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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Imagelinx | LSE:ILI | London | Ordinary Share | GB0004352935 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.225 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMILI RNS Number : 0653J Imagelinx PLC 24 March 2010 Imagelinx Plc Final results for the year ended 31 December 2009 Group highlights · Sales growth of 27% on prior year as a result of contribution from new brands for the first time and additional spend from existing clients. · Operating profit before intangible assets amortisation, exceptional items, depreciation and share based payments was GBP1,729,000 compared to GBP971,000 in 2008 and a loss of GBP224,000 in 2007. · Second half 2009 profit of GBP0.8m before exceptional items and intangible assets amortisation compared with GBP0.6m in first half of 2009. · Net cash generated from operating activities of GBP0.9m (2008 outflow of GBP0.2m) has been used to invest in technology and repay debt. · Reorganisation and investment in the final quarter of 2009 and first quarter 2010 to strengthen the business for the future. +---------------------------------------------+-------+--------+--------+ | Group Results Highlights - GBP millions | 2009 | 2008 | 2007 | +---------------------------------------------+-------+--------+--------+ | Sales | 11.7 | 9.2 | 7.5 | +---------------------------------------------+-------+--------+--------+ | Operating profit/(loss) before operating | 1.4 | 0.5 | (0.8) | | exceptional items and intangible assets | | | | | amortisation | | | | +---------------------------------------------+-------+--------+--------+ | Other operating exceptional items | - | (0.3) | (0.1) | +---------------------------------------------+-------+--------+--------+ | Intangible assets amortisation | (0.2) | (0.2) | (0.2) | +---------------------------------------------+-------+--------+--------+ | Gain on pension scheme | - | 4.6 | - | +---------------------------------------------+-------+--------+--------+ | Operating profit/(loss) | 1.2 | 4.6 | (1.1) | +---------------------------------------------+-------+--------+--------+ | Net interest | - | - | - | +---------------------------------------------+-------+--------+--------+ | Profit/(loss) before tax | 1.2 | 4.6 | (1.1) | +---------------------------------------------+-------+--------+--------+ The full announcement follows. Enquiries Imagelinx plc Richard Clothier, Chairman Tel: +44 7771 644 962 Alistair Rae, Chief Executive Tel: +44 7736 883 934 Seymour Pierce Limited David Foreman Tel: +44 20 7107 8000 Editors Note: Imagelinx plc is a global provider of graphic brand management services. It has operations in UK and USA, offices in France and Germany and is quoted on the Alternative Investment Market in London. Group financial performance 2009 has seen a further major improvement in the group's performance, with turnover rising by 27% from GBP9.2m in 2008 to GBP11.7m in 2009. This has driven pre-tax profits from just GBP10,000 in 2008 (excluding the exceptional gain arising on the elimination of the pension fund deficit) to GBP1.2m this year. Net interest costs remained modest at GBP46,000 (2008: GBP27,000). After annual amortisation of intangible assets of GBP198,000 in each year, the earnings before interest, tax and amortisation were GBP1.4m compared to GBP210,000 in 2008. After adding back depreciation, EBITDA was GBP1.7m compared to GBP0.8m in 2008. There is a nominal tax charge of GBP9,000 relating to USA State taxes (2008: GBP17,000), but with trading tax losses in the UK and the USA of GBP20m and $6m respectively, we are not expecting to pay corporation tax for the foreseeable future. The Group consolidated statement of financial position saw further improvement with net assets rising to GBP8m from GBP6.8m. The remaining loan note of GBP185,000 was repaid in the second half of the year and debt (net of cash), including the above loan note, fell from a total of GBP552,000 to GBP125,000. Trade and other payables were reduced by GBP0.2m and trade and other receivables increased by GBP0.6m, reflecting the increase in revenue. Capital expenditure was GBP0.4m and is likely to exceed this figure in the current year as we take advantage of new technology to strengthen our capabilities. Cash generated from operating activities was GBP0.9m (compared to an outflow of GBP0.2m in the prior year). This was utilised to invest in capital equipment of GBP0.3m and to pay off loans, finance leases and interest totalling GBP0.4m. Increase in cash and cash equivalents was therefore GBP0.2m and net overdraft position was negative GBP0.1m at the end of the year (2008; GBP0.4m) with undrawn facilities of GBP0.7m available. The second half of 2009 was stronger than the first half with revenue of GBP6.1m against GBP5.6m and operating profits of GBP693,000 against GBP513,000 in the first half. During the year we have seen the benefit of additional revenue of approximately GBP0.7m relating