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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Wfca | LSE:WFCA | London | Ordinary Share | GB00B0NL6B21 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMWFCA
RNS Number : 1675X
WFCA PLC
10 February 2012
WFCA plc
("WFCA", "the Company" or "the Group")
INTERIM RESULTS
WFCA plc (AIM: WFCA.L), a leading regional advertising and marketing agency, today announces its interim results for the 6 months ended 31 December 2011.
Highlights
-- Net Profit before taxation GBP530 (2010 H1: loss of GBP91,167) -- Cost cutting measures and the development of the client base showing benefits -- A number of new projects have been won with no client losses
Interim Statement
The net profit before taxation of GBP530 for the six months ended 31st December 2011 compares to a loss of GBP91,167 for the six months ended 30th December 2010. The result benefits from the inclusion of an exceptional credit of GBP109,926 arising from the collection of amounts previously written off and recorded in the interim statement last year.
The trading loss before tax and exceptional items of GBP92,341 compares to a profit of GBP127,073 for the comparative period in 2010. It represents a significant recovery from the GBP316,450 loss incurred in the second six months of the previous financial year ended 30th June. This improvement arose from cost cutting measures implemented in early 2011 and the development of our client base generally throughout the calendar year.
With client advertising budgets remaining depressed, future organic growth needs to be driven by acquiring new assignments from existing clients, and additionally by winning new clients in their own right. Since our last statement, we are pleased to report that the Group has won projects with Threadneedle Asset Management, Attwoods Solicitors, Saga Services and Central Homecare and has increased its services to a number of retained clients. No client has been lost by the Group in the last twelve months. We anticipate that this improvement, together with a series of current opportunities moving forward, will allow the Group to continue with its recovery in the current year.
The Group remains in dialogue with a series of strategic opportunities and while the acquisition of WBR (as reported in the June 2011 Annual Report) remains the only opportunity completed to date in the current financial year, we anticipate further developments in this area during 2012.
Group Income Statement For the 6 months ended 31st December 2011 12 months 6 months ended 6 months ended ended 30th June 31st Dec 2011 31st Dec 2010 2011 unaudited unaudited audited GBP GBP GBP Revenue 3,591,604 8,073,019 11,145,221 Direct costs (2,450,155) (6,302,533) (8,362,536) Gross profit 1,141,449 1,770,486 2,782,685 Other operating income - - Operating costs before share option charge (1,191,862) (1,580,113) (2,844,067) Share option charge (1,652) (3,453) (4,992) Total operating costs (1,193,514) (1,583,566) (2,849,059) Depreciation (14,310) (27,576) (53,936) Total operating profit (66,375) 159,344 (120,310) Net finance Cost (25,966) (32,271) (69,117) Profit before taxation, exceptional items and discontinued operations (92,341) 127,073 (189,427) Income tax credit / (charge) (808) (1,086) 83,806 Profit before exceptional items and discontinued operations (93,149) 125,987 (105,621) Profit / (Loss) from exceptional items 92,871 (218,240) (403,388) (Loss) / Profit after exceptional items and before discontinued operations (278) (92,253) (509,009) (Loss) / Profit from discontinued operations - - (3,569) (Loss) / Profit for the period attributable to equity holders of the parent (278) (92,253) (512,578) Earnings per share Basic earnings per share - -0.03p -0.17p Diluted earnings per share - -0.03p -0.16p No Group Statement of Comprehensive Income has been prepared because there were no material gains or losses for the year other than those recognised in the Group Income Statement. Group Balance Sheet As at 31st December 2011 At At At 30th June 31st Dec 2011 31st Dec 2010 2011 unaudited unaudited audited GBP GBP GBP Assets Non-current assets Property, plant and equipment 78,563 115,942 92,872 Goodwill 8,760,324 8,497,909 8,497,907 Deferred tax assets 464,284 419,630 423,509 9,303,171 9,033,481 9,014,288 -------------- -------------- ----------- Current assets Trade and other receivables 1,846,611 3,261,554 862,187 Non-current assets held for sale - 190,000 142,000 Cash and short term deposits 302,951 209,889 704,217 2,149,562 3,661,443 1,708,404 -------------- -------------- ----------- Total Assets 11,452,733 12,694,924 10,722,692 Equity and liabilities Share capital 4,459,660 2,684,660 4,459,660 Share premium 1,331,350 