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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Twenty | LSE:TWE | London | Ordinary Share | GB00B0BYS847 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMTWE
RNS Number : 5537T
Twenty PLC
30 September 2010
TWENTY PLC
(AIM: TWE)
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2010
Twenty plc ('Twenty' or the 'Group'), the AIM quoted integrated marketing
solutions provider, announces its interim results for the six months ended 30
June 2010.
Enquiries:
Twenty Plc
Tel: 01908 829 300
Ian Lancaster, Chief Executive
www.twentyplc.com
Daniel Stewart & Company plc
Tel: 020 7776 6550
Emma Earl
Twenty Plc
Chairman's Statement
Dear Shareholder
As highlighted in previous reports the board has been focused on restoring
shareholder value. The disposal of the Dataforce Interact contact centre,
fulfilment and business process outsourcing business eliminated the group's debt
and means that we have the resources available to develop Twenty's digital,
database marketing and data businesses. This disposal also means that Twenty can
develop our higher margin businesses and meet the needs of our fast-changing
marketplace. The acquisition of the Moveme business has strengthened the
group's emerging data business and the directors are now focused on growing the
revenues of the group.
On behalf of the board I would like to thank our clients, the management and
staff for their contribution in what continues to be a challenging economic
environment and to shareholders for their continued support.
Mark Patron
Non-Executive Chairman
30 September 2010
Twenty Plc
Chief Executive's Statement
Introduction
We have been through a transformational period for the group with the
acquisition of The Moving Service Limited ("Moveme") data business in January
2010 and the disposal of the Dataforce Interact business in May 2010 combined
with removing the burden of our term bank debt.
These two transactions have moved the business away from the highly competitive
outsource services market such that the business is now able to concentrate on
operating in the higher margin areas of data analytics, marketing databases and
digital services.
The strategy that we have implemented since these two transactions has been the
integration of the remaining businesses around a digital and data analytical
services base, with a focus on delivering value to our clients through the use
of customer intelligence. We took the opportunity, following the sale of
Dataforce Interact, to relaunch the remaining business under a new brand;
TwentyCi. The TwentyCi business is now well placed to deliver for our clients a
full service to support their engagement with their customers through both the
offline and online digital channels and to provide the data, database and
analytical tools to optimise their returns.
The acquisition of Moveme and our strategic partnership with the Royal Mail in
broking their valuable home mover data provides us with a strong platform to
drive revenue growth within this business unit. Since the acquisition of
Moveme, we have reduced the operating costs of Moveme significantly by closing
the London office and fully integrating this operation within our existing head
count whilst growing the revenues.
Our focus is to grow our revenues around our integrated product suite which
provide the business with a competitive edge in the market place as a specialist
digital and data analytics service provider.
Financials
The interim results for Twenty Plc reflect the six-month period to 30 June 2010.
The results have been prepared in accordance with International Financial
Reporting Standards (IFRS) and International Accounting Standards (IAS).
Under the provisions of IFRS 5 the comparative results for the six month period
ended 30 June 2009 and the year ended 31 December 2009 have been restated to
reflect the continuing operations and discontinued operations following the
disposal of the Dataforce Interact business in May 2010.
During the 6 month period to 30 June 2010 the group reports a profit after tax
of GBP629.6k and earnings per share of 1.10p.
The period under review has been very active in terms of corporate activity.
The most significant event during the period was the disposal of the Dataforce
Interact business, which encompassed the call centre, fulfilment and business
process outsourcing operations, based in Northampton. Following adjustments for
working capital movements, the net consideration received was GBP6.19m, with a
further GBP2.95m to be received over the next two years. The sale allowed us to
pay off bank debt and invoice financing balances amounting to GBP2.4m, together
with strengthening the working capital position of the company. The profit on
the sale was GBP2.18m. At the balance sheet date the group had net cash of
GBP1.55m compared to net debt of GBP1.46m at 31 December 2009. At the balance
sheet date the group had net current assets (including cash) of GBP2.30m
compared to net current liabilities of GBP2.49m at 31 December 2009. This
demonstrates that the financial position of the group has been significantly
strengthened since the end of the last financial year.
In addition, Moveme was acquired for a nominal consideration of GBP1 plus
deferred consideration of GBP39.9k. Net assets acquired were GBP192k of net
assets, of which GBP159k was cash. In addition, the vendors invested GBP175k in
Twenty Plc at a price of 7.2p per share. During the period the acquired business
returned an operating loss of GBP429k, which has been mostly funded by cash we
received at the time of acquisition. The business has been significantly
restructured and integrated into the Milton Keynes site. During the period,
restructuring costs were GBP60k.
Gross margins of the remaining business (excluding Moveme) improved from 39.2%
in the first 6 months of 2009 to 45.7% in the first 6 months of 2010. However
trading overall deteriorated compared to the same period last year, and was
largely due to reduction in sales activity following the loss of clients as a
result of the economic downturn.
Outlook
The sale of the Dataforce Interact business allows the board to focus on
delivering a strategy of building shareholder value from higher margin data
analytics, marketing databases and digital services.
The integration of the acquisition is complete and the directors are now focused
on growing the revenue of the group. The speed at which this can happen is
dependent on how quickly the data broking revenues from our emerging data
business develop under our Royal Mail partnership, together with the speed of
growth in the economy which remains subdued as the level of new opportunities
are more limited than in normal economic times.
