We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Internet Bus. | LSE:IBG | London | Ordinary Share | GB0003754073 | 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% | 9.50 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:1650O
Internet Business Group
31 July 2003
INTERNET BUSINESS GROUP PLC ("IBG" OR THE "COMPANY")
INTERIM RESULTS FOR THE
SIX MONTH PERIOD ENDED 30 APRIL 2003
Financial Highlights
Six months Six months Year
ended ended ended
30 April 2003 30 April 2002 31 October 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover 1,176 620 1,389
Loss before interest, tax, (105) (236) (353)
depreciation and
amortisation
Loss on ordinary activities (188) (321) (537)
after taxation and minority
interest
Cash at bank 321 324 233
Key Points
*E-commerce operations continue to drive turnover growth in line with
stated strategy
*AffiliateFuture.co.uk, IBG's performance advertising network, continues
to make good progress
*Professional services and hosting businesses performing in line with
management's expectations
*Focus on improving operational efficiency in the second half of the year
Maziar Darvish, Chairman commented:
"IBG's performance in the first half of the year demonstrates that the change in
the Company's strategy adopted in 2001 is producing the desired results. In
particular, IBG has started to achieve critical mass in both the e-commerce and
the performance advertising operations. The Company is now fully focused on
improving operational efficiencies in order to convert turnover growth into
profitability."
Enquiries:
Internet Business Group plc 07974 919 017
Maziar Darvish
Chairman
Altium Capital Limited
Mike Fletcher 0161 831 1212
CHAIRMAN'S STATEMENT
Introduction
I am pleased to announce our interim results for the six month period ended 30
April 2003.
Results
Turnover for the first half of the year increased 89.7% to #1,176,000 (2002:
#620,000) and the loss after taxation and minority interests was reduced by
41.4% to #188,000 (2002: #321,000).
Business Review
E-Commerce
IBG's e-commerce operations have continued to grow. Sweatband.com remains the
largest element of the e-commerce operation and is continuing its strategy of
rolling out specialist sport-specific online stores. There are currently 8
online stores operating as follows:
Sweatband Fitness www.sweatbandfitness.co.uk
----------------------------
Sweatband Tennis www.sweatbandtennis.co.uk
---------------------------
Sweatband Outdoor www.sweatbandoutdoor.co.uk
----------------------------
Sweatband Cricket www.sweatbandcricket.co.uk
----------------------------
Sweatband Rugby www.sweatbandrugby.co.uk
--------------------------
Sweatband Swim www.sweatbandswim.co.uk
-------------------------
LTA shop www.ltashop.com
-----------------
Davis Cup Store www.daviscupstore.com
-----------------------
The strategy of launching further specialist stores will continue for the
foreseeable future.
In May 2003, Sweatband.com Ltd acquired certain assets and goodwill in relation
to a small online retail operation trading as SportsBras.co.uk, for a
consideration of #20,000 in cash. With these assets in place, IBG is planning to
launch a Sweatband.com branded store dedicated to female sports clothing by
autumn of this year.
IBG's other e-commerce activities are performing in line with management's
expectations.
The primary focus within the e-commerce divisions of IBG is the improvement of
operational efficiency. This involves the development of both software systems
and new processes. A substantial increase in the level of automated processes
within the e-commerce area is imperative to ensure both scaleability and
profitability of this area.
Performance Advertising Network
During the six month period to 30 April 2003, IBG has put many of the key
building blocks in place to ensure the continuing growth of
AffiliateFuture.co.uk. For example, a new web-based accounting system was
developed in-house in order to ensure efficient processing of large volumes of
transactions. Since the half-year, the intensive rate of development has
continued. A new and upgraded set of tools has been launched for both the
advertising clients as well as the publishers that carry advertising. In
addition, a new website was launched in May 2003, which can be viewed at http://
www.affiliatefuture.co.uk.
Professional Services and Web Hosting
IBG's professional services and hosting businesses, have continued to receive
repeat business from existing clients as well as winning new business, and have
performed in line with management's expectations. The in-house design, technical
and hosting capabilities of the Company have been instrumental in the on-going
development of the e-commerce and advertising operations. This capability is
being heavily leveraged to build new software systems and platforms to achieve
the operational efficiencies that are needed to enable the e-commerce and
advertising businesses to scale up and ultimately generate profits for the
Company.
Finances
As at 30 April 2003, the Company had cash of #321,000. In May 2003, the Company
paid #20,000 to acquire certain assets and goodwill of SportsBras.co.uk. At 30
June 2003, the Company had cash of #220,000.
Outlook
The results for the first half of the year demonstrate that IBG continues to
grow turnover and reduce losses. The investment currently being made in software
systems and processes, in order to increase automation, should enable IBG to
continue this trend over the coming year.
