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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Access Intelligence Plc | LSE:ACC | London | Ordinary Share | GB00BGQVB052 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.50 | 2.73% | 56.50 | 56.00 | 57.00 | 56.50 | 55.00 | 55.00 | 56,960 | 12:59:16 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Computer Related Svcs, Nec | 65.71M | -4.19M | -0.0328 | -17.23 | 72.15M |
TIDMACC
RNS Number : 8016W
Access Intelligence PLC
24 August 2015
FOR RELEASE
7.00AM
24 August 2015
ACCESS INTELLIGENCE PLC
("Access Intelligence" or "the Group")
UNAUDITED INTERIM RESULTS
FOR
the six months ENDED 31 may 2015
Access Intelligence Plc (AIM: ACC), a leading supplier of Software-as-a-Service (SaaS) solutions for the full life cycle management of a company's governance, risk and compliance, announces its unaudited half year results for the six months ended 31 May 2015.
Unaudited Unaudited 6 months 6 months to 31 to 31 May May 2015 2014* (GBP'000) (GBP'000) Continuing operations Revenue 3,340 3,090 Adjusted EBITDA 30 (87) Share Based Payments (18) (18) EBITDA 12 (105) Loss after tax (252) (158) Profit for the period from discontinued operations net of tax 641 94 Total profit/ (loss) for period after tax 389 (64) Continuing and discontinued operations Basic profit/(loss) per share (pence) 0.17 (0.03) Diluted /profit/(loss) per share (pence) 0.16 (0.03) Continuing operations Basic loss per share (pence) (0.11) (0.07) Diluted loss per share (pence) (0.11) (0.07)
*Restated - prior period comparatives have been restated to disclose Willow Starcom Limited as a discontinued activity
Highlights:
-- Revenue from continuing operations increased to GBP3.3m (H1 2014 restated: GBP3.1m); reflecting a strong performance from Access Intelligence Media & Communications ("AIMediaComms" or "AIMC") with revenues of GBP1.4m (H1 2014: GBP1.1m)
-- Contracted revenue not yet invoiced from continuing operations up 12% to GBP6.4m; (H1 2014 restated: GBP5.7m)
-- The sale of Willow Starcom Limited, formerly a wholly owned subsidiary of Access Intelligence, was completed on 21 April 2015
-- Deferred revenue (excluding Willow Starcom Limited) consistent with prior year at GBP2.5m (H1 2014 restated: GBP2.6m); taking total revenue yet to be recognised in the income statement to GBP8.9m (H1 2014 restated: GBP8.3m)
-- Recurring revenue from continuing operations of GBP2.8m up 11% (H1 2014 restated: GBP2.6m), being 85% (H1 2014 restated: 83%) of total revenue from continuing operations
-- Total technical spend 42% of revenue (H1 2014: 50%)
-- Loss before taxation from continuing operations was GBP252,000 (H1 2014 restated: loss GBP158,000)
-- Cash balance as at 31 May 2015 GBP1.7m (H1 2014: GBP1.1m) following the proceeds from the disposal of Willow Starcom Limited
Michael Jackson, Non-Executive Chairman, commented:
"Access Intelligence has had a good first half, with strong performance at AIMediaComms being driven by a number of key blue chip wins in the private sector. The Group also completed its exceptional phase of investment in product innovation at the end of H1 2015. The AITrackRecord and Due North products were released to the market with significant interest, validated by new prospect wins and existing customer migrations. Our Centre of Excellence in York has proven pivotal to the creation of a scalable platform to expand our reputation and position in the GRC marketplace."
Warning to shareholders
The Group understands that several shareholders have recently been contacted by people claiming to be "brokers" based in the United States of America expressing an interest in purchasing shares in the Group. These "brokers" also claim that they are acquiring a 51% stake in the Group and are in contact with the Group about this investment. The Board can confirm that they have had no contact with any parties regarding the sale of any part of the Group, nor have they passed on the contact details of any shareholders to third parties.
The Directors therefore urge shareholders in the Company to exercise extreme caution if they receive any unsolicited communication regarding their investment in the Group.
