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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
IN Cup | LSE:ICU | London | Ordinary Share | GB00B06C2Z82 | 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% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6918T In Cup Plus PLC 27 March 2007 IN CUP PLUS PLC ("IN CUP PLUS") PRELIMINARY RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2006 Highlights: * 100 Xen-550 machines invoiced during the year ended 31 December 2006 (2005:41 machines) * Forecast machine installations for 2007 of 200 machines (+100% on 2006) * Successful completion of a fundraising of up to #1.49m to sustain ongoing working capital * Strongest level of interest in the Company's products since IPO underpinning the board's belief that the revised sales and marketing strategy is working and is creating a sustainable platform for future growth * Strong performance so far in 2007 Martin Colenutt, Chairman of In Cup Plus PLC comments: "2006 was another challenging year with machine sales weighted towards the second half, which also affected ingredients sales. However, a large high profile order was secured and installed before the year end and gave a strong endorsement of the machines reliability and hygiene. We have already installed a further 57 machines in January and February with a good pipeline to support our current forecast of 200 machine sales in 2007. As the base of installed machines grows, the ingredients income line is steadily increasing and is now a core revenue line." Enquiries: In Cup Plus Martin Colenutt 0870 746 1888 Barry Marks Deloitte Corporate Finance Jonathan Hinton 020 7936 3000 James Lewis Pacific Continental Securities (UK) Limited David Morgan 020 7769 7769 Glynn Reece Chairman's Statement The directors are pleased to present the report and accounts for the In Cup Plus group (the "Group") for the year ended 31 December 2006. The year has seen significant progress in pursuing the Board's belief that the Group can become a major player in the hot and cold drinks vending market. At the half year, the Board reported that, while sales to 30 June 2006 were lower than forecast at 37 units, interest in the Group's products was at its highest since its IPO. By the year end, sales of the core machine, the In Cup Plus Xen-550, totalled 100 for the year (2005: 41) resulting in a turnover of #480,970 (2005: #171,835). Included within this revenue were 16 machines installed in November resulting from a contract win with a leading global pharmaceutical company. Additionally, 4 machines out of a total of 66 were installed in December at a "Big 4" global professional services company in the City of London. This contract was won through an extensive trial process followed by a competitive tender. The remaining 62 machines have been installed during the first quarter of 2007, giving the Group a strong start to the year and confirming the directors' confidence that their forecast of 200 machine sales during 2007 is both realistic and achievable. The business model remains viable with an increasing platform of machines (currently some 212 units) providing a predictable and sustainable ingredients and consumables revenue stream. The machines continue to exceed customer expectations and, with the recent contract wins, the Group is well placed to drive forward towards monthly profitability within the next 18 months. While shipments of machines by the year end were in line with expectations for the year, the relative slow start has meant that there has been a time lag in the associated ingredients revenues and profits. This delay resulted in the Board seeking further financing during the year. As part of this process, Pacific Continental Securities (UK) Limited "Pacific Continental" was appointed as broker to the Group. The placing, being the first element of the fundraising was completed in August and raised gross proceeds of #840,000. Additionally, the Group entered into option agreements with Barry Marks and Pacific Continental in respect of new ordinary shares for a total subscription price of up to #650,000. These options are likely to be exercised during the forthcoming 12 months. During the year both Jane Ker and Tony Carson stepped down from the Board. Jane Ker had assisted the Group with its initial fund raising, AIM flotation and the latest placing while Tony Carson has given more recent support on the marketing side. More recently, Kevin Mills has tendered his resignation from the Board for personal reasons. We are grateful to Kevin, Jane and Tony for their contributions to the business and on behalf of all at In Cup Plus wish them well in the future. On 1 December, Chris Ford joined the Board as Finance Director. Chris is a Chartered Accountant and joins the Group from Xn Checkout PLC where he was instrumental in turning the business around before floating it on AIM. The year ahead will see the Group pursue a sales and marketing strategy focusing on the technological superiority of the In Cup Plus vending system. The high customer satisfaction levels resulting from the consistency of performance have confirmed the Board's confidence that a business case for customers can be built around cost savings resulting from the lower maintenance required. When this