Ian Lancaster
Chief Executive
30 September 2010
Twenty Plc
Group Income Statement (Unaudited)
For the period ended 30 June 2010
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | 6 months | | 6 | | Year |
| | | | | | | | | | | months | | to |
| | | | | | | | | to | | to | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | 30.06.2010 | | 30.06.2009 | | 31.12.2009 |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | Unaudited | | Unaudited | | Unaudited |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | Note | | | | | GBP | | GBP | | GBP |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Continuing operations | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Revenue | | 2 | | | | | 1,697,153 | | 1,857,491 | | 3,624,588 |
+-------------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Cost of | | 2 | | | | | (1,214,579) | | (1,128,743) | | (1,980,314) |
| sales | | | | | | | | | | | |
+-------------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Gross | | | | | | | 482,574 | | 728,748 | | 1,644,274 |
| Profit | | | | | | | | | | | |
+-------------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Gain on acquisition of | 7 | | | | | 152,633 | | - | | - |
| The Moving Service | | | | | | | | | | |
| Limited | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Administrative | | | | | | (1,764,173) | | (1,366,782) | | (3,170,153) |
| expenses | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Operating Loss | 2 | | | | | (1,128,966) | | (638,034) | | (1,525,879) |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Finance Income | | | | | | 107 | | 1 | | 1 |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Finance Costs | | | | | | (49,527) | | (119,365) | | (202,977) |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Loss before Taxation | | | | | | (1,178,386) | | (757,398) | | (1,728,855) |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Taxation | | 3 | | | | | - | | (3,800) | | 12,562 |
+-------------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Loss for the period | | | | | | | | | | |
| from continuing | | | | | | | | | | |
| operations | | | | | | | | | | |
+ +--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | (1,178,386) | | (761,198) | | (1,716,293) |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Discontinued | | | | | | | | | | |
| operations | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Profit for the period | 5 | | | | | 1,807,950 | | 847,510 | | 1,285,567 |
| from discontinued | | | | | | | | | | |
| operations | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Profit/(Loss) for the | | | | | | 629,564 | | 86,312 | | (430,726) |
| period | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Attributable to: | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Equity holders of the | | | | | | 629,564 | | 86,312 | | (430,726) |
| parent | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | 629,564 | | 86,312 | | (430,726) |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Earnings/(loss) per | | | | | | | | | | |
| share: | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Basic and diluted | | | | | | | | | | |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| From continuing | | | | | | (2.06 p) | | (1.43 | | (3.17 |
| operations | | | | | | | | p) | | p) |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| From discontinued | | | | | | 3.17 p | | 1.59 | | 2.37 |
| operations | | | | | | | | p | | p |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| From total operations | 6 | | | | | 1.10 p | | 0.16 | | (0.79 |
| | | | | | | | | p | | p) |
+------------------------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | |
+----+--------+----------+--------+----------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
Twenty Plc
Group Statement of Comprehensive Income (Unaudited)
For the period ended 30 June 2010
+-+------+--------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| | | | | | | | | 6 | | 6 | | Year |
| | | | | | | | | months | | months | | to |
| | | | | | | | | to | | to | | |
+-+------+--------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| | | | | | | | | 30.06.2010 | |30.06.2009 | | 31.12.2009 |
+-+------+--------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| | | | | | | | | Unaudited | | Unaudited | | Audited |
+-+------+--------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| | | | | | | | | | | | | |
+-+------+--------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| | | | | | | | | GBP | | GBP | | GBP |
+-+------+--------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| | | | | | | | | | | |
+-----------------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| Loss for the period from | | | | (1,178,386) | | (761,198) | | (1,716,293) |
| continuing operations | | | | | | | | |
+-------------------------------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| Profit for the period from | | | | 1,807,950 | | 847,510 | | 1,285,567 |
| discontinued operations | | | | | | | | |
+-------------------------------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| Other comprehensive income | | | | - | | - | | - |
+-------------------------------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| Total comprehensive | | | | 629,564 | | 86,312 | | (430,726) |
| profit/(loss) for the period | | | | | | | | |
+-------------------------------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| | | | | | | | | | | | | |
+-+------+--------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| Attributable | | | | | | | | | | |
| to: | | | | | | | | | | |
+-----------------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| Equity holders | | | | | | 629,564 | | 86,312 | | (430,726) |
| of the parent | | | | | | | | | | |
+-----------------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| | | | | | | | | 629,564 | | 86,312 | | (430,726) |
+-+------+--------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
| | | | | | | | | | | |
+-+------+--------+----+--------+----------+--------+----------+-------------+----------+------------+----------+-------------+
Twenty Plc
Group Statement of Financial Position (Unaudited)
As at 30 June 2010
+---+------+-------+-------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | As at | | As at | | As at |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | 30.06.2010 | | 30.06.2009 | | 31.12.2009 |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | Unaudited | | Unaudited | | Audited |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | GBP | | GBP | | GBP |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Assets | | | | | | | | | | | | | |
+----------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Non-current assets | | | | | | | | | | | | |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Property, plant and equipment | | | | | | | | 181,729 | | 988,521 | | 600,080 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Software development costs | | | | | | | | - | | 135,671 | | - |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Goodwill | | | | | | | | | 4,848,200 | | 10,730,273 | | 10,730,273 |
+----------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Other debtors | | | | | | | | 1,061,500 | | - | | - |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Deferred tax | | | | | | | | 84,111 | | 87,304 | | 129,017 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Total non-current assets | | | | | | | | 6,175,540 | | 11,941,769 | | 11,459,370 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Current assets | | | | | | | | | | | | |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Trade and other receivables | | | | | | | | 2,935,801 | | 2,817,156 | | 1,892,936 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Cash and cash equivalents | | | | | | | | 1,646,805 | | 3,814 | | 474,599 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Total current assets | | | | | | | | 4,582,606 | | 2,820,970 | | 2,367,535 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | | | |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Total assets | | | | | | | | 10,758,146 | | 14,762,739 | | 13,826,905 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | | | |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Equity & liabilities | | | | | | | | | | | | |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Current liabilities | | | | | | | | | | | | |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Trade and other payables | | | | | | | | 2,219,603 | | 4,266,431 | | 4,212,397 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Obligations under finance | | | | | | | | 42,212 | | 204,598 | | 165,415 |
| leases | | | | | | | | | | | | |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Current tax liabilities | | | | | | | | 22,872 | | - | | 43,180 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Interest bearing loans, overdrafts and bank loans | | | | | | - | | 520,322 | | 433,332 |
