordnance Survey. However, gross margins improved substantially due primarily to a greater proportion of high margin streaming licenses in the revenue mix. Operating expenses were reduced by 12% to #2,652,000. Balance Sheet and Funding Notwithstanding the operating profit, the cash received from licensing agreements and signature of a new contract with Ordnance Survey GB, the Directors continue to evaluate the possible need for additional funding to finance the planned investments in product development, sales and marketing for the Streaming Division. Cash flow Net cash generated from operating activities in the first half was #1,248,000 compared with #2,000 in the first half last year. After repaying the DivestCap $1.5 million loan note (#763,000 repaid compared with #842,000 received due to a favourable foreign exchange movement over the past year), the Group closed the half year with cash resources of #2,188,000. Streaming Division Operating results Revenues in the first half year grew by 75% to #1,993,000 compared with #1,139,000 in the first half last year and operating expenses were reduced by 12% to #1,358,000, resulting in a significant improvement in operating profitability from an operating loss of #408,000 to an operating profit of #605,000. Sales, marketing & product development The Division signed and announced two major licensing agreements with Microsoft and Citrix in March 2007. In compliance with International Financial Reporting Standards ("IFRS"), certain revenues arising from the licensing agreements were recognised in the first half and certain revenues were deferred and will be recognised in the second half. Revenues from Softbank continue to be recognised based on the agreement signed in 2004. A distribution agreement with ActivAeon to integrate and market AppExpress together with ActivAeon's resource and user management software was announced in September 2006. The Division has focussed its marketing efforts on the "Endeavors" brand and the "StreamTheory" brand has been discontinued. As a consequence, new marketing collateral and a new web site were created during the last quarter of calendar 2006. A new "try before you buy" download and evaluation centre is being created and will be live before the end of June 2007. Ongoing revision to the main website, new micro-sites, press and analyst relationship management and case studies will be key activities for the remainder of the year. The Division continues to reposition itself as a major licensor of technologies and is embarking on a number of initiatives to increase awareness of application streaming and specifically to increase significantly the number of AppExpress clients and servers that are deployed in the market. Product and marketing programmes supporting this strategy will be launched in the second half of the year. Previous activities in the games content and aggregation arena have been terminated along with associated personnel. However, the Division sees opportunities for supplying its technologies to others to integrate in their on-demand games environments. The Division has commenced an integration project to deliver a combined product and technology platform. This will be based primarily on the AppExpress code base and will reduce support and engineering costs as well as offering improved and extended functionality. The first release is scheduled for the first calendar quarter of 2008. In support of these initiatives, a new 'product based' marketing organisation has been created and a new European sales and support team has been recruited. The engineering team has been re-structured into a matrix model, capable of supporting multiple engineering initiatives simultaneously. Customer support has been improved and the Division expects to make a number of additional appointments in the engineering, support and service functions. During the first half year, the Division had 1 patent granted and filed 4 others, bringing its patent portfolio to 8 patents granted and 25 pending. Potential litigation to protect the Division's intellectual property is still pending with AppStream and Exent. Outlook The increasing number of new sales and collaboration opportunities being generated by the new team is encouraging. However, it will take a significant period of time for the sales pipeline to develop the depth and breadth to generate a solid and predictable revenue stream. In the intervening period, revenues will continue to be 'lumpy' and difficult to predict as regards amount and timing. Second half revenues are likely to be lower than in the first half. This likely drop in revenues, together with a planned expenditure increase on additional resources, is expected to reduce the Division's operating result in the second half compared with the first half. The high profile acquisition of Softricity by Microsoft, the proposed acquisition of Appstream by Symantec and the launch of Citrix's Tarpon application streaming product has stimulated customer and vendor awareness and increased the credibility of the sector. Publicity arising from the Microsoft and Citrix licensing agreements and an unconnected article in Computer