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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Argentvive | LSE:ARGV | London | Ordinary Share | GB00B2425T97 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:4634H
Argentvive PLC
12 November 2007
ARGENTVIVE plc
("ArgentVive" or "the Group")
Interim results for the six months ended 30 September 2007
ArgentVive plc today announces interim results for the six months ended 30 September 2007.
* Turnover #2.7m (2006 (restated): #3.0m)
* Loss before tax #252,000 (2006 (restated): loss #57,000)
* Net assets increase to #574,000 (2006 (restated): #76,000)
New Strategic Direction
* Acquisition by Charles Denton of 59% of share capital in July 2007
* Intention to build leading e-commerce group
* Strengthening of Board by appointments of Charles Denton as Deputy
Chairman and Kevin Fleming as Finance Director
* New operational structure put in place with three focused divisions
* Two strategic acquisitions made in the period: AuctionAssist and
Advance Warning
* Continuing to explore further acquisition opportunities
David Mahony, Chairman, commented:
"The radical changes the Group is making will not be completed until the end of
the current financial year. Progress to date has been in line with our
expectations and we believe that the combination of the changes made to the
management team, coupled with the acquisition strategy we are pursuing, will
leave the Group well placed to achieve strong balanced growth in the years to
come."
12 November 2007
Enquiries:
ArgentVive plc Tel: 01932 569 912
Kevin Fleming, Finance Director
Charles Stanley Securities Tel: 020 7149 6000
Nominated Adviser
Russell Cook/Carl Holmes
College Hill Tel: 020 7457 2020
Mark Garraway/Kate Pope
ArgentVive plc
("ArgentVive" or "the Group")
Chairman's Statement
Six months to September 2007 Six months to September 2006
Continuing Discontinued Total Continuing Discontinued Total
#'000 #'000 #'000 #'000 #'000 #'000
Sales 2,296 358 2,654 2,725 306 3,031
Gross profit 618 141 759 837 94 931
Net loss (246) (6) (252) (23) (34) (57)
The six months to 30 September 2007 was a period of major change for the Group.
Charles Denton acquired a controlling shareholding and the Group's strategic
direction and structure were changed radically.
During the first six months revenues from continuing operations fell from #2.7
million to #2.3 million. This was due to lower levels of trading across the
stores. Losses from continuing operations in the period were #246,000 (2006:
loss #23,000), which included exceptional costs of #76,000 for costs incurred
relating to the bid and pre-opening costs for the Chertsey store.
Following the subscription for new shares by Charles Denton and others in July
2007 which raised #750,000 for the Group net assets have risen from #76,000 at
31 March 2007 to #574,000 at the period end. ArgentVive is now structured to
take advantage of new opportunities with the business, although the Board
anticipates that implementation of the new strategic plan, which is set out
below, requires further funding in the future.
New strategic direction
The Board has endorsed a strategy designed to build a leading e-commerce group
providing software as a service and e-commerce solutions for businesses and
consumers across a range of markets.
In the period under review a number of initiatives have been taken to implement
this strategy. These included a change of name to ArgentVive plc, the creation
of a new operational structure and a strengthening of the management team. The
existing internet activities of the group have been repositioned and a number of
acquisitions identified.
Acquisitions
Two key strategic acquisitions were made in the period and both management
teams, which are key to the growth of the businesses, have been retained.
AuctionAssist Limited ("AuctionAssist"), a multi channel market maker currently
concentrating on the electrical goods sector, was acquired in October 2007. At
the time of acquisition the company was transacting predominately on eBay. Since
the acquisition, AuctionAssist has announced an agreement with Amazon to join
its "Merchant @" programme, allowing it to sell goods to a potential customer
base of over 70 million active accounts worldwide.
On 2 November 2007, the Group acquired Advance Warning Limited ("Advance Warning
"), a social networking Group that is building a new platform which will allow
groups to create communities around events such as films and live events. While
the Board believes Advance Warning to be a valuable business in its own right,
the Board also recognises the opportunities to utilize the software and skills
that exist in Advance Warning to develop social networking opportunities within
other areas within the Group.
Strengthened management team
The Board was strengthened by the appointments of Charles Denton as Deputy
Chairman and Kevin Fleming as Finance Director. Martin Hearn has stood down as a
director of the Group and has taken the role of Managing Director of Midas
Merchant Limited. Kieron Smith has joined the Group from Waterstones Limited to
become Managing Director of Retail8 Limited.
New operational structure
The Group's activities have now been restructured into three operational
divisions:
* The formation of Retail8 Limited, a Group specifically focusing on the
business to consumer (B2C) offering of the group. This division currently
operates e-bookseller samedaybooks and recently launched BookRabbit.com, an
iPhone-enabled mobile search service. It is anticipated that this division will
extend its activities to other sectors over the coming months.
* A business to business (B2B) division for internet and software trading
has been established and both AuctionAssist and Advance Warning will be part of
this division.
* Midas Merchant Limited is focused on research and development with a
particular emphasis on exploiting the Midas platform developed by samedaybooks.
This modular non-sector specific service will be offered to other independent
retailers.
The move of the Group's central activities to the Chertsey Head Office is now
completed. This is also the site of our latest showpiece bookshop and cafe which
is now fully operational and trading is in line with expectations. Refurbishment
of the Worthing store and offices is scheduled for next year.
