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Cpi Corp. Common Stock | NYSE:CPY | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.19 | 0.00 | 01:00:00 |
RNS Number:3531L Contemporary Enterprises PLC 21 May 2003 CONTEMPORARY ENTERPRISES plc Interim Results for the six months ended 31 March 2003 Contemporary Enterprises plc acquired Ausped Limited, an established software development company, in December 2002. Ausped provides innovative solutions to meet the increasing requirements for real-time, accurate, qualitative management information. Ausped specialises in developing Hand Held Computer applications to capture data for the purpose of compliance monitoring & auditing and is at the forefront of the use of Radio Frequency Identification (RFID) technology. * Good progress since acquisition of Ausped * Energetic steps being taken to broaden the customer base * In spite of increasing staff establishment and promotional expenditure, the operating loss of the acquisition was held to only #(5,000), before goodwill amortisation. Commenting on prospects, Henry Edwards, Chairman, said: "The proven success of our existing systems and their excellent reputation with our customers, the enthusiasm and high professionalism of our staff coupled with the knowledge that we have adequate funds for our planned developments and expansion generates optimism for the company's successful future." 21 May 2003 ENQUIRIES: Contemporary Enterprises plc Tel: 0870 011 2440 Tony Edwards, Finance Director College Hill Tel: 020 7457 2020 Richard Pearson Chairman's statement The acquisition of Ausped Limited was approved in December 2002 at an Extraordinary General Meeting when three of its directors were warmly welcomed to the board. Immediate steps were taken in the beginning of the year to plan and implement the company's aim to become the market leader in its sector in the UK within three years through the various actions to be taken outlined at the EGM. Good progress has been made in all areas toward this aim whilst recognising that the desired results can only be achieved in the medium term. In the short term increasing the staff establishment and promotional expenditure will have some adverse impact on profitability. Nevertheless, turnover in the first three months of 2003 has increased significantly compared to the same period last year enabling the loss attributable to the acquisition to be held down to only # (5,000) before goodwill amortisation. The energetic steps being taken to both broaden the customer base and offer solutions for any commercial activity in part based on our well proven existing systems is making progress. However it is realistic to anticipate that with longer lead times for larger contracts and a slow pace of current economic activity, a significant improvement in results is unlikely to occur until 2004 and beyond. The proven success of our existing systems and their excellent reputation with our customers, the enthusiasm and high professionalism of our staff coupled with the knowledge that we have adequate funds for our planned developments and expansion generates optimism for the company's successful future. Henry Edwards Chairman Independent review report to Contemporary Enterprises plc Introduction We have been instructed by the company to review the financial information for the six months ended 31 March 2003 set out on pages 3 to 7. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. The directors of Contemporary Enterprises plc have voluntarily complied with this requirement in preparing the interim report. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practice Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 March 2003. BDO STOY HAYWARD Chartered Accountants London Continuing operations Acquisitions** Total Note 6 months to 6 months to 6 months to 5 months to 18 months to 31 March 31 March 2003 31 March 30 September 30 April 2003* (unaudited) 2003* 2002 2002 (unaudited) (unaudited) (unaudited) (audited) # # # # # Turnover - 111,921 111,921 - - Cost of sales - (22,852) (22,852) - - ________ ________ ________ _________ _________ Gross Profit - 89,069 89,069 - - Administrative expenses -Goodwill Amortisation - (18,797) (18,797) - - -Other (30,995) (94,324) (125,319) (42,068) (144,170) (30,995) (113,121) (144,116) (42,068) (144,170) ________ ________ ________ _________ _________ Operating loss (30,995) (24,052) (55,047) (42,068) (144,170) Interest receivable 11,379 11,830 44,129 ________ _________ _________ Loss on ordinary activities before and after taxation and retained loss for the period (43,668) (30,238) (100,041) ======== ======== ======== Basic and diluted loss per share 3 (1.43)p (1.37)p (6.2)p There are no other recognised gains and losses other than those stated above. * The next audited financial statements will be for the period ended 30 September 2003. ** The company acquired the entire shareholding of Ausped Limited on 24 December 2002. (see note 2) Consolidated Balance sheet at 31 March 2003 31 March 30 September 30 April 2003 2002 2002 (unaudited) (unaudited) (audited) # # # Fixed assets Intangible 1,489,959 - - Tangible 27,057 - - _________ _________ _________ 1,517,016 - - __________ _________ _________ Current assets Stocks 3,687 - - Debtors 161,544 12,136 13,367 Cash at bank and in hand 200,502 871,970 913,033 _________ _________ _________ 365,733 884,106 926,400 Creditors: amounts falling due within one (103,061) (2,435) (14,491) year _________ _________ _________ Total assets less current liabilities 1,779,688 881,671 911,909 ======== ======== ======== Capital and reserves Called up