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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Icici Bank Ltd | NYSE:IBN | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.20 | 0.69% | 29.08 | 1,826 | 13:05:37 |
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RNS Number:6399M
IBNet PLC
23 June 2003
IBNET
IBNet plc ("IBNet" or "the Company"), the corporate intelligence, brand
monitoring and internet surveillance company has today announced its preliminary
results for the year ended 31 March 2003.
Key highlights:
* Turnover for year to 31 March 2003 #1,881,000 (nine months to 31 March 2003:
#1,188,000)
* Adjusted Net Loss before interest, goodwill, amortisation, impairment,
exceptional items and depreciation to 31 March 2003 #372,000 (nine months to
31 March 2002: #1,137,000)
* Net loss after tax #1,405,000 (nine months to 31 March 2002 #1,843,000)
* Company was cash generative, including tax credits and small capital raisings
Commenting on the results, David Heynes, Chairman remarked:
"Your board has pleasure in reporting the results for the year ended 31 March
2003. At the interim stage we reported upon various management changes and
financing initiatives, which we hoped, would form the basis for profitable
trading in the second half of the financial year. Despite economic conditions
that were more difficult than expected, the business has made significant
progress.
Financial Results
The turnover for the year ended 31st March 2003 amounted to #1,881,000 (nine
months to 31 March 2002 #1,188,000). The operating loss before goodwill
amortisation, impairment, depreciation and interest was #372,000 (nine months to
31 March 2002 #1,137,000) and net loss after tax #1,405,000 (nine months to 31
March 2002 #1,843,000). The directors do not propose to pay a dividend.
Review of Activities
Over the last six months the Netdetec and Search Engine Optimisation have
converged into a single Search Engine Marketing and Internet Intelligence
offering, with increasing numbers of Search customers also including Internet
Intelligence services within their purchase. We are marketing these corporate
services (over #1,000 per annum) under the Webgravity brand and our SME offering
under the Webwurld brand, consolidating the operation to these two divisions. We
have recently re launched our Webgravity website to reflect these changes.
After nine months of development, Webgravity recently launched its new pay per
click management software at Internet World and shortly after signed a #271,000
contract on the strength of this. This client could be worth a further #225,000
per annum if the trial is successful. This demonstrates our recent drive into a
broader on-line marketing mix to include elements such as trusted feed and pay
for performance marketing. Other notable new wins include the DTI, First Choice
Holidays, AXA Insurance and the AA. We continue to work closely with existing
clients and are pleased to say that clients such as Derbyshire Building Society
and National Express have renewed their contracts for the third year running.
One feature of these larger contracts is that they typically spread over a
number of months so that, increasingly, we are building a forward order book of
revenue not recognised in the accounts immediately but contractually committed
over coming months. Our business is now quoted in most cases on an initial set
up fee basis plus ongoing maintenance fees. This should tend to make our
revenues more stable than in the past when each month's sales reflected sales
effort within that month which sometimes resulted in a level of volatility.
In addition to the changes in Webgravity, we have recently strengthened the
day-to-day management of Webwurld with the appointment of a product manager who
is concentrating on improving our sales channel. We have also continued to
expand the excellent product range on Webwurld, adding a new Lycos (FAST) Paid
Inclusion product.
Staff
Despite these changes our overall staffing levels remain unchanged reflecting
reallocation of responsibilities internally. I am pleased to report that Craig
Lister, who joined us last year to help improve client service and retention has
been invited to join the board as chief operating officer.
Prospects
At the EBITDA level we nearly achieved our goal of achieving break even during
the second half of the financial year. Clearly our budgets are now targeted at
achieving positive contribution at the EBITDA level for the full year to 31
March 2004.
We are now also talking to other businesses in our sector to see if there are
any attractive opportunities, which could speed the company's overall
development.
As part of the constant process of reassessment of our business we have decided
to change our company brokers and nominated advisers from Arbuthnot to KBC Peel
Hunt. This in no way reflects any criticism or unhappiness with our
relationships with the team at Arbuthnot and I would like to take this
opportunity to thank them for all their support. We anticipate that the impetus
given by a change of adviser will further underline our efforts to develop the
company.