For further information:
Access Intelligence plc 0843 659 2940
Michael Jackson (Non-Executive Chairman)
Joanna Arnold (CEO)
Sanlam Securities
Simon Clements 020 7628 2200
Chairman's Statement
I am pleased to announce our results for the six months ended 31 May 2015, which demonstrate our continued growth in recurring revenues. The results reflect our efforts to win new business in the private sector to hedge our public sector revenues which continue to be squeezed by spending cuts. The first half of the year also marked the launch of the first of our new products, enabling us to deliver an innovative, unified GRC software offering. I am also pleased to announce the appointment of Christopher Pilling as Non-Executive Director to the Board of Access Intelligence. Mr. Chris Pilling is the Co-founder and Chief Executive Officer of Frontier Market Intelligence Limited. Mr. Pilling co-founded Complinet Limited in 1997 and serves as its Chief Executive Officer. Mr. Pilling was the Co-Founder and Chief Executive Officer of Complinet Group Limited. He has been the Chairman of Advisory Group at Avoco Secure, Limited. since July 20, 2015. He has a wealth of experience in the development of online software and services and the management of fast growing technology businesses.
Results for the half
The Company's revenue from continuing operations increased to GBP3,340,000 (H1 2014 restated: GBP3,090,000), an increase of 8.1%. The majority of this growth in revenue has arisen in recurring revenue which now makes up GBP2,835,000 or 85% of total revenues (H1 2014 restated: GBP2,561,000 or 83%).
The Company's operating loss from continuing operations was GBP157,000 (H1 2014 restated loss GBP106,000), which includes charges of GBP170,000 for depreciation and amortisation (H1 2014 restated: GBP158,000) and GBP18,000 for share based payments (H1 2014: GBP18,000).
Cost of sales increased in line with revenue at GBP692,000 (H1 2014 restated: GBP598,000) and gross margin was 79% (H1 2014 restated: 81%).
Operating costs increased to GBP2,787,000 (H1 2014 restated GBP2,580,000), and is a reflection of our continued spend on development of our existing products, in particular AIMediaComms.
The basic loss per share from continuing operations was 0.11p (H1 2014 restated: loss 0.07p).
The Company had cash at the end of the period of GBP1,685,000 (H1 2014: GBP1,140,000).
Strategy
Access Intelligence is bringing to an end its investment programme to drive product synergy, innovation and longevity. During the first half of 2015 total spend on such activities was 42% of revenue (H1 2014: 50%). Total R&D and technical spend was GBP1,742,000 (H1 2014: GBP2,081,000) of which we capitalised software development costs of GBP974,000 (H1 2014: GBP762,000). This programme brings all solutions onto a standardised platform and enables Access Intelligence to deliver an enterprise governance, risk and compliance solution, creating a springboard for effective cross-sell and upsell across its brands.
As this project has progressed at the Centre of Excellence ("CoE") in York we have continued to bring on new clients in both the public and private sectors across all brands. The SaaS business model drives value for our customers and delivers a foundation of long term stability and growth for our shareholders. This is evident in the 12% increase in first half revenues that are contracted but not yet invoiced at GBP6.4m (H1 2014 restated: GBP5.7m). These factors combined have further meant that revenues from continuing operations have increased 8.1% to GBP3,340,000 (H1 2014 restated: 3,090,000).
Amid the backdrop of ongoing restructuring and spending cuts in the public sector, the Company has maintained a competitive advantage largely due to our ability to consistently deliver solutions that mitigate risk, reduce costs and improve productivity. These capabilities extend into our growing presence in the private sector where we are routinely selected for the ease in which our products support customers' regulatory workflow and reporting requirements.
The half year in focus
GRC Software Portfolio:
AIMediaComms: The first half of 2015 has seen excellent growth in recurring revenues across all products and sectors, with strong new business wins underpinned by very high client retention rates. Over a third of billings have been in the private sector, with additional success in the utilities, and trade and housing associations. Our political monitoring service is providing excellent upsell and new client wins, and the Social Media Newsroom has been adopted by several global brands. Our strategy of incorporating several teams within the communications function, including media relations, public affairs and stakeholder engagement is resonating well, increasing yield per client and delivering strong results.
