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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Adili | LSE:ADIL | London | Ordinary Share | GB00B28CRF51 | 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% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMADIL Adili plc ("Adili" or "the Company") INTERIM REPORT SIX MONTHS ENDED 31 OCTOBER 2009 The Company is pleased to announce its unaudited Interim results for the 6 months ended 31 October 2009. They are also available on the Company's website www.ascensiononline.com. CHAIRMAN'S STATEMENT Introduction Over the six months to 31 October 2009, Adili, now trading as Ascension, posted revenue growth of 20% in a period of substantial change and progression for the Group. These changes include the launch of our new trading name, Ascension, significant cost reduction in the business, a reorganisation of the Board and operational staff as well as the launch of two stores in London and Dorchester. This has been achieved whilst continuing the growth of Adili's own label (Ascension) range and also focussing on fewer brands to drive improved profitability and operational efficiencies. These developments will help to drive future growth and, while trading conditions remain very challenging, the opportunity to establish Ascension as `the place' to shop for ethical fashion and other related lifestyle products remains substantial. Financial Results Revenue for the six months to 31 October 2009 increased to GBP299,000 (2008: GBP 250,000), a rise of approximately 20% on the comparative period last year. The loss before tax for the six months to 31 October 2009 was GBP886,000 (2008: GBP 901,000 loss). The loss per share for the six months to 31 October 2009 was GBP 0.01 (2008: loss per share GBP0.03). The Group ended the period with net cash resources of GBP307,000 (2008: GBP840,000). Fundraising In August 2009, we completed a placing which together raised additional funds of GBP940,000 before expenses. The new monies raised are part of the continuing funding required to take the Group to cash break-even. Due to a delay in raising these funds, the business, from late July and through August, was run on a basis to maximise cash into the business. This negatively affected gross margins as stock was marked down significantly to encourage increased sales and drive cash into the business. Since then the company has been acutely focussed on margin management and eliminating sales driving activity that we believe not to be cost effective in the longer term. As disclosed in the Trading Update of 10 December 2010 we anticipate a need for further working capital funding in the near future. We are exploring various options for financing this additional requirement without recourse to existing shareholders, but cannot rule this option out at this stage. Business Development Cost savings A reorganisation of the business has been completed in the business that will yield significant cost savings in both salaries and overhead. In total GBP474,000 of annual costs have been removed from the cost base. As part of these changes, Alan Howarth and Caroline Gitsham left the business in the period and Mark Swire stepped down from the Board and is expected to leave in due course. I would like to thank all three for their input to the business and wish them well in their future careers. Product Range Over the period, management has focused on improving the mix of goods sold to the strongest performing areas of the business. As such, at the end of the half year, we stocked 61 ethical brands and 1,210 lines, down from 98 and 1,731, respectively, at 30 April 2009. A key objective for the business was the launch of our own label products to improve margins and expand our product range in key areas, increase Ascension's brand awareness and allow greater control over the supply chain. The move also helps us to progress our ethical trade goals. We have now delivered two successful season's ranges and development continues to increase the size and depth of the range to leverage the benefits mentioned above. Retail Stores The launch of our flagship store in St Christopher's Place, London and a small clearance store in Dorchester, both opened in early November 2009, have the aims of raising brand awareness for Ascension and adding a cash positive channel to the business. Early trading shows encouraging prospects for the future. New Brand Name In August 2009, we changed our trading name to Ascension and commenced trading