1,425,398 1,332,706 Retained earnings 3,134,147 3,551,568 3,132,773 8,925,157 7,661,626 8,925,139 -------------- -------------- ----------- Non-current liabilities Long term borrowings 650,000 687,500 662,500 Provisions for other liabilities and charges 35,291 - - 685,291 687,500 662,500 -------------- -------------- ----------- Current liabilities Trade and other payables 1,781,948 4,269,903 1,135,053 Provisions for other liabilities and charges 60,337 - - Corporate income tax payable - 75,895 - 1,842,285 4,345,798 1,135,053 -------------- -------------- ----------- Total liabilities 2,527,576 5,033,298 1,797,553 -------------- -------------- ----------- Total equity and liabilities 11,452,733 12,694,924 10,722,692 Group Cash Flow Statement For the 6 months ended 31st December 2011 12 months 6 months ended 6 months ended ended 30th June 31st Dec 2011 31st Dec 2010 2011 unaudited unaudited audited GBP GBP GBP Cash inflow from operating activities Profit from operations before taxation 530 (91,167) (592,815) Share option charge for the period 1,652 3,453 4,992 Discontinued operations - - (3,569) Depreciation of property, plant and machinery 14,310 27,576 53,936 Operating cashflows before movement in working capital 16,492 (60,138) (537,456) Diminution in value of property - - 48,000 (Increase) / decrease in receivables (961,460) (843,565) 1,555,800 Increase / (decrease) in payables 504,843 573,711 (1,794,707) Cash generated / (consumed) by operations (440,125) (329,992) (728,363) Income tax received - - - Net cash from operating activities (440,125) (329,992) (728,363) Cash (outflow) from investing activities Acquisition of subsidiary (71,124) - - Sale of freehold property 142,000 - - Purchase of property, plant and equipment - - (3,291) Net cash used in investment activities 70,876 - (3,291) Cash (outflow) / inflow from financing activities Proceeds on issue of shares - - 1,775,000 Costs of share issue (1,356) (9,000) (101,692) Long term borrowings (62,500) (12,500) - Net cash from financing activities (63,856) (21,500) 1,673,308 Net decrease in cash and cash equivalents (433,105) (351,492) 941,654 Cash and cash equivalents at beginning of period 704,217 (137,447) (237,437) Cash and cash equivalents at end of period 271,112 (488,939) 704,217 Cash and cash equivalents as at 31st Dec 2011 Represented by: Cash and short term deposits 302,951 209,889 704,217 Bank facilities (31,839) (698,828) - Total cash and cash equivalents 271,112 (488,939) 704,217 Group Statement of Changes in Equity For the 6 months ended 31st December 2011 Share Share Retained Capital Premium Earnings Total GBP GBP GBP GBP Balance at 1st July 2011 4,459,660 1,332,706 3,132,773 8,925,139 Charge for share options - - 1,652 1,652 Issue of share capital - - - - Issue costs - (1,356) - (1,356) Profit for the period - - (278) (278) Balance at 31st December 2011 4,459,660 1,331,350 3,134,147 8,925,157 Basis of Preparation This interim financial report is unaudited and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial statements for the year to 30th June 2011, which were prepared in accordance with International Reporting Standards ('IFRS') as adopted by the European Union and upon which the auditors have issued an unqualified report, have been delivered to the Registrar of Companies. The interim financial report for the six months ended 31st December 2011 have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union. The accounting policies applied in the interim financial report are consistent with those set out and applied in the Group's Annual Report for the year to 30th June 2011. The interim financial report for the six months ended 31st December 2011 which comprise the Group Income Statement, Group Balance Sheet, Group Cash Flow Statement, Group Statement of Changes in Equity and the related notes, has been reviewed by the Group's auditor. In addition, the Group's auditor has read the other information contained in the interim financial report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.
Further enquiries:
WFCA plc
Stephen Latter, Financial Director Tel: 01892 703 201
Daniel Stewart & Company plc
David Hart & James Felix Tel: 020 7776 6550
WFCA plc is a uniquely placed full service Marketing Communications Agency and positioned as the "London Agency not in London". Their role is as a different kind of Agency, with completely integrated and full service resource delivering advertising, design, direct, digital and media solutions to a wide range of blue chip Clients, but at a much lower cost than their London based competitors.
This information is provided by RNS
The company news service from the London Stock Exchange
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