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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Adwalker | LSE:AWR | London | Ordinary Share | IE00B00MRN72 | ORD EUR0.02 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.07 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
31AUGUST 2007 ADWALKER PLC ("ADWALKER" OR "THE COMPANY") PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2007 The Board of Adwalker, the AIM listed specialist in wearable media solutions, is pleased to announce its final results for the year ended 28 February 2007. The Adwalker mobile out-of-home, interactive media platform is an advertising and media platform which is worn by its operators ('Adwalkers') as a compact body pack incorporating a LCD screen, wearable computer, touch screen and printer, enabling services and applications which include brand advertising, point-of-sale, data capture and promotions. HIGHLIGHTS * Turnover for the year up 155% to Euro1,599,645(2006: Euro627,639); * Adwalker makes US network television debut on "The Apprentice"; * Twoyear co-marketing agreement with eMusic.com Inc; * Appointment as an IBM Business Partner; * May Placing raises £510,000, before expenses; * Undertaking campaigns to sign up consumer trialists on behalf of two well known UK Music and DVD film rental companies; * Pilot underway for Interactive Screen Network with Global FMCG Group; and * Turnover in the first 6 months of the current fiscal year up by 64%compared with corresponding period in 2006. Commenting on today's results Adwalker's Chairman, Padraic O'Connor, said: " Adwalker continues to target blue chip marketing, advertising and media clients primarily within the UK and USA. In addition, the Board anticipates that the recent demand from our existing clients to develop digital consumer communication solutions beyond our wearable Adwalker platform will continue and this is an area the Company will pursue with vigour. "Our progress in the current year is in line with management expectations and consequently the Board looks forward to the future with confidence." --ENDS-- Enquiries: Adwalker plc Tel: +353 (1) 866 9000 Simon Crisp www.adwalker.com Bishopsgate Communications Ltd. Tel: 020 7562 3350 Dominic Barretto Mobile: 07930 450 156 Sophie Davis www.bishopsgatecommunications.com John East & Partners Limited Tel: 020 7628 2200 Simon Clements/ David Worlidge www.johneastpartners.com Chairman's Statement I am pleased to report the annual results for the year ended 28 February 2007, the second set of results since the Company's shares were admitted to trading on AIM on 2 August 2005. It has been a year of growth for the Company that has seen a continued adoption of the Adwalker platform for customer campaigns across Europe and North America. The Board is encouraged by the progress made in the year and since the year end. Financials Turnover for the year was Euro1,599,645 (2006: Euro627,639). The diluted loss per share amounted to Euro1.80 cents (2006: Euro1.92 cents). At 28 February 2007 cash at bank amounted to Euro109,738 and on 24 May 2007 the Company raised Euro750,000, before expenses, through a placing of 5.1 million new ordinary shares. The Company has made significant investment in the operating offices in Ireland, United Kingdom and the USA during the period. Current Trading and Prospects Growing the business in North America and Europe, specifically the UK and Ireland, remains the focus of the Company's medium term strategy. Turnover in the first six months of the current fiscal year has increased by 64 per cent. compared to the corresponding period in 2006. The growth in turnover in the first half of the current year was predominately derived from trading activity in the USA, the world's largest media spending marketplace. The Board believes the strategy to invest in Adwalker's USA operations over the past two years are increasingly justified as the list of clients utilising the Adwalker platform continues to grow. The investment made in the Company's technology and people has enabled it to expand the market in which the Adwalker platform's interactive digital services and applications can be applied. As a direct result, some of our existing clients are increasingly demanding a range of solutions which include software and digital network development. The Company's recent announcements have highlighted business relationships with IBM and a major Fast Moving Consumer Goods ("FMCG") company which is a significant testimonial for the Company. The Board believes the continued adoption of Adwalker's wearable technology and the additional requirement for other digital services and related solutions across a broader spectrum of platforms, such as fixed interactive digital screen solutions, will increase shareholder value in the medium to long term. The Board hopes to update shareholders on the progress of the FMCG Digital Screen pilot by the end of the calendar year. Strengthened Client List The Board has observed strong regional variances in the adoption of the platform across Europe and the USA. In the USA 88 per cent. of Adwalker campaigns are booked through major advertising agency and media buying networks on behalf of their clients. In the UK just 29 per cent. of campaigns are booked through the same networks with the majority of turnover being generated directly with clients. In the short term the Board believes this trend