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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| IT&E | LSE:ITEL | London | Ordinary Share | AU000000ITE8 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.125 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:8403O
IT&e Limited
27 February 2008
27 February 2008 ASX/AIM Announcement
IT&e Posts Interim Results for 6 months to 31 December 2007
IT&e Limited (ASX code: ITE, AIM: ITEL) today released the Company's interim
results for the half year to 31 December 2007.
Ellis Bugg, Chairman of IT&e, commented in releasing the results:
"The Board is pleased with the progress made in the half with improved financial
performance, further sales successes, progression to qualified prospect of a
number of opportunities and steps taken to strengthen internal controls".
Results for period
$000
1st half F08 1st half F07 Change 2nd half F07 Change F07
Revenue 6,413 2,181 +194% 6,177 +4% 8,298
Product Related
Services 1,672 1,610 +4% 1,888 -11% 3,493
Total 8,085 3,791 +113% 8,065 +0.3% 11,791
Net loss 625 4,862 +87% 1,014 38% 5,700
Revenue more than doubled (113% increase) from the same period in F07 with
product related revenue increasing 194%. Revenue levels were maintained from 2nd
half F07. Moving into the 2nd half F08, approximately $7.6m committed revenue is
expected to be recognised.
While the consolidated entity did not achieve a profit for the half, the
financial performance continues to improve with a turnaround of over $4.2m (87%)
from the same period in F07 and a 38% reduction in the 2nd half 2007 loss. This
improvement occurred despite the 6 month result being adversely impacted by
$0.65m in costs that are not expected to recur.
Business Highlights
*New projects were secured including Calyon New York and LCH.Clearnet
Group
*Successful completion of 2 significant projects - Federal Home Loan Bank
of Pittsburgh and Man Group (plc)
*Progression of the delivery of key projects on time and on budget
including Royal Bank of Canada and Queensland Treasury Corporation.
*Restructure of the Board and use of consultancy services to reduce
overheads on an annualised basis by more that $0.44m
*Strengthening of the balance sheet with an equity placement of 16m shares
to raise $1.44m
Business Outlook
There is increased global interest in the Razor product with currently 4
qualified prospects of which all have been shortlisted with proof of concepts
complete. In addition another two "requests for proposal" for the Razor product
have been received and are in the process of completion.
The Razor product is achieving increasing market penetration and its global
reputation is growing with each success. Discussion on qualified prospects leads
the Board and Management to be cautiously optimistic that further sales will be
secured in the second half of 2008 and with the focus on cost management this
should enable the financial performance to continue to improve. The Board is
monitoring the financial performance and will, if and when appropriate, update
the market prior to the release of the full year results.
- END -
Enquiries/Additional Information:
IT&e
Oliver Carton - Company Secretary: +61 412 149 118
James Maranis - CEO: +61 2 9236 9427
Richard Bennett - Regional Head, EMEA: +44 20 7621 8523
Grant Thornton Corporate Finance
Fiona Owen: +44 20 7383 5100
Media Enquiries:
Abchurch Communications
Georgina Bonham / Joanne Shears Tel: +44 (0) 20 7398 7700
joanne.shears@abchurch-group.com www.abchurch-group.com
------------------------
About IT&e Limited
IT&e is a technology company dual listed on the Australian Stock Exchange and
AIM Market of the London Stock Exchange, specialised in providing solutions to
the global Financial Services markets.
IT&e offers three flagship products, RAZORTM NextSetPTXTM and Monarque(R), to
financial institutions. RAZOR enables organisations to effectively address their
market, credit and liquidity risk management requirements, both on an enterprise
and a departmental basis. Razor clients include L.C.H.Clearnet Group, ANZ, HSBC,
ASX, Federal Home Loan Bank, Pittsburgh, Man Group plc, RBC and Calyon New York.
PTX enables on-line trading of over the counter securities across multiple asset
classes (Securities, Money Market, FX, etc.) PTX clients include NAB, ANZ and
QTC. Monarque supports trading and treasury management at major banks and
broking houses, and comprises modules designed to automate front-office
functions. Monarque clients include Brown Brothers Harriman, Bear Stearns and
the Chicago Mercantile Exchange.
IT&e is headquartered in Sydney with offices in Melbourne, London, New York and
Chennai, offering a highly skilled team of specialists, providing technology
services across the financial markets and risk management business areas.
For further information about IT&e please visit our website at http://
www.ite-fs.com
Directors' Report
The Board of Directors of IT&e Limited submits its report in respect of the
half-year ended 31 December 2007.
DIRECTORS
The names of the company's directors in office during the half-year and until
the date of this report are as below.
Directors were in office for this entire period unless otherwise stated.