+------------------------------------------------------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Total current liabilities | | | | | | | | 2,284,687 | | 4,991,351 | | 4,854,324 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | | | |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Non-current liabilities | | | | | | | | | | | | |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Bank | | | | | | | | | - | | 1,413,323 | | 1,213,407 |
| loans | | | | | | | | | | | | | |
+----------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Other Creditors | | | | | | | | 82,711 | | - | | - |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Obligations under finance | | | | | | | | 57,174 | | 322,475 | | 240,622 |
| leases | | | | | | | | | | | | |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Total non-current liabilities | | | | | | | | 139,885 | | 1,735,798 | | 1,454,029 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | | | |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Total liabilities | | | | | | | | 2,424,572 | | 6,727,149 | | 6,308,353 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | | | |
+---+--------------+-------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Equity | | | | | | | | | | | | | |
+------------------+-------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Share capital | | | | | | | | | 4,836,268 | | 4,833,860 | | 4,833,860 |
+------------------+-------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Share premium account | | | | | | | | 4,151,956 | | 3,979,364 | | 3,979,364 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Share options reserve | | | | | | | | 89,547 | | 79,089 | | 79,089 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Retained earnings | | | | | | | | (744,197) | | (856,723) | | (1,373,761) |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Total equity | | | | | | | | 8,333,574 | | 8,035,590 | | 7,518,552 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | | | |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| Total equity & liabilities | | | | | | | | 10,758,146 | | 14,762,739 | | 13,826,905 |
+--------------------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | | | |
+---+------+---------------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+---+------+-------+-------------+----------+----------+----------+------+----------+----------+----------+-------------+----------+-------------+----------+-------------+
Twenty Plc
Group Statement of Cash Flows (Unaudited)
For the period ended 30 June 2010
+----------+-------+----------+-------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | 6 months ended | | 6 months ended 30.6.2009 | | Year ended |
| | | | | | | 30.6.2010 | | | | 31.12.2009 |
+----------+-------+------------------+----------+-----+----------+--------------------------------------+----------+----------------------------------+----------+----------------------------------+
| | | | | | | Unaudited | | Unaudited | | Audited |
+----------+-------+------------------+----------+-----+----------+--------------------------------------+----------+----------------------------------+----------+----------------------------------+
| | | | | | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP |
+----------+-------+------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+-------+------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Cash flow from operating activities | | | | | | | | | | | | |
+------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+-------+------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Profit/(loss) for the period | | | | 629,564 | | | | 86,312 | | | |(430,726) |
+------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+-------+------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Adjustments for: | | | | | | | | | | | | | | |
+-------------------------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Finance income | | | | (107) | | | | (1) | | | | (1) | | |
+-------------------------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Finance costs | | | | | 49,527 | | | | 119,365 | | | | 202,977 | | |
+-----------------------------+-------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Taxation | | | | | 105,883 | | | | 33,564 | | | | 40,501 | | |
+-----------------------------+-------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Depreciation of property, plant and equipment | | | 226,617 | | | | 291,224 | | | | 624,753 | | |
+------------------------------------------------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Amortisation of software | | | | - | | | | 37,322 | | | | 172,993 | | |
| development costs | | | | | | | | | | | | | | |
+-------------------------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Share-based payment expense | | | | 10,458 | | | | 10,458 | | | | 10,458 | | |
+-------------------------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Increase in contingent consideration - Moveme | | 42,800 | | | | - | | | | - | | |
+------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Gain on acquisition of subsidiary | | (152,633) | | | | - | | | | - | | |
+------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Gain on disposal of subsidiary | | (2,181,435) | | | | - | | | | - | | |
+------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Gain on disposal of property, plant and equipment | | - | | | | (949) | | | | (950) | | |
+------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | (1,898,890) | | | | 490,983 | | | | 1,050,731 |
+----------+-------+------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Operating cash flows before movements in working | | | | | | | | | | | | |
| capital | | | | | | | | | | | | |
+ +----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | (1,269,326) | | | | 577,295 | | | | 620,005 |
+------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+-------+------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+-------+------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| (Increase)/Decrease in receivables | | | | (126,315) | | | | 490,729 | | | | 1,414,949 | | |
+-------------------------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Decrease in payables | | | | (1,696,937) | | | | (600,407) | | | | (654,441) | | |
+-------------------------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | (1,823,252) | | | | (109,678) | | | | 760,508 |
+----------+-------+------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Cash (used in) /generated from | | | | | | (3,092,578) | | | | 467,617 | | | | 1,380,513 |
| operations | | | | | | | | | | | | | | |
+-------------------------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+-------+------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Taxation paid | | | | | | (95,327) | | | | - | | | | (5,470) |
+-------------------------------------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Net cash (used in) / generated from operating | | | | | | | | | | | | |
| activities | | | | | | | | | | | | |
+ +----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | (3,187,905) | | | | 467,617 | | | | 1,375,043 |
+------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | | |
+----------+-------+----------+-------+----------+-----+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
Twenty Plc
Group Statement of Cash Flows (Unaudited)
For the period ended 30 June 2010 (Continued)
+----------+----------+----------+----------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | 6 months ended 30.6.2010 | | 6 months ended 30.6.2009 | | Year ended 31.12.2009 |
+----------+----------+---------------------+----------+----------+----------+--------------------------------------+----------+----------------------------------+----------+----------------------------------+
| | | | | | | Unaudited | | Unaudited | | Audited |
+----------+----------+---------------------+----------+----------+----------+--------------------------------------+----------+----------------------------------+----------+----------------------------------+
| | | | | | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP |
+----------+----------+---------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Net cash from operating activities | | | | | | | | | | | | | |
+ +----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | (3,187,905) | | | | 467,617 | | | | 1,375,043 |
+------------------------------------------------------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+----------+---------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Investing activities | | | | | | | | | | | | | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Interest received | | | | 107 | | | | 1 | | | | 1 | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Proceeds on disposal of property, plant | | | | - | | | | 949 | | | | 950 | | |
| and equipment | | | | | | | | | | | | | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Purchases of property, plant and | | | | (12,239) | | | | (79,950) | | | | (25,038) | | |
| equipment | | | | | | | | | | | | | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Receipts from sale of subsidiary | | | | 6,310,000 | | | | - | | | | - | | |
| undertakings | | | | | | | | | | | | | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Costs associated with sale of subsidiary | | | | (394,754) | | | | - | | | | - | | |
| undertakings | | | | | | | | | | | | | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Cash and cash equivalents sold with | | | | (116,952) | | | | - | | | | - | | |
| subsidiary | | | | | | | | | | | | | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Acquisition of subsidiary undertaking | | | | (1) | | | | - | | | | - | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Cash and cash equivalents acquired with | | | | 159,300 | | | | - | | | | - | | |
| subsidiary undertaking | | | | | | | | | | | | | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Net cash generated from / (used in) | | | | | | 5,945,461 | | | | (79,000) | | | | (24,087) |
| investing activities | | | | | | | | | | | | | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+----------+---------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+----------+---------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Financing activities | | | | | | | | | | | | | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Interest paid | | | | | (49,527) | | | | (119,365) | | | | (202,977) | | |
+--------------------------------+----------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Repayments of borrowings | | | | (1,646,739) | | | | (180,986) | | | | (467,892) | | |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Repayments of obligations under finance leases | | (64,084) | | | | (123,179) | | | | (244,215) | | |
+-----------------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Issue of new share capital | | 175,000 | | | | - | | | | - | | |
+-----------------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Net cash used in financing activities | | | | | | (1,585,350) | | | | (423,530) | | | | (915,084) |
+-------------------------------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+----------+---------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Net increase / (decrease) in cash and cash equivalents | | | | | | | | | | | | |
+ +----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | 1,172,206 | | | | (34,913) | | | | 435,872 |
+-----------------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+----------+----------+---------------------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Cash and cash equivalents at the beginning of the period | | | | 474,599 | | | | 38,727 | | | | 38,727 |
+-----------------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| Cash and cash equivalents at the end of the period | | | | 1,646,805 | | | | 3,814 | | | | 474,599 |
+-----------------------------------------------------------------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | | | | | | | | | | | | |
+----------+----------+----------+----------+----------+----------+----------+-------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-----------+
Twenty Plc
Group Statement of Changes in Equity (Unaudited)
For the period ended 30 June 2010
+--+-------+--------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+----------+----------+------------+-+-+
| | | | | | | | | | | | | | | | | |
+--+-------+--------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | Group | | | | | | | | | | | | | | | |
+--+-------+--------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | | | | | | | | | | Share | | Retained earnings/ | | | | |
| | | | | | | | | Share | | premium | | (losses) | | | | |
| | | | | | | Share | | options | | account | | | | Total | | |
| | | | | | | Capital | | reserve | | | | | | | | |
+--+-------+--------------+----------+--+----------+------------+----------+----------+--+------------+-+------------------------+----------+------------+-+-+
| | | | | | | GBP | | GBP | | GBP | | GBP | | GBP | | |
+--+-------+--------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | | | | | | | | | | | | | | | | |
+--+-------+--------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | At 1 January 2009 | | | | 4,827,060 | | 68,631 | | 3,901,164 | | (943,035) | | 7,853,820 | | |
+--+----------------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | Loss for the | | | | - | | - | | - | | (430,726) | | (430,726) | | |
| | period | | | | | | | | | | | | | | |
+--+----------------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | Issue of new share | | | | 6,800 | | - | | 78,200 | | - | | 85,000 | | |
| | capital | | | | | | | | | | | | | | |
+--+----------------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | Share options | | | | - | | 10,458 | | - | | - | | 10,458 | | |
+--+----------------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | At 31 December | | | | 4,833,860 | | 79,089 | | 3,979,364 | | (1,373,761) | | 7,518,552 | | |
| | 2009 | | | | | | | | | | | | | | |
+--+----------------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | Profit for the | | | | - | | - | | - | | 629,564 | | 629,564 | | |
| | period | | | | | | | | | | | | | | |
+--+----------------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | Issue of new share | | | | 2,408 | | - | | 172,592 | | - | | 175,000 | | |
| | capital | | | | | | | | | | | | | | |
+--+----------------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | Share options | | | | - | | 10,458 | | - | | - | | 10,458 | | |
+--+----------------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | At 30 June 2010 | | | | 4,836,268 | | 89,547 | | 4,151,956 | | (744,197) | | 8,333,574 | | |
+--+----------------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | | | | | | | | | | | | | | | | |
+--+-------+--------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+---------------------+------------+-+-+
| | | | | | | | | | | | | | | | | | |
+--+-------+--------------+----------+--+----------+------------+----------+----------+--+------------+-+-------------+----------+----------+------------+-+-+
+------------------------------------------------------------------------------+
| Notes to the Unaudited Interim Financial Statements |
+------------------------------------------------------------------------------+
| For the period ended 30 June 2010 |
+------------------------------------------------------------------------------+
General Information
Twenty Plc is a company incorporated and domiciled in the UK and is listed on
the Alternative Investment Market (AIM). The addresses of its registered office
and principal place of business are disclosed in the introduction to the annual
report.
1 Accounting Policies
a) Basis of preparation
The condensed interim financial statements, which have been neither audited nor
reviewed, have been prepared in accordance with International Financial
Reporting Standards (IFRS's) adopted by the European Union, IFRIC
interpretations and with those parts of the Companies Act 2006 applicable to
companies reporting under IFRS and comply with International Accounting Standard
(IAS) 34 'Interim Financial Reporting'. They have been prepared on a consistent
basis with the accounting policies set out in the Annual Report and Accounts for
the year ended 31 December 2009 except as set out below. The preparation of the
financial statements requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the year end and
reported amounts of revenue and expenses during the financial year. Actual
results could differ from the original estimates and assumptions.
New accounting standards being applied starting on 1 January 2010 are as
follows:
· IFRS 3 Business Combinations (Revised) effective for acquisitions taking place
in accounting periods beginning on or after 1 July 2009. The company has applied
the revised version of IFRS 3 in accounting for the acquisition of The Moving
Service Limited which as described in note 7 was acquired on 29 January 2010.
The consolidated financial information has been prepared under the historical
cost convention as modified by the revaluation of certain financial assets and
liabilities.
Going Concern
Based on the forecasts of the Group, following the disposal, plus deferred
consideration of GBP2.95m to be received over the next two years, the Directors
consider it appropriate to adopt the going concern basis in preparing the
Interim Accounts.
b) Recently issued standards and interpretations not yet applied
The following IFRS and IFRIC Interpretations have been issued but have not been
applied by the Group and parent company in preparing these financial statements
as they are not as yet effective. The Group and parent company intends to adopt
these Standards and Interpretations when they become effective, rather than
adopt them early.