share capital 1,900,000 1,100,000 1,100,000 Share premium account 141,685 - - Profit and loss account (261,997) (218,329) (188,091) _________ _________ _________ Shareholders funds - equity 1,779,688 881,671 911,909 ======== ======== ======== Consolidated Cash flow statement for the 6 months to 31 March 2003 6 months to 5 months to 18 months to 31 March 30 September 30 April 2003* 2002* 2002 (unaudited) (unaudited) (audited) # # # Net cash outflow from operating activities (232,750) (52,893) (138,938) Returns on investments and servicing of finance 11,379 11,830 40,021 Interest received ___________ ___________ ___________ (221,371) (41,063) (98,917) Capital Expenditure Purchase of tangible fixed assets (25,453) - - Acquisition and disposal Purchase of subsidiary (424,175) - - Cash acquired with subsidiary 17,846 ___________ ___________ ___________ (653,153) - - Financing Issue of ordinary share capital - - 1,100,000 Share issue costs (18,315) - (88,050) ___________ ___________ ___________ (Decrease)/increase in cash in period (671,468) (41,063) 913,033 ========== ========== ========== Reconciliation of operating loss to net cash outflow from operating activities Operating loss (55,047) (42,068) (144,170) Depreciation 1,858 - - (Increase) in stock (247) - - Amortisation of goodwill 18,797 - - (Increase)/decrease in debtors (57,317) 1,231 (9,259) (Decrease)/increase in creditors (140,794) (12,056) 14,491 ___________ ___________ __________ Net cash outflow from operating activities (232,750) (52,893) (138,938) ========== ========== ========= * The next audited financial statements will be for the period ended 30 September 2003. Notes to the interim statement for the 6 months to 31 March 2003 1 Basis of preparation The unaudited results for the six months ended 31 March 2003 have been prepared on a consistent basis and using the same accounting polices as those adopted in the financial statements for the period ended 30 April 2002 except that following the acquisition of Ausped Limited, Contemporary Enterprises plc has adopted these additional accounting policies below. Turnover Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Research and development Development costs are capitalised where the directors expect the commercial success and financial benefits thereof will exceed development costs already incurred in accordance with SSAP 13. These development costs are written off to the profit and loss account over the expected number of installation of each product to match revenues generated. Development costs capitalised are reviewed annually and written off where the circumstances giving rise to capitalisation no longer apply. All other development expenditure is written off as incurred. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Computer and office equipment 20% Straight line Fixtures, fittings & furniture 10% Straight line Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term. Stock Stock is valued at the lower of cost and net realisable value. Deferred taxation Deferred taxation is provided at appropriate rates on all timing differences using the liability method. Goodwill Goodwill arising on an acquisition of a subsidiary undertaking is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. It is capitalised and amortised through the profit and loss account over 20 years. Where consideration is contingent on uncertain future events, it is recognised to the extent that it is reasonably expected to be payable. Impairment tests on the carrying value of goodwill are undertaken: * at the end of the first full financial year following acquisition. * in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. 2 Basis of Consolidation On 24 December 2002 the Company became the legal parent company of Ausped Limited in a share and cash transaction with a deferred consideration payable of up to a further #3,600,000 in deferred shares dependent on exceeding profit targets in the next three accounting years. Goodwill amounting to #1,508,756 arose on the difference between the fair value of Ausped Limited's share capital and the fair value of its net liabilities at the acquisition date. The goodwill is being amortised over a 20 year period. 3 Loss per ordinary share The calculation of loss per share for the period ended 31 March 2003 is based upon a loss of #43,668 (2002 interim - #30,238, 2002 final - #100,041) and the number of weighted average ordinary 50p shares in issue of 3,061,539 (2002 interim - 2,200,000, 2002 final - 1,607,463). There are no potentially dilutive shares in issue. 4 Financial information The financial information set out on pages 3 to 7 does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The financial information for the period ended 30 April 2002 has been extracted from the audited financial statements for the period, which have been filed with the Registrar of Companies. The audit report in those accounts was unqualified and did not contain a statement under section 237(2) or (3) of the Act. The financial information for the five months ended 30 September 2002 and six months ended 31 March 2003 have been reviewed as described on page 2. 5 Interim report Copies of the interim statements for the period ended 31 March 2003 will be sent to shareholders on 21 March 2003. Further copies will be available from the company's registrars Capita Registrars, Shareholder Services Department, Bourne House, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. This information is provided by RNS The company news service from the London Stock Exchange END IR SEUFWSSDSELI
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