Due North: Due North continued to focus its efforts within the public sector with key new market wins in central government and education. The launch of the new product has been widely received by its enviable customer base who are currently in user acceptance testing and will migrate over the course of the second half of 2015. Feedback has been particularly strong around the improved user experience, rich functionality and reporting capabilities to assist them increase efficiencies at every level of local government.
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AITrackRecord: AITrackRecord received positive feedback at the launch of its new product to industry experts, clients and prospects in March 2015. The event was aimed at providing an insight into the innovations delivered via the new solution which will assist financial services organisations in tackling the forthcoming regulatory challenges posed by the FCA. One month after launch, it secured its first FTSE 100 financial services client following a comprehensive analysis of competitors. Whilst increasing its momentum in its core market of financial services, new opportunities are beginning to arise in areas such as manufacturing, oil and gas and logistics due to the capability of the new platform. AITrackRecord looks forward to capitalising on the early success of the platform and growing pipeline in 2016.
AIControlPoint: AIControlPoint continued to expand the industry 'community' that the brand has built amongst North Sea operators and service companies. Diversification of market verticals has proven essential in 2015 given the downturn in the hydrocarbon industry and AIControlPoint has done well to land key new business with a major group of airports, as well as expanding its footprint within the airline and tour ops industries. The new product is expected to launch in the second half of 2015 and will provide a flexible and powerful solution, which will provide the Product Team with the agility to react quickly to what is an ever-evolving marketplace.
York Development Centre: H1 2015 marked the critical development milestone for the new platform, which went through extensive quality assurance with the teams building out the new products using the configuration toolset. The platform is also being used successfully to rapidly deploy bespoke solutions for customers using configuration alone, proving the future scalability of the business model for the Group.
Another key goal of the Centre of Excellence is to provide a highly skilled pool of resource for the Group across a range of disciplines. This has now been realised with strong processes and efficient working practices through the adoption of Quality Management System. As such we have submitted for ISO9001 accreditation. The central service desk has expanded to support over 70,000 users globally across three of the major products achieving customer satisfaction levels of 95%.
As a Microsoft Partner the CoE is moving all of its development practices and hosting solutions to Microsoft Azure which will allow AI to provide customers with lower cost, highly scalable and resilient hosting.
Disposal of Willow Starcom Limited
The sale of Willow Starcom Limited was completed on 21 April 2015. Willow Starcom delivered infrastructure support and cloud based IT services but was considered non-core to the Group as it looked to scale its SaaS offering globally. The net cash inflow received for the company amounted to GBP1,141,000 and resulted in a profit on disposal of the company of GBP525,000.
Directors
On 16 June 2015 it was announced that Kole Dhoot, the Company's Chief Financial Officer, had resigned with immediate effect, after an extended period of absence. The Board announces today that two Non-Executive Directors, Henrik Bang and Jeremy Hamer, are retiring from the Board with effect from 1 October 2015, after a period of handover. The Company thanks them for their contribution over the years and wish them all the very best for the future.
The Board is today pleased to announce that Chris Pilling, has joined the Board in a Non-Executive capacity. Further information relating to his appointment is set out in note 3 below.
Current Trading
The first half of 2015 was focused on the successful delivery of internal product development punctuated by the sale of Willow Starcom Limited. The Group has built upon its strong position in the public and private sectors, with H1 2015 contracted revenue not yet invoiced up 12% to GBP6.4m (H1 2014 restated: GBP5.7m), and recurring revenue now representing 85% of the total (H1 2014 restated: 83%). Professional Services revenues were depressed as a result of resources being allocated to internal and non-revenue generating projects to migrate customers onto the new products.
Our focus on product innovation and the integration of the brands' functionality onto a unified platform is key to our long term strategy and early feedback on the new software from current and prospective customers has been very encouraging. The business pipeline continues to grow with a number of exciting opportunities on the horizon to deliver a combined product offering using the new platform.
The consistent, year-on-year increases in contracted revenue not yet invoiced, our recurring revenue base and sustained investment in innovative product development, demonstrate the Group's long term stability and provide a solid foundation for continued growth.
