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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ims Maxims | LSE:IMX | London | Ordinary Share | GB00B3KKWM62 | 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% | 11.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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21 December 2007
IMS MAXIMS plc
Interim Results for the period ended 30 September 2007
Chairman's statement
Review of the half year to 30th September 2007
The directors present our interim results for the six months ended 30th
September 2007.
The NHS market, the major current market for IMS Maxims, continues to slowly
evolve. The supplier framework agreements known as the Additional Supply
Capability and Capacity ("ASCC") have been delayed in those areas that are of
most interest to us. It is too early in the ASCC process to be able to predict
whether this programme will deliver the volumes of business that we had
initially hoped for. However, our steadfast intention is to improve our access
to the National Health Service ("NHS") market by offering our products via the
Local Service Providers, and we continue to believe that this approach will
bring us success in the long term. As these campaigns take time, once again we
must advise that we are not anticipating any dramatic improvement in results in
2008, particularly because of the difficulty of compensating for the positive
impact that the contract with British Telecommunications to supply IMS Clinical
Applications at Barking, Havering & Redbridge NHS Trust has had on our revenue
in recent trading periods.
In the past 6 months we have begun to focus effort on the private healthcare
market in the UK. This market has the characteristic of being able to make
purchasing decisions far more rapidly than the NHS. We have recently completed
a pilot project for one such organization, and are hopeful that this will lead
to further significant business as the relationship evolves.
As we previously indicated, our first half 2008 turnover is broadly in line
with the previous year. However, the modest increase in the cost base has
resulted in a decline in profit to £16,000 for the half year.
D W MacDonald
21 December 2007
Consolidated Income Statement
IFRS IFRS
Restated Restated
6 months 6 months Year ended
30 Sept 2007 30 Sept 2006 31 March 2007
Unaudited Unaudited Unaudited
Notes £000's £000's £000's
Turnover
Group Turnover 2 2,349 2,421 5,033
Cost of Sales (101) (237) (120)
Gross Profit 2,248 2,184 4,913
Selling, distribution and
administration costs 3 (1,761) (1,534) (3,573)
Group operating profit 487 650 1,340
Net interest payable (471) (487) (846)
Profit on ordinary activities
before taxation 2 16 163 494
Tax on profit on ordinary 3 - - -
activities
Profit on ordinary activities 16 163 494
after taxation
Minority interests - Equity - - 1
Profit / (Loss) for the
financial period
attributable to members of the
parent company 16 163 495
Basic profit per Ordinary 4 0.01p 0.07p 0.20p
Share
Diluted profit per Ordinary 4 0.01p 0.06p 0.19p
Share
Consolidated Statement of Total Recognised Income and Expenses
IFRS IFRS
Restated Restated
6 months 6 months Year ended
30 Sept 2007 30 Sept 2006 31 March
2007
Unaudited Unaudited Unaudited
Notes £000's £000's £000's
Profit attributable to
members of
parent undertaking 16 163 495
Consolidated balance sheet
as at 30 September 2007
IFRS IFRS
Restated Restated
6 months 6 months Year ended
30 Sept 2007 30 Sept 2006 31 March 2007
Unaudited Unaudited Unaudited
Notes £000's £000's £000's
Non-current Assets
Intangible assets 2,814 2,814 2,814
Tangible assets 45 37 31
Total 2,859 2,851 2,845
Current assets
Debtors falling due after 1 1,095 1,147 1,169
year
Stocks 524 - 1,524
Debtors 863 2,902 1,778
Cash at bank and in hand 37 170 816
Total 2,519 4,219 5,287
Total Assets 5,378 7,070 8,132
Current Liabilities
Amounts falling due within one 3,439 4,995 5,564
year
Total 3,439 4,995 5,564
Non-current liabilities
Amounts falling due after one 5,838 6,251 6,483
year
Total 5,838 6,251 6,483
Equity
Called up share capital 2,535 2,535 2,535
Share premium account 7,600 7,600 7,600
Merger reserve 3,600 3,600 3,600
Cumulative Translation (91) - (91)
difference
Other Reserve 29 16 29
Profit and loss account (17,615) (17,963) (17,631)
9 (3,942) (4,219) (3,958)
Minority Interests - Equity (43) (43) (43)
Total (3,899) (4,176) (3,915)
Total Equity and Liabilities 5,378 7,070 8,132
Consolidated cash flow statement
as at 30 September 2007
IFRS IFRS
Restated Restated
6 months 6 months Year ended
30 Sept 2007 30 Sept 2006 31 March 2007
Unaudited Unaudited Unaudited
Notes £000's £000's £000's
Net cash inflow / (outflow)
from
operating activities 5 150 (332) 472
Returns on investments and
servicing of finance
Net interest paid (471) (487) (825)
Taxation - - -
Capital expenditure and
financial
investment
Payments to acquire tangible
fixed assets (24) - (18)
Net cash outflow before (345) (819) (371)
financing
Financing
Proceeds from issue of shares - 1,296 34
Long term loan - 1,000 2,000
Repayment of capital element
of
Long term loans (554) (199) (733)
Redemption of convertible - (1,261) -
shares
Repayment of Median Loan - - (230)
Repayment of capital element
of
finance leases - (6) (6)
Net cash (outflow) / inflow
from financing (554) 830 1,065
(Decrease)/ increase in cash 7 (899) 11 694
Notes to the interim statement
1. Basis of preparation
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"). The interim financial
statements do not include all information and disclosures required in the
annual financial statements and should be read in conjunction with the group's
annual financial statements for the year ending 31 March 2007. The report has
not been audited or independently reviewed by the auditors.