Staff at all levels of the business have contributed to the changes that a
developing business such as ours has to make. I thank them for all their efforts
in the past year and the enthusiasm that they show for the future. "
- ends -
Date: 23rd June 2003
For further information contact:
IBNet PLC
David Heynes, Chairman
Toby Smallpiece, CEO
020-8987-6700
web: www.ibnetplc.com
www.webwurld.com
IBNet plc Profit and loss account for the year ended 31 March 2003
Year to Nine Months to
31 Mar 2003 31 Mar 2002
NOTES #'000 #'000 #'000 #'000
TURNOVER 1
- Continuing activities 1,881 393
- Acquisition - 795
------- -------
1,188
COST OF SALES (580) (200)
-------- ---------
GROSS PROFIT 1,301 988
ADMINISTRATIVE
EXPENSES
- Fixed asset impairment 1 (452) -
- Fixed assets 1 (226) (149)
depreciation
- Amortisation of 1 (485) (202)
investment
- Other administrative (1,674) (2,125)
expenses ------- -------
(2,837) (2,476)
-------- ---------
OPERATING (LOSS) / PROFIT
- Continuing activities (1,536) (1,670)
- Acquisition - 182
------- -------
(1,536) (1,488)
Exceptional Item - (379)
-------- ---------
Loss after exceptional item (1,536) (1,867)
NET INTEREST (48) 24
-------- ---------
LOSS ON ORDINARY ACTIVITIES BEFORE (1,584) (1,843)
TAXATION
TAXATION 2 179 -
-------- ---------
TOTAL LOSS AFTER TAXATION FOR (1,405) (1,843)
THE YEAR
======== =========
BASIC AND FULLY DILUTED
LOSS PER SHARE 3 1.76p 3.06p
There were no other recognised gains or losses other than the loss for the
period.
All operations are continuing.
The accompanying accounting policies and notes form part of these financial
statements.
IBNet plc Balance sheet as at 31 March 2003
As at As at
31 Mar 2003 31 Mar 2002
NOTES #'000 #'000 #'000 #'000
FIXED ASSETS
Investments 4 1,545 2,221
Tangible fixed assets 118 456
---------- ---------
1,663 2,677
CURRENT ASSETS
Investments 107 450
Debtors recoverable 268 623
within one year
Cash at bank and in 7 104 43
hand --------- ---------
479 1,116
CURRENT LIABILITIES
Creditors:
- Amounts falling due within (746) (1,011)
one year
Net current assets (267) 105
---------- ---------
Total assets less 1,396 2,782
current liabilities
Creditors:
Amounts falling due after (736) (583)
more than one year
Provision for liabilities and (177) (773)
charges
---------- ---------
483 1,426
========== =========
CAPITAL AND RESERVES
Called up share capital 14,067 13,938
Share premium account 14,704 14,371
--------- ---------
28,771 28,309
Profit and loss account (28,288) (26,883)
---------- ---------
Equity shareholders'funds 483 1,426
========== =========
The financial statements were approved by the board of directors and signed on
their behalf on 23rd June 2003.
T. J. Smallpiece
Director
IBNet plc Cash flow statement For the year ended 31 March 2003
Note Year To Nine Months To
31 Mar 2003 31 Mar 2002
Net cash outflow from operating 5 (283) (1,282)
activities
Returns on investments and servicing
of finance
Interest received 8 34
Interest paid (56) (10)
------- --------
(48) 24
Tax credit 185 -
Capital expenditure and financial
investments
Purchase of tangible fixed assets (105) (163)
Sale/(Purchase) of current asset 450 (450)
investment
Purchase of investment in subsidiary - (73)
undertaking
-------- --------
345 (686)
--------- --------
Net cash inflow/(outflow) before 199 (1,944)
financing
Management of liquid resources
Sale of short term investments - 1,700
-------- --------
- 1,700
Financing
Issue of ordinary share capital 125 -
Capital element of finance lease (4) (6)
rentals
Expenses paid in connection with share (6) (48)
issues
Repayment of loan notes (253) -
-------- --------
(138) (54)
--------- --------
Increase / (Decrease) in cash 61 (298)
========= ========
Notes to the financial statements for the year 31 March 2003
1. TURNOVER AND LOSS ON ORDINARY ACTIVITIES BEFORE TAX
The turnover is attributable to the principal activities, which are carried out
in the United Kingdom and Europe. The loss on ordinary activities before
taxation is stated after charging:
Year To Nine Months To
31 Mar 2003 31 Mar 2002
#'000 #'000 #'000 #'000
Auditors' remuneration
- Audit services 14 20
- Non audit services - tax 4 3
compliance and advice
--------- ---------
18 23
Operating lease rentals 79 50
land and buildings
Depreciation and amortisation
- Tangible fixed assets owned 217 144
- Tangible fixed assets held 9 5
under hire purchase
- Investment amortisation 485 202
--------- ---------
711 351
Fixed asset investment:
impairment loss
- Software write down 215 -
- Impairment to Short term 237 -
investments
--------- ---------
452 -
2. TAXATION
There are tax losses of approximately #4,435,000 (2002: #4,073,000) to carry
forward and use against future profits of the same trades. Should suitable
taxable profits arise, these losses would represent a deferred tax asset of
approximately #1,330,000 (2002: #1,222,000) at a corporation tax rate of 30%.
