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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
29 August 2008 Adwalker Plc ("Adwalker" or "the company") Final Results For the year ended 28 February 2008 The board of Adwalker, the AIM listed specialist in digital media solutions, is pleased to announce its final results for the year ended 28 February 2008. The Adwalker interactive media platform, Adwalker's primary source of revenue generation, 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, games & competitions and data capture. HIGHLIGHTS - Turnover for the year up 11 per cent. to Euro1,770,195 (2007: Euro1,599,645); - Award of Euro250,000 Research & Development grant; - Global Reseller strategy adds partners in Turkey, Macau, Trinidad & Tobago, Northern Ireland, Brazil, Bermuda, Australia, New Zealand and Holland; - Lease Hire strategy in key operating territories of UK, USA and Ireland increases gross profit margin to 47 per cent. (2007: 28 per cent.) - Placings during the period raised £1,680,000, before expenses; - Negotiations continue for Interactive Digital Screen Network with Global FMCG Group; - An additional three groups across Ireland and the USA are at various stages of negotiation for Interactive Digital Screen Networks; and - Value of contracts and commitments in the first six months of the current fiscal year up by 13 per cent. compared with the revenue achieved in the financial year ended 28 February 2008. Commenting on today's results Adwalker's Chairman, Padraic O'Connor, said: "I am pleased to report the annual results for the year ended 28 February 2008, the third set of annual results since the company's shares were admitted to trading on AIM in August 2005. It has been another year of growth for the company that has produced its strongest set of results to date. The Board is encouraged by the progress made in the year and since the year-end." Enquiries: Adwalker plc Tel: +353 (1) 866 9000 Simon Crisp simon@adwalker.com John East & Partners Limited Tel: 020 7628 2200 Simon Clements/David Worlidge Chairman's Statement I am pleased to report the annual results for the year ended 28 February 2008, the third set of annual results since the company's shares were admitted to trading on AIM in August 2005. It has been another year of growth for the company that has produced its strongest set of results to date. The Board is encouraged by the progress made in the year and since the year-end. Financials Turnover for the year was Euro1,770,195 (2007: Euro1,599,645) resulting in a loss of Euro2,425,322 (2007: Euro3,178,532). The diluted loss per share amounted to 0.87 cents (2007: 1.80 cents). As at 28 February 2008, the net cash resources amounted to Euro185,740. In February 2008, the company was awarded a research and development grant of up to Euro250,000. The grant is being drawn down through the reimbursement of costs associated with the development of digital screen technologies. During the period under review the company raised £1,680,000 (net of expenses) from placings of new shares. The company is currently operating within its existing bank facilities. In order to continue to operate within these facilities the company needs to grow its revenue base significantly. The expected near-term growth in income in the company's core business, being the lease of the Adwalker platform, is heavily dependent on its global media partners. In the event that this near-term growth in income is not achieved then the company will be required to explore ways of raising additional capital. Current Trading & Prospects - Adwalker Wearable Media As stated in the AGM statement released on 28 February 2008 the company launched a VAR (Value Added Reseller) model that enables companies across the world to adopt the Adwalker platform in local markets beyond Adwalker's key operating territories in the USA, UK and Ireland. Initial results of the model are encouraging with reseller licenses signed in Turkey, China (Macau market), Trinidad & Tobago, Northern Ireland, Brazil, Bermuda, Australia, New Zealand and Holland. In the year ended 28 February 2008 our USA, UK and Irish offices continued to encourage their clients to lease/hire the Adwalker units for their campaigns, as opposed to Adwalker hiring and deploying its own personnel. This has resulted in two significant benefits; reducing the operational dependency on the company and increasing gross profit margin to in excess of 45 per cent. in 2008 from 28.1 per cent. in the corresponding period in 2007. Bookings