Ellis Bugg Non-Executive Director, (appointed Chairman from 14 November 2007)
James Maranis Managing Director
Ralph Pickering Non-Executive Director
Simon Yencken Non-Executive Director
Jane Yuile Non-Executive Director
David Bell Non-Executive Director (resigned 14 November 2007)
Greg Meeking Non-Executive Director (resigned 14 November 2007)
Stephen Simpson Non-Executive Director (resigned 14 November 2007)
PRINCIPAL ACTIVITIES
The principal activities of the consolidated entity during the financial period
comprised the development and integration of speciality software for financial
institutions; covering on-line securities trading, foreign exchange, options
trading and risk management of capital.
REVIEW AND RESULTS OF OPERATIONS
Business Highlights
The Board is pleased with the progress made in the half with improved financial
performance, further sales successes and progression to qualified prospect of a
number of opportunities and steps taken to strengthen internal controls.
Highlights during the period included:
*Net loss of $0.62m reduced by $4.2m (87%) from 1st half F07 and 38% from
the 2nd half 07
*New projects were secured including:
+ *Calyon New York - license for the latest 64-bit version of Razor to
support the bank's AAA derivatives trading program
+ *LCH.Clearnet Group - Razor license to meet the risk management
requirements as the central counterparty to all trades executed at the
London Clearing House and component exchanges
*Future committed revenue was maintained at levels applying at the
commencement of the period
*Successful completion of 2 significant projects:
+ *Federal Home Loan Bank of Pittsburgh - Razor risk management solution
+ *Man Group (plc) - Razor system for measuring and monitoring the
credit risk component of its economic capital
*Progression of the delivery of key projects on time and on budget
including:
+ *Royal Bank of Canada - implementation of the full suit of Razor
modules to cover the bank's counterparty credit risk, economic capital
and the market risk management needs of its global trading activity
across all asset classes
+ *Queensland Treasury Corporation - development of a fully integrated
on-lending and investment administration platform using PTX.
*Increased global interest in the Razor product with currently 4 qualified
prospects of which all have been shortlisted with proof of concepts
complete. In addition another two "requests for proposal" for the Razor
product have been received and are in the process of completion.
*Restructure of the Board and use of consultancy services to reduce
overheads on an annualised basis by more that $0.44m
*Strengthening of the balance sheet with an equity placement of 16m shares
to raise $1.44m
Results for period
$000
1st half F08 1st half F07 Change 2nd half F07 Change F07
Revenue 6,413 2,181 +194% 6,177 +4% 8,298
Product Related
Services 1,672 1,610 +4% 1,888 -11% 3,493
Total 8,085 3,791 +113% 8,065 +0.3% 11,791
Net loss 625 4,862 +87% 1,014 38% 5,700
The consolidated entity did not achieve a profit for the half, however the
financial performance continues to improve with a turnaround of over $4.2m (87%)
from the same period in F07 and a 38% reduction in the 2nd half 2007 loss. This
improvement occurred despite the 6 month result being adversely impacted by the
following costs that are not expected to recur:
*Once off costs of $0.21m in relation to 'make good' costs associated with
the Sydney office relocation and a change in the timing of recognition of
commissions and other expenses
*$0.27m added cost associated with the previous larger board size and
consultancy services as compared to the current structure
*Foreign exchange losses of $0.17m. Since 31 December 2007 the
consolidated entity has restructured its global banking and is currently
considering local currency banking arrangements that allow group off-sets to
minimise foreign exchange exposures
Revenue more than doubled (113% increase) from the same period in F07 with
product related revenue increasing 194%. Revenue levels were maintained from 2nd
half F07. The consolidated entity continued to redirect resources normally
engaged in deriving "other revenue" to meet the exigencies associated with
pursuit of global opportunities for the Razor product in lieu of engaging added
resources before projects were secured. The 2nd half F08 committed revenue is
approximately $7.6m.
The consolidated entity's current ratio has improved during the period to 1.66
(1.35 at 30 June 2007). Although cash and short term deposits have reduced there
has been an increase in debtors and accrued revenue and these balances will be
collected in the second half of the 2008 financial year.
Outlook
The Razor product is achieving increasing market penetration and its global
reputation is growing with each success. Discussion on qualified prospects leads
Board and Management to be cautiously optimistic that further sales will be
secured in the second half of 2008 and with the focus on cost management should
enable the financial performance to continue to improve. The Board is monitoring
the financial performance and will, if and when appropriate, update the market
prior to the release of the full year results.
EVENTS AFTER THE BALANCE SHEET DATE
Since 31 December 2007 the consolidated entity has decided to relocate its
Sydney premises. An estimate of the cost of 'make good' in respect of its
current premises was provided in full in the half year accounts.