There is no tax charge or credit for the period. The tax credit in the profit
and loss relates to refunds in respect of the previous period.
3. LOSS PER SHARE
The calculation for the basic loss per share is based upon the loss attributable
to ordinary shareholders divided by the weighted average number of shares on
issue during the period.
Reconciliation of the loss and weighted average number of shares used in the
calculations are set out below:
Year To Nine Months To
31 Mar 2003 31 Mar 2002
Loss on ordinary activities after tax (#'000) (1,405) (1,843)
Weighted average number of shares 80,069,808 60,226,725
Amount of loss per share in pence 1.76p 3.06p
4. FIXED ASSET INVESTMENT
Subsidiary undertaking Cost Amortisation Net book value
#'000 #'000 #'000
As at 1 April 2002 24,399 (22,178) 2,221
Charge for the year - (485) (485)
Reassessment of acquisition - (191) (191)
consideration
--------- --------- ----------
As at 31 March 2003 24,399 (22,854) 1,545
========= ========== ==========
As at 31 March 2003 the undertakings in which the company held 20% or more of
the share capital were:
Country of Class of shares Proportion Nature of
incorporation held held business
Name of
undertaking
IBNet (UK) England and Wales Ordinary 100% Dormant
Limited
Webgravity England and Wales Ordinary 100% Dormant
Limited
IBNet (UK) Limited and Webgravity Limited were dormant.
5. NET CASHFLOW FROM OPERATING ACTIVITIES
As at As at
31 Mar 2003 31 Mar 2002
#'000 #'000
Operating loss (1,528) (1,488)
Depreciation 227 149
Fixed asset investment amortisation/impairment 237 202
Loss on sale of fixed assets 215 26
Exceptional item associated with purchase - (379)
of subsidiary
Amortisation 485 -
Decrease/(increase) in debtors 346 (370)
Decrease/(increase) in creditors (265) 578
--------- ---------
Net cash flow from operating activities (283) (1,282)
========= =========
6. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS / (NET DEBT)
Year to Nine Months to
31 Mar 2003 31 Mar 2002
#'000 #'000
Increase / (decrease) in cash in the period 61 (298)
Cash inflow from decrease in liquid resources - (1,700)
Cash inflow from debt and leasing financing 4 6
---------- ---------
Change in net debt resulting from cash flows 65 (1,992)
Loan notes issued and due for issue 191 (900)
Inception of finance leases (6) (19)
---------- ---------
Change in net debt during the period 250 (2,911)
Net funds as at 1 April 2002 (870) 2,041
---------- ---------
Net debt as at 31 March 2003 (620) (870)
========== =========
7. ANALYSIS OF CHANGES IN NET DEBTS
As at Non Cash As at
01-Apr-2002 Cash flow Items 31 Mar 2003
#'000 #'000 #'000 #'000
Cash in hand and at bank 43 61 - 104
Debt (900) - 191 (709)
Finance leases (13) 4 (6) (15)
-------- -------- --------- --------
Net funds/(net debt) (870) 65 185 (620)
======== ======== ========= ========
Non cash items: As part of the consideration for the acquisition of Webgravity
Limited, the company may have to make a maximum potential payment of #2,550,000
through the issue of loan notes. #709,000 of this amount has been provided for
in these financial statements based on the expected results of the business
during the earn out period up to and including August 2003. The #709,000 is made
up as follows: #532,000 Loan notes due for issue and #177,000 provision for
issue of loan notes in the future.
8. NATURE OF THE FINANCIAL INFORMATION
The foregoing financial information does not amount to full accounts within the
meanings of Section 240 of the Companies Act 1985. The financial information has
been extracted from the company's Annual Report & Accounts for the year ended 31
March 2003, upon which the auditors have given an unqualified report.
Copies of the Annual Report & Accounts will be posted to shareholders shortly
and will be available from the Company's Website and the Company's registered
office at Hogarth Centre, Hogarth Lane, Chiswick, W4 2QN.
Websites
www.ibnetplc.com
www.webwurld.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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