and commitments for the first six months of the financial period, are up almost 14 per cent. compared with the revenue achieved in the financial year ended 28 February 2008. In addition, gross profit margin is up 39 per cent. in the same period. The Board believes the dual strategies of appointing global value added resellers and adopting the lease/hire model in the USA, UK and Ireland are well founded at this time and are encouraged by the contributions of both of these new sales initiatives in the current period. The Adwalker management team has worked hard to develop the scalability of the Adwalker wearable media platform in terms of operational and technological deployment and as a result intend to increase the accessibility of this platform throughout the world. As indicated in my last Chairman's statement in the 2007 Annual Report the Board believes that Adwalker is still working with `early adopting' clients. Generally, digital media continues to increase in acceptance and we remain confident that the Adwalker wearable media platform will increase in importance and ultimate usage, as a result. Current Trading & Prospects - Interactive Digital Fixed Screen Networks As announced in July 2007, Adwalker commenced a pilot study on behalf of a FTSE 100 FMCG company for the roll-out of an interactive fixed screen digital network. Following the very encouraging results of the pilot study up to the period ended 31 March 2008 I can confirm that negotiations continue concerning the roll-out of this network and I hope to be able to update you as to progress later this year. Additionally, the company is also in negotiations with three further groups to supply similar interactive fixed screen networks into Ireland and the USA. Whilst there can be no guarantee of concluding negotiations with the FMCG company or any of the groups that have expressed an interest in working with Adwalker, the Board remains confident that the company will make further progress in this area in the short to medium term. Strengthened Client List As foreseen in the Adwalker 2007 Annual Report; the worlds largest media marketplace has continued to contribute significantly to revenues over the period. In the year ended 28 February 2008 the USA office was responsible for 81 per cent. of the company's total revenues. In the first six months of the current fiscal year campaigns have been booked with the following clients; Betdaq, Diageo (Corporate), Carlsberg, Guinness, Mattel, GAA, WKD, Castrol, Disney, Fender, Game Loft, Panasonic, Sainsbury's, Chevron, Wall Street Journal, Cricket Twenty/20, Coffee Mate, Cell South, Chrysler, Cirque Dreams, Conde Nast, Cuervo, Ice Road Truckers, Nintendo, Toys R Us, Sprint, Univision. The Board is encouraged by the even distribution between repeat and new client usage over the first six months of the current financial period. Intellectual Property In addition to the US and Irish patents held by the company, the United Kingdom Patent Office has granted Adwalker a patent for its wearable media platform. Specifically this patent covers "the apparatus for supporting a mobile electronic display system". The patent is valid until September 2024. Other Developments In February 2008, the company announced that Alan Rutherford, CEO of Digitas Global, and Eric Newnham, Global CEO of Kinetic Worldwide Group Ltd, were appointed as Non-Executive Directors. I welcome both Alan and Eric to the board and look forward to working with them. Outlook Over a relatively short period of time since the company's admission to AIM, the executive management team have taken the platform that they conceived and have built, developed, marketed and established a new channel in the marketing of consumer brands. In establishing its interactive wearable media the company has faced difficult challenges in ensuring that it is accepted by the commercial sector. Continuing challenges are anticipated in the form of the current economic climate and its adverse effect on consumer confidence in the key Adwalker operating territories in the USA, UK and Ireland. However, the Board believes that the strategies the management team have implemented over the last year and the exciting prospect of the fixed interactive digital network channel will see the company through the current challenging global economic climate. Padraic O'Connor Chairman 29 August 2008 Consolidated Balance Sheet at 28 February 2008 As at As at Notes 28 February 28 February 2008 2007 Euro Euro Assets Non-current assets Plant and equipment 