AUDITOR'S INDEPENDENCE DECLARATION
We have obtained an independence declaration from our auditors, Ernst & Young,
which immediately follows the Report on the Half Year Condensed Financial
Report.
Signed in accordance with a resolution of the directors.
JAMES MARANIS
Managing Director
Sydney, 27 February 2008
Income Statement
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
Note CONSOLIDATED
----- 2007 2006
$000 $000
-------- --------
Revenue 3(a) 8,085 3,791
Cost of sales (5,382) (5,102)
-------- --------
Gross profit / (loss) 2,703 (1,311)
Other income 3(b) 34 78
Operating expenditure
Marketing expenses (50) (45)
Occupancy expenses (541) (411)
Employee benefits expenses 3(d) (718) (1,187)
Administrative expenses (1,762) (1,517)
Other expenses 3(c) (246) (293)
-------- --------
Profit/(loss) before tax and share-based payments (580) (4,686)
Share-based payment expense 7 (17) (161)
-------- --------
(Loss) before income tax (597) (4,847)
Income tax (expense) (28) (15)
-------- --------
Net (loss) for the period (625) (4,862)
======== ========
Basic and diluted earnings/(loss) per share (cents
per share) (0.26) (2.43)
Balance Sheet
AS AT 31 DECEMBER 2007
CONSOLIDATED
As at As at
Note 31 Dec 2007 30 Jun 2007
------
$000 $000
--------- ---------
ASSETS
Current Assets
Cash and cash equivalents 4 808 2,429
Trade and other receivables 2,734 2,248
Prepayments 241 102
Financial Assets 67 62
Accrued revenue 5 1,798 339
--------- ---------
Total Current Assets 5,648 5,180
--------- ---------
Non-current Assets
Financial Assets 383 425
Property, plant and equipment 318 286
Goodwill 6 4,681 4,681
--------- ---------
Total Non-current Assets 5,382 5,392
--------- ---------
TOTAL ASSETS 11,030 10,572
--------- ---------
LIABILITIES
Current Liabilities
Trade and other payables 1,958 2,082
Current tax liabilities 43 18
Provisions 9 837 761
Unearned revenue 552 968
--------- ---------
Total Current Liabilities 3,390 3,829
--------- ---------
Non-Current Liabilities
Provisions 295 271
--------- ---------
Total Non-Current Liabilities 295 271
--------- ---------
TOTAL LIABILITIES 3,685 4,100
--------- ---------
NET ASSETS 7,345 6,472
========= =========
EQUITY
Equity attributable to equity holders of the
parent
Contributed equity 10 51,510 49,273
(Accumulated losses) (47,403) (46,778)
Reserves 3,238 3,977
--------- ---------
TOTAL EQUITY 7,345 6,472
========= =========
Statement of Changes in Equity
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
-------------------- --------- --------- --------- ---------
CONSOLIDATED Issued capital Accumulated losses Other reserves Total Equity
$000 $000 $000 $000
-------------------- --------- --------- --------- ---------
At 1 July 2006 46,144 (41,078) 3,017 8,083
Currency
translation
differences - - 120 120
Net (loss) for
the period - (4,862) - (4,862)
Issue of share
capital 1,500 - - 1,500
Share earn-out 209 - (209) -
Share-based
payment (note
7) 4 - 981 985
Capital
raising
expenses (889) - 25 (864)
-------------------- --------- --------- --------- ---------
At 31 December
2006 46,968 (45,940) 3,934 4,962
==================== ========= ========= ========= =========
-------------------- --------- --------- --------- ---------
CONSOLIDATED Issued capital Accumulated losses Other reserves Total Equity
$000 $000 $000 $000
-------------------- --------- --------- --------- ---------
At 1 July 2007 49,273 (46,778) 3,977 6,472
Currency
translation
differences - - 41 41
Employee Share
Scheme (note
10) 3 - - 3
Share earn-out
TMS (note 10) 12 - (12) -
Share payment
Halcyon (note
10) 782 - (782) -
Net (loss) for
the period - (625) - (625)
Issue of share
capital (note
10) 1,440 - - 1,440
Share-based
payment (note
7) - - 14 14
Capital raising - - - -
expenses --------- --------- --------- ---------
--------------------
At 31 December
2007 51,510 (47,403) 3,238 7,345
==================== ========= ========= ========= =========
Cash Flow Statement
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
CONSOLIDATED
Note As at 31 Dec 2007 As at 31 Dec 2006
----- $000 $000
-------- -------
Cash flows from Operating Activities
Receipts from customers 5,971 6,180
Payments to suppliers and
employees (8,932) (8,971)
Interest and other items of a
similar nature received 34 78
-------- -------
Net cash flows used in
operating activities (2,927) (2,713)
-------- -------
Cash flows from Investing Activities
Purchase of property, plant and
equipment (134) (102)
-------- -------
Net cash flows used in
investing activities (134) (102)
-------- -------
Cash flows from Financing Activities
Proceeds from issue of shares
and options 1,440 1,500
Share issue costs - (590)
-------- -------
Net cash flows used in
financing activities 1,440 910
-------- -------
Net increase/(decrease) in cash
and cash equivalents (1,621) (1,905)
Cash and cash equivalents at
beginning of period 2,429 4,249
-------- -------
Cash and cash equivalents at
the end of period 4 808 2,344
======== =======
Notes to the Half-Year Financial Statements
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The half-year financial report does not include all notes of the type normally
included within the annual financial report and therefore cannot be expected to
provide as full an understanding of the financial performance, financial
position and financing and investing activities of the consolidated entity as
the full financial report.