to two new client brands and additional spend by existing clients of some GBP0.8m. The weakness of the pound compared to the dollar and the euro has also had a beneficial effect in terms of revenue. Almost all of our clients have increased their spend with Imagelinx over the last year. This has been driven by numerous different factors, but is usually due to marketing led initiatives by clients. Other reasons include moves to lower cost printer suppliers or to alternative lower cost packaging. As announced in early 2009 we were pleased to be awarded the Russian business of one of our current customers and 2009 saw the full year benefit of this in addition to the commencement of work for two other major brands as noted above. During the year we also won further business with existing clients with the range of work extending from design and creative work to artwork and more recently, additional flexo-platemaking work. To support increasing demand for flexo printing, compared to gravure printing, we are investing in new generation flexo plate making technology to support existing and new clients. 2009 finished on a strong note with revenue in that month alone being GBP940,000, an increase on the prior year of some 25%. Gross margin rose to 51% from 47% as a result of the increased revenue. Our cost of sales increased by GBP840,000 during the year as we added extra staff. At the end of the year we also opened a studio in Cincinnati, USA to provide local support to a major client. Staff numbers both in the Cincinnati and Boston studios as well as client facing staff were increased in the last quarter to enable a more comprehensive service for a number of clients in North America. We are currently seeking to balance out some of that increase in front end costs during the first half of 2010 by reducing cost elsewhere. Total staff employed has risen from 120 at the end of 2008 to 141 at the end of 2009 and average staff numbers were 132 (2008: 122). The average ratio of direct as opposed to administration staff during the year was 72% compared to 70% in 2008. Business developments The Group has been engaged on a number of new developments during 2009 which are being implemented in the current year and which will enhance the flexibility and processing times of our operations. We have developed a new order entry system which will have been implemented in the UK and USA by April this year. This will simplify and automate the detailed data entry requirements for each order. As the orders in just two of our studios can total 25,000 in a full year, we expect a material benefit to that aspect of the business. Last year also saw the take-up of new studio tools which assist in the automation of certain workflows and again, implementation is nearing completion. This is also expected to have a material impact in processing speed for both artworks and colour separations. We continue to upgrade our proofing capability as innovation offers both the Group and its clients digital proofing options which can reduce lead times and costs. In December our two main UK operating subsidiaries, Imagelinx UK Limited and Imagelinx Milton Keynes Limited (formerly Tecnolink Limited) were merged into one entity to simplify the group structure and reduce administration costs. We also intend to restructure the Group consolidated statement of financial position by eliminating the historic losses against the share premium account and a resolution will be put to shareholders at the forthcoming Annual General Meeting asking shareholders to approve this change. In September last year Albert Klein changed his role from executive to non-executive chairman as he became Chief Executive of another business, based in Germany. This new role has been demanding in terms of his time and in January this year he decided to step down from the role of Chairman to that of non-executive director. The Board are pleased to welcome Richard Clothier to the Board as Chairman, who brings a wide and different range of experience. He is currently Chairman of both a consumer goods packaging company in the UK, a media company and also Chairman of another business based in Boston, USA. He was formerly the Chief Executive of Dalgety plc which owned a number of consumer goods businesses. A full biographical description of Richard is included in the Directors' Report. The Board is pleased that Albert remains as a Director and can benefit from his deep knowledge and experience both of the Company and of the industry. The major developments for 2010 will be the implementation of our new order entry system and the introduction of new studio tools to enhance productivity and quality. We are also investing some GBP200,000 in new flexo-plate making equipment in the UK. As the quality of flexo printing moves closer to that of gravure printing, we are seeing increasing demand from our consumer clients and indeed printers for the higher quality flexo plates which are now available. As a producer of such plates, there are