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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 |
Hot Features
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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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