Subsequent events
As of the 24 of June 2015, Access Intelligence completed the acquisition of certain assets of both Cision UK Limited and Vocus UK Limited (collectively, "C&V" and "Acquisition"). C&V are the UK divisions of the Cision group, a global software provider to the public relations and marketing industries. C&V are leading providers of Integrated Management Solutions ("IMS") in the UK market and currently support in excess of 1,500 SaaS customers on predominantly annual contracts across a wide range of industries. The Acquisition will provide Access Intelligence with a comprehensive database of global media contacts, including detailed information about new influencers in emerging digital media channels, transforming the proposition of Access Intelligence subsidiary AIMediaComms Limited ("AIMC") and creating an unrivalled portfolio of communications software and services for the UK IMS market.
As announced on 16 June 2015, the Group raised, from existing shareholders and loan note holders, in aggregate GBP3.03 million before expenses through the issue of 40,400,001 new ordinary shares of 0.5p per share at a subscription price of 3p per share to raise GBP1.21 million ("Subscription Shares") and the issue of GBP1.82 nominal 2015 loan notes ("2015 Loan Notes") ("Subscription"). The net proceeds from the Subscription amounted to approximately GBP2.9 million, after expenses, and were applied as to GBP1.34 million to satisfy the consideration for the Acquisition with the balance being used for working capital and post-acquisition integration costs.
Michael Jackson
Non-executive Chairman
Access Intelligence plc
Consolidated Statement of Comprehensive Income
for the 6 months ended 31 May 2015
There were no recognised gains and losses in the period, or in prior periods, other than the results below
Restated Notes Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31-May-15 31-May-14 30-Nov-14 GBP'000 GBP'000 GBP'000 Revenue 3,340 3,090 8,546 Cost of sales (692) (598) (2,368) ---------- ---------- ---------- Gross profit 2,648 2,492 6,178 Administrative expenses (2,787) (2,580) (6,163) Share based payments (18) (18) (36) ---------- ---------- ---------- Operating loss (157) (106) (21) Impairment of intangibles - - (798) ---------- ---------- ---------- Operating loss (157) (106) (819) Financial income 1 1 1 Financial expenses (102) (58) (115) ---------- ---------- ---------- Loss before tax (258) (163) (933) Taxation credit/(charge) 6 5 (149) ---------- ---------- ---------- Loss for the period from continuing operations (252) (158) (1,082) Profit for the period from discontinued operations 641 94 - ---------- ---------- ---------- Profit/(loss) for the period 389 (64) (1,082) Other comprehensive - - - income Total comprehensive profit/(loss) for the period 389 (64) (1,082) ---------- ---------- ---------- attributable to the owners of parent company Earnings per share Continuing and discontinued operations Pence Pence Pence Basic profit/(loss) per share 2 0.17 (0.03) (0.46) Diluted profit/(loss) per share 2 0.16 (0.03) (0.46) Continuing operations Basic loss per share 2 (0.11) (0.07) (0.46) Diluted loss per share 2 (0.11) (0.07) (0.46)
Consolidated Statement of Financial Position
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at 31 May 2015
Unaudited Unaudited Audited At 31 At 31 At 30 May May Nov 2015 2014 2014 GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 278 622 523 Intangible assets 8,581 8,452 8,406 Deferred tax asset 82 611 419 Total non-current assets 8,941 9,685 9,348 ---------- ---------- -------- Current assets Inventories - 144 142 Trade and other receivables 2,022 2,209 2,613 Current tax receivables 237 211 237 Cash and cash equivalents 1,685 1,140 1,144 Total current assets 3,944 3,704 4,136 ---------- ---------- -------- Total assets 12,885 13,389 13,484 ---------- ---------- -------- Current liabilities Trade and other payables 790 1,103 1,526 Accruals and deferred income 3,082 3,690 4,050 Total current liabilities 3,872 4,793 5,576 ---------- ---------- -------- Non-current liabilities Trade and other payables - - 60 Interest-bearing loans and borrowings 2,263 1,281 1,301 Deferred tax liabilities 593 694 956 Total non-current liabilities 2,856 1,975 2,317 ---------- ---------- -------- Total liabilities 6,728 6,768 7,893 ---------- ---------- -------- Net assets 6,157 6,621 5,591 ---------- ---------- -------- Equity Share capital 1,324 1,324 1,324 Treasury Shares (148) (148) (148) Share premium 224 224 224 Capital redemption reserve 191 191 191 Share option valuation reserve 356 349 338 Equity reserve 285 126 126 Retained earnings 3,925 4,555 3,536 ---------- ---------- -------- Total equity attributable to equity shareholders 6,157 6,621 5,591 ---------- ---------- --------