World describing Parsons Engineering's positive experience of using AppExpress has generated a significant increase in awareness of the Division with a corresponding increase in potential customer and partner engagements. Geospatial Solutions Division Operating results Revenues in the first half declined by 33% to #2,665,000 compared with #3,995,000 in the first half last year, due primarily to a reduction in billing to Ordnance Survey GB ("OS"). However, as a result of the prompt cost realignment action taken, percentage margins improved from 37% to 45% and gross profit reduced by only #270,000. Operating expenses decreased from #1,130,000 to #1,008,000 and the resulting operating profit fell from #338,000 to #190,000, after charging a one-off cost of #75,000 in respect of redundancies. The operating profit in the first half of both years included an operating loss incurred by Tadpole Cartesia, Inc. of #344,000 in 2006 and #219,000 in 2007. Sales, marketing & product development In November 2006 it was announced that OS had suspended, on one month notice, two of the major work-streams in connection with the development of the Phoenix programme, pending a strategic review. On 29 March 2007, the Division signed a framework services contract with OS for the continuation of the Editor work- stream. The review by OS of the options for the Phoenix programme is still on-going. Revenue has also been generated from a number of other existing clients. In addition to the renewal of maintenance and support agreements, the Division won new contracts for additional software development or licences from HM Land Registry, Veolia (Three Valleys Water) and ScottishPower. Further opportunities are anticipated that leverage the Division's Go!Sync technology and expertise in the latest ESRI Inc. technologies gained through the OS Phoenix programme. The growth of the Division's business profile in the process industry sector (oil, gas and petrochemical) is encouraging. New contracts for the iPlan product suite have been signed with BP for site maintenance systems, and another for an interactive map-based site record system. The contract to host the ESSO pipeline manager has been extended and additional functionality delivered. The Division exhibited at the Industrial Fireworld conference in Texas, and future events in Europe, North America and the Middle East are planned. The sector currently has a very high media profile, particularly with regard to asset integrity and maintenance, and emergency pre-planning and response. The scope of the market opportunity is being evaluated and may result in the Division seeking additional investment in sales, marketing and the iPlan product portfolio to capitalise on these opportunities. Sale of Tadpole Cartesia, Inc. During the first half, the decision was taken to sell Tadpole Cartesia, Inc. ("TCI") to its President, Jason Linley. The transaction was concluded on 18 March 2007 and was classified under the FSA's class tests as a class 2 transaction, and as such did not require shareholder approval. The entire fully paid-up share capital of TCI was sold for a nominal consideration of $1. Under the terms of the transaction, Tadpole retains the intellectual property in the Go!Sync product suite, and receives from TCI (now trading as TCTechnology, "TCT") a royalty of 50% of the reseller list price for all Go!Sync licences sold by TCT. The agreement grants TCT exclusivity within the North American market provided that certain annual licence sales targets are maintained. This will allow Tadpole to continue to operate in the US market, albeit through a new and independent distribution channel. TCI has incurred losses since its formation and to develop the business in line with the Group's 3 year plan would have required further investment. This transaction has allowed the Division to reduce costs and uncertainties around cash flows by eliminating its exposure to TCI's funding requirements whilst still enabling it to participate in any long term value created by the Go!Sync product range. With the limited funding available to the Group, this will allow additional investment in other opportunities including the Streaming business and the iPlan product suite. Outlook In the second half, a further substantial reduction in revenues is anticipated as the impact of the suspended OS work streams takes full effect. However, due to a combination of improved margins, cost reduction actions already taken and the sale of the loss making US subsidiary, the Division is expected to maintain profitability and cash flows. David Lee Chairman 15 May 2007 Consolidated Income Statement for the six months ended 31 March 2007 Unaudited Unaudited Audited Six months Six months Year ended 30 ended 31 March ended 31 March September 2007 2006 2006 #'000 #'000 #'000 Revenue 4,658 5,094 9,988 Cost of sales (1,467) (2,487) (4,920) --------- --------- -------- Gross profit 3,191 2,607 5,068 Selling and marketing costs (950) (973) (2,066) Research and development costs (805) (880) (1,785) Administrative costs (897) (1,158) (7,335) Other operating income - - 67 --------- --------- -------- Total operating