· IFRS 9 Financial Instruments: Classification and Measurement, issued in
December 2009. Adoption of the standard is not mandatory until accounting
periods beginning on or after 1 January 2013 and it addresses the classification
and measurement of financial assets.
A number of IFRS and IFRIC interpretations are also currently in issue which are
not relevant for the Group's or parent company's activities and which have not
therefore been adopted in preparing these financial statements.
c) Publication of non-statutory accounts
The financial information contained in this document is unaudited and does not
constitute statutory accounts within the meaning of the Companies Act 2006. The
information for the year ended 31 December 2009 is based on the company's
statutory accounts for that year which received an unqualified audit report and
have been filed with the Registrar of Companies.
d) Basis of consolidation
The consolidated financial statements comprise the financial statements of the
company and its subsidiaries. The results of subsidiaries acquired or disposed
of during the period are included in the consolidated income statement from the
effective date of acquisition or disposal, as appropriate.
+-----------------------------------------------------------------------------+
| Notes to the Unaudited Interim Financial Statements |
+-----------------------------------------------------------------------------+
| For the period ended 30 June 2010 (Continued) |
+-----------------------------------------------------------------------------+
e) Revenue recognition
Revenue comprises the invoiced amounts of services, excluding VAT, adjusted for
amounts invoiced in advance at both the beginning and end of the year, such that
revenue is recognised in line with performance under the contract. Profit on
long term contracts is taken over the life of the contract when the outcome of
the contract, or a separately identifiable portion of it, can be assessed with
reasonable certainty.
f) Goodwill
Goodwill arising from the acquisition of a subsidiary represents the excess of
the fair value of the cost of acquisition over the group's net interest in the
fair value of the identifiable net assets acquired. In accordance with IFRS3,
goodwill is not amortised.
If the fair value of the cost of acquisition is less than the fair value of the
identifiable net assets of the subsidiary acquired, the excess is recognised as
a gain directly in the income statement. Where payment of part of the cost of
the combination is contingent on future events, for instance future performance
of the subsidiary acquired, a provision is recognised at the date of acquisition
if it is thought probable that such future events will be achieved, and the cost
of the combination increased accordingly. The provision is recognised at its
fair value, discounted to recognise the effect of the time value of money where
payable in cash. The discount is released over the period over which the future
events are assessed such that at the date of payment the provision is equal to
the amount of deferred consideration to be paid. The provision is assessed at
each reporting date and adjusted if expectations of the amount payable have
changed. Contingent consideration payable via the issuance of a variable number
of shares is consider to constitute a liability and is measured at fair value
initially, being the market value of the company's shares at the date of
acquisition. On each subsequent reporting date the liability is assessed to
reflect the change in market value of the company's shares and the number which
are considered to be likely to be issued. Any changes to contingent
consideration are recognised immediately in comprehensive income
Goodwill is reviewed for impairment annually or more frequently if events or
changes in circumstances indicate that the carrying value is impaired. An
impairment loss is recognised for the amount by which the carrying net value of
the asset exceeds its recoverable amount. The recoverable amount is the higher
of an asset's fair value less costs to sell and the value in use. For the
purposes of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash flows (cash-generating units). An
impairment loss recognised for goodwill is not reversed in a subsequent period.
Goodwill is allocated to cash generating units for the purpose of impairment
testing. The allocation is made to those cash-generating units or groups of cash
generating units that are expected to benefit from the business combination in
which the goodwill arose identified according to the operating segment.
On disposal of a subsidiary, the attributable amount of goodwill is included in
the determination of the profit or loss on disposal.
g) Property, plant and equipment
Property, plant and equipment are stated at cost or valuation, net of
depreciation and any provision for impairment. Depreciation has been calculated
on the straight line method and aims to write down the cost, less estimated
residual value, of property, plant and equipment over their expected useful
lives, using the following periods:
Leasehold improvements Over the terms of
the lease
Plant, machinery and database equipment 4 to 8 years
Fixtures, fittings and office equipment 3 to 10 years
Motor vehicles 4 years
h) Research and development
Costs associated with developing or maintaining computer software programmes are
recognised as an expense as incurred. Costs that are directly associated with
the development of identifiable and unique software products controlled by the
Group, and that will probably generate economic benefits exceeding beyond one
year, are recognised as intangible assets. Costs include the software
development costs.
Computer software development costs recognised as assets are amortised on a
straight line basis over their estimated useful lives (not exceeding three
years) and are included in administration expenses within the consolidated
income statement.
+-----------------------------------------------------------------------------+
| Notes to the Unaudited Interim Financial Statements |
+-----------------------------------------------------------------------------+
| For the period ended 30 June 2010 (Continued) |
+-----------------------------------------------------------------------------+
i) Investments
Investments in subsidiaries, associates and joint ventures, and other
investments are presented in the parent company financial statements at cost,
less any necessary provision or impairment.
j) Deferred taxation
Deferred taxation is provided in full, using the liability method, in respect of
all temporary timing differences between the tax base cost of the Group's assets
and liabilities, and their carrying amount in the financial statements that have
originated but have not been reversed by the balance sheet date. The deferred
tax is calculated using tax rates enacted or substantially enacted by the
balance sheet date. A deferred tax asset is recognised only to the extent that
it is probable that future taxable profits will be available against which the
asset can be utilised. Deferred tax is not discounted.
k) Share-based payments
The Group issues equity-settled share-based payments to certain employees.
Equity-settled share-based payments are measured at fair value (excluding the
effect of non market-based vesting conditions) at the date of grant. The fair
value determined at the grant date of the equity-settled share-based payments is
expensed on a straight line basis over the vesting period, based on the group's
estimate of the shares that will eventually vest and adjusted for the effect of
non market-based vesting conditions.
Fair value is measured using a modified Black-Scholes pricing model. The
expected life used in the model has been adjusted, based on management's best
estimate, for the effects of non-transferability, exercise restrictions and
behavioural considerations.
l) Leasing
Leases are classified as finance leases whenever the terms of the lease transfer
substantially the risks and rewards of ownership to the lessee. All other leases
are classified as operating leases.