Consolidated Statement of Changes in Equity
for the 6 months ended 31 May 2015
Share Share Treasury Share Capital option Equity Retained Total capital Shares premium redemption valuation reserve earnings account reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Group At 1 December 2013 1,324 (148) 224 191 331 126 4,618 6,666 Total comprehensive loss for the period - - - - - - (63) (63) Share-based payments - - - - 18 - - 18 At 31 May 2014 1,324 (148) 224 191 349 126 4,555 6,621 -------- --------- -------- ----------- ---------- -------- ---------- -------- At 1 June 2014 1,324 (148) 224 191 349 126 4,555 6,621 Total comprehensive income/(loss)for the period - - - - 7 - (1,019) (1,019) Share-based payments - - - - 18 - - 18 Tax reversal relating to share-based payment - - - - (29) - - (29) At 30 November 2014 1,324 (148) 224 191 338 126 3,536 5,591 -------- --------- -------- ----------- ---------- -------- ---------- -------- At 1 December 2014 1,324 (148) 224 191 338 126 3,536 5,591 Equity element of convertible loan - - - - - 159 - 159 Total comprehensive income for the period - - - - - - 389 389 Share-based payments - - - - 18 - - 18 At 31 May 2015 1,324 (148) 224 191 356 285 3,925 6,157 -------- --------- -------- ----------- ---------- -------- ---------- --------
Consolidated Statement of Cash Flow
for the 6 months ended 31 May 2015
Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31-May-15 31-May-14 30-Nov-14 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit/ (loss) for the period attributable to equity shareholders of the parent 389 (63) (1,082) Adjustments for: Taxation 20 - 149 Depreciation and amortisation 222 200 409 Impairment of intangible assets - - 798 Share option valuation charge 18 18 36 Profit on sale of Willow (552) - - Starcom Limited Financial income (1) (1) (1) Financial expense 102 58 115 Loss on disposal of property, plant and equipment - - 2 ---------- ---------- ----------- Operating cash inflow before changes in working capital and provisions 198 212 426 Decrease/ (increase) in trade and other receivables 184 (186) (590) Decrease in inventories 8 24 26 (Decrease)/ increase in trade and other payables (945) 342 1,192 ---------- ---------- ----------- Net cash (outflow)/inflow from operations (557) 392 1,054 Tax received - 126 356 ---------- ---------- ----------- Net cash (outflow)/inflow from operating activities (557) 518 1,410 ---------- ---------- ----------- Cash flows from investing in activities Interest received 1 1 1 Acquisition of property, plant and equipment (140) (100) (140) Cost of software development (974) (762) (1,573) Disposal of subsidiary 1,487 - - Less: cash and cash equivalents (346) - - disposed of Net cash inflow/(outflow) from investing activities 28 (861) (1,712) ---------- ---------- ----------- Cash flows from financing activities Interest paid (50) (38) (75) Issue of loan notes 1,120 - - Net cash inflow/(outflow) from financing activities 1,070 (38) (75) ---------- ---------- ----------- Net increase/(decrease) in cash and cash equivalents 541 (381) (377) Opening cash and cash equivalents 1,144 1,521 1,521 ---------- ---------- ----------- Closing cash and cash equivalents 1,685 1,140 1,144 ---------- ---------- -----------
Notes
1. Unaudited notes
Basis of preparation and accounting policies
The condensed interim financial statements are unaudited and were approved by the Board of Directors on 21 August 2015.
The interim financial information for the six months ended 31 May 2015, including comparative financial information, has been prepared on the basis of the accounting policies set out in the last annual report and accounts, with the exception of the amendment to IAS 1 (Presentation of Financial Statements) referred to below, and in accordance with International Financial Reporting Standards ("IFRS").
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