We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dowlais Group Plc | LSE:DWL | London | Ordinary Share | GB00BMWRZ071 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.85 | -2.25% | 80.25 | 80.45 | 80.60 | 82.30 | 78.95 | 82.30 | 7,088,015 | 16:35:25 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 4.86B | -501M | - | N/A | 0 |
TIDMALT
RNS Number : 5135A
Altitude Group PLC
29 September 2015
The following amendment has been made to the 'Interim Results' announcement released on 29 September 2015 at 7.00 a.m. under RNS No 4655A:
The consolidated balance sheet as at 30 June 2015 has been corrected as it previously contained entries relating to the prior year in error.
The full amended text is shown below.
REPLACEMENT
Altitude Group plc
("Altitude" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015
Altitude Group plc (AIM: ALT), the provider of innovative technology solutions for small to medium sized businesses, announces its interim results for the six month period ended 30 June 2015.
Highlights:
-- Revenue increased to GBP3.14m (H1 2014: GBP3.04m) -- Adjusted operating profit* GBP0.17m (H1 2014: GBP0.13m)
-- Reduction in annualised overhead base of GBP1.5m through restructuring of Group in the period
-- Strong performance at The Trade Only National Show with solid improvement in profitability. Bookings for 2016 in line with our expectations
-- Award of USA patent for the artworktool(tm) application in August 2015
(* before amortisation of intangible assets, share-based payments and non-recurring administrative expenses and discontinued operations)
Executive Chairman, Richard Sowerby, commented: "The Group undertook a substantial restructuring process in the period including changes to the Board. We now have a much leaner and focused business with clear reporting lines and responsibilities under a centralised management structure led by a Group Managing Director. Our North American sales function now operates from a single location reducing duplication of cost and effort.
"Securing the patent in August 2015 for the artworktool(tm) solution and the processes it uses to help users create artwork online has been a tremendous achievement and is the result of three years of hard work and considerable cash investment. We now have a comprehensive suite of products to take forward using exclusive, unique and protected proprietary technology.
"The restructuring and the award of the patent ensure that the Group is in good shape. We have reduced our cost base by an annual GBP1.5m at the cost of just over GBP0.3m from which the benefit will start to flow in the second half of the year and beyond. Our focus going forward will be to capitalise on this hard work and drive shareholder value by leveraging the Company's existing technology products and continuing to build the successful exhibitions and publications business."
Enquiries:
Altitude Group plc Richard Sowerby (Executive Chairman) Tel: 07525 220876 WH Ireland Limited (Nominated Adviser and Broker) Tim Feather Tel: 0113 394 Liam Gribben 6600
Strategic update
Our fundamental strategy remains unchanged, as we focus our SaaS offerings largely on SME's under the Customer Focus brand, both within the UK and increasingly within North America.
During the period, as part of the reorganisation we combined the sales and customer service operations for our Technologo and artworktool(tm) products under the Customer Focus brand. This integrated offering is attracting increased interest and, whilst the product enhances our overall technology offering, the possibilities for the technology are applicable to a much wider market and the opportunity is potentially very large for the Group.
We continue to make progress in the defined personalised product sector, as well as the closely related print reseller market with our integrated Web Store and CRM/ERP solution which enables businesses to operate in these niches for a subscription starting from a highly competitive $99 per month.
Our Exhibition and publications business continues to perform strongly, the January 2015 event showed another strong performance with increased profitability. Bookings for the 2016 show are in line with management expectations and we expect another good performance from this business in H1, 2016 based on booked orders.
With the over 4,000 delegates that attend the main event in January each year all being involved in the print, promotional and personalised gift sectors, the potential to drive additional sales of our SaaS products in the UK remains strong and adds further value to the Group from the ability to engage so many customers with other products and services.
Structure
Throughout 2013 and 2014 the Group invested significantly in its overhead base and development creating a number of autonomous entities managed and controlled locally under a part time Group Executive Chairman. It became clear that this strategy was not only expensive but also distracting and inefficient. The changes made to the board in April 2015 were the catalyst for a wider and comprehensive restructuring exercise.
This process saw the appointment of Vicky Robinson as Group Managing Director providing a single point of Group management and control, and Peter Hallett as Non-Executive Director to improve our compliance with sound corporate governance principles, and my move to Executive Chairman.
