Preliminary Results

 

TIDMATL 
 
RNS Number : 3383P 
Atlantic Global PLC 
24 March 2009 
 
? 
 
 
 
 
+------------------------------------+--------------------------------------+ 
| Press Release                      |                        24 March 2009 | 
+------------------------------------+--------------------------------------+ 
 
 
Atlantic Global Plc 
("Atlantic Global" or "the Group") 
 
 
Preliminary Results 
 
 
 
 
Atlantic Global Plc (AIM: ATL), the specialist provider of integrated business 
and resource management software applications, today announces its Preliminary 
Results for the year ended 31 December 2008. 
 
 
 
 
Financial and Operational Summary 
+----+---------------------------------------------------------------------------+ 
| -  | Turnover at GBP2.176m (2007: GBP2.303m)                                   | 
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| -  | Profit before tax increased by 40% to GBP401,000 (2007: GBP286,000)       | 
+----+---------------------------------------------------------------------------+ 
| -  | Delivered fifth consecutive profitable half year during the second half   | 
|    | of 2008                                                                   | 
+----+---------------------------------------------------------------------------+ 
| -  | Strong financial position, with net cash balance of GBP2,159,000 as at 31 | 
|    | December 2008                                                             | 
+----+---------------------------------------------------------------------------+ 
| -  | Earnings per share increased by 37.3% to 1.40p (2007: 1.02p)              | 
+----+---------------------------------------------------------------------------+ 
| -  | Proposed dividend of 0.4p (2007: 0.3p), maintaining the Group's           | 
|    | progressive dividend policy                                               | 
+----+---------------------------------------------------------------------------+ 
| -  | Ranked by Gartner as one of the world's leading 25 suppliers of Project   | 
|    | Portfolio Management software                                             | 
+----+---------------------------------------------------------------------------+ 
 
 
 
 
Prospects for 2009 
 
 
+----+---------------------------------------------------------------------------+ 
| -  | Continue to build on the progress made during 2008                        | 
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| -  | Launch a partnership campaign to spread the breadth of business           | 
|    | engagement                                                                | 
+----+---------------------------------------------------------------------------+ 
| -  | Deliver the Group's diversified business model by selling Hosted and SaaS | 
|    | solutions:                                                                | 
|    | o simplifying and speeding up the sales engagement process                | 
|    | o enabling penetration of markets outside the UK                          | 
+----+---------------------------------------------------------------------------+ 
 
 
  Adrian Bradshaw, Chairman of Atlantic Global commented: 
"I am pleased to report a further significant increase in profitability for 
2008.  Trading is in line with our expectations, with sales of the new OnDemand 
product starting the year strongly.  The recent additions to our product range 
and delivery capability enables the Group to enjoy continued success and we are 
well placed to achieve another year of continued profits growth during 2009." 
 
 
- Ends - 
 
 
 
 
For further information please contact: 
 
 
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| Atlantic Global Plc                      |                                     | 
+------------------------------------------+-------------------------------------+ 
| Eugene Blaine, Managing Director         |          Tel: [phone] | 
| [e-mail]        |                                     | 
+------------------------------------------+-------------------------------------+ 
| Rupert Hutton, Finance Director          |          Tel: [phone] | 
| [e-mail]        |            www.atlantic-global.com  | 
+------------------------------------------+-------------------------------------+ 
 
 
Broker enquiries: 
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| Daniel Stewart & Company Plc             |                                     | 
+------------------------------------------+-------------------------------------+ 
| Lindsay Mair / Simon Starr               |           Tel: [phone] | 
+------------------------------------------+-------------------------------------+ 
|                                          |             www.danielstewart.co.uk | 
+------------------------------------------+-------------------------------------+ 
 
 
Media enquiries: 
+------------------------------------------+-------------------------------------+ 
| Abchurch                                 |                                     | 
+------------------------------------------+-------------------------------------+ 
| Sarah Hollins / Nick Probert             |           Tel: [phone] | 
+------------------------------------------+-------------------------------------+ 
| [e-mail]          |             www.abchurch-group.com  | 
+------------------------------------------+-------------------------------------+ 
 
 
Chairman's Statement 
 
 
Introduction 
This is my second report to shareholders following my appointment as 
Non-Executive Chairman in September 2007 and I am pleased to report a further 
significant increase in profitability for 2008. 
 
 
Results 
The Group produced profit before taxation of GBP401,000 for the twelve months 
ended 31 December 2008 (2007: GBP286,000). The turnover of the Group for 2008 
was GBP2,176,000, (2007: GBP2,303,000). 
 
 
Earnings per share were 1.40 pence (2007: 1.02 pence). 
 
 
Atlantic Global continued to invest in and develop its Products during 2008. 
Despite this the Group continued to generate cash and had net cash balances, at 
the end of December 2008, of GBP2,159,000 compared with GBP1,546,000 the year 
before. 
 
 
New Clients 
During the year, we have gained new Project Portfolio Management (PPM) software 
customers, including Netstore, GlaxoSmithKline Biologicals (Belgium), GETECH 
Group plc, Andrew Winch Designs, Alliance Boots Healthcare Admiral Insurance and 
4D. We have also upgraded a significant part of the Norwich Union (Aviva) 
implementation to an "all module" licence, ensuring further penetration into the 
Aviva Group. 
 
 
The Group has experienced successful relationships with existing customers, as 
evidenced by new sales being made to Xchanging, Stepstone, The British Library, 
Pfizer, Bank of Tokyo and Harvey Nash. 
 
 
Recurring Income 
A strong feature of Atlantic Global is the level of recurring support and 
maintenance income which in 2008 was around GBP766,000 (2007: GBP730,000). This 
provides a solid base for the Group and means any new licence sales contribute 
significantly to profitability so the business has high operational gearing. 
 
 
 
 
 
 
 
 
 
 
Operating Review 
Our stated goal for 2008 was to increase the profitability of the Group and also 
to launch the new OnDemand service.  OnDemand is a cost effective, easy-to-use 
business management software solution designed to manage a business' employees, 
projects and customer relationship processes through a single fully web enabled 
solution. 
 
 
I am pleased to confirm that we have achieved these objectives with the 
continued increase in profitability and the on schedule launch of the first two 
of our OnDemand modules in October 2008. 
 
 
The third module was launched at the end of January 2009 and the Enterprise 
module is scheduled for release in April 2009. This new OnDemand service 
represents a significant investment for the Group which has been ongoing since 
March 2006. It provides Atlantic Global and its customers with many benefits: - 
 
 
Wider Geographic Coverage 
The OnDemand product has complete Multi-Currency and Multi-Lingual capability 
with English (UK), English (US) and French provided as standard. Additional 
languages are available on request. 
 
 
Deployment 
The OnDemand product provides a flexible range of deployment options ranging 
from: 
a)    On-Premise - which is similar to a traditional client installation 
b)    Hosted - where we install the product on Atlantic Global's infrastructure 
but in a dedicated customer 
 

      environment or 
c)    OnDemand - which is where all customers share the same Atlantic Global 
infrastructure. 
 
 
Product Improvements 
The OnDemand Service reflects Atlantic Global's 16 years of experience working 
with large organisations in this field. In addition, the new product is 
specifically designed for the OnDemand market which required us to place a 
greater emphasis on Security and Scalability which is why the Group has engaged 
with organisations that specialise in these areas to ensure that we are adopting 
the latest methods and techniques. 
 
 
Reduced Product Purchase Governance 
Providing the Software as a Service by-passes much of the governance introduced 
by larger organisations in relation to the standardisation of software product 
purchases. Finally, a Service means that the adoption of the solution does not 
require CAPEX budget approval. 
 
 
Streamlined License Model 
The Group has streamlined the licence modules to target well defined markets 
that include:- 
a)    Time & Expense Planning, 
b)    Project & Resource Planning, 
c)    Client Relationship Management 
d)    Enterprise Business Planning 
 
 
Customers can now purchase a central pool of licence units that can be deployed 
across any of the four modules. Each user will use a licence unit for each 
module that they wish to access. 
 
 
Hosting Partners 
We have signed a partnership contract with OpSource (www.opsource.net) to 
provide our OnDemand infrastructure. OpSource will also provide a 24 / 7 
helpdesk service and integration capability (www.Boomi.com). 
 
 
Sales and Marketing 
The Group has launched a new website (www.atlantic-global.com). The new website 
places a greater emphasis on selling the OnDemand modules supported by online 
videos and a free 30-day trial. 
 
 
We continually analyse the traffic on the Web and monitor the keywords that 
prospective customers use to search for our software. We believe the current 
adverse economic conditions will see organisations placing a greater emphasis on 
management information, especially in the field of resource productivity and 
portfolio delivery. 
 
 
Partnerships 
The new OnDemand product will make it easier for other organisations to partner 
with Atlantic Global. It removes the need for them to learn how to install the 
product and it makes it easier for Atlantic Global to remotely support the 
implementation irrespective of where they are located in the world. 
 