clear opportunities to benefit from the move from gravure to flexo. In June last year we began making flexo plates in the UK for a client's new flexo printer in Italy and both the printer and the client have been pleased with the result. We are pursuing a number of opportunities to increase our sales of flexo plates. To support our existing business and assist in securing additional business, we have made the decision to acquire a new digital flexo plate making line which will be commissioned in March. An additional investment has been made in securing a new text management system, initially for one of our clients, but with the capability to roll this out across our business. This will have the benefit of automating a large part of the artwork process, which will again improve efficiency and lead times. Outlook After a substantial increase in sales during 2009 it was decided to increase our resources in order to strengthen service levels, for example the commissioning of a new studio in Cincinnati. The Group is also implementing certain changes to its systems with the same objective. These projects have increased our costs in the last quarter of 2009 and the higher level of expenditure will extend into the first half of 2010, but is not expected to continue into the second half. Revenue in the first part of the year to date has been 10% ahead of last year however, current expectations are that spend by existing clients will be similar to last year's and the usual tenders for existing and new business represent both risks and opportunities. At this stage of the year it is too early to estimate the likely outcome for the full year. CONSOLIDATED INCOME STATEMENT for the year ended 31 December 2009 +-----------------------------+-----------+----------+-------------+ | | | 31 | 31 December | | | | December | | +-----------------------------+-----------+----------+-------------+ | | | 2009 | 2008 | +-----------------------------+-----------+----------+-------------+ | | | GBP'000 | GBP'000 | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | Revenue | | 11,728 | 9,246 | +-----------------------------+-----------+----------+-------------+ | Cost of sales | | (5,822) | (4,980) | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | GROSS PROFIT | | 5,906 | 4,266 | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | Other operating income | | 98 | 110 | +-----------------------------+-----------+----------+-------------+ | Administration expenses | | (4,594) | (3,915) | +-----------------------------+-----------+----------+-------------+ | Other operating expenses | | (205) | (451) | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | OPERATING PROFIT BEFORE | | 1,205 | 10 | | EXCEPTIONAL ITEMS | | | | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | Exceptional gain relating | | - | 4,600 | | to pension scheme | | | | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | OPERATING PROFIT | | 1,205 | 4,610 | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | Finance income | | - | 8 | +-----------------------------+-----------+----------+-------------+ | Finance costs | | (46) | (35) | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | PROFIT BEFORE TAX | | 1,159 | 4,583 | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | Tax expense | | (9) | (17) | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | PROFIT AFTER TAX | | 1,150 | | | | | | 4,566 | | | | | | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ | | | | | | Earnings per share from | | | | | total and continuing | | | | | operations | | | | +-----------------------------+-----------+----------+-------------+ | Basic | | 0.40p | 1.58p | +-----------------------------+-----------+----------+-------------+ | Diluted | | 0.38p | 1.49p | +-----------------------------+-----------+----------+-------------+ | | | | | +-----------------------------+-----------+----------+-------------+ All of the activities of the Group are classed as continuing. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2009 +-----------------------------------+----+----------+------------+ | | | 31 | 31 | | | | December | December | +-----------------------------------+----+----------+------------+ | | | 2009 | 2008 | +-----------------------------------+----+----------+------------+ | | | GBP'000 | GBP'000 | +-----------------------------------+----+----------+------------+ | Profit for the period | | 1,150 | 4,566 | +-----------------------------------+----+----------+------------+ | Exchange differences on | | (1) | (2) | | translation of foreign operations | | | | +-----------------------------------+----+----------+------------+ | | | | | +-----------------------------------+----+----------+------------+ | | | | | +-----------------------------------+----+----------+------------+ | Total COMPREHENSIVE income for | | 1,149 | 4,564 | | the period | | | | +-----------------------------------+----+----------+------------+ | | | | | +-----------------------------------+----+----------+------------+ | | | | | +-----------------------------------+----+----------+------------+ | | | | | +-----------------------------------+----+----------+------------+ consolidated STATEMENT OF FINANCIAL POSITION as at 31 December 2009 +----------------------------------+--+----------+----------+---------+ | | | 31 | 31 | 1 | | | | December | December | January | +----------------------------------+--+----------+----------+---------+ | | | 2009 | 2008 | 2008 | +----------------------------------+--+----------+----------+---------+ | ASSETS | | GBP'000 | GBP'000 | GBP'000 | +----------------------------------+--+----------+----------+---------+ | NON-CURRENT ASSETS | | | | | +----------------------------------+--+----------+----------+---------+ | Goodwill | | 4,384 | 4,384 | 4,384 | +----------------------------------+--+----------+----------+---------+ | Other intangible assets | | 393 | 591 | 789 | +----------------------------------+--+----------+----------+---------+ | Property, plant and equipment | | 1,053 | 950 | 1,166 | +----------------------------------+--+----------+----------+---------+ | | | | | | +----------------------------------+--+----------+----------+---------+ | | | 5,830 | 5,925 | 6,339 | +----------------------------------+--+----------+----------+---------+ | CURRENT ASSETS | | | | | +----------------------------------+--+----------+----------+---------+ | Inventories | | 109 | 62 | 39 | +----------------------------------+--+----------+----------+---------+ | Trade and other receivables | | 3,557 | 2,953 | 1,691 | +----------------------------------+--+----------+----------+---------+ | Cash and cash equivalents | | 166 | 296 | 533 | +----------------------------------+--+----------+----------+---------+ | | | | | | +----------------------------------+--+----------+----------+---------+ | | | 3,832 | 3,311 | 2,263 | +----------------------------------+--+----------+----------+---------+ | | | | | | +----------------------------------+--+----------+----------+---------+ | TOTAL ASSETS | | 9,662 | 9,236 | 8,602 | +----------------------------------+--+----------+----------+---------+ | LIABILITIES | | | | | +----------------------------------+--+----------+----------+---------+ | CURRENT LIABILITIES | | | | | +----------------------------------+--+----------+----------+---------+ | Trade and other payables | | (1,310) | (1,461) | (993) | +----------------------------------+--+----------+----------+---------+ | Obligations under finance leases | | (32) | (89) | (142) | +----------------------------------+--+----------+----------+---------+ | Bank overdrafts and loans | | (291) | (663) | (5) | +----------------------------------+--+----------+----------+---------+ | Loan notes | | - | (185) | (200) | +----------------------------------+--+----------+----------+---------+ | | | | | | +----------------------------------+--+----------+----------+---------+ | | | (1,633) | (2,398) | (1,340) | +----------------------------------+--+----------+----------+---------+ | NON-CURRENT LIABILITIES | | | | | +----------------------------------+--+----------+----------+---------+ | Retirement benefit obligations | | - | - | (5,102) | +----------------------------------+--+----------+----------+---------+ | Obligations under finance leases | | (58) | (15) | (20) | +----------------------------------+--+----------+----------+---------+ | Other payables | | - | (15) | - | +----------------------------------+--+----------+----------+---------+ | | | | | | +----------------------------------+--+----------+----------+---------+ | | | (58) | (30) | (5,122) | +----------------------------------+--+----------+----------+---------+ | | | | | | +----------------------------------+--+----------+----------+---------+ | TOTAL LIABILITiES | | (1,691) | (2,428) | (6,462) | +----------------------------------+--+----------+----------+---------+ | | | | | | +----------------------------------+--+----------+----------+---------+ | NET ASSETS | | 7,971 | 6,808 | 2,140 | +----------------------------------+--+----------+----------+---------+ +----------------------------------+--+----------+----------+----------+ | EQUITY | | | | | | Equity attributable to the | | | | | | owners of the parent: | | | | | +----------------------------------+--+----------+----------+----------+ | Share capital | | 14,452 | 14,452 | 14,452 | +----------------------------------+--+----------+----------+----------+ | Share premium account | | 38,644 | 38,644 | 38,644 | +----------------------------------+--+----------+----------+----------+ | Translation reserve | | (31) | (30) | (28) | +----------------------------------+--+----------+----------+----------+ | Profit and loss account | | (45,094) | (46,258) | (50,928) | +----------------------------------+--+----------+----------+----------+ | | | | | | +----------------------------------+--+----------+----------+----------+ | | | 7,971 | 6,808 | 2,140 | +----------------------------------+--+----------+----------+----------+ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2009 +-----------------------+---------+---------+-------------+----------+---------+ | | | Share | | | | +-----------------------+---------+---------+-------------+----------+---------+ | | Share | premium | Translation | Retained | | | | | | | | | +-----------------------+---------+---------+-------------+----------+---------+ | | capital | reserve | reserve | earnings | Total | +-----------------------+---------+---------+-------------+----------+---------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +-----------------------+---------+---------+-------------+----------+---------+ | At 1 January 2008 | 14,452 | 38,644 | (28) | (50,928) | 2,140 | +-----------------------+---------+---------+-------------+----------+---------+ | Credit in respect of | | - | - | 104 | | | share based payments | - | | | | 104 | +-----------------------+---------+---------+-------------+----------+---------+ | Profit for the year | - | - | - | 4,566 | 4,566 | +-----------------------+---------+---------+-------------+----------+---------+ | Currency translation | - | - | (2) | - | (2) | | differences | | | | | | +-----------------------+---------+---------+-------------+----------+---------+ | Total comprehensive | - | - | (2) | 4,566 | 4,564 | | income | | | | | | +-----------------------+---------+---------+-------------+----------+---------+ | At 31 December 2008 | 14,452 | 38,644 | (30) | (46,258) | 6,808 | +-----------------------+---------+---------+-------------+----------+---------+ | Credit in respect of | | - | - | 14 | | | share based payments | - | | | | 14 | +-----------------------+---------+---------+-------------+----------+---------+ | Profit for the year | - | - | - | 1,150 | 1,150 | +-----------------------+---------+---------+-------------+----------+---------+ | Currency translation | - | - | (1) | - | (1) | | differences | | | | | | +-----------------------+---------+---------+-------------+----------+---------+ | Total comprehensive | - | - | (1) | 1,150 | 1,149 | | income | | | | | | +-----------------------+---------+---------+-------------+----------+---------+ | At 31 December 2009 | 14,452 | 38,644 | (31) | (45,094) | 7,971 | +-----------------------+---------+---------+-------------+----------+---------+ consolidated statement OF CASH FLOWS for the year ended 31 December 2009 +-----------------------------------+-+------------------+-----------+ | | | 31 December | 31 | | | | | December | +-----------------------------------+-+------------------+-----------+ | | | 2009 | 2008 | +-----------------------------------+-+------------------+-----------+ | | | GBP'000 | GBP'000 | +-----------------------------------+-+------------------+-----------+ | Operating activities: | | | | +-----------------------------------+-+------------------+-----------+ | Operating profit | | 1,205 | 4,610 | +-----------------------------------+-+------------------+-----------+ | Exceptional gain | | - | (4,600) | +-----------------------------------+-+------------------+-----------+ | Income tax paid | | (9) | (17) | +-----------------------------------+-+------------------+-----------+ | | | | | +-----------------------------------+-+------------------+-----------+ | | | 1,196 | (7) | +-----------------------------------+-+------------------+-----------+ | Adjustment to reconcile profit | | | | | before tax to net cash flows: | | | | +-----------------------------------+-+------------------+-----------+ | Non-cash | | | | +-----------------------------------+-+------------------+-----------+ | Depreciation of property plant | | 305 | 406 | | and equipment | | | | +-----------------------------------+-+------------------+-----------+ | Amortisation of intangible assets | | 198 | 198 | +-----------------------------------+-+------------------+-----------+ | Share-based payments | | 14 | 104 | +-----------------------------------+-+------------------+-----------+ | Profit on disposal of tangible | | - | (10) | | fixed assets | | | | +-----------------------------------+-+------------------+-----------+ | Working capital adjustments | | | | +-----------------------------------+-+------------------+-----------+ | Increase in trade and other | | (604) | (1,262) | | receivables | | | | +-----------------------------------+-+------------------+-----------+ | Increase in inventories | | (47) | (23) | +-----------------------------------+-+------------------+-----------+ | (Decrease)/increase in trade and | | (165) | 483 | | other payables | | | | +-----------------------------------+-+------------------+-----------+ | Exchange adjustment | | 1 | (110) | +-----------------------------------+-+------------------+-----------+ | | | | | +-----------------------------------+-+------------------+-----------+ | NET CASH from operating | | 898 | (221) | | activitieS | | | | +-----------------------------------+-+------------------+-----------+ | | | | | +-----------------------------------+-+------------------+-----------+ | Investing