The structural review led to our North American sales efforts being focused out of a single location in Costa Mesa California, the centralisation of many support functions predominantly in the UK, and the outsourcing of much of our development activity to low cost Eastern Europe.
These changes have reduced our annualised overhead cost base, excluding development and maintenance activities, by GBP1.5m comparing June 2015 with January 2015 run rates, dropping from GBP4.8m annualised to GBP3.3m..
Results
Whilst we reported sales growth from GBP3.04m in 2014 to GBP3.15m in 2015 and an increase in gross profit of GBP0.16m to GBP2.39m, the cost build up under the previous structure, and the costs incurred in the restructuring resulted in a net loss for the period of GBP0.7m compared to GBP0.2m for the same period last year.
Profit before amortisation, exceptional and non-recurring expenses, foreign exchange and share based payments was GBP0.17m for the period compared to a profit of GBP0.13m for the same period in 2014. This reflects the underlying result for the period before the costs of restructuring and the businesses that were discontinued in the period. Our combined US operations ended the period making a positive contribution to Group profits under this new structure.
The exceptional and non-recurring expenses of GBP0.56m include the cost of the restructuring exercise of GBP0.32m and non-recurring costs for the Canadian business of GBP0.24m. The non-recurring expenses compare to GBP0.19m for the six months to June 2014 and GBP0.43m for the full year which are included in administrative expenses.
In the UK, the 2015 Trade Only National Show in January was sold out again and delivered an improved profit contribution on 2014. The exhibition, now renamed as The Promotional Products Expo ("PPE"), continues to be the premier event in the promotional products industry calendar and we have pre-sold available space for January 2016 in line with our expectations.
The costs of restructuring had an impact on our cash balance in the period. We saw a cash outflow in the six months of GBP0.97m. Our business cycle means that we recognise the income and expenditure from the National Show in the first half, but the cash for that event is received in the second half of the year. In addition we have funded the majority of the costs of the restructuring in the period. Our operating cash flow before exceptional and non-recurring expenses was an outflow of GBP0.37m (H1 2014: GBP0.36m), but we are confident that levels of business and our cost savings will ensure that the business is adequately funded for the foreseeable future.
Product Development
Product development remains at the heart of our SaaS business. Our new structure benefitted from the appointment of a Chief Technology Officer in the period. We have ensured that we have continued to develop and enhance our products in a more cost effective manner using a mixture of in-house and outsourced developers.
In the period we spent a total of GBP0.5m in this area of which we have capitalised GBP0.12m. In the six month period ended 30 June 2014 we spent GBP0.54m with GBP0.22m capitalised across a number of products.
A significant achievement in this area has been the success in obtaining a patent for artworktool(tm) , a solution which enables users to easily create and share graphics and print-ready artwork using any device with a suitable browser. We believe this has revenue opportunities beyond the current focus of our key markets.
Outlook
We continue to drive forward a leaner and more focused structure with clear and concise reporting lines. In addition our product development team is delivering products of which the Board is confident will be a source of increasing shareholder value.in 2016 and beyond.
