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ARTA Artilium

22.80
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Artilium LSE:ARTA London Ordinary Share GB00B1L7NQ30 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 22.80 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Artilium PLC Half-year Report (9949I)

27/03/2018 7:00am

UK Regulatory


Artilium (LSE:ARTA)
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TIDMARTA

RNS Number : 9949I

Artilium PLC

27 March 2018

27 March 2018

Artilium plc

("Artilium" or the "Company" or the "Group")

Half yearly results for the six months ended 31 December 2017

Artilium plc (LSE/AIM: ARTA), the AIM quoted provider of innovative telecommunication software and solutions, announces its unaudited half yearly results for the six months ended 31 December 2017.

Financial Highlights

-- Revenue for the six months to 31 December 2017 was EUR 5.5 million (2016: EUR 5.1 million), an increase of 7.8%

   --     Adjusted EBITDA of EUR 0.6 million (2016: EUR 0.1 million) 
   --     Record results reported and Artilium is upbeat on full year forecasts 

Operational Highlights

   --     Several new MVNOs activated and new large customers won on cloud PBX 
   --     Successful integration of Wbase and Digiweb, acquired in 2017, into the Group 
   --     Livecom integration into Comsys creating increased cross selling across the Group 
   --     Appointment of Chief Financial Officer, Rupert Hutton, to the Board on 1 July 2017 

-- Entered into a strategic partnership and share exchange with Pareteum Corporation (NYSE: TEUM) to jointly pursue new and developed markets, accelerate growth and market share

   --     First contract signed with Chinese MVNO through the Pareteum partnership 

-- New office opened in Germany where strong demand is seen for the Group's fixed line mobile and data telecom based software solutions

   --     IoT fuelling the increase in demand for Artilium's products and services 

Post Period End

-- Acquisition of Interactive Digital Media GmbH (IDM), a German based cloud communication company, with integration proceeding according to plan

Commenting on the results and outlook, Jan-Paul Menke, Non-Executive Chairman of Artilium said:

"Artilium has made considerable progress in the last six months with positive developments across our key financial metrics. We have achieved sales growth and strengthened interest in our core and expanding business offerings. The Group's strategic partnerships, such as the one with Pareteum Corporation, are bearing fruit.

"The telecommunications market is increasingly moving towards innovative and expanded software products and services and Artilium is now establishing itself as a leading provider of these services. Our integrated offering makes us an attractive business partner on a global scale.

"The new financial year has started well and we look forward to updating the market on our continued progress in due course."

For further information please contact:

 
  Artilium PLC                           +32 (0) 5023 0300 
 Bart Weijermars - Chief Executive 
  Officer 
 
 finnCap Ltd 
  Jonny Franklin-Adams / Scott 
  Mathieson (corporate finance)          +44 (0) 207 220 
  Camille Gochez (corporate broking)      0500 
                                         +44 (0) 207 466 
 Buchanan                                 5000 
 Chris Lane / Jamie Hooper / 
  Catriona Flint 
 

About Artilium

Artilium is a demonstrated leader in the development of next generation communication technologies. Artilium's strategy focuses on supporting its customers to successfully grow their business by providing flexible, cost effective and innovative solutions.

Artilium's innovation-driven strategy empowers telecom operators around the globe to face the tremendous challenges ahead. We combine next-generation technology with traditional telecom environments to create exciting new business opportunities for our customers. This ensures that our customers are able to keep up with rapidly evolving market demands while simultaneously growing their businesses.

ARTA(R) is the real-time Authentication, Authorization and Accounting (AAA) software that brings a full suite of new functionalities to telecom Operators and virtual Operators. Thanks to ARTA(R) value-added services portfolio, including for instance AAA of voice, text and data services, VoIP, 3G and 4G compliance, mobile payments and location-based services, our partners are more than ready to meet future customer needs.

Today, multiple renowned national and international telecommunication companies rely on Artilium to deliver voice, text and data services to about 1.5 million end users every day.

Artilium's "Pay-As-You-Grow" model allows us to scale our solutions to the exact needs of our customers. As a latest innovation, Artilium offers its product suite from the Cloud as a PAAS (Platform As A Service), yielding ARTA's scalability, flexibility and proven stability.

Artilium PLC is a publicly listed software company on the London Stock Exchange (LSE/AIM: ARTA).

Forward Looking Statements

This report contains certain "forward looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. When used in this report, the words "anticipate", "believe", "estimate", "expect", and "intend" and words or phrases of similar import, as they relate to the Company or its subsidiaries or Company management, are intended to identify forward-looking statements. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, customer relations, relationships with vendors, borrowing arrangements, interest rates, foreign exchange rates, litigation, governmental regulation and supervision, seasonality, product introductions and acceptance, technological change, changes in industry practices, one-time events and other factors described herein and in other announcements made by the Company. Based upon changing conditions, should any one or more of these risks or uncertainties materialise, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not intend to update these forward-looking statements.

Chief Executive's Statement

Introduction

We have made strong progress during the first six months of the current financial year. The delivery of increasing volumes of new software, including IoT platforms and data delivery portals, is building a healthy order book from both new and existing customers. The Group's international prospects for our products and services are geographically diverse and growing which gives us much confidence in our ability to expand our customer base.

Financial results

Reported revenue for the six months to 31 December 2017 of EUR 5.5 million (2016: EUR 5.1 million) was generated primarily from maintenance and professional services rendered to existing customers and by United Telecom from fixed calling, broadband and mobile services. The Group generated a gross profit of EUR 4.3 million or 78.9 per cent. of reported revenue (2016: EUR 3.8 million or 74.3 per cent. of reported revenue) and generated adjusted EBITDA of EUR 0.6 million (2016: EUR 0.1 million).

The Group reported a net loss after tax of EUR 0.4 million (2016: EUR 0.9 million), after charging depreciation and amortisation on historic acquisitions of EUR0.8 million.

Business overview

In October 2017, Artilium signed an agreement and share exchange with Pareteum Corporation, a NYSE quoted Software-as-a-Service provider. Under the agreement both parties are developing new joint products and services, experiencing enhanced sales coverage, increasing speed to market and gaining access to greater knowledge and resources, forming a significant competitive advantage in the fast-growing IT telecoms market. The agreement with Pareteum is focused on mature markets but has also enhanced Artilium's prospects in high growth and traditionally underserved developing markets.

Artilium is pleased to announce that Pareteum has signed its first contract in China. Artilium is enabling the new customer's China-based subscribers to connect and transact on their mobile devices anywhere in the world. Pareteum is powering this new customer to expand its subscriber revenues through global connectivity and data, without the need for investment in infrastructure or software. Fully integrated cloud-based product sets are continuing to enable the Artilium philosophy of connecting any device, anywhere, on any network.

At United Telecom ("United"), the Group's Belgian telecoms service provider operating in fixed and mobile telecom, several new MVNOs were activated and new large enterprise customers were won on the cloud PBX platform. The Digiweb customers, which we acquired in May 2017, have been successfully transferred to the United Telecom brand, and have added revenues from July 2017. United now benefits from a much broader customer base to cross sell into the growing enterprise market.

At Comsys, our specialist interactive telephony services business, performance was solid and we have also seen increasing interest in our Livecom products and services from customers around the world. The integration of Livecom into Comsys has significantly increased the appeal of these products and services and, with further integration of the business, cross-selling within the existing customer base is increasing and expected to continue to do so. The Group can now offer telco customers and potential customers with a multi-channel call centre solution, and through these synergies we can offer clients the full range of services, making Artilium more appealing to its growing customer base and positioning us well for future growth.

The telecommunications market continues to innovate and evolve, and the Group's growing presence as a leading integrated provider with cross selling capabilities is benefiting from the evolving market opportunities.

I would like to thank all employees for their hard work through the period and to our shareholders for their trust in the management team as we continue to build momentum and add further value for our customers and shareholders alike.

Post Period End and Current Trading

The start of 2018 calendar year has been very positive, with Artilium selling an IoT platform that has been developed for Telenet, our largest customer. Under this agreement, Artilium will sell products and services within Telenet's customer base which should increase our sales potential for the whole Group.

Our new office in Germany will enable Artilium to further expand into the significant and growing German market, where sales will initially be achieved through IT resellers and systems integrators to our business customers. Our first enterprise customers have been signed up and are now on the Artilium platform in Germany. Artilium's expansion into Germany was underpinned this calendar year by the acquisition of Interactive Digital Media GmbH ("IDM"), a German-based cloud communication company. This deal is expected to increase Artilium's Group revenue by 45 per cent. for the current financial year. The integration of IDM is progressing very well and Artilium is already benefiting from access to IDM's large customer base. The Board is optimistic about Artilium's prospect for the rest of the year and has confidence that Artilium will build on the very encouraging start made to this calendar year.

Historically the Group has presented its results by business line (ARTA, United Telecom, Comsys). However, following the transformational acquisition of IDM, going forward the directors consider that presenting its operations in terms of telecoms services and enterprise services better represents the Group's business by highlighting more clearly the growth characteristics of each offering and how each it is positioned in the market.

Bart Weijermars

27 March 2018

CONDENSED CONSOLIDATED INCOME STATEMENT

 
                                              6 months      6 months      Year 
                                                 ended         ended     Ended 
                                           31 December   31 December   30 June 
                                                  2017          2016      2017 
                                             Unaudited     Unaudited   Audited 
                  Notes                        EUR'000       EUR'000   EUR'000 
 ---------------------------------------  ------------  ------------  -------- 
 Continuing Operations 
 Revenue                                         5,481         5,090    10,452 
 Cost of sales                                 (1,201)       (1,310)   (2,716) 
----------------------------------------  ------------  ------------  -------- 
 Gross profit                                    4,280         3,780     7,737 
 Depreciation and amortization                   (816)         (818)   (1,768) 
----------------------------------------  ------------  ------------  -------- 
 Administrative expenses 
  before redundancy costs                      (3,722)       (3,633)   (7,413) 
 Redundancy costs                                 (63)          (92)     (227) 
----------------------------------------  ------------  ------------  -------- 
 Administrative expenses                       (3,785)       (3,732)   (7,640) 
 Operating loss                                  (321)         (770)   (1,671) 
 Finance costs                                    (68)         (176)     (324) 
----------------------------------------  ------------  ------------  -------- 
 Loss before tax                                 (389)         (946)   (1,995) 
 Tax credit                                        120            88       235 
                                          ------------  ------------  -------- 
 Loss for the period from 
  continuing operations 
  attributable to owners 
  of the Company                                 (269)         (858)   (1,760) 
----------------------------------------  ------------  ------------  -------- 
 Earnings per share from 
  continuing operations 
  (cents)                                       (0.08)        (0.29)    (0.58) 
----------------------------------------  ------------  ------------  -------- 
 

A key performance indicator for the Group is adjusted EBITDA. This was EUR 0.6 million for the six months to December 2017 (2016: EUR 0.1 million). The reconciliation of adjusted EBITDA to the income statement is disclosed below.

Reconciling table operating result-adjusted EBITDA

 
                                  6 months      6 months      Year 
                                     ended         ended     ended 
                               31 December   31 December   30 June 
                                      2017          2016      2017 
                                 Unaudited     Unaudited   Audited 
                                   EUR'000       EUR'000   EUR'000 
----------------------------  ------------  ------------  -------- 
 Operating loss                      (321)         (770)   (1,671) 
 Redundancy costs                       63            92       227 
 Depreciation, amortization 
  and impairments                      816           818     1,824 
----------------------------  ------------  ------------  -------- 
 Adjusted EBITDA                       558           140       380 
 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                            6 months      6 months      Year 
                                               ended         ended     ended 
                                         31 December   31 December   30 June 
                                                2017          2016      2017 
                                           Unaudited     Unaudited   Audited 
                                             EUR'000       EUR'000   EUR'000 
 -------------------------------------  ------------  ------------  -------- 
 Loss for the period                           (269)         (858)   (1,760) 
 Other comprehensive income: 
 Items that may be subsequently 
  reclassified to profit or 
  loss 
 Exchange differences on translation 
  of foreign operations                         (24)            51       187 
 Change in fair value of available             2,064             -         - 
  for sale financial assets 
 Total comprehensive income 
  for the period attributable 
  to owners of the Company                     1,771         (807)   (1,573) 
--------------------------------------  ------------  ------------  -------- 
 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
                                                 6 months      6 months      Year 
                                                    ended         ended     ended 
                                              31 December   31 December   30 June 
                                                     2017          2016      2017 
                                                Unaudited     Unaudited   Audited 
                                    Notes         EUR'000       EUR'000   EUR'000 
-------------------------------  ----------  ------------  ------------  -------- 
 Non-current assets 
 Goodwill                                 2        17,127        17,127    17,127 
 Other intangible assets                            3,125         4,297     3,812 
 Property, plant and equipment                        455           451       533 
 Available for sale financial                       5,498             -         - 
  assets 
 Other receivables                                      -             -     1,000 
                                                   26,205        21,875    22,472 
-------------------------------  ----------  ------------  ------------  -------- 
 Current assets 
 Inventories                                          112           106        84 
 Trade and other receivables                        3,938         4,073     2,434 
 Cash and cash equivalents                          2,916         2,301     2,863 
                                                    6,966         6,480     5,381 
-------------------------------  ----------  ------------  ------------  -------- 
 Total assets                                      33,170        28,355    27,853 
-------------------------------  ----------  ------------  ------------  -------- 
 Non-current liabilities 
 Deferred tax liabilities                             262           658       385 
 Bank loans                                            20             -        20 
 Other borrowings                                     700           800       750 
 Other payables                                       133           145       100 
                                                    1,115         1,603     1,255 
-------------------------------  ----------  ------------  ------------  -------- 
 Current liabilities 
 Trade and other payables                           7,640         5,985     7,801 
 Other borrowings                                     100         2,574     1,308 
 Bank loans                                            10           268        85 
-------------------------------  ----------  ------------  ------------  -------- 
                                                    7,750         8,827     9,194 
 Total liabilities                                  8,865        10,430    10,449 
-------------------------------  ----------  ------------  ------------  -------- 
 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