2. Segmental analysis
Turnover is attributable to one continuing activity, the provision of computer
software products and related services.
An analysis of turnover by geographical area is given below:
IFRS IFRS
Restated Restated
6 months ended 6 months ended Year ended
30 Sept 2007 30 Sept 2006 31 March 2007
£000's £000's £000's
Turnover
United Kingdom 1,861 1,920 4,144
Europe 488 501 889
Group 2,349 2,421 5,033
Profit on ordinary
activities
before taxation
United Kingdom 358 621 398
Europe (342) (458) 96
Group 16 163 494
3. Taxation
No provision for taxation has been made due to the availability of losses.
4. Earnings per share
The calculation of the basic earnings per share for the 6 months ended 30
September 2007 is based on a profit of £16,000 (30 September 2006: profit of £
163,000) and a weighted average number of shares in issue during the period of
253,450,826 (30 September 2006: 243,267,332). The calculation of the diluted
earnings per share for the 6 months ended 30 September 2007 is based on a
profit of £16,000 (30 September 2006: profit of £163,000) and a weighted
average number of shares in issue during the period of 272,868,076 (30
September 2006: 262,684,582).
The calculation of the basic and diluted earnings per share for the year ended
31 March 2007 is based on a profit of £495,000; a weighted average number of
shares in issue during the period of 248,333,765 and a diluted number of shares
for the period of 265,691,015
5. Net cash (outflow) / inflow from operating activities
IFRS IFRS
Restated Restated
6 months ended 6 months Year ended
ended
30 Sept 2007 30 Sept 2006 31 March 2007
£000's £000's £000's
Operating profit 487 650 1,340
Depreciation of tangible fixed 10 3 26
assets
Provision for share options - - 11
Exchange loss - - (89)
Decrease / (increase) in 989 (520) 583
debtors
Decrease / (increase) in stocks 1,000 - (1,524)
(Decrease) / increase in (2,336) (465) 125
creditors
Net cash inflow / (outflow) 150 (332) 472
6. Reconciliation of net cash flow to movement in net funds
IFRS IFRS
Restated Restated
6 months ended 6 months Year ended
ended
30 Sept 2007 30 Sept 2006 31 March 2007
£000's £000's £000's
(Decrease) / increase in cash (899) 11 694
Convertible Debt - 1,134 -
Median Loan - - 230
New Loans entered into - (1,000) (2,000)
Capital element of
loans 554 199 733
Repayment of capital element of
finance leases - 6 6
Change in net funds resulting
from cashflows (345) 350 (337)
Other non-cash charges - - 1,134
Movement in net funds (345) 350 797
Net funds at 1 April (7,876) (8,673) (8,673)
Net funds at 30 September/31 (8,221) (8,323) (7,876)
March
7. Analysis of net funds
1 April Cashflow 30 Sept
2007 2007
Cash at bank 816 (779) 37
Bank overdraft - (120) (120)
Cash at bank 816 (899) (83)
Secured loans (7,692) 554 (7,138)
Unsecured loan stock (1,000) - (1,000)
Net funds (7,876) (345) (8,221)
8. Reconciliation from UK GAAP to IFRS
(a)
The group is required to adopt International Financial Reporting Standards
("IFRS") for financial statements (including interim financial statements)
prepared for accounting periods beginning on or after 1 January 2007.
Up to and including the financial year ended 31 March 2007, the group prepared
its consolidated financial statements in accordance with Uk GAAP. The
consolidated financial statements for the year ending 31 March 2008 will be the
first the group is required to prepare in accordance with IFRS as adopted by
the European Union.