Richard Sowerby
Executive Chairman
(MORE TO FOLLOW) Dow Jones Newswires
September 29, 2015 03:49 ET (07:49 GMT)
Consolidated income statement for the six month period ended 30 June 2015
Retated (note5) Unaudited Unaudited 30 June 31 December 30 June 2015 2014 2014 GBP'000 GBP'000 GBP'000 Revenue - Continuing Operations 3,146 4,440 3,044 Cost of sales (753) (971) (812) ---------- ------------ ----------- Gross profit 2,393 3,469 2,232 Administrative costs (3,094) (5,124) (2,439) ---------- ------------ ----------- Operating (loss)/profit before amortisation of intangible assets, non-recurring administrative expenses and share based payment charges 170 (1,035) 133 Amortisation of intangible assets (239) (478) (238) Exceptional and non-recurring administrative expenses (562) - - Foreign exchange differences (37) 26 (18) Share based payment charges (33) (168) (84) --------------------------------------- ---------- ------------ ----------- Operating loss (701) (1,655) (207) Finance income - 89 85 Loss before tax (701) (1,566) (122) Taxation - - - ---------- ------------ ----------- Loss attributable to the equity shareholders of the Company (701) (1,566) (122) ========== ============ =========== Loss earnings per ordinary share attributable to the equity shareholders of the Company : - Basic (pence) (1.63) (3.64) (0.28) - Diluted (pence) (1.63) (3.64) (0.28) ---------- ------------ -----------
Consolidated statement of changes in equity for the six month period ended 30 June 2015
Share Share Retained Capital Premium Earnings GBP'000 GBP'000 GBP'000 At 1 January 2015 172 6,254 (4,145) Result for the period - - (701) Share based payment charges - - 33 -------- -------- --------- At 30 June 2015 172 6,254 (4,813) -------- -------- ---------
Consolidated balance sheet as at 30 June 2015
Unaudited Unaudited 30 June 31 December 30 June 2015 2014 2014 GBP'000 GBP'000 GBP'000 Non-current assets Property, plant & equipment 79 105 144 Intangibles 1,069 1,184 1,164 Goodwill 564 564 564 Deferred tax 426 426 426 ---------- ------------ ---------- 2,138 2,279 2,298 Current assets Trade and other receivables 372 787 479 Cash and cash equivalents 305 1,280 1,927 ---------- ------------ ---------- Total current assets 677 2,067 2,406 ---------- ------------ ---------- Total assets 2,815 4,346 4,704 ---------- ------------ ---------- Current liabilities Trade and other payables (1,202) (2,065) (1,063) ---------- ------------ ---------- (1,202) (2,065) (1,063) ---------- ------------ ---------- Net assets 1,613 2,281 3,641 ---------- ------------ ---------- Called up share capital 172 172 172 Share premium 6,254 6,254 6,254 Retained earnings (4,813) (4,145) (2,785) ---------- ------------ ---------- Total equity 1,613 2,281 3,641 ---------- ------------ ----------
Consolidated cash flow statement for the six month period ended 30 June 2015
Restated (note Unaudited 5) Unaudited 30 June 31 December 30 June 2015 2014 2014 GBP'000 GBP'000 GBP'000 Operating activities Loss for the period (701) (1,566) (122) Amortisation of intangible assets 239 478 238 Depreciation 47 102 48 Net finance (credit)/expense - (89) (85) Share based payment charges 33 168 84 ---------- ------------ -------------- Operating cash flow before changes in working capital (382) (907) 163 Movement in trade and other receivables 415 222 530 Movement in trade and other payables (862) (48) (1,053) ---------- ------------ -------------- Operating cash flow before exceptional and non-recurring expenses (367) (733) (360) Cash flow from exceptional and non-recurring charges (462) - - ---------------------------------------- ---------- ------------ -------------- Operating cash flow from operations (829) (733) (360) Interest received - 89 85 ---------- ------------ -------------- Net cash flow from operating activities (829) (644) (275) ---------- ------------ -------------- Investing activities Purchase of plant and equipment (21) (51) (33) Purchase of intangible assets (125) (475) (215) Repayment of loan note receivable - 2,000 2,000 ---------- ------------ -------------- Net cash flow from investing activities (146) 1,474 1,752 ---------- ------------ -------------- Net increase/(decrease) in cash and cash equivalents (975) 830 1,477 Cash and cash equivalents at the beginning of the period 1,280 450 450 ---------- ------------ -------------- Cash and cash equivalents at the end of the period 305 1,280 1,927 ---------- ------------ --------------
Notes to the half yearly financial information
Notes to the half yearly financial information
1. Basis of preparation
This consolidated half yearly financial information for the half year ended 30 June 2015 has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 December 2014.
The consolidated half yearly report was approved by the Board of directors on 28 September 2015.
The financial information contained in the interim report does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for complete financial statements. Comparative figures for the year ended 31 December 2014 have been extracted from the statutory accounts for the year ended 31 December 2014 which have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying his report and did not contain a statement made under Section 498 (2) or (3) of the Companies Act 2006.
(MORE TO FOLLOW) Dow Jones Newswires
September 29, 2015 03:49 ET (07:49 GMT)
1 Year Dowlais Chart |
1 Month Dowlais Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions