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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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All Ipo | LSE:ALP | London | Ordinary Share | GB0031922726 | 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% | 1.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5858E ALL IPO PLC 28 September 2007 ALL IPO PLC ('ALL IPO' or 'the Company') Preliminary Results for the Year Ended 30 June 2007 ALL IPO today announces preliminary results for the year ended 30 June 2007. Chief Executive's Statement We have made steady progress during the past year with the flow of IPOs being made available to the private investor via the ALL IPO platform increasing, with 66 investment documents available on the website during the year to 30 June 2007 (2006: 14). Despite our active lobbying of both the government and the broking community, mainstream IPOs have not, as yet, been made available in any number. The City still remains unsure of the private investor and so almost all of this years larger IPOs have precluded private investors from the flotation process. We plan to continue to press brokers to allow more IPOs to be made available to the private investor and feel we have already achieved some gains in this area. This effort is building the flow of IPOs for our customers and our participation in Vector Hospitality, Bramdean Alternatives Limited and Money Supermarket.com during tough market conditions affirms the tantalising possibilities of private investor participation in large IPOs. However, winning proper access for private investors in IPOs will not happen over night. ALL IPO is now a member of The London Stock Exchange and as such can act as a stock broker. We feel this status could open up opportunities in areas that the business has not previously focused on. We are looking to generate new revenue streams which can run alongside our continuing development of the IPO platform, to take the business forward. New products will be brought on line during the next year and this will help cover the Company's modest overhead. Financial review Although not reflected in the numbers ALL IPO has made very steady progress during the past year. Whilst actual numbers remain small, our turnover has increased considerably, we have reduced our loss after tax by 7% and have reduced our loss per share by 20%, as detailed below: Year to Year to 30 June 30 June 2007 2006 Change Change #'000 #'000 #'000 % Turnover 54 1 53 5,300 Loss after tax 978 1,049 71 7 Loss per share 3.5p 4.4p 0.9p 20 Strategy We plan to continue with the ALL IPO strategy of building a flow of IPOs for our customers and this is leading to more products and promises of participation in large offerings. However, while there has been progress, there is no doubt that there is more work to be done. Looking to the future, and ways of expanding our business model, ALL IPO has broad permissions from the Financial Services Authority regarding the activities it can carry out. Combining these permissions with our large customer base has exciting prospects, so we have been evaluating other products that the Company can develop. This has seen the release of the discretionary investment management service with Redmayne Bentley which will produce additional revenue sources in 2008. To add shareholder value, we have also looked at opportunities that leverage the Company's PLC status and regulatory umbrella. We have had a number of interesting discussions with other parties but none have become compelling enough to take forward. We will continue with this process in order to find a prospect which is the right fit. We feel that while maintaining a tight focus on IPOs, we should also be open to a broader picture of opportunities covered by our status as a member of The Stock Exchange, stockbroker and FSA regulated firm. Having adjusted the Company's cost base since the year end we have time to build our business to cover its modest costs and explore other opportunities. We remain believers in the ALL IPO concept and feel the last year's progress whilst slower than hoped shows promise. Operating costs Our costs have remained reasonably static although since the year end we have reduced our staffing overhead. In the past year we also had to bear #375,000 amortisation costs and #88,000 depreciation costs totalling #463,000 which represents 42% of our total administrative expenses for the year. Research and development The company continues to invest in new and untried technologies which will follow through into the quality and design of our products. We believe continued investment in our research and development is fundamental to the growth of the business. Environmental policy In terms of people we are a small team, however, our products can help other organisations reduce the amount of paperwork required to carry out their business and thus their environmental impact. The management hope that this will be recognised and will continue to look for ways to develop the Company's environmental policy during the year. It is our objective to persistently improve our performance in this area. Summary of key performance indicators The directors have monitored the progress of the overall company strategy and the individual strategic elements by reference to certain financial and non-financial key performance indicators, as outlined below: 2007 2007 2006 2006 Actual Target Actual Target Increase in registered users 58% 50% n/a (nil at start) n/a (nil at start) Website Traffic - hits per month averaged over year 0.77m 0.5m 0.27m 0.25m IPOs made available 66 50 14 12 Future developments for the business/future outlook ALL IPO will continue to try and make as many IPOs available to the private investor as we can or are allowed to. However we also recognise that we have to find other ways to support the business while this work continues, so we have embarked on the development of new products that we feel complement our skill and our customers' needs. One of the first products to be tested and launched will be our KYC (Know Your Customer) service. Many of you that have registered with us will have been through this without even realising what was going on behind the scenes. KYC is something that most accountants, auditors, bankers - in fact most businesses in the financial sector have to do. It normally takes a week or so and would involve a possible customer sending in bank statements, utility bills or a copy of their passport. This is a costly and time consuming process, whereas the ALL IPO KYC service is on line and takes a few seconds to run all the required tests, eliminating the usual protracted process. Principal risks and uncertainties The management of the business and the nature of the Company's strategy are subject to a number of risks. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks. We have set out below the principal risks facing the business. Economic downturn The success of the world's stock markets could affect the business and many global factors can affect a stock market from war to human error. This in turn can affect consumer spending power and the desire to invest in new businesses. In response to this risk, senior management aim to keep abreast of economic conditions around the world. Not only should senior management be aware of it likewise so should our customers and members. In cases of severe economic downturn, marketing and pricing strategies will be modified to reflect the new market conditions and as noted above new product lines which are less dependent on IPOs are being developed. High proportion of fixed overheads and variable revenues A large proportion of the Company's overheads are reasonably fixed. There is the risk that any significant reductions in revenue may lead to the inability to cover such costs. Management closely monitors fixed overheads against budget on a monthly basis and cost-saving exercises are implemented when there is an anticipated decline in revenues. Product obsolescence Due to the nature of the market in which the company operates, products are subject to technological advances and as a result obsolescence. The directors are committed to the Research and Development strategy in place, and are confident that the company is able to react effectively to the developments within the market. The Company's staff are a very important part of the business and without their hard work we would not have achieved what we have so far today. I would like to thank our staff for their extremely hard work over the course of the year ended 30 June 2007. We have made progress in a tough trading environment and I am grateful to both them and the support of our shareholders. Clem Chambers Chief Executive 28th September 2007 Further information: Francesca De Franco, 020 7070 0932 or francesca@allipo.com Fiona Kindness, Director, Grant Thornton UK LLP (Nominated Adviser) - 020 7728 3414 ALL IPO PLC Profit and Loss Account for the year ended 30 June 2007 2007 2006 Notes #'000 #'000 As restated Turnover 54 1 Administrative expenses (1,104) (1,059) Operating loss (1,050) (1,058) Net interest 15 9 Loss on ordinary activities before taxation (1,035) (1,049) Tax on loss on ordinary activities 57 - Loss on ordinary activities after taxation (978) (1,049) Basic and diluted loss per ordinary share from total and continuing operations 2 (3.5p) (4.4p) All operations are continuing. There were no recognised gains or losses other than the loss for the financial year. ALL IPO PLC Balance Sheet at 30 June 2007 2007 2006 Notes #'000 #'000 As restated Fixed assets Tangible fixed assets 295 308 Investments 3,000 3,375 3,295 3,683 Current assets Debtors 141 31 Cash at bank and in hand 320 957 461 988 Creditors: amounts falling due within one year (322) (238) Net current assets 139 750 Total assets less current liabilities 3,434 4,433 Capital and reserves Called up share capital 725 725 Share premium account 3,145 3,145 Merger reserve 3,600 3,600 Option valuation reserve 287 308 Profit and loss account (4,323) (3,345) Shareholders' funds 3 3,434 4,433 The financial statements were approved by the Board of Directors on 28 September 2007. ALL IPO PLC Cash Flow Statement for the year ended 30 June 2007 2007 2006 Notes #'000 #'000 Net cash outflow from operating activities 4 (577) (393) Returns on investment and servicing of finance Net interest 15 9 Capital expenditure and financial investment Purchase of tangible fixed assets (75) (143) Net cash outflow before financing (637) (527) Financing Issue of shares - 1,000 Share issue costs - (107) Loan from parent undertaking - - Net cash inflow from financing - 893 (Decrease) / increase in cash 5, 6 (637) 366 ALL IPO PLC Notes for the year ended 30 June 2007 1. General The financial information herein does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information has been extracted from the Company's 2007 statutory financial statements upon which the auditors reported on 28 September 2007. Their opinion does not include any statement under section 237 of the Companies Act 1985. The financial statements have been prepared in accordance with applicable United Kingdom Accounting Standards and under the historical cost convention. The principal accounting policies have remained unchanged since the previous year except for the adoption of FRS 20 "Share based payments". The Company has adopted FRS20 with effect from 1 July 2006. FRS20 requires the recognition of a charge to the profit and loss account for all applicable share based payments, including share options. The Company has equity-settled share based payments but no cash-settled share based payments. All share based payments awards granted after 7 November 2002 which had not vested prior to 1 July 2006 are recognised in the financial statements at their fair value at the date of grant. As vesting periods and non-market based vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of share options expected to vest. Estimates are revised subsequently if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. All equity-settled share based payments are ultimately recognised as an expense in the profit and loss account with a corresponding credit to the option valuation reserve. The adoption of FRS20 requires a prior period adjustment to be made for awards granted before 1 July 2006. This has created an opening balance within the option valuation reserve at 1 July 2006 of #308,000 and reduced the profit and loss account reserve by an equal amount. In addition, the re-stated loss after tax for the year ended 30 June 2006 has increased by #177,000. Copies of the annual report are being posted to shareholders and copies will be available from the company's registered office at Suite 27, Essex Technology Centre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA. 2. Loss per ordinary share 2007 2006 Number Loss Loss Number Loss Loss of shares per share of shares per share As restated As restated #'000 '000 p #'000 '000 p Loss for the year (978) (1,049) Weighted average number of shares 27,846 23,960 Loss per share (3.5p) (4.4p) The options are anti-dilutive for both years due to the losses incurred. 3. Reconciliation of movements in shareholders' funds 2007 2006 #'000 #'000 As restated Loss for the financial year (978) (1,049) Recognition of equity settled share based payments in the year (FRS20) (21) 177 Receipts from issues of shares - 1,000 Share issue costs - (107) Net (decrease) /increase in shareholders' funds (999) 21 Shareholders' funds at 1 July 2006 4,433 4,412 Shareholders' funds at 30 June 2007 3,434 4,433 4. Reconciliation of operating loss to net cash outflow from operating activities 2007 2006 #'000 #'000 As restated Operating loss (1,050) (1,058) Depreciation 88 64 Recognition of equity settled share based payments in the year (FSR20) (21) 177 Amount written off investment 375 375 Increase in debtors (53) (11) Increase in creditors 84 60 Net cash outflow from operating activities (577) (393) 5. Reconciliation of net cash flow to movement in net funds 2007 2006 #'000 #'000 (Decrease) / increase in cash for the year (637) 366 Net funds at 1 July 2006 957 591 Net funds at 30 June 2007 320 957 6. Analysis of movements in net funds At 1 July 2006 Cash flow At 30 June 2007 #'000 #'000 #'000 Cash in hand and at bank 957 (637) 320 This information is provided by RNS The company news service from the London Stock Exchange END FR OKAKNKBKBACB
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