will continue and the adoption of the Adwalker platform will be faster in the USA as a result. In the first six months of the current financial year 81 per cent. of advertising agency and media buying networks that have booked the Adwalker platform on behalf of their clients have been repeat users. The Adwalker client list over the last 18 months has included Verizon, Hasbro, Millennium Hotels, Heineken, Suzuki, Mattel Guinness, Castrol, Unilever, Telemundo, Sears, Dos Equis, Jameson, Waitrose, Muller and BT. The Board believes the majority of results achieved from our client campaigns continue to match or exceed those of our media peer group. Recent results for a major retailer generated over USD$250,000 worth of average sales per day and the campaign spend was USD$150,000. Technology Update The Adwalker platform offers clients, derived predominantly from marketeers as well as advertising and media networks, the ability to connect with their consumers in an engaging and interactive way. Additional features including, content transfers to mobile devices using Bluetooth technology, Adwalker's Point of Sale solution, digital photo capture and transfer have been utilised by clients in the period under review. Access Agreements Adwalker has exclusive access to key locations within the USA and UK. Landlord deals with key USA shopping malls have been strengthened over the period as the number of client campaigns has increased, particularly in Simon Malls properties, the largest shopping mall owner in the USA. The Board anticipates that the number of clients seeking to undertake campaigns utilising these access deals in retail locations, in the UK and USA, will continue to increase in the current year. The Company still retains exclusive access to certain BAA Airports and premiership rugby and football grounds across the UK. Marketing In February 2007 the Adwalker platform was successfully featured in an episode of the USA version of The Apprentice, hosted by Donald Trump. The success of the Adwalker platform, in generating ticket sales for NBC Universal Theme Parks, within the programme, exposed the Company to around 18 million American viewers and the Board believe this has directly contributed to our increased success in the USA. Other Developments In February 2007 Adwalker conducted research which determined that consumers were willing to access music and film content with digital devices beyond laptops and PC's. Since the completion of this research and the introduction of Adwalker's solution whereby customers can be provided with instant music and video downloads direct to their portable digital audio and video players from an Adwalker unit, the Company have been developing the service on behalf of a number of clients. Adwalker is currently undertaking specific campaigns to sign up consumer trialists on behalf of two well known Music and DVD film rental companies in the UK. The Board anticipates this campaign will generate significant revenues in the last quarter of 2007 and the first quarter of 2008. Outlook Adwalker continues to target blue chip marketing, advertising and media clients primarily within the UK and USA. In addition, the Board anticipates that the recent demand from our existing client's to develop digital consumer communication solutions beyond our wearable Adwalker platform will continue and this is an area the Company will pursue with vigour. The Board continues to believe that Adwalker is still working with clients who represent innovators and early adopters within their respective business disciplines. Our progress in the current year is in line with management expectations and consequently the Board looks forward to the future with confidence. PADRAIC O'CONNOR CHAIRMAN 31 AUGUST 2007 Consolidated Balance Sheet at 28 February 2007 28th February 28th February 2007 2006 Euro Euro Assets Non-current assets Plant and equipment 609,973 1,081,117 Intangible assets 339,642 470,370 949,615 1,551,487 Current assets Inventories - 5,390 Trade and other receivables 234,552 516,604 Bank and cash balances 109,738 1,892,892 344,290 2,414,886 Total assets 1,293,905 3,966,373 Equity and liabilities Capital and reserves Share capital 3,372,664 3,372,664 Capital reserves 5,392,689 5,392,689 Other reserve (8,519) - Share Options 493,410 434,684- Accumulated losses (9,188,848) (6,010,316) Total equity 61,396 3,189,721 Non current liabilities Obligations under finance leases - due 63,509 101,405 after one year 63,509 101,405 Current liabilities Trade and other payables 886,296 584,413 Bank overdrafts and loans- due within 98,139 28,805 one year Tax liabilities Obligations under finance leases - due 38,736 38,815 within one year 1,169,000 675,247 Total equity and liabilities 1,293,905 3,966,373 Consolidated Income Statement for the year ended 28 February 2007 Notes Year ended Year ended 28th 28th February February 2006 2007 Euro Euro Revenue - continuing operations 1,599,645 627,639 Cost of sales (1,149,190) (328,608) Gross profit 450,455 299,031 Distribution costs (24,727) (14,265) Administrative and other operating (3,624,733) (3,154,575) expenses Loss from operations - continuing (3,199,005) (2,869,809) operations Finance costs (3,832) (6,175) Income from investments 36,448 8,006 Exchange (loss)/profit (20,756) 25,368 Loss before tax - continuing operations (3,187,145) (2,842,610) Income tax expense 8,613 - Net loss for the year - continuing (3,187,145) (2,842,610) operations Loss per share Basic loss per share (1.88 cent) (1.92 cent) Diluted loss per share (1.80 cent) (1.92 cent) Consolidated Statement of Changes in Equity for the year ended 28 February 2007 Share Share Share Accumulated Total equity Capital Premium Options Losses Euro Euro Euro Euro Euro Balance at 1 March 2,372,664 1,366,304 - 2,941,334 797,634 2005 (as reported) Share Options Granted - - 226,372 226,372 - Balance at March 2005 2,372,664 1,366,304 226,372 (3,167,706) 797,634 (as restated) Net loss for the year - - - (2,842,610) (2,842,610) Share Options Granted - - 208,312 - 208,312 Shares Issued 1,000,000 4,026,385 - - 5,026,385 Balance at 1 March 3,372,664 5,392,689 434,684 (6,010,316) 3,189,721) 2006 (as reported) Share Options Granted - - - - - Balance at 1 March 3,372,664 5,392,689 434,684 (6,010,316) 3,189,721 2006 (as restated) Net loss for the year - - - (3,178,532) (3,178,532) Share Options Granted - - 58,726 - 58,726 Shares Issued - - - - - Balance at 28 February 3,372,664 5,392,689 493,410 (9,188,848) 69,915 2006 Consolidated Cash Flow Statement for the year ended 28 February 2007 Year ended Year ended 28 February 28 February 2007 2006 Euro Euro Operating activities Net loss for the year (3,178,532) (2,842,610) Adjustments for: Income taxation expense recognised (8,613) - Depreciation 553,255 384,061 Share options 58,726 208,312 Amortisation of ACOMS systems and patent 152,633 124,262 Investment income (36,448) (8,006) Foreign exchange gain (20,756) (25,368) Interest expense 3,832 6,175 Operating cash flows before movements in working (2,475,903) (2,153,174) capital Decrease/(Increase) in inventories 5,390 (1,134) Decrease/(Increase) in receivables 282,052 (442,506) Increase in payables 423,044 311,199 Cash generated by operations (1,765,417) (2,285,615) Interest paid (3,832) (6,175) Income taxation 1,251 - Net cash outflow from operating activities (1,767,998) (2,291,790 Investing activities Interest received 36,448 8,006 Purchases of plant and equipment and ACOMS (82,111) (1,214,000) Purchases of patents and trademarks (21,905) (27,892) Net cash used in investing activities (67,568) (1,233,886) Financing activities Shares issued - 5,026,385 (Decrease)/Increase in finance leases (37,678) 139,923 Net cash (outflow)/inflow from financing (37,678) 5,166,308 activities Net (decrease)/(increase) in cash and cash (1,873,244) 1,040,632 equivalents Cash and cash equivalents at beginning of period 1,864,087 198,087 Effects of exchange rate changes 20,756 25,368 Cash and cash equivalents at end of year 11,599 1,864,087 Operating activities Net loss for the year (2,587,044) (3,204,639) Adjustments for: Income taxation expense recognised (8,613) - Depreciation 532,285 374,329 Share options 58,726 208,312 Provision 542,117 1,264,069 Amortisation of ACOMS system and patents 152,633 124,262 Investment income (35,111) (7,884) Interest expense 3,832 6,175 Operating cash flows before movements in working (1,341,175) (1,235,376) capital Decrease/(Increase) in inventories 5,390 (1,134) Decrease/(Increase) in receivables (466,308) (1,248,152) Increase in payables 77,214 117,667 Cash generated by operations (1,724,879) (2,366,995) Interest paid (3,832) (6,175) Income tax refunded 1,251 - Net cash outflow from operating activities (1,727,460) (2,373,170) Interest received 35,111 7,884 Purchases of plant and equipment (78,347) (1,136,970) Purchases of patents and trademarks (21,905) (27,894) Net cash used in investing activities (65,141) (1,156,980) Financing activities Shares issued - 5,026,385 (Decrease)/Increase in finance leases (37,678) 139,923 Net cash from financing activities (37,678) 5,166,308 Net increase/(decrease) in cash and cash (1,830,279) 1,636,158 equivalents Cash and cash equivalents at end of year 1,833,748 197,590 Bank balances and cash 3,469 1,833,748 Notes to the preliminary Results 1. PUBLICATION OF NON-STATUTORY ACCOUNTS The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The consolidated balance sheet at 28 February 2007 and the consolidated income statement, consolidated cash flow statement and associated notes for the year then ended have been extracted from the Company's financial statements. Those financial statements, on which the auditors have reported an unqualified opinion, have not yet been delivered to the Companies Registration Office. 2. INCOME TAX AND EXPENSE Domestic income tax is calculated at 12.5% of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. Year ended 28 year ended 28 February 2007 February 2006 Income tax expense (8,613) - 3. LOSS PER ORDINARY SHARE Basic loss per share is based on a loss of Euro3,178,532 (2006: Euro2,842,610) and a weighted average number of shares in issue of 168,633,087 (2005: 147,799,754). In 2006 the diluted loss per share has been calculated on the same basis as basic loss per share because the effect of the potential ordinary shares (share options) reduces the net loss per share and is therefore anti-dilutive. 4. DIVIDENDS The Directors are not proposing the payment of a dividend in respect of the year ended 28 February 2007. 5. Copies of REPORT AND ACCOUNTS Copies of the Report and Accounts will be sent to shareholders today and will be available to members of the public from the Company's registered office, Crescent Building, Northwood, Santry, Dublin 9. END
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