online at www.ascensiononline.com. Although there had been some short term reduction in traffic to the website due to the url change, which is reflected in our interim results, growth in visitor numbers has now returned to previous levels and shows signs of further growth potential. Market Developments Online retailing and ethical consumerism continue to grow. The latest monthly IMRG Cap Gemini e-Retail Sales Index, published in January 2010, shows online retailing rising 17% year-on-year in December 2009, with sales of clothing rising by 18% year-on-year for the same month. Research from Mintel (April 2009) assesses the market for ethical fashion at GBP175m, having quadrupled in the last 5 years. The recently published (December 2009) Co-operative Bank annual report on ethical consumerism assessed the UK ethical fashion market at GBP172m in 2008, an increase of 93% year on year and an acceleration of the 71% year-on-year growth the previous year. Current Trading and Outlook Sales for November and December 2009 increased by 36% year on year, reflecting the margin focus described above, rather than chasing headline sales growth. In particular we avoided holding a mid-season Sale and the high level of discounts and promotions offered in 2008. Finally, in what is a difficult time, on behalf of the board, I would like to thank Adili's industrious staff for their commitment to the business and our ethical goals. Nick Samuel Chairman Enquiries: Adili plc Adam Smith, Chief Executive T: 01258 837 437 Officer Seymour Pierce Nicola Marrin T: 020 7107 8000 Catherine Leftley UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER 200 9 6 months 6 months 12 months to 30 April to 31 October to 31 2009 2009 October 2008 (Audited) (Unaudited) (Unaudited) Notes GBP GBP GBP Continuing operations Revenue 298,965 249,825 552,489 Cost of sales (287,923) (230,865) (537,524) Gross profit 11,042 18,960 14,965 Administrative expenses (898,039) (923,861) (1,908,971) Operating loss (886,997) (904,901) (1,894,006) Finance costs - (5,866) (21,926) Investment revenues 555 9,933 13,339 Loss before taxation (886,442) (900,834) (1,902,593) Taxation - - - Loss for the period (886,442) (900,834) (1,902,593) Loss per share Basic and diluted 3 (0.01) (0.03) (0.05) UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2009 6 months 6 months 12 months to 31 to 31 to 30 October 2009 (Unaudited) October 2008 April 2009 (Unaudited) (Audited) Notes GBP GBP Non-current assets Plant and equipment 111,468 110,173 95,760 Intangible assets - other 52,094 15,727 59,371 Total non-current assets 163,562 125,900 155,131 Current assets Inventories 221,841 262,068 233,308 Trade and other receivables 102,085 128,828 98,590 Cash and cash equivalents 2 307,082 839,801 192,742 Total current assets 631,008 1,230,697 524,640 Current liabilities Trade and other payables (238,407) (821,184) (187,550) Total current liabilities (238,407) (821,184) (187,550) Net current assets 392,601 409,513 337,090 Net assets 556,163 535,413 492,221 Equity Share capital 1,181,819 320,830 555,152 Share premium account 2,876,063 1,880,954 2,572,168 Merger reserve 574,600 574,600 574,600 Share option reserve 276,471 223,618 256,649 Equity element of convertible - 66,269 - loan stock Retained earnings (4,352,790) (2,530,858) (3,466,348) 556,163 535,413 492,221 UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER 2009 Six months Six months 12 months to 31 to 31 to 30 April October 2009 October (Unaudited) 2009 2008 (Audited) (Unaudited) Notes GBP GBP Net cash used in operating (771,507) (747,259) (1,662,830) activities Investing activities Interest received 555 9,933 13,339 Purchases of plant and equipment (43,846) (35,935) (51,301) Purchases of intellectual property (1,424) - (52,206) rights Net cash used in investing (44,715) (26,002) (90,168) activities Financing activities Proceeds on issue of shares 940,000 362,800 711,804 Loan stock proceeds - 637,201 648,932 Costs relating to share issue and (9,438) (93,644) (109,970) loan stock Interest paid - - (11,731) Net cash generated from financing 930,562 906,357 1,239,035 activities Net increase / (decrease) in cash 114,340 133,096 (513,963) and cash equivalents Cash and cash equivalents at 192,742 706,705 706,705 beginning of period Cash and cash equivalents at end of 2 307,082 839,801 192,742 period UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 OCTOBER 2009 Share Share Share Merger Equity Retained Total premium option reserve element of earnings equity capital