Maziar Darvish
Chairman
30 July 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Six months Six months Year
ended ended ended
30 April 2003 30 April 2002 31 October 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover 1,176 620 1,389
Cost of sales (904) (581) (1,145)
Gross profit 272 39 244
Distribution costs (13) (35) (39)
Administration expenses (450) (331) (752)
Operating loss (191) (327) (547)
Interest receivable (net) 3 6 10
Loss on ordinary activities (188) (321) (537)
before taxation
Taxation - - -
Loss on ordinary activities (188) (321) (537)
after taxation
Minority interest - - (9)
Retained loss for the period (188) (321) (546)
Basic loss per share (0.30p) (0.51p) (0.87p)
Fully diluted loss per share (0.30p) (0.51p) (0.87p)
CONSOLIDATED BALANCE SHEET
Six months Six months Year
ended ended ended
30 April 2003 30 April 2002 31 October 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed assets
Intangible assets 290 382 331
Tangible assets 67 168 108
Investments 22 24 22
379 574 461
Current assets
Stock 88 15 53
Debtors 317 328 344
Cash at bank 321 324 233
726 667 630
Creditors: amounts falling due (587) (320) (386)
within one year
Net current assets 139 347 244
Net assets 518 921 705
Share capital and reserves
Called up share capital 631 631 631
Share premium account 3,986 3,986 3,986
Other reserves 120 135 120
Profit and loss account (4,219) (3,821) (4,032)
Equity shareholders' funds 518 931 705
Minority interest - (10) -
518 921 705
CONSOLIDATED CASHFLOW STATEMENT
Six months Six months Year
ended ended ended
30 April 2003 30 April 2002 31 October 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Net cash inflow/(outflow) from 89 (196) (301)
operating activities
Returns on investments and 3 6 10
servicing of finance
Capital expenditure and (4) (11) (1)
financial
investment
Increase/(decrease) in cash in 88 (201) (292)
the period
RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Six months Six months Year
ended ended ended
30 April 2003 30 April 2002 31 October 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Operating loss (191) (327) (547)
Depreciation charge 45 49 111
Amortisation and impairment 42 43 110
of intangible fixed assets and
investment
Decrease in debtors 27 64 22
Increase in stock (35) (15) (53)
Increase/(decrease) in 201 (10) 56
creditors
Net cash inflow/(outflow) from 89 (196) (301)
operating activities
NOTES TO THE INTERIM ACCOUNTS
FOR THE PERIOD ENDED 30 APRIL 2003
1. Board approval
The interim accounts were approved by the board of directors on 30 July 2003.
2. Basis of preparation
The interim financial information for the six months ended 30 April 2003 is
unaudited and does not constitute statutory accounts. However, the interim
financial information has been reviewed by the Company's auditors whose report
is set out below and has been prepared on the basis of the accounting policies
set out in the audited financial statements for the period ended 31 October
2002. Comparative figures for the year ended 31 October 2002 have been extracted
from the statutory accounts of the company on which the auditors gave an
unqualified report and which have been filed with the Registrar of Companies.
3. Earnings per share
Basic loss per share is calculated based on the loss on ordinary activities
after tax and minority interests divided by the weighted average number of
shares in issue being 63,083,517 (2002: 63,083,517).
The calculation of diluted earnings per share uses the same basic loss per share
and weighted average number of shares as the calculation of basic earnings per
ordinary share. This is because the exercise of share options would have the
effect of reducing the loss per ordinary share and is therefore not dilutive
under the terms of FRS 14.
4. Gains and losses
The Company had no recognised gains or losses in either the current or preceding
periods other than the loss for the period.
INDEPENDENT REVIEW REPORT BY BAKER TILLY TO
INTERNET BUSINESS GROUP PLC
Introduction
We have been instructed by the Company to review the financial information set
out above, and we have read the other information contained in the interim
report, and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. It is best
practice that the accounting policies and presentation applied to the interim
figures should be consistent with those applied in preparing the preceding
annual accounts, except where any changes, and the reasons for them, are
disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of group management and applying analytical procedures as if that
Bulletin applied to the financial information and underlying financial data and,
based thereon, assessing whether the accounting policies and presentation have
been consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly, we do not express an audit opinion on the
financial information.
Review conclusion
On the basis of our review, we are not aware of any material modifications that
should be made to the financial information as presented for the period ended 30
April 2003.
Baker Tilly
Chartered Accountants and Registered Auditors
2 Bloomsbury Street
London
WC1B 3ST
30 July 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VBLFXXDBBBBK
1 Year Internet Business Chart |
1 Month Internet Business Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