Assets held under finance leases, are recognised as tangible fixed assets at
their fair value at the inception of the lease or, if lower, at the present
value of the minimum lease payments, and are depreciated over the shorter of the
lease terms and their useful lives. The capital elements of future lease
obligations are recorded as liabilities, while the interest
elements are charged to the income statement over the period of the lease to
produce a constant rate of charge on the balance of capital repayments
outstanding.
Rentals under operating leases are charged on a straight line basis over the
lease term, even if the payments are not made on such a basis. Benefits received
and receivable as an incentive to sign an operating lease are similarly spread
on a straight line basis over the lease term, except where the period to the
review date on which the rent is first expected to be adjusted to the prevailing
market rate is shorter than the full lease term, in which case the shorter
period is used.
m) Retirement benefits
Pension payments are made in respect of defined contribution schemes. The annual
payments are charged to the income statement. The company has no potential
further liability in respect of pensions.
n) Financial instruments
Trade and other receivables
Trade receivables are stated at original invoice amount less any allowances for
uncollectable amounts. Bad debts are written off when identified. Other
receivables are stated at cost.
Trade and other payables
Trade and other payables are initially measured at fair value.
Interest income
Interest income is recognised as interest accrues.
+-----------------------------------------------------------------------------+
| Notes to the Unaudited Interim Financial Statements |
+-----------------------------------------------------------------------------+
| For the period ended 30 June 2010 (Continued) |
+-----------------------------------------------------------------------------+
Cash and cash equivalents
Cash and short term deposits at the balance sheet date comprise cash at bank and
in hand and short term deposits with a maturity of one month or less.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the Company are
classified according to the substance of the contractual arrangements entered
into and the definitions of a financial liability and an equity instrument. An
equity instrument is any contract that evidences a residual interest in the
assets of the Company after deducting all of its liabilities. The accounting
policies adopted for specific financial liabilities and equity instruments are
set out below.
Bank borrowings
Interest-bearing bank loans and overdrafts are initially measured at fair value,
and are subsequently measured at amortised cost, using the effective interest
rate method. Any difference between the proceeds (net of transaction costs)
and the settlement redemption of borrowings is recognised over the term of the
borrowings in the Income Statement in the period in which they are incurred.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received,
net of direct issue costs.
o) Provisions
Provisions are recognised when a present obligation has arisen as a result of a
past event, and it is probable that the Company will be required to settle that
obligation. Provisions are measured at the directors' best estimate of the
expenditure required to settle the obligation at the balance sheet date, and are
discounted to present value where the effect is material.
+-----------------------------------------------------------------------------+
| Notes to the Unaudited Interim Financial Statements |
+-----------------------------------------------------------------------------+
| For the period ended 30 June 2010 (Continued) |
+-----------------------------------------------------------------------------+
+--+----------+--+----------+-+----------+---+----------+------------+----------+--+----------+-+-+----------+---------------------+-+---------+-------+-+----------------+----------+--+----------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| 2| Segmental analysis | | | | Analytical | | | | | | | | 6 months | | |
| | | | | | CRM & Data | | Operational | | | | | | ended | | |
| | | | | | Services | | CRM | | e-commerce | | Data | | 30.6.2010 | | |
| | | | | | | | | | | | Sales | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | GBP | | GBP | | GBP | | GBP | | GBP | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Revenue | | | | 1,175,735 | | 2,542,348 | | 239,695 | | 281,723 | | 4,239,501 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Cost of sales | | | | (555,888) | | (1,270,501) | | (212,504) | | (387,435) | | (2,426,328) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Gross Profit/(Loss) | | | | 619,847 | | 1,271,847 | | 27,191 | | (105,712) | | 1,813,173 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Administrative expenses | | | | (684,419) | | (894,456) | | (30,959) | | (346,792) | | (1,956,626) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Segment result before | | | | (64,572) | | 377,391 | | (3,768) | | (452,504) | | (143,453) | | |
| | allocated corporate | | | | | | | | | | | | | | |
| | costs | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Allocated corporate expenses | | (120,961) | | (261,560) | | (24,660) | | (28,984) | | (436,165) | | |
+--+-----------------------------------------+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Segment result after | | | | (185,533) | | 115,831 | | (28,428) | | (481,488) | | (579,618) | | |
| | allocated corporate | | | | | | | | | | | | | | |
| | costs | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Unallocated corporate expenses | | | | | | | | | | (324,590) | | |
+--+-----------------------------------------+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Gain on acquisition of The Moving | | | | | | | | | | 152,633 | | |
| | Service Limited | | | | | | | | | | | | |
+--+-----------------------------------------+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Discontinued costs associated with sale | | | | | | | | | | (644,994) | | |
| | of subsidiary undertaking | | | | | | | | | | | | |
+--+-----------------------------------------+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Gain on sale of subsidiary undertaking | | | | | | | | | | 2,181,435 | | |
+--+-----------------------------------------+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Operating profit | | | | | | | | | | | | 784,867 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Finance Income | | | | | | | | | | | | 107 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Finance Costs | | | | | | | | | | | | (49,527) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Profit before Taxation | | | | | | | | | | | | 735,447 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Taxation | | | | | | | | | | | | (105,883) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Profit for the period | | | | | | | | | | | | 629,564 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| Notes to the Unaudited Interim Financial Statements |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| For the period ended 30 June 2010 (Continued) |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | Analytical | | | | | | | | 6 months | | |
| | | | | | CRM & Data | | Operational | | | | | | ended | | |
| | | | | | Services | | CRM | | e-commerce | | Data | | 30.6.2009 | | |
| | | | | | | | | | | | Sales | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | GBP | | GBP | | GBP | | GBP | | GBP | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Revenue | | | | 1,527,922 | | 4,539,264 | | 329,569 | | - | | 6,396,755 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Cost of sales | | | | (892,537) | | (2,264,665) | | (236,206) | | - | | (3,393,408) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Gross Profit | | | | 635,385 | | 2,274,599 | | 93,363 | | - | | 3,003,347 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Administrative expenses | | | | (785,437) | | (1,397,325) | | (133,980) | | - | | (2,316,742) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Segment result before | | | | (150,051) | | 877,274 | | (40,617) | | - | | 686,606 | | |
| | allocated corporate | | | | | | | | | | | | | | |
| | costs | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Allocated corporate expenses | | (82,894) | | (246,268) | | (17,880) | | - | | (347,043) | | |
+--+-----------------------------------------+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Segment result after | | | | (232,946) | | 631,006 | | (58,497) | | - | | 339,563 | | |
| | allocated corporate | | | | | | | | | | | | | | |
| | costs | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Unallocated corporate expenses | | | | | | | | | | (100,323) | | |