is coupled with the associated environmental advantages it presents a compelling proposition to companies wanting to improve their "green footprint" while maximising efficiency. The ongoing support of investors, professional advisers and suppliers is appreciated, and I would also like to thank the staff for their continued dedication and commitment to the Group. M Colenutt Chairman 23 March 2007 The Company has today posted its accounts for the year to 31 December 2006 as well as its Notice of Annual General Meeting 2007 ("AGM") to shareholders. The AGM will be held at Lantern House, 39-41 High Street, Potters Bar, Hertfordshire EN6 5AJ on 18 April 2007 at 10.30 a.m. Copies of the Annual Report will be available for inspection free of charge during normal business hours on any week day (Saturdays, Sundays and public holidays excepted) until the date falling one month after the date of this announcement at the registered office of the Company. The directors of In Cup Plus accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of In Cup Plus (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. IN CUP PLUS PLC GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2006 As restated Note 2006 2005 #'000 #'000 TURNOVER 4 481 174 Cost of sales (348) (476) GROSS PROFIT/(LOSS) 133 (302) Administrative expenses (1,200) (725) Goodwill amortisation (45) (45) OPERATING LOSS (1,112) (1,072) Interest receivable 16 33 Interest payable (2) (2) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (1,098) (1,041) Taxation on loss on ordinary activities 5 - - LOSS FOR THE FINANCIAL YEAR (1,098) (1,041) LOSS PER SHARE 9 0.99p 1.13p IN CUP PLUS PLC GROUP BALANCE SHEET AT 31 DECEMBER 2006 Note 2006 2005 #'000 #'000 FIXED ASSETS Intangible assets 8 784 829 Tangible assets 34 37 818 866 CURRENT ASSETS Stock 164 81 Debtors 271 82 Cash at bank 300 691 735 854 CREDITORS: amounts falling due within one year (337) (176) NET CURRENT ASSETS 398 678 TOTAL ASSETS LESS CURRENT LIABILITIES 1,216 1,544 CREDITORS: amounts falling due after one year (3) (8) NET ASSETS 1,213 1,536 CAPITAL AND RESERVES Called up share capital 10 1,348 975 Share premium account 2,011 1,703 Profit ad loss account (2,146) (1,142) EQUITY SHAREHOLDERS' FUNDS 11 1,213 1,536 IN CUP PLUS PLC GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 As restated 2006 2005 #'000 #'000 #'000 #'000 OPERATING ACTIVITIES Operating loss (1,112) (1,072) Depreciation and amortisation 65 66 Loss on disposal of fixed assets - 1 Share based payments 94 38 Increase in stock (83) (81) Increase in debtors (188) (44) Increase/(decrease) in creditors 156 98 NET CASH OUTFLOW FROM OPERATING ACTIVITIES (1,068) (994) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 16 33 Interest paid (2) (2) Payments to acquire tangible fixed assets (18) (22) Receipts from sale of tangible assets - 1 (4) 10 NET CASH OUTFLOW BEFORE MANAGEMENT OF LIQUID RESOURCES AND FINANCING MANAGEMENT (1,072) (984) OF LIQUID RESOURCES Increase in monies held on 30 day notice - (671) FINANCING Net overdrafts acquired with subsidiary - (41) Issue of shares (net of issue costs) 681 1,648 681 1,607 CHANGE IN CASH IN THE YEAR (391) 48 RECONCILIATION OF NET CASH FLOW TO NET FUNDS Change in cash in the year (391) (48) Increase in liquid resources - 671 Movement in net funds in the year (391) 623 Net funds at beginning of year 691 68 Net funds at end of year 300 391 1. Basis of accounting The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. 2. Basis of the preparation of the financial statements The directors have reviewed the working capital projections for the next year, which include funds raised from the exercise of option agreements with both its broker and largest shareholder. The directors believe that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore it is appropriate to prepare the financial statements on a going concern basis. 3. Basis of consolidation The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary made up to the end of the financial year. The Company's only subsidiary, E Break Limited, has been accounted for as a subsidiary undertaking from the effective date of acquisition (see note 8). 4. Business segment analysis The turnover, loss on ordinary activities before taxation and net assets, all of which occur in the United Kingdom, are attributable to one activity, that of the design, manufacture and sale of the In Cup Plus System, an automatic hot and cold drink vending machine and related ingredients. 5. Taxation There is no tax payable due to losses available and no deferred tax asset has been recognised in respect of tax losses available for carry forward against future trading profits as the utilisation of these losses cannot be foreseen with reasonable certainty. 6. Dividends to equity shareholders As stated in the AIM admission document the Company is at an early stage of development and has incurred losses in the years ended 31 December 2005 and 2006 and as a result no dividend is payable. The Directors believe that any free cash flow should be reinvested in the Company and do not anticipate that the Company will be paying a dividend in the near future. This policy will be reviewed on a regular basis. 