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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ind.Intl.Inv. | LSE:IIR | London | Ordinary Share | GB0009256867 | 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% | 1.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Independent Intl Inv Research PLC
25 September 2007
Press Release
Embargo 07h00, 25 September 2007
Independent International Investment Research Plc ("the group")
Interim Results - Six months to 31 August 2007
Chairman and Chief Executive's Review
Highlights:
* Revenues up 97% to #922,000 (six months to 31 August 2006: #468,000)
* Operating loss of #490,000 with interim results presented for the first
time under IFRS; operating profit up 334% to #107,000 on a like-for-like
basis (six months to August 31 2006: #32,000).
I am pleased to report a very strong improvement in revenues and underlying
operating profits in the first half of 2007.
These results have been achieved despite a number of external negative factors,
principally:
* The adverse impact of the weakened US dollar
* Slower than expected implementation of our research by a major client
(this is expected to be resolved early in the second half)
* The fall-out from de-listings of public securities in the US, as well as
merger and acquisition activities, which have together removed a substantial
number of companies from the public markets and in consequence from our
research coverage universe (in spite of this our coverage universe has now
expanded to approximately 350 equities).
As well as a number of internal factors
* Production bottlenecks which have slowed down the take-up of our research
by another large client (these have now been resolved and the benefit will
flow through in the second half)
* Increases in our cost base in anticipation of a new research supply
arrangement, in respect of which we expect to be able to update the market
during the autumn, the significant impact of which will begin to flow
through in the second half, but more importantly in the next financial year.
Against these negatives, we anticipate a positive impact over the coming period
arising from:
* Continued de-regulation in the investment framework in China;
* A return to equity markets for funding by issuers whose access to debt
funding has been undermined by the current uncertainty in the debt markets,
globally;
* New product launches, in particular the launch this month of our GEO
Monitor (Global Equity Offerings) product, providing an early warning and
analysis for asset managers, covering up-coming IPO's around the world
* The addition of short-term actionable trading strategies within our
current research offering, making it more valuable to the hedge fund
audience in particular
* A likely reaction against quantitative analysis in favour of the
traditional fundamental techniques that our research exemplifies, as a
result of the high profile failures of quantitative strategies during the
current credit crisis.
Acquisitions
The group has continued to actively look at prospective acquisitions in the
research space and has had discussions with managements on a number of
prospects, without resulting in a deal so far. The acquisition strategy remains
intact and continues.
Google
We anticipate a further announcement regarding the trademark dispute with Google
during the course of October.
For additional information on the company, please contact:
Independent International Investment Research PLC
Shane Smith, Chairman and Chief Executive Officer GMT+5 +44 7785 276 703
Insinger de Beaufort (Nominated Adviser)
Nandita Sahgal 020 7190 7000
INDEPENDENT INTERNATIONAL INVESTMENT RESEARCH PLC
Condensed unaudited consolidated income statement
For the half year ended 31 August 2007
31 August 2007 31 August 2006
#000s #000s
CONTINUING OPERATIONS
REVENUE 922 468
Cost of Sales (359) (68)
GROSS PROFIT 563 400
Administrative expenses (456) (368)
Share based payments Note 2 (597) -
Finance Costs (13) (7)
(LOSS)/PROFIT BEFORE TAX (503) 25
Taxation Note 3 (7) (3)
(LOSS)/PROFIT FOR THE PERIOD (510) 22
EARNINGS/(LOSS) PER SHARE
Continuing operations
Basic (2.1)p 0.09p
Diluted (2.1)p 0.09p
INDEPENDENT INTERNATIONAL INVESTMENT RESEARCH PLC
Condensed unaudited consolidated balance sheet
As at 31 August 2007
31 August 2007 28 February 2007
#000s #000s
ASSETS
Non-current assets
Property, plant and equipment 49 48
Goodwill 366 376
Total non-current assets 415 424
Current Assets
Trade and other receivables 615 331
Cash and bank balances 44 71
Total current assets 659 402
TOTAL ASSETS 1,074 826
EQUITY AND LIABILITIES
Capital and reserves
Issued capital 260 254
Reserves 6,949 6,063
Retained earnings (6,884) (6,374)
Total equity 325 (57)
Non-current liabilities
Borrowings 70 70
Total non-current liabilities 70 70
Current liabilities
Trade and other payables 316 564
Borrowings 350 240
Current tax liabilities 13 9
Total current liabilities 679 813
Total liabilities 749 883
TOTAL LIABILITIES AND EQUITY 1,074 826
INDEPENDENT INTERNATIONAL INVESTMENT RESEARCH PLC
Condensed unaudited consolidated statement of changes in equity
For the half year ended 31 August 2007
Issued Share UITF 17/FRS20 Retained Total
capital reserve earnings
premium
#000s #000s #000s #000s #000s
1 March 2007 254 4,682 1,381 (6,374) (57)
Loss for the period (510) (510)
Share based payment expense 597 597
Shares issued in lieu of salaries 6 289 295
31 August 2007 260 4,971 1,978 (6,884) 325
INDEPENDENT INTERNATIONAL INVESTMENT RESEARCH PLC
Condensed unaudited consolidated cash flow statement
For the half year ended 31 August 2007
31 August 2007 31 August 2006
#000s #000s
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/Profit for the period (510) 22
Income tax expense recognised in the profit 7 3
Finance costs recognised in the profit 13 7
Depreciation and amortisation of non-current assets 17 17
Non-cash share based payments expense 597 -
124 49
Movements in working capital
(Increase) in trade and other receivables (284) (22)
(Decrease) in trade and other payables (248) (114)
Increase/(decrease) in current tax liabilities 4 (8)
Cash generated by operations (404) (95)
Interest paid (13) (7)
Income taxes paid (7) -
Net cash generated by operating activities (424) (102)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for property, plant and equipment (8) (31)
Net cash generated by investing activities (8) (31)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of equity shares 295 -
Net increase in borrowings 110 163
Net cash flow from financing activities 405 163
NET (DECREASE)/INCREASE IN CASH (27) 30
Cash at the beginning of the period 71 170
Cash at the end of the period 44 200
INDEPENDENT INTERNATIONAL INVESTMENT RESEARCH PLC
Selected explanatory notes to the condensed unaudited interim financial
statements
For the half year ended 31 August 2007-09-20
1. Accounting policies
The Group has adopted the new and revised Standards and Interpretations issued
by the International Accounting Standards Board (IASB) and the International
Financial Reporting Interpretations Committee (IFRIC) of the IASB that are
relevant to its operations and effective for its reporting periods beginning on
or after 1 January 2007. The adoption of these new and revised Standards and
Interpretations has not resulted in any changes to the Group's accounting
policies so this report has been compiled using the same accounting policies and
methods of computation as were used for the annual financial statements for the
year ended 28 February 2007.
2. Share based payment
In accordance with the requirements of FRS20 (and its international equivalent
IFRS2) the fair value of the employee share options issued under the Group's
Employee Share Ownership Plan (ESOP) are recognised as an expense in the
financial statements. A calculation has been made using the Directors' estimate
of the likely market price at vesting date and the potential gain has been
pro-rated over the vesting period. The total incremental share based payment
charge booked during the period amounted to #597,000.
3. Taxation
The tax charge in the accounts is wholly tax arising on the profits of the
Group's India-based subsidiary.
4. Segmental analysis
The income and expenditure of the Group derives from a single area of business
and as a result no segmental analysis has been provided or is required.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DZLFLDKBXBBD
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