expenses (2,652) (3,011) (11,119) --------- --------- -------- --------- --------- -------- Operating profit /(loss) 539 (404) (6,051) --------- --------- -------- Finance revenue 24 20 44 Finance expenses (101) (17) (160) --------- --------- -------- Profit / (loss) before taxation 462 (401) (6,167) --------- --------- -------- Taxation (note 7) 27 85 466 --------- --------- -------- Profit / (loss) for the period attributable to equity holders of the parent 489 (316) (5,701) ========= ========= ======= Profit / (loss) per ordinary share (pence): (see note 3) Basic 0.12p (0.0p) (1.44p) Diluted 0.12p (0.0p) (1.44p) All activities relate to continuing activities. CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE for the six months ended 31 March 2007 Unaudited Unaudited Unaudited Six months Six months Year ended ended ended 31 March 31 March 30 September 2007 2006 2006 #'000 #'000 #'000 Exchange differences arising on translation of foreign operations 19 (18) (285) --------- -------- -------- Net income / (expense) recognised directly in equity 19 (18) (285) Profit / (loss) for the period 489 (316) (5,701) --------- -------- -------- Total recognised income and expense relating to the period attributable to equity holders 508 (334) (5,986) ========= ======== ======== Consolidated Balance Sheet at 31 March 2007 Unaudited Unaudited Audited and restated 31 March 31 March 30 September 2007 2006 2006 #'000 #'000 #'000 Non-current assets Goodwill 952 4,896 1,003 Intangible assets 299 1,751 408 Property, plant and equipment 118 218 151 ---------- -------- --------- 1,369 6,865 1,562 ---------- -------- --------- Current assets Trade and other receivables (note 5) 871 2,252 1,350 Cash and cash equivalents 2,188 1,794 1,709 ---------- -------- --------- 3,059 4,046 3,059 ---------- -------- --------- ---------- -------- --------- Total assets 4,428 10,911 4,621 ========== ======== ========= Equity Equity share capital 20,893 20,851 20,851 Share premium account 40,109 40,108 40,109 Retained loss (71,476) (66,612) (72,012) Merger reserve 11,191 11,191 11,190 Foreign currency translation reserve 29 427 10 Equity instruments reserve 380 380 380 ---------- -------- --------- Total equity 1,126 6,345 528 ---------- -------- --------- Non-current liabilities 90 503 122 Deferred tax liabilities ---------- -------- --------- 90 503 122 ---------- -------- --------- Current liabilities Trade and other payables (note 6) 3,199 3,576 3,223 Interest-bearing loans and overdrafts - 487 739 Tax liabilities 13 - 9 ---------- -------- --------- 3,212 4,063 3,971 ---------- -------- --------- ---------- -------- --------- Total liabilities 3,302 4,566 4,093 ---------- -------- --------- ---------- -------- --------- Total equity and liabilities 4,428 10,911 4,621 ========== ======== ========= The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2007. They were signed on its behalf by: David Lee - Chairman 14 May 2007 Consolidated Cash Flow Statement for the six months ended 31 March 2007 Unaudited Unaudited Audited Six months Six months Year ended ended ended 31 March 31 March 30 September 2007 2006 2006 #'000 #'000 #'000 Cash flows from operating activities Profit / (loss) before tax 462 (401) (6,167) Depreciation, amortisation and impairments 177 432 5,300 Movements in holiday pay provision - - (20) Share-based remuneration 48 130 115 Warrants costs - - 214 Finance revenue (24) (20) (44) Finance costs 101 17 160 Decrease in receivables 588 449 1,516 Decrease in payables (104) (605) (872) --------- -------- --------- Cash generated from operating activities before tax 1,248 2 202 Income taxes paid - - (10) --------- -------- --------- Net cash generated from operating activities 1,248 2 192 Cash flows from investing activities Purchase of property, plant and equipment (48) (110) (161) Disposal of subsidiary (14) - - Interest received 24 20 44 --------- -------- --------- Net cash used in investing activities (38) (90) (117) Cash flows from financing activities Gross proceeds from issue of share capital 42 - 1 Share issue costs - (3) (4) Interest paid (38) (17) (57) Proceeds from issue of loan note to DivestCap - 842 842 Repayment of DivestCap loan note (763) - - --------- -------- --------- Net cash (used in) /generated from financing activities (759) 822 782 Net increase in cash and cash equivalents 451 734 857 Net foreign exchange difference 28 (18) (226) Opening cash and cash equivalents 1,709 1,078 1,078 --------- -------- --------- Closing cash and cash equivalents 2,188 1,794 1,709 ========= ======== ========= Notes to the Inrerim Financial Statements Material non-cash transactions in the six months to 31 March 2007 and the comparatives comprise the impairment of goodwill and other intangible assets, share based payment charges and the accounting for the convertible loan. 1. Basis of preparation (a) Financial information The financial information set out within this report does not constitute the Group's consolidated statutory financial statements as defined in section 240 of the Companies Act 1985. The results for the year ended 30 September 2006 have been extracted from the statutory consolidated