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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bartercard | LSE:BRTR | London | Ordinary Share | GB0033432856 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7612I Bartercard plc 11 September 2006 Bartercard PLC The Directors of Bartercard announce that the Company is working with its auditors, Grant Thornton, to finalise its audited accounts for the year to 31st March 2006. These numbers are now expected to be released shortly. The Directors of Bartercard advise that it will report revenues of A$52m (circa #21m) and the net loss for the year is likely to be in the order of A$4.8 million (circa #1.9m). This loss is attributable to non repeating costs, events and accounting changes, which the Directors do not expect to recur. Of this amount, A$2,143,000 (#882,000) arises from the costs associated with the re-admission of the Company's shares to trading on AIM via the reverse takeover (RTO) of Universal Direct Group Plc (now Bartercard Plc) and the subsequent closure and write-off of the Universal Direct Group businesses. In addition, A$825,000 (#339,000) of the loss is attributable to accounting changes associated with the first time adoption of IFRS. The remainder of the loss is attributable to a number of trade-related items and the timing of the sale of Sunbury brokerage in the UK for A$ 900,000 (#360,000) which took place after the end of financial year. Lower than expected revenues from the sale of international licences were caused by the requirement of executives to focus on the RTO and other key strategic activities, however the current series of international license sales for this financial year already amounts to A$ 3.2 million (#1.3 million). The Directors have taken a number of remedial actions in terms of costs and overheads since the end of financial year, including a reduction in staff in the UK and Australia and improved credit control. The Company is reviewing with Grant Thornton and with its Nominated Adviser, Nabarro Wells, its working capital position, future capital raising and its reporting systems and internal financial controls. Negotiations are currently underway for a sale and lease back of the company's building it owns in Australia to provide funding for continued growth in the UK and the UAE. Separately the Directors announce that Hichens, Harrison & Co. plc has given notice under the terms of its engagement with the Company and therefore will cease to act as the Company's broker as of 8 October 2006. The Directors intend to seek the appointment of a replacement broker as soon as possible and is already in discussion with potential candidates. 11 September 2006 -End- Press enquiries: Bartercard PLC 0870 920 1000 Wayne Sharp Chairman and Chief Executive Officer This information is provided by RNS The company news service from the London Stock Exchange END TSTGUUCGBUPQGWG
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