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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Atlantic Global | LSE:ATL | London | Ordinary Share | GB0030419542 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 21.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMATL Press Release 22 March 2011 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 2010. Financial and Operational Summary · Turnover of GBP1.2 million (2009: GBP1.4 million) · Losses before taxation of GBP220,000 (2009: GBP130,000) · Net cash balance of GBP2.0 million (2009: GBP2.0 million) · Loss per share was 0.85 pence (2009: 0.57 pence) · Launch of automated Software as a Service (SaaS) solution, already securing over 300 trials since 9 November 2010 · Strengthened areas of functionality with a view to providing a complete 'end to end' business solution that manages sales enquiries, customer contact information, project execution and billing with integration into back end financial systems · Packaged the solution functionality into discrete products targeted at small, medium and larger types of organisations · Successfully engaged with two partners that have significantly expanded our Sales & Marketing capability · New blue-chip OnDemand customers include Merseyside Police, Quadratek Consulting Ltd, British Computer Society and Friends Provident Prospects for 2011 · Continue to build on the progress made in 2010 by continued investment in R&D, consistent innovation and increase in sales and marketing of the Group's products and services · Increase customer base through the launch of the automated SaaS solution and new partnership opportunities with expected revenue from these new channels Adrian Bradshaw, Chairman of Atlantic Global commented: "Despite challenging market conditions, I can report the results are in line with the Board's expectations. The strong commercial progress made by the Group in 2010 has positioned us well going into 2011. "A key strategic objective for 2011 is to establish partnerships with other organisations to indirectly increase our market presence and our sales capability. The Board is pleased to announce a new partnership deal in the Middle East and a joint marketing initiative with Baker Tilly Revas Limited, the back office outsourcing division of Baker Tilly. The Group reports that it has already secured approximately 69% of its budgeted 2011 support revenue. The OnDemand contracts delivered during 2010 increased by 180% and as a result the Group is well placed for future growth. "The Group has made significant investments across all areas of the business and has secured over 300 trials of its new Software as a Service (SaaS) product. Based on the increased level of customer IT spend and improved economic trading conditions the Board has full confidence that the current year will show an improvement on 2010. " - Ends - For further information please contact: Atlantic Global Plc Eugene Blaine, Managing Director Tel: +44 (0) 1274 863 300 Rupert Hutton, Finance Director eugene.blaine@atlantic-global.com rupert.hutton@atlantic-global.com www.atlantic-global.co.uk Daniel Stewart & Company plc Paul Shackleton / Noelle Greenaway, Nominated Advisers Tel: +44 (0) 207 776 6550 Christopher Theis, Corporate Broker Media enquiries: Abchurch Communications Sarah Hollins / Simone Elviss Tel: +44 (0) 20 7398 7728 simone.elviss@abchurch-group.com www.abchurch-group.com Chairman's Statement The Board believes that the financial results for 2010 did not reflect the solid underlying commercial progress made by the Group, and are disappointed to report a loss before taxation of GBP220,000 compared with a loss of GBP130,000 for 2009. Group turnover was GBP1,166,000 (2009: GBP1,350,000). The loss per share was 0.85 pence (2009 loss per share: 0.57 pence). A number of material contracts expected in December 2010 were delayed and orders were received in early 2011, post year end. The Group increased its net cash balance at the year end to GBP2,036,000 (2009: GBP2,032,000). The Group maintained its investment in research and development at a cost of GBP402,000 (2009: GBP403,000), which resulted in the launch of a fully automated Software as a Service (SaaS) solution being made available on the 9 November 2010. The introduction of this automated SaaS platform allows customers to commence evaluating our solution at their own convenience. This capability marks a significant milestone for the Group and provides an effective means of targeting and engaging with larger volumes of small and medium sized enterprises as well as individual departments within a larger organisation. The Contract and Billing Management functionality has been further refined and is now attracting interest from partners operating in the accounting and payroll services sector. Following feedback from the November 2010 release, the Group launched another major release of its SaaS solution on the 15 March 2011 that packages the functionality into discreet products that are targeted at small, medium and larger types of organisations. It showcases the Group's software products in the best possible light by showing a new prospect only the functionality they have specifically requested. New Clients The Group secured an increasing number of blue-chip OnDemand