7. Share based payment and prior year adjustment The Group is required to adopt FRS 20 "Share Based Payments" for the first time for accounting periods commencing on or after 1 January 2006. FRS 20 requires the Group to recognise an expense in respect of the granting over shares to employees and directors. This expense, which is calculated by reference to the fair value of the options granted, is recognised on a straight line basis over the vesting period based on the Group's estimate of options that will eventually vest. The Directors have used the Black Scholes model to estimate the value of options granted in the current and prior periods. Comparative figures for the year ended 31 December 2005 have been restated to apply the provisions of FRS 20, increasing the administrative expenses and increasing the operating loss for that year, as follows: 2005 #'000 Operating loss as previously stated (1,003) FRS 20 share based payments (38) Operating loss as restated 1,041) 8. Intangible fixed assets Goodwill #'000 Cost At 1 January 2006 892 Additions - As at 31 December 2006 892 Amortisation At 1 January 2006 63 Amortisation for the year 45 As at 31 December 2006 108 Net book value As at 31 December 2006 784 As at 31 December 2005 829 Goodwill arose on the acquisition of 100% of the ordinary share capital of E Break Limited in August 2004. It is being amortised over 20 years. 9. Loss per share The loss per share calculation is based on the loss on ordinary activities after taxation and on the weighted average number of ordinary shares in issue during the year. 2006 2005 Loss per share 0.99p 1.13p Weighted average number of shares in issue in the year 111,407,771 92,327,616 10. Share capital 2006 2005 #'000 #'000 Authorised 134,803,333 ordinary shares of 1p each 1,348 975 Nos. of Shares Allotted, called up and fully paid #'000 This comprises ordinary shares as follows: At 1 January 2006 97,470,000 975 Shares issued during the year 37,333,333 313 At 31 December 2006 134,803,333 1,348 On 17 August 2006, 37,333,333 ordinary shares of 1p each in the company were issued pursuant to a placing raising #840,000. Net proceeds after costs were #680,929. These shares represent approximately 27.7 per cent. of the Company's enlarged issued share capital and rank pari passu in all respects with the existing ordinary shares. The total number of shares in issue following completion of the Placing was 134,803,333. During the year the company had the following share options in issue: At 1 Jan Number of share options At 31 Dec Exercise price 2006 Granted Exercised Lapsed 2006 (pence) Exercise date 1,000,000 - - - 1,000,000 6.5 Feb 2008 974,700 - - - 974,700 6.95 Oct 2008 925,000 - - (925,000) - 6.5 Mar 2008 925,000 - - - 925,000 7.75 Mar 2008 - 11,111,111 - - 11,111,111 2.25 Oct to Dec 2007 - 1,348,033 - - 1,348,000 3.125 Nov 2009 3,824,700 12,459,144 - (925,000) 15,358,844 In addition to the above options, the company has granted to its broker, Pacific Continental Securities (UK) Limited ("Pacific Continental") three options over its shares for a value of #400,000 in total. Each option agreement allows for Pacific Continental to exercise its call option during the period shown below but if it fails to exercise in that period, the company can exercise its put option, within one month of the expiry of the call option, to compel Pacific Continental to purchase the shares. The subscription price for each option share under both the put and call options is 70% of the average of the market bid price per share for the period from the date of the notice of exercise to the trading day immediately before the payment of the subscription price subject to a minimum price of 1p per share. Option Value Exercise period Exercise period Call Put 1 200,000 1 Sep 2006 to 31 Mar 2007 1 Apr 2007 to 30 Apr 2007 2 100,000 1 Sep 2006 to 30 Jun 2007 1 Jul 2007 to 31 July 2007 3 100,000 1 Sep 2006 to 31 Aug 2007 1 Sep 2007 to 30 Sep 2007 #400,000 The 11,111,111 options referred to are put options exercisable by the company, between October and December 2007, where it can compel director and major shareholder, Barry Marks to purchase 11,111,111 shares at an exercise price of 2.25p per share, giving a total subscription price of #250,000. As stated in accounting policy 1.12, these options have been accounted for under FRS 20 "share-based payments" which has resulted in a profit and loss account charge for the year of #93,000 and a prior year adjustment of #38,000. 11. Reconciliation of movements in shareholders' funds As restated 2006 2005 #'000 #'000 Loss on ordinary activities after taxation (1,098) (1,041) Share based payment 94 38 Loss for the year (1,004) (1,003) New share capital issued 681 1,648 Net (reduction)/addition to shareholders' funds (323) 645 At beginning of year 1,536 891 At end of year 1,213 1,536 12. Accounting policies The preliminary announcement is prepared on the basis of the accounting policies used in the financial statements of the Group as at 31 December 2006 and are in accordance with the Auditors' Report on In Cup Plus PLC contained therein, dated 23 March 2007. The information set out herein for the year ended 31 December 2006 does not comprise statutory accounts within the meaning of section 240 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR PUUAGWUPMGGQ
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