 
 
 
Atlantic Global believes that the current economic climate lends itself to a 
partnership engagement model. We are targeting potential partners who have an 
established customer base, existing relationships within those organisations and 
where they see an opportunity to promote Atlantic Global's products as a means 
of delivering added value to their customers. This would in turn drive 
additional revenue to the partner. We are pleased to report that we are 
currently actively exploring several partner opportunities. 
 
 
Strategy for the Future and Acquisitions 
The Board is continuing to seek acquisitions and to investigate complementary 
channels which will significantly increase the size of the Atlantic Global 
footprint within the software market. 
 
 
Repurchase of Company Shares 
For a number of years Atlantic Global has maintained relatively high cash levels 
reflecting the cash generative nature of the business. The return on this 
surplus cash is increasingly modest and the Directors believe that this cash 
could be better used by continuing to repurchase some of the Group's shares for 
cancellation. The Directors believe this will enhance shareholder value and 
accordingly we will seek re-approval at the forthcoming Annual General Meeting 
from shareholders to repurchase up to 10% of the company's outstanding share 
capital from time to time. During 2008, the company repurchased 115,000 shares 
at a cost of just over GBP20,000.  Since Atlantic Global's year end the Group 
has managed to purchase a further 35,000 shares at a cost of GBP6,200. 
 
 
Current Trading 
From our management accounts for the first two months of the calendar year, I 
can confirm that trading is in line with our expectations, continuing the strong 
finish to 2008, with sales of the new OnDemand product starting the year 
strongly.  We believe that recent additions to our product range and delivery 
capability will enable the Group to enjoy continued success in 2009. 
 
 
I am pleased to report that seven new customers have signed up to use the 
OnDemand service during this period ranging in size from a small eleven user 
implementation to a much larger 490 user implementation.  This demonstrates the 
broad appeal of the product and its relevance to varying sizes of organisation. 
 
 
 
 
 
 
We have already secured 60% of the Group's budgeted 2009 maintenance contracts 
and the current order book for services represents 30% of the budgeted service 
revenue for 2009. 
 
 
I believe that the Group is well placed to achieve another year of continued 
profits growth during 2009. 
 
 
Annual General Meeting 
We shall be holding our AGM on 5 May 2009 at our Head Office at Woodland Park, 
Bradford Road, Chain Bar, Cleckheaton, West Yorkshire, BD19 6BW. 
 
 
Following the formalities of the meeting we will, as in previous years, have 
time in which shareholders can meet the Directors and discuss the progress of 
the Group. I would extend the Board's invitation to all shareholders in the hope 
that as many as possible attend. 
 
 
Dividend 
The Directors are proposing a full year dividend for the year ended 31 December 
2008 of 0.4 pence per share, (2007: 0.3 pence per share). This is in addition to 
the interim dividend paid of 0.25 pence per share. The total for 2008 is 
therefore 0.65 pence per share for 2008 compared to 0.3 pence per share in 2007. 
The Directors will maintain a progressive dividend policy. 
 
 
People 
Atlantic Global continues to recognise and pay tribute to the employees for 
their hard work and professionalism that has enabled the Group to continue to 
increase profits and to deal with the effects of the current recession. We 
intend to augment our sales and marketing departments to facilitate the planned 
growth of the business during 2009. 
 
 
Adrian Bradshaw 
Chairman 
24 March 2009 
 
 
 
 
Consolidated Income Statement 
for the year ended 31 December 2008 
 
 
+----------------------------------------------------+----------+----------+ 
|                                                    |     2008 |     2007 | 
+----------------------------------------------------+----------+----------+ 
|                                                    |   GBP000 |   GBP000 | 
+----------------------------------------------------+----------+----------+ 
|                                                    |          |          | 
+----------------------------------------------------+----------+----------+ 
| Continuing Operations                              |          |          | 
+----------------------------------------------------+----------+----------+ 
| Revenue                                            |    2,176 |    2,303 | 
+----------------------------------------------------+----------+----------+ 
| Cost of sales                                      |  (1,186) |  (1,439) | 
+----------------------------------------------------+----------+----------+ 
|                                                    |          |          | 
+----------------------------------------------------+----------+----------+ 
| Gross profit                                       |      990 |      864 | 
+----------------------------------------------------+----------+----------+ 
| Administrative expenses                            |    (686) |    (659) | 
+----------------------------------------------------+----------+----------+ 
|                                                    |          |          | 
+----------------------------------------------------+----------+----------+ 
| Operating profit                                   |      304 |      205 | 
+----------------------------------------------------+----------+----------+ 
| Financial income                                   |       97 |       81 | 
+----------------------------------------------------+----------+----------+ 
|                                                    |          |          | 
+----------------------------------------------------+----------+----------+ 
| Profit before tax                                  |      401 |      286 | 
+----------------------------------------------------+----------+----------+ 
| Income tax                                         |     (81) |     (53) | 
+----------------------------------------------------+----------+----------+ 
|                                                    |          |          | 
+----------------------------------------------------+----------+----------+ 
| Profit for the period                              |      320 |      233 | 
+----------------------------------------------------+----------+----------+ 
|                                                    |          |          | 
+----------------------------------------------------+----------+----------+ 
| Attributable to:                                   |          |          | 
+----------------------------------------------------+----------+----------+ 
| Equity shareholders of the parent                  |      320 |      233 | 
+----------------------------------------------------+----------+----------+ 
|                                                    |          |          | 
+----------------------------------------------------+----------+----------+ 
 