 
                                             6 months      6 months       Year 
                                                ended         ended      ended 
                                          31 December   31 December    30 June 
                                                 2017          2016       2017 
                                            Unaudited     Unaudited    Audited 
                                  Notes       EUR'000       EUR'000    EUR'000 
-------------------------------  ------  ------------  ------------  --------- 
 Equity attributable to owners 
  of the Company 
 Share capital                      4          22,168        20,123     20,267 
 Share premium                                 49,524        47,504     47,480 
 Shares to be issued                            1,310             -        125 
 Merger relief reserve                          1,488         1,488      1,488 
 Capital redemption reserve                     6,503         6,503      6,503 
 Available for sale reserve                     2,064             -          - 
 Translation reserve                          (2,180)       (2,292)    (2,156) 
 Own shares                                   (2,336)       (2,336)    (2,336) 
 Retained deficit                            (54,236)      (53,065)   (53,967) 
 Total equity                                  24,305        17,925     17,404 
-------------------------------  ------  ------------  ------------  --------- 
 Total liabilities and equity                  33,170        28,355     27,853 
-------------------------------  ------  ------------  ------------  --------- 
 
 
 CONDENSED 
 CONSOLIDATED                                                                                                                                   Available 
 STATEMENT                                              Share                 Merger                 Shares                Capital                    for 
 OF CHANGES IN                   Share                premium                 relief                  to be             redemption                   sale            Translation                    Own               Retained 
 EQUITY                        capital                account                reserve                 issued                reserve                reserve                reserve                 shares                deficit             Total 
                               Eur'000                Eur'000                Eur'000                Eur'000                Eur'000                Eur'000                Eur'000                Eur'000                Eur'000           Eur'000 
                 ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 Balance at 1 
  July 2017                     20,267                 47,480                  1,488                    125                  6,503                      -                (2,156)                (2,336)               (53,967)            17,404 
---------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 
 Unaudited: 
 Nominal value 
  of shares 
  issued                         1,901                  2,044                      -                  (125)                      -                      -                      -                      -                      -             3,820 
 Shares to be 
  issued                             -                      -                      -                  1,310                      -                      -                      -                      -                      -             1,310 
 Total 
  transaction 
  with owners, 
  recognised 
  directly in 
  equity                         1,901                  2,044                      -                  1,185                      -                                                                    -                      -             5,130 
---------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 Loss for the 
  period                             -                      -                      -                      -                      -                      -                      -                      -                  (269)             (269) 
 Other 
  comprehensive 
  income                             -                      -                      -                      -                      -                  2,064                   (24)                      -                      -             2,040 
 
 Total 
  comprehensive 
  income 
  for the 
  period                             -                      -                      -                      -                      -                  2,064                   (24)                      -                  (269)             1,771 
---------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 
 