+--+-----------------------------------------+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Operating profit | | | | | | | | | | | | 239,240 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Finance Income | | | | | | | | | | | | 1 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Finance Costs | | | | | | | | | | | | (119,365) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Profit before Taxation | | | | | | | | | | | | 119,876 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Taxation | | | | | | | | | | | | (33,564) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Profit for the period | | | | | | | | | | | | 86,312 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+-+----------------------------------+-+-----------------+-+----------------+----------+-------------+
| | In accordance with IFRS 8, segmental information is presented based on the way in which financial information is reported internally to | | |
| | the Chief Operating decision maker. The group has determined its reportable segments in accordance with IFRS 8. | | |
| | | | |
| | Operational CRM | | |
| | Delivery of interaction with our client's customers. This includes contact centre services, fulfillment services and campaign services | | |
| | and represents the Dataforce Interact business that was sold in May 2010 | | |
+--+----------------------------------------------------------------------------------------------------------------------------------------------------------------------+----------+-------------+
| | Analytical CRM | | |
| | Provision of marketing platform design, development and support and customer data analytical services. | | |
+--+----------------------------------------------------------------------------------------------------------------------------------------------------------------------+----------+-------------+
| | e-commerce | | | | | | |
| | Design, development and support of client's e-commerce platforms. | | | | | | |
+--+-------------------------------------------------------------------------------------------------------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Data Sales | | |
| | Selling data for lead generation around home moving products and services. This comprises the Moving Service business. | | |
+--+----------------------------------------------------------------------------------------------------------------------------------------------------------------------+----------+-------------+
| | | | | | | | |
+--+-------------------------------------------------------------------------------------------------------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Administrative expenses are allocated to segments where they are directly attributable. | | | | | | |
+--+-------------------------------------------------------------------------------------------------------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | All revenue and profit has been generated solely within the United Kingdom. | | | | | | |
+--+-------------------------------------------------------------------------------------------------------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | The group reports assets and liabilities internally on a statutory entity basis and therefore has not reported on assets and liabilities | | |
| | by segment. | | |
+--+----------------------------------------------------------------------------------------------------------------------------------------------------------------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| 3| Taxation | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | The taxation charge has been estimated by the group based on previous taxation adjustments and future rates. | | |
+--+----------------------------------------------------------------------------------------------------------------------------------------------------------------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| Notes to the Unaudited Interim Financial Statements |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| For the period ended 30 June 2010 (Continued) |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| 4| Dividends | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | The directors do not recommend the payment of an interim dividend. | | | | | | | | |
+--+------------------------------------------------------------------------------------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| 5| Discontinued operations | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | 6 | | 6 months | | Year to | | |
| | | | | | | | | | | months | | to | | | | |
| | | | | | | | | | | to | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | 30.06.2010 | | 30.06.2009 | | 31.12.2009 | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | Unaudited | | Unaudited | | Unaudited | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | GBP | | GBP | | GBP | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Revenue | | | | | | | | 2,542,348 | | 4,539,264 | | 8,092,622 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Cost of sales | | | | | | | | (1,270,501) | | (2,264,665) | | (4,145,017) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Gross Profit | | | | | | | | 1,271,847 | | 2,274,599 | | 3,947,605 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Administration expenses | | | | | | | | (894,456) | | (1,397,325) | | (2,608,975) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Administration expenses associated with the sale of | | | | (644,994) | | | | | | |
| | subsidiary undertakings | | | | | | - | | - | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | (Loss)/Profit before tax | | | | | | | | (267,603) | | 877,274 | | 1,338,630 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Taxation | | | | | | | | (105,883) | | (29,764) | | (53,063) | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | (Loss)/Profit after taxation from discontinued operations | | | | (373,486) | | 847,510 | | 1,285,567 | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Pre-tax gain recognised on the sale of discontinued | | | | 2,181,435 | | - | | - | | |
| | operations | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Taxation | | | | | | | | - | | - | | - | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | After tax gain on the sale of discontinued operations | | | | 2,181,435 | | - | | - | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Profit for the period from discontinued operations | | | | 1,807,950 | | 847,510 | | 1,285,567 | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | 6 | | | | | | |
| | | | | | | | | | months | | | | | | |
| | | | | | | | | | to | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | 30.06.2010 | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | Unaudited | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Cash flows from discontinued operations | | | | GBP | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Cash generated from operations | | | | 44,374 | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Administration expenses associated with the sale of | | | | | | | | | | |
| | subsidiary undertakings | | | | (644,994) | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Taxation paid | | | | (95,326) | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Net cash used in operating activities | | | | (695,946) | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Net cash used in investing activities | | | | (10,031) | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Net cash used in financing activities | | | | (54,515) | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Decrease in cash and cash equivalents | | | | (760,492) | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| Notes to the Unaudited Interim Financial Statements |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| For the period ended 30 June 2010 (Continued) |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| 6| Earnings per share | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the company is based on the following data: |
+--+-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | 6 | | 6 months | | Year to | | |
| | | | | | | | | | | months | | to | | | | |
| | | | | | | | | | | to | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | 30.06.2010 | | 30.06.2009 | | 31.12.2009 | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | Unaudited | | Unaudited | | Audited | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | GBP | | GBP | | GBP | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Earnings | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Earnings/(loss) for the purposes of basic earnings per share | | | | 629,564 | | | | | | |
| | from total operations | | | | | | 86,312 | | (430,726) | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Effect of dilutive potential ordinary | | | | | | - | | | | | | |
| | shares: | | | | | | | | - | | - | | |