financial statements of Tadpole Technology Plc for the year ended 30 September 2006 which are prepared in accordance with IFRS, on which the auditors gave an unqualified report (which made no statement under sections 237 (2) or (3) of the Companies Act 1985) and have been filed with the Registrar of Companies. The unaudited interim financial statements for the six months ended 31 March 2007 have been prepared on the basis of the accounting policies set out in the most recently published financial statements of the Group for the year ended 30 September 2006. (b) Going concern The financial statements have been prepared on the going concern basis which assumes that the Group will continue its operational existence, and will be able to meet its liabilities as they fall due, for the foreseeable future. In concluding that it is appropriate to adopt the going concern basis in preparing the financial statements the Directors have prepared forecast income statements, balance sheets and cash flows to the end of the current fiscal year and beyond and have also taken into consideration the following improvements in the Group's trading performance and financial condition: * The Group has reported an operating profit in the first half * Cash received from the licensing agreements with Microsoft and Citrix has resolved the Group's short-term financing needs * A new contract has been signed with Ordnance Survey GB for the continued delivery of the Editor work stream within the Phoenix programme Notwithstanding the foregoing, the Directors continue to evaluate the possible need for additional funding to finance the planned investments in product development, sales and marketing for the Streaming Division. (c) Assets and liabilities held for sale and discontinued operations In the Interim Report to 31 March 2006, issued in June 2006, the assets and liabilities of the Streaming Division were categorised under IFRS as "assets held for sale" as it was considered probable that the proposed transaction with DivestCap Management Corporation would be consummated. This would have resulted in the divestment of 80% of the Streaming Division. Following a strategic review, the Board decided to retain the Streaming Division. To aid a proper understanding of the financial statements, the balance sheet has been restated to show the current period and comparatives on a consistent basis with all activities considered as continuing. 2. Segment information The primary reporting segment format is determined to be business segments as this is the basis on which operations are managed. Secondary information is presented geographically. For management purposes, the Group is organised into two trading operations; Geospatial Solutions and Streaming, and a Headquarters cost centre. The Geospatial business provides enterprise infrastructure software solutions to support the management, replication and distribution of geographic data within and between organizations, and is conducted from Edinburgh, UK. The Geospatial business also operated from Carlsbad, California until mid-March 2007, when the Company sold its US subsidiary Tadpole Cartesia, Inc. The Streaming business, t hrough its AppExpress and StreamFlow platforms, provides applications software-streaming technologies for both consumer and enterprise delivery and management of applications worldwide. The Streaming business, comprising Endeavors Technologies, Inc. and StreamTheory, Inc. operates from Irvine, California, USA. Divisional segments Unaudited six months ended 31 March 2007 Streaming Geospatial HQ Total #'000 #'000 #'000 #'000 Revenue Licencing and support 1,857 160 - 2,017 Royalties 123 - - 123 Consultancy and 13 2,505 - 2,518 services -------- -------- ------- ------- Segment revenue 1,993 2,665 - 4,658 Cost of sales - (1,467) - (1,467) -------- -------- ------- ------- Gross profit 1,993 1,198 - 3,191 Selling and marketing (429) (521) - (950) costs Research and (474) (331) - (805) development costs Administrative costs (455) (156) (286) (897) -------- -------- ------- ------- Total operating (1,358) (1,008) (286) (2,652) expenses -------- -------- ------- ------- -------- -------- ------- ------- Segment result 635 190 (286) 539 -------- -------- ------- ------- Finance revenue 24 Finance expenses (101) ------- Profit before taxation 462 ------- Taxation 27 ------ Profit for the period 489 ====== Depreciation 4 77 - 81 Amortisation 89 - - 89 ======== ======== ======= ======= Earnings before 728 267 (286) 709 Interest, Tax Depreciation and Amortisation (EBITDA) ======== ======== ======== ======== Unaudited six months ended 31 March 2006 Streaming Geospatial HQ Total #'000 #'000 #'000 #'000 Revenue Licencing and support 989 182 - 1,171 Royalties 137 - - 137 Consultancy and services 13 3,773 - 3,786 -------- -------- ------- ------- Segment revenue 1,139 3,955 - 5,094 Cost of sales - (2,487) - (2,487) -------- -------- ------- ------- Gross profit 1,139 1,468 - 2,607 Selling and marketing (449) (524) - (973) costs Research and development (461) (419) - (880) costs Administrative costs (637) (187) (334) (1,158) -------- -------- ------- ------- Total operating