Accordingly the group will prepare consolidated financial statements that
comply with IFRS applicable for periods beginning on or after 1 April 2007. In
preparing these consolidated financial statements, the group has started from
an opening consolidated balance sheet as at 1 April 2006, the group's date of
transition to IFRS, and made those changes in accounting policies required by
IFRS 1 "First-time Adoption of International Financial Reporting Standards".
This note explains the principal adjustments made by the group in restating its
Uk GAAP consolidated balance sheet as at 1 April 2006, and its previously
published Uk GAAP consolidated financial statements for the year ended 31 March
2007 and Uk GAAP unaudited interim financial information for the six months
ended 30 September 2006.
In preparing the unaudited financial information for the six months ended 30
September 2006 under Uk GAAP, the group adopted FRS 20 "Share-Based Payments"
(which is identical to IFRS 2 "Share-Based Payments" in all respects) with
effect from 1 April 2006.
In accordance with IFRS 1, the group has elected to avail of a number of
specified exemptions from the principle of retrospective restatement as
follows:
i. Business combinations prior to 1 April 2006, have not been restated to
comply with IFRS 3 "Business Combinations";
ii. IFRS 2 "Share-based Payments" has not been applied in respect of share
options granted before 7 November 2002 nor to awards granted after that
date that had vested by 1 April 2006; and
iii. The group has deemed the cumulative translation difference, as defined in
IAS 21 "The Effects of Changes in Foreign Exchange Rates", at the date of
transition to IFRS to be zero. As a result, the gain or loss on a
subsequent disposal of any foreign operation will exclude the translation
differences that arose before the date of transition to IFRS.
The standards which gave rise to the most significant change to the
consolidated financial statements of the group on transition to IFRS are:
IAS 21 "The effects of changes in foreign currency rates"
Under IFRS the foreign exchange differences generated translating the net
assets of a foreign subsidiary are recognized within a separate component in
equity.
IAS 38 "Intangible Assets"
IAS 38 requires that goodwill is not amortised. Instead it is subject to an
annual impairment test. As the group has elected not to apply IFRS 3
retrospectively to business combinations prior to the opening balance sheet
date under IFRS, the Irish GAAP goodwill balance at 31 March 2006 has been
included in the opening IFRS consolidated balance sheet and is no longer
amortised.
IFRS 2 "Share based payments"
The group has availed of the exemption to recognise the cost of those options
issued after 7 November 2002 which had not vested by 1 April 2006. The amount
charged to retained earnings in the year ending 31 March 2006 was £13,000.
(b)
Reconciliation of equity from UK GAAP to IFRS
i. As of 31 March 2006
Per UK GAAP Adjustment Per IFRS
31 March 2006 Per IFRS 2 31 March 2006
£000's £000's £000's
Called up share capital 2,341 - 2,341
Share premium account 6,490 - 6,490
Merger reserve 3,600 - 3,600
Cumulative Translations - - -
differences
Other reserve 167 (13) 154
Retained Loss (18,139) 13 (18,126)
(5,541) (5,541)
IFRS 2 "Share based payments"
The group has availed of the exemption to recognise the cost of those options
issued after 7 November 2002 which had not vested by 1 April 2006. The amount
charged to retained earnings in the year ending 31 March 2006 was £13,000.
ii. As of 31 March 2007
Per UK Adjustment Adjustment Adjustment Per IFRS
GAAP
31 March Per IFRS 2 Per IAS 38 Per IAS 21 31 March
2007 2007
£000's £000's £000's £000's £000's
Called up share 2,535 - - - 2,535
capital
Share premium account 7,600 - - - 7,600
Merger reserve 3,600 - - - 3,600
Cumulative - - - (91) (91)
Translations
differences
Other reserve 42 (13) - - 29
Retained Loss (18,015) 13 280 91 (17,631)
(4,238) (3,958)
IFRS 2 "Share based payments"
The group has availed of the exemption to recognise the cost of those options
issued after 7 November 2002 which had not vested by 1 April 2006. The amount
charged to retained earnings in the year ending 31 March 2006 was £13,000.
IAS 21 "The effects of changes in foreign currency rates"
Under IFRS the foreign exchange differences generated translating the net
assets of a foreign subsidiary are recognized within a separate component in
equity.
IAS 38 "Intangible Assets"
IAS 38 requires that goodwill is not amortised. Instead it is subject to an
annual impairment test. As the group has elected not to apply IFRS 3
retrospectively to business combinations prior to the opening balance sheet
date under IFRS, the Irish GAAP goodwill balance at 31 March 2006 has been
included in the opening IFRS consolidated balance sheet and is no longer
amortised.