+--+-----------------------------------------+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Earnings/(loss) for the purposes of diluted earnings per | | | | 629,564 | | | | | | |
| | share from total operations | | | | | | 86,312 | | (430,726) | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Software development & consultancy write off, bad debt | | | | - | | - | | 486,008 | | |
| | provision & excess property costs | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Earnings for the purposes of adjusted earnings per share | | | | 629,564 | | | | | | |
| | (basic & diluted) from total operations | | | | | | 86,312 | | 55,282 | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | 6 | | 6 months | | Year to | | |
| | | | | | | | | | | months | | to | | | | |
| | | | | | | | | | | to | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | 30.06.2010 | | 30.06.2009 | | 31.12.2009 | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | Unaudited | | Unaudited | | Audited | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | No. | | No. | | No. | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Number of shares | | | | | | | | | | | | | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Weighted average number of ordinary | | | | | | 57,066,485 | | 53,342,423 | | | | |
| | shares | | | | | | | | | | 54,213,614 | | |
+--+-----------------------------------------+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Effect of dilutive potential ordinary shares: | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Management options | | | | | | | | 4,665,677 | | 4,092,066 | | 4,106,894 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Broker & Nomad options | | | | | | | | 1,447,368 | | 1,447,368 | | 1,447,368 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Warrants | | | | | | | | 6,800,000 | | 6,800,000 | | 6,800,000 | | |
+--+--------------------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Weighted average number of ordinary shares for the purposes of diluted EPS | | 69,979,530 | | 65,681,857 | | | | |
| | | | | | | | 66,567,876 | | |
+--+------------------------------------------------------------------------------------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Basic and diluted Earnings/(Loss) per Share (in pence) | | 1.10 | | 0.16 | | (0.79) | | |
+--+------------------------------------------------------------------------------------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Adjusted Earnings per share (basic & diluted) (in pence) | | 1.10 | | 0.16 | | 0.10 | | |
+--+------------------------------------------------------------------------------------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | Share options and warrants do not have a dilutive effect because the exercise price was above the average share price during the period. | | |
+--+----------------------------------------------------------------------------------------------------------------------------------------------------------------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| 7| Acquisition of subsidiaries | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | The Moving Service Limited | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | On 29th January 2010, the company acquired 100% of the ordinary share capital of The Moving Service Limited for a consideration of | | |
| | GBP39,912. GBP1 was paid in cash at the date of acquisition and the remainder will be paid by the issue of new shares in the company | | |
| | based on the achievement of revenue targets in the period to 31 December 2015. The directors estimate that the deferred consideration | | |
| | will be the issue of 2,140,000 ordinary shares representing 3.5% of the ordinary shares in issue at the balance sheet date. The deferred | | |
| | consideration is valued at the share price on the date of acquisition. | | |
+--+ +----------+-------------+
| | | | |
+--+ +----------+-------------+
| | | | |
+--+ +----------+-------------+
| | | | |
+--+ +----------+-------------+
| | | | |
+--+----------------------------------------------------------------------------------------------------------------------------------------------------------------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+--------------+---------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | | | | | | |
+--+----------+---------------+----------+---+----------+------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| Notes to the Unaudited Interim Financial Statements |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| For the period ended 30 June 2010 (Continued) |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | Acquiree's | | Fair | | Fair | | |
| | | | | | carrying amount | | value | | value | | |
| | | | | | before | | adjustments | | | | |
| | | | | | combination | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | GBP | | GBP | | GBP | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Net assets acquired : | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Property, plant and equipment | | | | 39,958 | | - | | 39,958 | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Trade debtors and other receivables | | | | 159,564 | | - | | 159,564 | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Trade and other payables | | | | (166,277) | | - | | (166,277) | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Cash | | | | 159,300 | | - | | 159,300 | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | 192,545 | | - | | 192,545 | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Satisfied by : | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Consideration | | | | | | | | 1 | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Deferred consideration | | | | | | | | 39,911 | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | 39,912 | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | Gain on acquisition | | | | | | | | 152,633 | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | | | | | | | | | | | |
+--+-----------------------------------------------------------------+----------+-------------+---+--------------------------------+-+-----------------+-+----------------+----------+-------------+
| | The trading performance of The Moving Service Limited since the date of acquisition is as follows : | |
+--+ +----------+
| | | |
+--+------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | | | | | |
+--+-------------+----------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| | | | | | | | | | | | 5 months | | |
| | | | | | | | | | | | to | | |
+--+-------------+----------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| | | | | | | | | | | | 30.06.2010 | | |
+--+-------------+----------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| | | | | | | | | | | | Unaudited | | |
+--+-------------+----------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| | | | | | | | | | | | | | |
+--+-------------+----------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| | | | | | | | | | | | GBP | | |
+--+-------------+----------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| | | | | | | | | | | | | |
+----------------+----------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| Revenue | | | | | | | | | | 281,723 | | |
+----------------+----------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| Cost of sales | | | | | | | | | (387,435) | | |
+---------------------------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| Gross Loss | | | | | | | | | (105,712) | | |
+---------------------------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| Administrative expenses | | | | | | | | | (323,772) | | |
+---------------------------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| Operating Loss | | | | | | | | | (429,484) | | |
+---------------------------+---------------------------+------------+-------------+----------+--------------+-----------------------+---------+---------+----------------+-------------+----------+
| | | | | | | | | | | | | | | | | | | | | | | | |
+--+----------+--+----------+-+----------+---+----------+------------+----------+--+----------+-+-+----------+---------------------+-+---------+-------+-+----------------+----------+--+----------+
If the acquisition had been completed on 1 January 2010, total revenue from
continuing operations would have been GBP1.75m and the profit for the group
(including discontinued operations) for the period (after tax) would have been
GBP0.64m.
8 Post Balance Sheet Event
On 26 July 2010 the company purchased 475,000 of its own ordinary shares of 0.1
pence each. The shares, which were purchased at a price of 3.3 pence per share,
were initially held as treasury shares and have now been cancelled.
Following the purchase, and subsequent cancellation, the company's issued share
capital consists of 57,003,968 ordinary shares of 0.1 pence each.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FMGZLVLFGGZM
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