The Board is has conducted its review with regard to the stores at Petworth and
Cobham. A further announcement will be made in due course. It has been decided
that the Gosport store will cease operations prior to the end of the current
financial year.
The Group's wholesale activity, Waterside Books, continues to trade successfully
and profitably. A new warehouse has been secured for its operations in Dover. A
full review of the opportunities to expand Waterside's operations nationally is
currently underway.
ArgentVive continues to explore further acquisition opportunities and the board
anticipates that further announcements in this regard will be made in the
coming weeks.
Outlook
The radical changes the Group is making will not be completed until the end of
the current financial year. Progress to date has been in line with our
expectations and we believe that the combination of the changes made to the
management team, coupled with the acquisition strategy we are pursuing, will
leave the Group well placed to achieve strong balanced growth in the years to
come.
David Mahony
Chairman
UNAUDITED CONSOLIDATED INCOME STATEMENT
Six months to Six months to
30 September 2007 30 September 2006 (restated)
Continuing Discontinued Total Continuing Discontinued Total
#'000 #'000 #'000 #'000 #'000 #'000
Sales 2,296 358 2,654 2,725 306 3,031
Cost of sales 1,678 217 1,895 1,888 212 2,100
Gross profit 618 141 759 837 94 931
Operating costs 778 130 908 841 151 992
Operating loss (160) 11 (149) (4) (57) (61)
Exceptional items (76) (17) (93) - 23 23
Net interest (10) - (10) (19) - (19)
Loss before tax (246) (6) (252) (23) (34) (57)
Corporation tax - - - - - -
Loss for the period (246) (6) (252) (23) (34) (57)
Attributable to:
Equity shareholders (252) (57)
Loss per share (pence) (0.73) (0.03)
Diluted loss per share (pence) (0.68) (0.03)
Average number of ordinary shares 208 185
in issue ('000,000)
Average number of ordinary shares 224 200
in issue, fully diluted ('
000,000)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months to Six months to
30 September 2007 30 September 2006
(restated)
#'000 #'000
Loss after tax for the period (252) (57)
Issue of share capital 750 -
Total changes in equity 498 (57)
CONSOLIDATED BALANCE SHEET
As at As at As at
30 September 2007 30 September 2006 31 March 2007
(restated) (restated)
#'000 #'000 #'000
Fixed assets
Goodwill 89 124 107
Tangible assets 311 73 20
400 197 127
Current assets
Stocks 574 898 659
Debtors 689 646 286
Bank and cash balances 9 10 12
1,272 1,554 957
Creditors: due within one year 1,098 1,730 780
Net current assets / (liabilities) 174 (176) 177
Total assets less current liabilities 574 21 304
Creditors due after one year - 228 228
574 (207) 76
Capital and reserves
Share capital - equity interests 3,517 3,017 3,017
Share premium account 1,962 1,712 1,712
Share based payments reserve 4 4 4
Profit and loss account (4,909) (4,940) (4,657)
Shareholders funds 574 (207) 76
CONSOLIDATED CASH FLOW STATEMENT
Six months to Six months to
30 September 2007 30 September 2006
#'000 #'000
Reconciliation of operating costs to net cash outflow
from operating activities
Operating loss (149) (61)
Depreciation and amortisation 27 37
Decrease in stocks 85 42
Increase in debtors (391) (312)
Increase in creditors 300 270
Exceptional items - cash effect (105) 23
Net cash outflow from operating activities (233) (1)
CASH FLOW STATEMENT
Net cash outflow from operating activities (233) (1)
Interest paid (10) (19)
Cash flow from investing activities
Capital expenditure (300) -
Cash flow from financing activities
Issue of ordinary share capital 750 -
Increase / (Decrease) in cash and cash equivalents 207 (20)
Reconciliation of net cash flow to movement in net debt
Increase / (Decrease) in cash in the period 207 (20)
Decrease / (Increase) in net debt 207 (20)
Net debt at 1 April 2007 (682) (662)
Net debt at 30 September 2007 (289) (682)
NOTES TO THE CONSOLIDATED ACCOUNTS
1. The Group's financial statements for the year ended 31 March 2007 were
presented under UK Generally Accepted Accounting Principles (UK GAAP).
To comply with the requirements of AIM, the Group is required to prepare its
consolidated financial statements for the year ending 31 March 2008 in
accordance with International Financial Reporting Standards (IFRS). Accordingly,
this interim financial information has been prepared using the IFRS accounting
policies which management expects to apply in the Group's first IFRS financial
statements for the year ending 31 March 2008.
The interim financial information has been prepared on the basis of the
accounting policies set out in the most recent set of annual financial
statements. IFRS currently in issue are subject to ongoing amendment by the IASB
and subsequent endorsement by the EU and are therefore subject to change. The
Group's IFRS financial statements for the year ending 31 March 2008 may,
therefore, be prepared in accordance with some different accounting policies
from the information presented here. The interim financial information is
unaudited and does not constitute statutory financial statements within the
meaning of section 240 of the Companies Act 1985.
The Group's statutory consolidated financial statements for the year ended 31
March 2007 were presented under UK GAAP, and have been delivered to the
Registrar of Companies. The report of the auditors on those financial statements
was unqualified and did not contain a statement under section 237 (2) or (3) of
the Companies Act 1985. Comparative figures for the year ended 31 March 2007
presented here are abridged and non-statutory, have been adjusted to reflect the
transition to IFRS and are unaudited.
2. No provision is required for taxation due to the loss incurred in the
period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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