(c)
Reconciliation of impact of IFRS upon the consolidated income statement
Per UK GAAP Per IFRS
6 months 6 months
30 Sept 2006 Adjust 30 Sept 2006
Unaudited Per IAS 38 Unaudited
£000's £000's £000's
Turnover
Group Turnover 2,421 2,421
Cost of Sales (237) (237)
Gross Profit 2,184 2,184
Selling, distribution and
administration costs (1,534) (1,534)
Amortisation of Goodwill (138) 138 -
Group operating profit 512 650
Net interest payable (487) (487)
Profit on ordinary activities
before taxation 25 163
Tax on profit on ordinary - -
activities
Profit on ordinary activities 25 163
after taxation
Minority interests - Equity - -
Profit / (Loss) for the
financial period
attributable to members of the
parent company 25 163
IAS 38 "Intangible Assets"
IAS 38 requires that goodwill is not amortised. Instead it is subject to an
annual impairment test. As the group has elected not to apply IFRS 3
retrospectively to business combinations prior to the opening balance sheet
date under IFRS, the Irish GAAP goodwill balance at 31 March 2006 has been
included in the opening IFRS consolidated balance sheet and is no longer
amortised. The amount of goodwill amortised in the 6 month period ending 30
September 2006 was £138,000.
(ii)
Per UK GAAP Per IFRS
Year ending Year ending
31 March 2007 Adjust 31 March 2007
Audited Per IAS 38 Unaudited
£000's £000's £000's
Turnover
Group Turnover 5,033 5,033
Cost of Sales (120) (120)
Gross Profit 4,913 4,913
Selling, distribution and
administration costs (3,573) (3,573)
Amortisation of Goodwill (280) 280 -
Group operating profit 1,060 1,340
Net interest payable (846) (846)
Profit on ordinary activities
before taxation 214 494
Tax on profit on ordinary - -
activities
Profit on ordinary activities 214 494
after taxation
Minority interests - Equity 1 1
Profit / (Loss) for the
financial period
attributable to members of the
parent company 215 495
IAS 38 "Intangible Assets"
IAS 38 requires that goodwill is not amortised. Instead it is subject to an
annual impairment test. As the group has elected not to apply IFRS 3
retrospectively to business combinations prior to the opening balance sheet
date under IFRS, the Irish GAAP goodwill balance at 31 March 2006 has been
included in the opening IFRS consolidated balance sheet and is no longer
amortised. The amount of goodwill amortised in the 6 month year ending 31 March
2007 was £280,000.
9. Reconciliation of movements in equity
Called up Share Merger Translation Other Retained
premium
Share Account Reserve Difference Reserve Loss
capital
£000's £000's £000's £000's £000's £000's
At 31 March 2007 2,535 7,600 3,600 (91) 29 (17,631)
Retained in period - - - - - 16
At 30 September 2,535 7,600 3,600 (91) 29 (17,615)
2007
Called up Share Merger Translation Other Retained
premium
Share Account Reserve Difference Reserve Loss
capital
£000's £000's £000's £000's £000's £000's
At 31 March 2006 2,341 6,490 3,600 - 154 (18,126)
Share issue 194 1,103 - - - -
Currency - - - - - -
Translation
Redeem CCRP shares - - - - (138) -
Retained in period - - - - - 163
At 30 September 2,535 7,593 3,600 (91) 16 (17,963)
2006
Called up Share Merger Translation Other Retained
premium
Share Account Reserve Difference Reserve Loss
capital
£000's £000's £000's £000's £000's £000's
At 31 March 2006 2,341 6,490 3,600 - 154 (18,126)
Share issue 194 1,110 - - - -
Currency - - - (91) - -
Translation
Provision for share - - - - 11 -
options
Redeem CCRP shares - - - - (136) -
Retained in period - - - - - 495
At 31 March 2007 2,535 7,600 3,600 (91) 29 (17,631)
10. Publication of non-statutory accounts
The financial information set out in this interim report does not constitute
statutory accounts as defined by section 240 of the Companies Act 1985. The
figures for the year ended 31 March 2007 have been extracted from the statutory
financial statements, which have been filed with the Registrar of Companies
under UK GAAP (however the IFRS restatements presented above have not been
audited). The auditors' report on those financial statements was unqualified
and did not contain a statement under section 237 of the Companies Act 1985.
The Board approved the interim report on 20 December 2007.
END
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