7 266,215 609,973 Intangible assets 205,346 339,642 471,561 949,615 Current assets Trade and other receivables 205,297 234,552 Bank and cash balances 9 218,731 109,738 424,028 344,290 Total assets 895,589 1,293,905 Equity and liabilities Capital and reserves Share capital 5,272,676 3,372,664 Capital reserves 5,753,559 5,392,689 Other reserve (37,550) (8,519) Share options 522,860 493,410 Accumulated losses (11,614,170) (9,188,848) Total equity (102,625) 61,396 Non current liabilities Obligations under finance leases - due after one year 28,746 63,509 28,746 63,509 Current liabilities Trade and other payables 777,561 886,296 Bank overdrafts and loans- due within 32,991 98,139 one year Tax liabilities 120,398 145,829 Obligations under finance leases - due 38,518 within one year 38,736 969,468 1,169,000 Total equity and liabilities 895,589 1,293,905 Consolidated Income Statement for the year ended 28 February 2008 Year ended Year ended Notes 28 February 28 February 2008 2007 Euro Euro Revenue - continuing operations 1,770,195 1,599,645 Cost of sales (942,849) (1,149,190) Gross profit 827,346 450,455 Distribution costs (9,565) (24,727) Administrative and other operating expenses (3,297,837) (3,624,733) Loss from operations - continuing operations (2,480,056) (3,199,005) Finance costs 3 (1,768) (3,832) Income from investments 4 3,720 36,448 Exchange profit/(loss) 52,981 (20,756) Loss before tax - continuing operations (2,425,123) (3,187,145) Income tax expense 5 (199) 8,613 Net loss for the period - continuing (2,425,322) (3,187,145) operations Loss per share Basic loss per share 6 (0.92 cent) (1.88 cent) Diluted loss per share 6 (0.87 cent) (1.80 cent) Consolidated Statement of Changes in Equity for the year ended 28 February 2008 Share Share Share Other Accumulated Total Capital Premium Options Reserves Losses equity Euro Euro Euro Euro Euro Euro Balance at 1 March 2006 3,372,664 5,392,689 434,684 - (6,010,316) 3,189,721 Net loss for the year - - - - (3,178,532) (3,178,532) Exchange rate movement - - - (8,519) - (8,519) Share options granted - - 58,726 - - 58,726 Balance at 28 February 2007 3,372,664 5,392,689 493,410 (8,519) (9,188,848) 61,396 Balance at 1 March 2007 3,372,664 5,392,689 493,410 (8,519) (9,188,848) 61,396 Net loss for the year - - - - (2,425,322) (2,425,322) Exchange rate movement - - - (29,031) - (29,031) Share options granted - - 29,450 - - 29,450 Shares Issued 1,900,012 360,870 - - - 2,260,882 Balance at 28 February 2008 5,272,676 5,753,559 522,860 (37,550) (11,614,170) (102,625) Consolidated Cash Flow Statement for the year ended 28 February 2008 Year ended Year ended 28 February 28 February 2008 2007 Euro Euro Operating activities Net loss for the year (2,480,056) (3,178,532) Adjustments for: Income taxation expense recognised - (8,613) Depreciation 365,759 553,255 Share options 29,450 58,726 Amortisation of ACOMS system and patents 159,539 152,633 Investment income (3,720) (36,448) Foreign exchange gain (52,981) (20,756) Interest expense 1,768 3,832 Operating cash flows before movements in working capital (1,980,241) (2,475,903) Decrease in inventories - 5,390 Decrease in receivables 22,292 282,052 (Decrease)/Increase in payables (106,495) 423,044 Cash generated by operations (2,064,444) (1,765,417) Interest paid (1,768) (3,832) Income taxation refunded 6,764 1,251 Net cash outflow from operating activities (2,059,448) (1,767,998) Investing activities Interest received 3,720 36,448 Purchases of plant and equipment (22,001) (82,111) Purchases of patents and trademarks (25,244) (21,905) Net cash used in investing activities (43,525) (67,568) Financing activities Shares issued 2,260,882 - Decrease in finance leases (36,749) (37,678) Net cash inflow/(outflow) from financing activities 2,224,133 (37,678) Net increase/(decrease) in cash and cash equivalents 121,160 (1,873,244) Cash and cash equivalents at beginning of period 11,599 1,864,087 Effects of exchange rate changes 52,981 20,756 Cash and cash equivalents at end of period 185,740 11,599 Notes to the preliminary Results 1. Publication of non-statutory accounts The financial information set out above does not constitute the company's statutory financial statements for the years ended 28 February 2008 or 28 February 2007 but is derived from those financial statements. Statutory financial statements for 2007 have been delivered to the Companies Registration Office and those for 2008 will be delivered in due course. The auditors have reported on those financial statements; their reports were unqualified, and did include a reference to a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern, by way of emphasis without qualifying their report. The auditors have not made a report under section 193 of the Companies Act, 1990 in respect of the company's statutory financial statements for the years ended 28 February 2008 or 28 February 2007. 