 
+----------------------------------------------------+----------+----------+ 
| Earnings per share - continuing and total          |          |          | 
+----------------------------------------------------+----------+----------+ 
| Basic and diluted earnings per share (pence)       |     1.40 |     1.02 | 
+----------------------------------------------------+----------+----------+ 
|                                                    |          |          | 
+----------------------------------------------------+----------+----------+ 
 
 
 
 
 
 
  Consolidated Statement of Recognised Income and Expense 
for the year ended 31 December 2008 
 
 
+--------------------------------------------------+----------+----------+ 
|                                                  |     2008 |     2007 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |   GBP000 |   GBP000 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Profit for the period                            |      320 |      233 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Total recognised income and expense for the      |      320 |      233 | 
| period                                           |          |          | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Total recognised income and expense for the      |          |          | 
| period is attributable to:                       |          |          | 
+--------------------------------------------------+----------+----------+ 
| Equity shareholders of the parent                |      320 |      233 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
    Consolidated Balance Sheet 
at 31 December 2008 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
|                                                  |     2008 |     2007 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |   GBP000 |   GBP000 | 
+--------------------------------------------------+----------+----------+ 
| Assets                                           |          |          | 
+--------------------------------------------------+----------+----------+ 
| Non-current assets                               |          |          | 
+--------------------------------------------------+----------+----------+ 
| Intangible assets                                |    2,792 |    2,792 | 
+--------------------------------------------------+----------+----------+ 
| Property, plant and equipment                    |       15 |       19 | 
+--------------------------------------------------+----------+----------+ 
| Deferred tax asset                               |        9 |       62 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Total non-current assets                         |    2,816 |    2,873 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Current assets                                   |          |          | 
+--------------------------------------------------+----------+----------+ 
| Trade and other receivables                      |      936 |    1,367 | 
+--------------------------------------------------+----------+----------+ 
| Income tax receivable                            |        - |        9 | 
+--------------------------------------------------+----------+----------+ 
| Cash and cash equivalents                        |    2,159 |    1,546 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Total current assets                             |    3,095 |    2,922 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Total assets                                     |    5,911 |    5,795 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Liabilities                                      |          |          | 
+--------------------------------------------------+----------+----------+ 
| Current liabilities                              |          |          | 
+--------------------------------------------------+----------+----------+ 
| Trade and other payables                         |      681 |      768 | 
+--------------------------------------------------+----------+----------+ 
| Income tax payable                               |       28 |        - | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Total current liabilities                        |      709 |      768 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Total liabilities                                |      709 |      768 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Net assets                                       |    5,202 |    5,027 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Equity attributable to equity shareholders of    |          |          | 
| the parent                                       |          |          | 
+--------------------------------------------------+----------+----------+ 
| Share capital                                    |    1,139 |    1,145 | 
+--------------------------------------------------+----------+----------+ 
| Share premium                                    |    1,578 |    1,578 | 
+--------------------------------------------------+----------+----------+ 
| Merger reserve                                   |    2,538 |    2,538 | 
+--------------------------------------------------+----------+----------+ 
| Retained earnings                                |     (59) |    (234) | 
+--------------------------------------------------+----------+----------+ 
| Capital Redemption reserve                       |        6 |        - | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Total equity attributable to equity shareholders |    5,202 |    5,027 | 
| of the company                                   |          |          | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
 