activities | | | | +-----------------------------------+-+------------------+-----------+ | Interest received | | - | 8 | +-----------------------------------+-+------------------+-----------+ | Purchases of property, plant and | | (320) | (149) | | equipment | | | | +-----------------------------------+-+------------------+-----------+ | Proceeds from sale of property, | | - | 26 | | plant and equipment | | | | +-----------------------------------+-+------------------+-----------+ | Payments to pension scheme | | - | (502) | | including expenses | | | | +-----------------------------------+-+------------------+-----------+ | | | | | +-----------------------------------+-+------------------+-----------+ | Net cash used in investing | | (320) | (617) | | activities | | | | +-----------------------------------+-+------------------+-----------+ | | | | | +-----------------------------------+-+------------------+-----------+ | Financing activities | | | | +-----------------------------------+-+------------------+-----------+ | Interest paid | | (30) | (19) | +-----------------------------------+-+------------------+-----------+ | Payment of finance lease | | (120) | (97) | | liabilities | | | | +-----------------------------------+-+------------------+-----------+ | Repayment of loans | | (185) | (200) | +-----------------------------------+-+------------------+-----------+ | New loans | | - | 185 | +-----------------------------------+-+------------------+-----------+ | | | | | +-----------------------------------+-+------------------+-----------+ | Net cash flows used in financing | | (335) | (131) | | activities | | | | +-----------------------------------+-+------------------+-----------+ | | | | _________ | +-----------------------------------+-+------------------+-----------+ | Net INCREASE in cash and cash | | 243 | (969) | | equivalents | | | | +-----------------------------------+-+------------------+-----------+ | Cash and cash equivalents at 1 | | (367) | 528 | | january | | | | +-----------------------------------+-+------------------+-----------+ | Net foreign exchange difference | | (1) | 74 | +-----------------------------------+-+------------------+-----------+ | | | | | +-----------------------------------+-+------------------+-----------+ | Cash and cash equivalents at 31 | | (125) | (367) | | december | | | | +-----------------------------------+-+------------------+-----------+ | Cash and cash equivalents | | | | | comprise: | | | | +-----------------------------------+-+------------------+-----------+ | Cash and cash equivalents | | 166 | 296 | +-----------------------------------+-+------------------+-----------+ | Bank overdrafts | | (291) | (663) | +-----------------------------------+-+------------------+-----------+ | | | | | +-----------------------------------+-+------------------+-----------+ | | | (125) | (367) | +-----------------------------------+-+------------------+-----------+ | | | | | +-----------------------------------+-+------------------+-----------+ 1 accounting policies Basis of preparation The financial information set out above does not constitute the company's statutory accounts for the years ended 31 December 2009 or 2008, but is derived from those accounts. Statutory accounts for 2008 have been delivered to the Registrar of Companies and those for 2009 will be delivered following the company's annual general meeting. The auditor has reported on those accounts; their reports were unqualified and did not contain statements under the Companies Act 2006, s498 (2) or (3). The preliminary announcement has been prepared in accordance with the International Financial Reporting Standards as issued by the IASB as adopted by the European Union (IFRSs). The financial statements have been prepared under the historical cost convention except that they have been modified to include the valuation of certain financial assets and liabilities. The directors continually monitor the financial position of the Group, taking into account the latest forecasts of future cash flows and analyses of these forecasts, sensitised in respect of the key uncertainties facing the Group's ability to generate cash. The directors consider that the Group's ability to continue as a going concern is dependant on the timing of actual versus targeted sales in Imagelinx while it is building up the client base for its services and that such uncertainties have increased given the deterioration in the global economic climate. The Group has adopted the accounting policies most appropriate to its circumstances for the purposes of giving a true and fair view. 2. Post balance sheet events On 8 January 2010 the company granted options over 4,250,000 ordinary shares including the grant of 2,000,000 shares to Alistair Rae. All of the 4,250,000 options are granted with an exercise price of 3.75p. This information is provided by RNS The company news service from the London Stock Exchange END FR BCGDXXBDBGGX
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