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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Angle Plc | LSE:AGL | London | Ordinary Share | GB0034330679 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.75 | 3.66% | 21.25 | 20.50 | 22.00 | 21.25 | 20.50 | 20.50 | 1,088,151 | 10:14:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 1.04M | -21.69M | -0.0832 | -2.55 | 55.37M |
In the Interim Report for the six months ended 31 October 2014, the Group announced its intention to discontinue its Management services business. The Group initiated an orderly wind-down of the Management services business during the financial year which was completed by the end of the financial year apart from some residual payables and receivables, nearly all of which have been settled since the year-end. The Group also disposed of Geomerics Limited (Note 8) in the prior year and the subsequent residual transactions from this have been treated as a discontinued operation. In accordance with IFRS 5 Non-current assets held for sale and discontinued operations these businesses have been classified as discontinued operations and the prior periods have been restated to show these discontinued operations separately from continuing operations. A summary of the results is set out below:
Results of discontinued operations
2015 2014 GBP'000 GBP'000 Revenue 586 801 Operating costs (639) (1,273) Share based payments - (1) Change in fair value 35 1,334 Finance income - 99 ----------- ----------- Profit/(loss) for the year (18) 960 =========== ===========
The Consolidated Statement of Cash Flows shows the net cash used in the operating and investing activities of the discontinued operations. The impact of the discontinued operations on the Statement of Financial Position is minimal.
6 Earnings/(loss) per share
The basic and diluted earnings/(loss) per share is calculated on the loss for the year from continuing and discontinued operations of GBP3.9 million (2014: GBP1.2 million).
In accordance with IAS 33 Earnings per share 1) the "basic" weighted average number of ordinary shares calculation excludes shares held by the Employee Share Ownership Trust (ESOT) as these are treated as treasury shares and 2) the "diluted" weighted average number of ordinary shares calculation excludes potentially dilutive ordinary shares from instruments that could be converted. Share options are potentially dilutive where the exercise price is less than the average market price during the period. Due to the losses in 2015 and 2014, share options are non-dilutive for those years and therefore the diluted loss per share is equal to the basic loss per share.
The basic and diluted earnings/(loss) per share are based on a weighted average of 47,625,033 ordinary 10p shares (2014: 45,129,800).
7 Intangible assets Intellectual Computer Goodwill Product Total property software development GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Cost or deemed cost At 1 May 2013 524 12 98 973 1,607 Additions 30 1 - 217 248 Reclassification 62 - - (62) - Disposals (400) (2) (98) - (500) Exchange movements (10) - - (83) (93) At 30 April 2014 206 11 - 1,045 1,262 Additions 66 1 - 37 104 Exchange movements 14 - - 109 123 At 30 April 2015 286 12 - 1,191 1,489 ============= ========= ========= ============ ======== Amortisation and impairment At 1 May 2013 400 10 98 19 527 Charge for the year - 1 - 98 99 Disposals (400) (2) (98) - (500) Exchange movements - - - (6) (6) At 30 April 2014 - 9 - 111 120 Charge for the year - 1 - 109 110 Impairment 94 - - - 94 Exchange movements - - - 16 16 At 30 April 2015 94 10 - 236 340 ============= ========= ========= ============ ======== Net book value At 30 April 2015 192 2 - 955 1,149 ============= ========= ========= ============ ======== At 30 April 2014 206 2 - 934 1,142 ============= ========= ========= ============ ========
The carrying value of intangible assets is reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The recoverable amount is assessed on the basis of "value in use". The key assumptions to assess value in use are the estimated useful economic life, future revenues, cash flows and the discount rate to determine the net present value of these cash flows. Where value in use exceeds the carrying value then no impairment is made. Where value in use is less than the carrying value then an impairment charge is made.
Amortisation and impairment charges are charged to operating costs in the Consolidated Statement of Comprehensive Income.
"Product development" relates to internally generated assets that were capitalised in accordance with IAS 38 Intangible Assets. Capitalised product development costs are directly attributable costs comprising cost of materials, specialist contractor costs, labour and overheads. Product development costs are amortised over their estimated useful lives commencing when the related new product is in commercial production. Development costs not meeting the IAS 38 criteria for capitalisation continue to be expensed through the Statement of Comprehensive Income as incurred.
8 Trade and other receivables 2015 2014 GBP'000 GBP'000 Current assets: Trade receivables 4 126 Other receivables - investments 636 - Other receivables 124 55 Prepayments and accrued income 244 147 ----------- ----------- 1,008 328 =========== ===========
"Other receivables - investments" relates to the Group's investment in Geomerics (computer games middleware and computer graphics) which was sold in December 2013. There is a retention payment of GBP0.7 million due to be received in December 2015 which has been designated at fair value (discounted for the time value of money). As the retention payment is due within 12 months this has been reclassified from "Non-current assets - Other receivables" to "Current assets - Trade and other receivables".
9 Share capital
The Company has one class of ordinary shares which carry no right to fixed income and at 30 April 2015 had 58,974,338 ordinary shares of 10p each allotted, called up and fully paid (2014: 45,243,059).
The Company issued 13,481,279 new ordinary shares with a nominal value of GBP0.10 at an issue price of GBP0.65 per share in a placing, subscription and offer of shares, realising proceeds of GBP8.2 million, net of costs. Shares were admitted to trading on AIM as to 11,173,587 in February 2015 for the placing and subscription and 2,307,692 in March 2015 for the offer.
The Company issued 250,000 new ordinary shares with a nominal value of GBP0.10 at an exercise price of GBP0.2575 per share as a result of the exercise of share options by employees. Shares were admitted to trading on AIM as to 166,667 in March 2015 and 83,333 in April 2015.
10 Shareholder communications
Copies of this announcement are posted on the Company's website www.ANGLEplc.com.
The Annual General Meeting of the Company will be held at 2:00pm on Wednesday 30 September 2015 at the Surrey Technology Centre, 40 Occam Road, the Surrey Research Park, Guildford, GU2 7YG. Notice of the meeting will be enclosed with the audited Statutory Financial Statements.
The audited Statutory Financial Statements for the year ended 30 April 2015 are expected to be distributed to shareholders by 5 September 2015 and will subsequently be available on the Company's website or from the registered office, 3 Frederick Sanger Road, Surrey Research Park, Guildford, GU2 7YD.
This preliminary announcement was approved by the Board on 22 July 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
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