 
  Consolidated Cash Flow Statement 
for the year ended 31 December 2008 
 
 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
|                                                  | 2008     |     2007 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |   GBP000 |   GBP000 | 
+--------------------------------------------------+----------+----------+ 
| Cash flows from operating activities             |          |          | 
+--------------------------------------------------+----------+----------+ 
| Profit for the year                              |      320 |      233 | 
+--------------------------------------------------+----------+----------+ 
| Adjustments for:                                 |          |          | 
+--------------------------------------------------+----------+----------+ 
| Equity settled share-based payment expenses      |        - |     (43) | 
+--------------------------------------------------+----------+----------+ 
| Financial income                                 |     (97) |     (81) | 
+--------------------------------------------------+----------+----------+ 
| Income tax                                       |       81 |       53 | 
+--------------------------------------------------+----------+----------+ 
| Depreciation                                     |       14 |       21 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Operating profit before changes in working       |      318 |      183 | 
| capital and provisions                           |          |          | 
+--------------------------------------------------+----------+----------+ 
| Decrease/ (increase) in trade and other          |      431 |    (568) | 
| receivables                                      |          |          | 
+--------------------------------------------------+----------+----------+ 
| (Decrease)/ increase in trade and other payables |     (86) |      259 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Income tax received                              |        8 |        - | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Net cash from/(used in) operating activities     |      671 |    (126) | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Cash flows from investing activities             |          |          | 
+--------------------------------------------------+----------+----------+ 
| Interest received                                |       97 |       81 | 
+--------------------------------------------------+----------+----------+ 
| Acquisition of property, plant and equipment     |     (10) |      (9) | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Net cash from investing activities               |       87 |       72 | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Cash flows from financing activities             |          |          | 
+--------------------------------------------------+----------+----------+ 
| Purchase of own shares                           |     (20) |        - | 
+--------------------------------------------------+----------+----------+ 
| Dividends paid                                   |    (125) |        - | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Net cash used in financing activities            |    (145) |        - | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Net increase/(decrease) in cash and cash         |      613 |     (54) | 
| equivalents                                      |          |          | 
+--------------------------------------------------+----------+----------+ 
| Cash and cash equivalents at the beginning of    |    1,546 |    1,600 | 
| the period                                       |          |          | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
| Cash and cash equivalents at the end of the      |    2,159 |    1,546 | 
| period                                           |          |          | 
+--------------------------------------------------+----------+----------+ 
|                                                  |          |          | 
+--------------------------------------------------+----------+----------+ 
 
 
 
Notes 
relating to the consolidated financial statements 
1 Publication of non-statutory financial statements 
The financial information set out in this preliminary announcement does not 
constitute statutory accounts as defined in Section 240 of the Companies Act 
1985. 
 
 
The consolidated income statement, the consolidated balance sheet at 31 December 
2008, the consolidated statement of recognised income and expense and the 
consolidated cash flow statement and have been extracted from the Group's 
financial statements upon which the auditors opinion is unqualified and does not 
include any statement under section 237 of the Companies Act 1985. Those 
financial statements have not yet been delivered to the Registrar. 
The audited accounts will be posted to all shareholders in due course and will 
be available on request by contacting the Company Secretary at the Company's 
Registered Office. 
2 Basis of preparation 
The preliminary announcement has been prepared under the historic cost 
convention and in accordance with International Financial Reporting Standards 
(IFRS) as adopted by the European Union. 
3 Earnings per share 
Basic earnings per share 
The calculation of basic earnings per share at 31 December 2008 was based on the 
profit attributable to ordinary shareholders of GBP320,000 (2007: GBP233,000) 
and a weighted average number of ordinary shares outstanding of 22,862,692 
(2007: 22,899,350). 
 
 
Diluted earnings per share 
There were no potentially dilutive options in issue in 2008 or 2007 and 
consequently there is no difference between basic and diluted earnings per 
share. 
4 Share capital 
+------------------------------------------------------+------------+------------+ 
|                                                      |       2008 |       2007 | 
+------------------------------------------------------+------------+------------+ 
|                                                      |     GBP000 |     GBP000 | 
+------------------------------------------------------+------------+------------+ 
| Authorised                                           |            |            | 
+------------------------------------------------------+------------+------------+ 
| 75,000,000 Ordinary shares of 5p each                |      3,750 |      3,750 | 
+------------------------------------------------------+------------+------------+ 
|                                                      |            |            | 
+------------------------------------------------------+------------+------------+ 
| Allotted, called up and fully paid                   |            |            | 
+------------------------------------------------------+------------+------------+ 
| 22,784,350 (2007: 22,899,350) Ordinary shares of 5p  |      1,139 |      1,145 | 
| each                                                 |            |            | 
+------------------------------------------------------+------------+------------+ 
|                                                      |            |            | 
+------------------------------------------------------+------------+------------+ 
The holders of ordinary shares are entitled to receive dividends as declared 
from time to time and are entitled to one vote per share at meetings of the 
Company. 
The movement in shares in the year relates to the purchase of 115,000 ordinary 
shares of 5p by the company. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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