 Balance at 31 
  December 2017                 22,168                 49,524                  1,488                  1,310                  6,503                  2,064                (2,180)                (2,336)               (54,236)            24,305 
---------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 
 
                                                                                                                                                Available 
                                                        Share                 Merger                 Shares                Capital                    for 
                                 Share                premium                 relief                  to be             redemption                   sale            Translation                    Own               Retained 
                               capital                account                reserve                 issued                reserve                reserve                reserve                 shares                deficit             Total 
                               Eur'000                Eur'000                Eur'000                Eur'000                Eur'000                Eur'000                Eur'000                Eur'000                Eur'000           Eur'000 
                 ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 Balance at 1 
  July 2016                     19,601                 47,379                  1,488                      -                  6,503                      -                (2,343)                (2,336)               (52,207)            18,085 
---------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 Unaudited: 
 Nominal value 
  of shares 
  issued                           522                      -                      -                      -                      -                      -                      -                      -                      -               522 
 Premium 
  arising on 
  issue of 
  placement 
  shares                             -                    125                      -                      -                      -                      -                      -                      -                      -               125 
 Total 
  transaction 
  with owners, 
  recognised 
  directly in 
  equity                           522                    125                      -                      -                      -                      -                      -                      -                      -               647 
---------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 Loss for the 
  period                             -                      -                      -                      -                      -                      -                      -                      -                  (858)             (858) 
 Other 
  comprehensive 
  income 
  - currency 
  translation 
  differences                        -                      -                      -                      -                      -                      -                     51                      -                      -                51 
 Total 
  comprehensive 
  income 
  for the 
  period                             -                      -                                             -                      -                      -                     51                      -                  (858)             (807) 
---------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 Balance at 31 
  December 2016                 20,123                 47,504                  1,488                      -                  6,503                      -                (2,292)                (2,336)               (53,065)            17,925 
---------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------------  ---------------- 
 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 
                                     6 months      6 months      Year 
                                        ended         ended     ended 
                                  31 December   31 December   30 June 
                                         2017          2016      2017 
                                    Unaudited     Unaudited   Audited 
                                      EUR'000       EUR'000   EUR'000 
-------------------------------  ------------  ------------  -------- 
 Net cash generated from/(used 
  in) operating activities              (844)         1,290     3,858 
-------------------------------  ------------  ------------  -------- 
 Investing activities 
 Acquisition of subsidiaries 
  and businesses, net of cash 
  acquired                                  -             -        87 
 Purchase of intangible fixed 
  assets                                    -           (4)     (155) 
 Purchase of property, plant 
  and equipment                          (12)             -     (206) 
 Loans advanced                             -       (1,000)   (1,000) 
 Net cash used in investing 
  activities                             (12)       (1,004)   (1,274) 
-------------------------------  ------------  ------------  -------- 
 Financing activities 
 Proceeds on issue of shares            1,310             -         - 
 Proceeds from borrowings                   -         1,925     1,751 
 Interest paid                           (68)         (176)     (312) 
 Repayment of borrowings                (333)         (156)   (1,582) 
 Net cash generated from/(used 
  in) financing activities                909         1,593     (143) 
-------------------------------  ------------  ------------  -------- 
 Net increase in cash and 
  cash equivalents                         53         1,879     2,441 
 Cash and cash equivalents 
  at beginning of the period            2,863           422       422 
 Cash and cash equivalents 
  at the end of the period              2,916         2,301     2,863 
-------------------------------  ------------  ------------  -------- 
 

Non-cash transactions

The principal non-cash transactions comprise the issue of shares as consideration for business combinations and the issue of shares to settle Group liabilities.

NOTES TO THE CONDENSED CONSOLIDATED HALF YEARLY FINANCIAL STATEMENTS

   1.      Nature of operations and general information 

Artilium plc and its subsidiaries (together 'the Group') operates in the business to business communications sector delivering innovative software solutions which layer seamlessly over disparate fixed, mobile and IP networks to enable the deployment of converged services and applications. Artilium plc is incorporated and domiciled in the United Kingdom. The address of its registered office is 9-13 St. Andrew Street, London EC4A 3AF. The Group's principal place of business is Belgium and the Netherlands.