reserve convertible loan stock GBP GBP GBP GBP GBP GBP GBP Balance at 30 254,866 1,677,762 146,610 574,600 - (1,630,024) 1,023,814 April 2008 Total - - - - - (900,834) (900,834) comprehensive loss for the period Shares issued in 65,964 296,836 - - - - 362,800 period for cash Costs of share - (93,644) - - - - (93,644) issue Equity element - - - - 66,269 - 66,269 of convertible loan stock Share option - - 77,008 - - - 77,008 charge Balance at 31 320,830 1,880,954 223,618 574,600 66,269 (2,530,858) 535,413 October 2008 Balance at 30 254,866 1,677,762 146,610 574,600 - (1,630,024) 1,023,814 April 2008 Total - - - - - (1,902,593) (1,902,593) comprehensive loss for the period Shares issued in 182,298 529,506 - - - - 711,804 period for cash Costs of share - (109,970) - - - - (109,970) issue Equity element - - - - 66,269 - 66,269 of convertible loan stock Shares issued on 117,988 474,870 - - (66,269) 66,269 592,858 conversion of loan stock Share option - - 110,039 - - - 110,039 charge Balance at 30 555,152 2,572,168 256,649 574,600 - (3,466,348) 492,221 April 2009 Total - - - - - ( 886,442) (886,442) comprehensive loss for the period Shares issued in 626,667 313,333 - - - - 940,000 period for cash Costs of share - (9,438) - - - - (9,438) issue Share option - - 19,822 - - - 19,822 charge Balance at 31 1,181,819 2,876,063 276,471 574,600 - (4,352,790) 556,163 October 2009 NOTES TO THE HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2009 1. ACCOUNTING POLICIES Basis of preparation The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 30 April 2010. Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 30 April 2009. The presentation of the primary financial statements has been modified in order to comply with IAS1 (revised). However the revised standard has no impact on the reported results or financial position of the group. There has been an adjustment to the prior year balances in reserves to correct accounting entries relating to the conversion of convertible loan stock in the 6 months ended 31 October 2008. The adjustment reduced the share premium account by GBP1,048,725 and increased the merger reserve and retained earnings by GBP678,333 and GBP370,392 respectively. The comparative figures in this report have been restated accordingly. Non-statutory accounts The financial information for the year ended 30 April 2009 set out in this interim report does not constitute the Group's statutory accounts for that period. The statutory accounts for the year ended 30 April 2009 have been delivered to the Registrar of Companies and are available on the Company's website at www.ascensiononline.com. The auditors report on those accounts was unqualified. The financial information for the 6 months ended 31 October 2009 and 31 October 2008 is unaudited and does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. Going concern The consolidated financial statements have been prepared under the historical cost convention and on a going concern basis. It is expected that the Group's funds will last less than 12 months from the preparation of this report based on management's investment plans for the business. The Group is exploring various options for financing this additional requirement without recourse to existing shareholders, but cannot rule this option out at this stage. 2. CASH AND CASH EQUIVALENTS As at As at As at 31 October 31 October 30 April 2009 2008 2009 (Unaudited) (Unaudited) (Audited) GBP GBP Cash at bank and in hand 106,527 39,801 192,742 Short term bank deposits 200,555 800,000 - 307,082 839,801 192,742 3. LOSS PER SHARE 6 months to 6 months to 12 months to 30 April 31 October 31 October 2009 2009 2008 (Audited) (Unaudited) (Unaudited) Earnings GBP GBP GBP Earnings for the purposes of basic and (886,442) (900,834) (1,902,593) diluted earnings per share being net loss attributable to equity shareholders Number of shares Weighted average number of ordinary shares 80,855,823 26,495,862 34,769,817 for the purposes of basic and diluted earnings per share Basic and diluted loss per share are the same as the Group was loss making and therefore any contingently issuable shares would have been anti-dilutive. 4. DIVIDEND No dividends are proposed for the six months ended 31 October 2009 (31 October 2008 - Nil). 5. COPIES OF THE REPORT & ACCOUNTS Copies of the Interim Report will be posted to shareholders shortly and will be available from the Company's website www.ascensiononline.com. END
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