expenses (1,547) (1,130) (334) (3,011) -------- -------- ------- ------- -------- -------- ------- ------- Segment result (408) 338 (334) (404) -------- -------- ------- ------- Finance revenue 20 Finance expenses (17) ------- Loss before taxation (401) ------- Taxation 85 ------ Loss for the period (316) ====== Depreciation 12 102 - 114 Amortisation 318 - - 318 ======== ======== ======= Earnings before (78) 440 (334) 28 Interest, Tax Depreciation and Amortisation (EBITDA) ======== ======== ======== ======= Audited for year ended 30 September 2006 Streaming Geospatial HQ Total #'000 #'000 #'000 #'000 Revenue Licencing and Support 1,815 773 - 2,588 Royalties 267 - - 267 Consultancy and services 16 7,117 - 7,133 -------- -------- ------- ------- Segment revenue 2,098 7,890 - 9,988 Cost of sales - (4,920) - (4,920) -------- -------- ------- ------- Gross profit 2,098 2,970 - 5,068 Selling and marketing (965) (1,101) - (2,066) costs Research and development (925) (860) - (1,785) costs Administrative costs (5,956) (340) (1,039) (7,335) Other operating income - - 67 67 -------- -------- ------- ------- Total operating expenses (7,846) (2,301) (972) (11,119) -------- -------- ------- ------- -------- -------- ------- ------- Segment result (5,748) 669 (972) (6,051) -------- -------- ------- ------- Finance revenue 44 Finance expenses (160) ------- Loss before taxation (6,167) ------- Taxation 466 ------- Loss for the year (5,701) ======= Depreciation 13 218 - 231 Amortisation 667 - - 667 Impairment losses 4,403 - - 4,403 ======== ======== ====== ======== Earnings before Interest, (664) 886 (972) (750) Tax Depreciation and Amortisation (EBITDA) ======== ======== ======= ======== 3. Earnings per ordinary share The calculation of the basic earnings per ordinary share is based on a Group profit of #489,000 (six months ended 31 March 2006: loss of #316,000; year ended 30 September 2006: loss of #5,701,000), and on 397,972,823 (31 March 2006: 395,828,476; 30 September 2006: 396,807,911) ordinary shares, the weighted average number in issue and ranking for dividend during the period. The diluted earnings per share for the six months to 31 March 2007 is based on Group Profit of #489,000 and on 414,221,442 ordinary shares. This includes the outstanding 12.75 million share warrants. These warrants were excluded from the calculation for the periods ending 30 September 2006 and 31 March 2006 as they were considered anti-dilutive. Therefore the calculation remains as for the basic earnings per ordinary share for each of the comparative periods. In accordance with IAS 33 the outstanding share options at the balance sheet date totalling 12,885,000 (31 March 2006: 18,537,500; 30 September 2006: 14,165,000) have not been included within the calculation of diluted earnings per share, as their exercise price is greater than the current market price of the shares. 4. Sale of Tadpole Cartesia, Inc. The sale resulted in the write back of $3,000 of net liabilities and the forgiving of the inter-company loan of $3,465,000 due from TCI to the Company. Given the relatively small size of TCI, the continuing nature of the larger European Geospatial business and the continuing activity of the Company in the US market through the new TCT distribution channel, it was concluded that, under current accounting standards, the results for TCI should not be disclosed as a discontinued operation in the consolidated income statement and the divisional segment information. For clarity, the separate results of TCI included in the consolidated income statement and divisional segment information were as follows: - Unaudited Unaudited Audited Six months Six months Year ended 30 ended 31 March ended 31 March September 2007 2006 2006 #'000 #'000 #'000 Revenue 244 469 856 Gross profit 83 191 263 Total operating expenses (302) (535) (697) Operating loss (219) (344) (434) 5. Trade and other receivables Unaudited Unaudited Audited 31 31 30 September March March 2007 2006 2006 #'000 #'000 #'000 Trade receivables 635 1,821 1,114 Other receivables 5 7 5 Prepayments and accrued income 231 424 231 --------- --------- -------- 871 2,252 1,350 ========= ========= ======== 6. Trade and other payables Unaudited Unaudited Audited 31 31 30 September March March 2007 2006 2006 #'000 #'000 #'000 Trade payables 563 1,026 920 Social security, PAYE and VAT 248 261 199 Other payables 505 639 640 Accruals 711 524 783 Deferred revenues 1,172 1,126 681 --------- --------- -------- 3,199 3,576 3,223 ========= ========= ======== 7. Taxation The tax charges / (credits) comprise: Unaudited Unaudited Audited Six months Six months Year ended 30 ended 31 March ended 31 March September 2007 2006 2006 #'000 #'000 #'000 UK Corporation Tax 5 - 9 Adjustments in respect of previous period - 10 1 --------- --------- -------- 5 10 10 Foreign tax - - - --------- --------- -------- Total current tax 5 10 10 Deferred tax release (32) (95) (476) --------- --------- -------- (27) (85) (466) ========= ========= ======== This information is provided by RNS The company news service from the London Stock Exchange END IR SFMFELSWSESI |
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