customers throughout the year, including Merseyside Police, Quadratek Consulting Ltd, British Computer Society and Friends Provident. Recurring and Deferred Income The level of recurring support income for 2010 fell slightly to GBP575,000 (2009: GBP668,000), due to some clients reducing their requirement for supported licences. The reduction of support revenue was also a result of Atlantic Global upgrading existing clients to the SaaS model, securing extra ongoing revenue for the Group in the process. The Group has already secured approximately 69% of its budgeted 2011 support revenue. The OnDemand contracts delivered during 2010 increased by 179% to GBP148,000, (2009: GBP53,000). With GBP83,000 of SaaS income already in deferred income at the year end, this is a solid recurring revenue base for the Group, especially given the positive indication of monthly revenue intake from the SaaS contacts, and the significant increase in SaaS trials taken up in late 2010 and early 2011. Operating Review Atlantic Global's aim for 2010 was to launch a fully automated SaaS platform for customers to trial and adopt without needing to contact Atlantic Global. As part of the launch, the Group offered customers a 60 day free trial and I am pleased to report that over 300 prospective customers have availed of this opportunity since its launch on the 9 November 2010. A small number of the trials have converted to paying customers and a number of other trials have progressed to larger sales opportunities that will take longer to close. The trials have also provided the Group with valuable feedback which formed the basis of the 15 March release. Customer feedback led the Group to strengthen areas of functionality with a view to providing a complete end to end business solution that manages sales enquiries, customer contact information, project execution and billing with integration into back end financial systems. It also saw the introduction of document management which is becoming an increasing important business requirement in many organisations. Routes to Market The products' ease of deployment has made it easier for the Group to partner with other organisations. The Group has established a partnership with LiveRoute, who are the first dedicated SaaS solution provider based in the Middle East. The Group has agreed a joint marketing initiative with Baker Tilly Revas Limited, the back office outsourcing division of Baker Tilly. Baker Tilly is the eighth largest accounting practice in the UK and an independent member of Baker Tilly International, the eighth largest accounting network in the world. Sales and Marketing The Group has increased its marketing budget for 2011 which has been depressed since 2006 whilst the Company adapted the solution to focus on a more receptive and accessible SaaS market. The Group has commenced the recruitment of sales, customer services and implementation staff, partly to meet increased levels of trading activity. 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 it could be better used by continuing to repurchase some of the Company's shares for cancellation. The Directors believe this will enhance shareholder value and accordingly shareholder approval will be sought at the forthcoming Annual General Meeting to repurchase up to 10% of the Company's outstanding share capital from time to time. During 2010, the Company repurchased 50,000 shares at a cost of GBP5,500. Dividend The Directors are not proposing a full year dividend for the year ended 31 December 2010, (2009: nil pence per share). The Directors will return to their progressive dividend policy once there is a return to profitability. The interim dividend was 0.4 pence per share (2009: nil pence per share). Current Trading and Outlook A number of contracts expected in 2010 were secured in 2011. In particular the Group secured new contracts with, amongst others, Harvey Nash and SpecSavers as well as customers in the Middle East gained through the partnership with LiveRoute. For the current year to date, trading is in line with the Board's expectations. There are indications that customers are starting to increase IT spend again. Partners and potential partners are also developing their strategies and are proactively looking for new revenue streams. The latest product launches, current partnership agreements and negotiations with potential partners give the Board confidence that the current year will show an improvement on 2010. The pipeline of new business prospects is currently strong, as are the possibilities of new partnership opportunities. Annual General Meeting We shall be holding our AGM at 2.30pm on 19 April 2011 at the Group's head office at Woodland Park, Bradford Road, Chain Bar, Cleckheaton, West Yorkshire, BD19 6BW. The Board extends the invitation to all shareholders in the hope that as many as possible attend. Staff We recognise the skill, and dedication of our employees. The change of strategy has required significant commitment and patience that has put the group into a strong position where we look forward to a very positive 2011. Adrian Bradshaw Chairman 22 March 2011 Consolidated Statement of Comprehensive Income for the year ended 31 December 2010 2010 2009 GBP 000 GBP 000 Revenue 1,166 1,350 Cost of sales (853) (927) --------- -------- Gross profit 313 423 --------- -------- Administration and other operating expenses (547) (569) --------- -------- Operating loss (234) (146) Finance income 14 16 --------- -------- Loss before tax (220) (130) Income tax credit 30 - --------- -------- Loss and total comprehensive income for the period attributable to owners of the parent (190) (130) Loss per share Basic & diluted (pence) (0.85)p (0.57)p --------- -------- Consolidated statement of changes in equity for the 12 months ended 31 December 2010 12 months ended 31 December Share Merger Profit Capital 2010 Share premium reserve and loss redemption Capital account account reserve Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance brought forward at 1 January 2010 1,123 1,578 2.538 (332) 22 4,929 Dividends Paid - - - (22) - (22) Share buy back (2) - - (5) 2 (5) -------------------------------------------------- Transactions with owners (2) - - (27) 2 (27) Loss and total comprehensive income for the period - - - (190) - (190) -------------------------------------------------- Balance at 31 December 2010 1,121 1,578 2,538 (549) 24 4,712 12 months ended 31 December Share Merger Profit Capital 2009 Share premium reserve and loss redemption Capital account account reserve Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance brought forward at 1 January 2009 1,139 1,578 2,538 (59) 6 5,202 Dividends Paid - - - (91) - (91) Share buy back (16) - - (52) 16 (52) -------------------------------------------------- Transactions with owners (16) - - (143) 16 (143) Loss and total comprehensive income for the period - - - (130) - (130) -------------------------------------------------- Balance at 31 December 2009 1,123 1,578 2,538 (332) 22 4,929 Consolidated Balance Sheet as at 31 December 2010 2010 2009 GBP 000 GBP 000 Assets Non-current assets Intangible assets 2,792 2,792 Property, plant and equipment 8 13 Deferred tax asset 52 52 ------------------ Total non-current assets 2,852 2,857 Current assets Trade and other receivables 359 507 Income tax receivable 16 12 Cash and cash equivalents 2,036 2,032 ------------------ 2,411 2,551 ------------------ Total assets 5,263 5,408 Equity and liabilities Liabilities Current liabilities Trade and other payables 551 479 ------------------ Total liabilities 551 479 Equity attributable to owners of the parent Share capital 1,121 1,123 Share premium account 1,578 1,578 Merger reserve 2,538 2,538 Retained earnings (549) (332) Capital redemption reserve 24 22 ------------------ Total equity 4,712 4,929 ------------------ ------------------ Total equity and liabilities 5,263 5,408 Consolidated Cash Flow Statement for the year ended 31 December 2010 2010 2009 GBP000 GBP000 Cash flows from operating activities Loss for the year (190) (130) Adjustments for: Financial income (14) (16) Income tax (30) - Depreciation 7 10 Operating loss before changes in working capital (227) (136) and provisions Decrease in trade and other receivables 148 429 Increase/(decrease) in trade and other payables 72 (202) Income tax received/(paid) 26 (83) Net cash from operating activities 19 8 Cash flows from investing activities Interest received 14 16 Purchase of property, plant and equipment (2) (8) Net cash from investing activities 12 8 Cash flows from financing activities Purchase of own shares (5) (52) Dividends paid (22) (91) Net cash used in financing activities (27) (143) Net increase/(decrease) in cash and cash 4 (127) equivalents Cash and cash equivalents at the beginning of 2,032 2,159 the period Cash and cash equivalents at the end of the 2,036 2,032 period Notes Relating to the consolidated financial statements Notes 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 434 of the Companies Act 2006. The consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated balance sheet and the consolidated cash flow statement have been extracted from the Group's financial statements for the year ended 31 December 2010 upon which the auditors opinion is unqualified and does not include any statement under section 498(2) or 498(3) of the Companies Act 2006. Those financial statements have not yet been delivered to the Registrar. The statutory accounts for the year ended 31 December 2009 have been delivered to the registrar, contained an unqualified audit report and did not include a statement under section 498(2) or 498(3) of the Companies Act 2006. 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. Loss per share Basic loss per share The calculation of basic loss per share at 31 December 2010 was based on the loss attributable to ordinary shareholders of GBP(190,000) (2009: GBP(130,000)) and a weighted average number of ordinary shares outstanding of 22,447,103 (2009: 22,664,024). Diluted loss per share There is no difference between basic and diluted loss per share. 4. Share capital 2010 2009 GBP000 GBP000 Authorised 75,000,000 Ordinary shares of 5p each 3,750 3,750 Allotted, called up and fully paid 22,421,350 (2009: 22,471,350) Ordinary shares of 5p each 1,121 1,123 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 50,000 ordinary shares of 5p by the Company. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Atlantic Global Plc via Thomson Reuters ONE [HUG#1498776]
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