2. Basis of preparation The group financial statements consolidate those of the company and its subsidiaries (together referred to as the "group"). The group financial statements have been prepared and approved by the directors in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") and applicable law. The statements have been prepared on a going concern basis. This assumption is dependent on the group meeting its projected revenue and expenditure targets. The group incurred losses of approximately Euro2.4 million in the year to 28 February 2008. The group had a cash reserve of Euro185,740 as at 28 February 2008. The directors are confident that the group is taking the necessary steps to grow the business to achieve profitability in the short to medium term. Should projected profit levels not materialise the directors will take whatever steps necessary to ensure the group has sufficient working capital for its needs. The directors have reviewed the forecasted profit and loss account and cash flows of the group for a period of one year from the date of approval of these financial statements. They are satisfied that in view of the group's bank facilities and the expected trading and cash flow performance, the group has the necessary resources to continue trading for the foreseeable future. Inherently, there can be no certainty in any of these respects. Accordingly, they believe that it is appropriate for the financial statements to be prepared on the going concern basis. If the group was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to adjust the balance sheet values of assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed assets and long term liabilities or current assets and liabilities. 3. Finance costs Year ended Year ended 28 February 28 February 2008 2007 Euro Euro Interest on bank overdrafts 1,768 3,832 4. Income from investments Year ended Year ended 28 February 28 February 2008 2007 Euro Euro Interest received on bank 3,720 36,448 deposits 5. Income tax expense Domestic income tax is calculated at 12.5 per cent. of the estimated assessable profit for the period. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. Year ended Year ended 28 February 28 February 2008 2007 Euro Euro Income tax expense 199 (8,613) 6. Loss per share Basic loss per share is based on a loss of Euro2,425,322 (2007: Euro3,178,532) and a weighted average number of shares in issue of 263,633,702 (2007: 168,633,087). In 2008 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. 7. Plant and equipment Adwalker Fixtures & Computer Leasehold Packs Fittings Equipment Improvements Total Euro Euro Euro Euro Euro Cost or valuation At 1 March 2007 1,334,619 131,256 178,555 89,174 1,733,604 Additions - - 22,001 - 22,001 At 28 February 2008 1,334,619 131,256 200,556 89,174 1,755,605 Accumulated depreciation and impairment At 1 March 2007 915,600 41,652 139,218 27,161 1,123,631 Charge for the period 287,553 23,259 36,862 18,085 365,759 At 28 February 2008 1,203,153 64,911 176,080 45,246 1,489,390 Carrying amount At 28 February 2008 131,466 66,345 24,476 43,928 266,215 At 28 February 2007 419,019 89,604 39,337 62,013 609,973 The carrying amount of assets held under finance lease by the group at 28 February 2008 is Euro35,986 (28 February 2007: Euro69,535). 8. Operating lease commitments The future minimum lease payments under non-cancellable operating leases by the group are as follows: Land & Buildings As at As at 28 February 28 February 2008 2007 Euro Euro Not later than one year 1,868 - Within 2 to 5 years 73,450 34,971 75,318 34,971 9. Bank and cash balances As at As at 28 February 28 February 2008 2007 Euro Euro Balance with banks 218,731 109,738 Cash and cash equivalents comprise the As at As at following: 28 February 28 February 2008 2007 Euro Euro Euro 195,404 101,608 Pound Sterling 2,838 248 United States Dollars 20,300 7,574 Hong Kong Dollars 189 308 218,731 109,738 10. Dividends The Directors are not proposing the payment of a dividend in respect of the year ended 28 February 2008. 11. 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 and on the company's website www.adwalker.com. END
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