   2.      Basis of preparation 

These unaudited condensed consolidated half yearly financial statements have been prepared under the historical cost convention and in accordance with the AIM Rules for Companies. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The unaudited condensed consolidated half yearly financial statements should be read in conjunction with the annual financial statements for the year ended 30 June 2017, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The unaudited condensed consolidated half yearly financial statements do not constitute statutory financial statements within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of IFRSs as adopted by the European Union. Statutory financial statements for the year ended 30 June 2017 were approved by the Board of Directors on 30 October 2017 and delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified.

The same accounting policies, presentation and methods of computation are followed in these unaudited condensed consolidated half yearly financial statements as were applied in the preparation of the Group's annual audited financial statements for the year ended 30 June 2017.

The preparation of unaudited condensed consolidated half yearly financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in the Group's Annual Report and Financial Statements for the year ended 30 June 2017. Except as described below, the nature and amounts of such estimates have not changed significantly during the interim period.

The presentational currency of the Group is round thousand Euros.

Basis of consolidation

The unaudited condensed consolidated half yearly financial statements incorporate the financial statements of Artilium plc and the entities controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

All material intra-group transactions, balances, income and expenses are eliminated on consolidation.

Going concern

The Directors have adopted the going concern basis in preparing the condensed consolidated half yearly financial statements, having carried out a going concern review. In carrying out the review the Directors have made assumptions about the future revenue that will be generated based on its pipeline. The Directors are satisfied that the going concern basis is appropriate.

Intangibles

IAS 36 requires the Directors to consider intangible assets and goodwill for impairment on an annual basis. The last review was performed at 30 June 2017 and has not been updated at the interim date.

   3.      Earnings per share 
 
 
                                  6 months      6 months          Year 
                                     ended         ended         ended 
                               31 December   31 December       30 June 
                                      2017          2016          2017 
                                 Unaudited     Unaudited       Audited 
                                   EUR'000       EUR'000       EUR'000 
----------------------------  ------------  ------------  ------------ 
 Profits/(Losses) 
 Loss from continuing 
  operations attributable 
  to owners of the parent            (269)         (858)       (1,760) 
                                       No.           No.           No. 
----------------------------  ------------  ------------  ------------ 
 Number of shares 
 Weighted average number 
  of ordinary shares for 
  the purposes of basic 
  and diluted earnings 
  /loss per share              316,738,333   300,746,398   304,597,997 
----------------------------  ------------  ------------  ------------ 
 
 Earnings per share (cents)         (0.08)        (0.29)        (0.58) 
----------------------------  ------------  ------------  ------------ 
 
   4.      Share capital 
 
                                    6 months             6 months                 Year 
                                       ended                ended                ended 
                                 31 December          31 December              30 June 
                                        2017                 2016                 2017 
                                   Unaudited            Unaudited              Audited 
                                     EUR'000              EUR'000              EUR'000 
 -----------------------------  ------------  -------------------  ------------------- 
 Issued and fully paid 
  ordinary shares: 
 341,283,755 (30 June 
  2017: 307,583,545) 
  ordinary shares of 
  5p each                             24,212               20,123               20,267 
------------------------------  ------------  -------------------  ------------------- 
 
                                    6 months             6 months                 Year 
                                       ended                ended                ended 
                                 31 December          31 December              30 June 
                                        2017                 2016                 2017 
                                    No. '000             No. '000             No. '000 
-----------------------------   ------------  -------------------  ------------------- 
 Issued and fully paid 
  ordinary shares: 
 Balance at beginning 
  of financial period                307,583              297,853              297,853 
 Issued during the period             33,701                4,568                9,730 
 Balance at end of financial 
  period                             341,284              302,421              307,583 
------------------------------  ------------  -------------------  ------------------- 
 
   5.      Post Balance Sheet Events 

On 16 January 2018 Artilium acquired the entire issued share capital of Interactive Digital Media GmbH ("IDM"), a German-based cloud communication company, for an aggregate consideration of EUR3.5 million. The consideration was satisfied in EUR2.0 million cash and EUR1.5 million in options over ordinary shares or payment in ordinary shares of 5 pence each in the capital of the Company.

   6.      Further Copies 

Copies of the half-yearly financial report are available from the Company's registered office at 9-13 St. Andrew Street, London EC4A 3AF and on the Company's website www.artilium.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR PGUGAWUPRGMQ

(END) Dow Jones Newswires

March 27, 2018 02:00 ET (06:00 GMT)

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