The half-year financial report should be read in conjunction with the Annual
Financial Report of IT&e Limited as at 30 June 2007, which has been prepared in
accordance with the requirements of the Corporations Act 2001 and Australian
Accounting Standards.
It is also recommended that the half-year financial report be considered
together with any public announcements made by IT&e Limited and its controlled
entities during the half-year ended 31 December 2007 in accordance with the
continuous disclosure obligations arising under the Corporations Act 2001.
(a) Basis of Preparation
The half-year consolidated financial report is a general-purpose financial
report, which has been prepared in accordance with the requirements of the
Corporations Act 2001 including Australian Accounting Standards, AASB 134
"Interim Financial Reporting" and other mandatory professional reporting
requirements.
The half-year financial report has been prepared on a historical cost basis.
The half-year financial report is presented in Australian dollars and all values
are rounded to the nearest thousand dollars ($'000) unless otherwise stated
under the option available to the Company under ASIC Class Order 98/100. The
company is an entity to which the class order applies.
For the purpose of preparing the half-year financial report, the half-year has
been treated as a discrete reporting period.
(b) Significant Accounting Policies
The half-year consolidated financial statements have been prepared using the
same accounting policies as used in the annual financial statements for the year
ended 30 June 2007 except for the adoption of amending standards mandatory for
annual periods beginning on or after 1 July 2007. These amendments have had no
impact on the group's accounting policies.
(c) Basis of Consolidation
The half-year consolidated financial statements comprise the financial
statements of IT&e Limited and its subsidiaries as at 31 December 2007 ('the
Group').
2. SEGMENT INFORMATION
The Group comprises of the following geographical segments:
* Australia, India, USA, UK.
The following table presents revenue and profit information regarding
geographical segments for the half-year periods ended 31 December 2007 and 31
December 2006.
Australia India USA UK Total
$000 $000 $000 $000 $000
------------------------- ------- ------- ------- ------- -------
Half-year ended 31 December 2007
Revenue
Sales to external customers 7,597 - 488 - 8,085
Other revenues from external customers - - - - -
Inter-segment sales - 565 463 896 1,924
------- ------- ------- ------- -------
Total segment revenue 7,597 565 951 896 10,009
======= ======= ======= =======
Inter-segment elimination (1,924)
-------
Total segment revenue 8,085
Interest revenue 34
-------
Total consolidated revenue 8,119
=======
Result
Profit/(loss) before tax and
share-based (646) 40 1 25 (580)
payments
Share-based payments (1) - (7) (9) (17)
------- ------- ------- ------- -------
(Loss) before income tax (647) 40 (6) 16 (597)
Income tax expense - - (1) (27) (28)
------- ------- ------- ------- -------
Net (loss) for the period (647) 40 (7) (11) (625)
======= ======= ======= ======= =======
Half-year ended 31 December 2006
Revenue
Sales to external customers 3,075 - 713 - 3,788
Other revenues from external customers 3 - - - 3
Inter-segment sales 4 464 153 1,158 1,779
------- ------- ------- ------- -------
Total segment revenue 3,082 464 866 1,158 5,570
======= ======= ======= =======
Inter-segment elimination (1,779)
-------
Total segment revenue 3,791
Interest revenue 78
-------
Total consolidated revenue 3,869
=======
Result
Profit/(loss) before tax and
share-based (4,711) 30 (1) (4) (4,686)
payments
Share-based payments (146) - (3) (12) (161)
------- ------- ------- ------- -------
(Loss) before income tax (4,857) 30 (4) (16) (4,847)
Income tax expense - - - (15) (15)
------- ------- ------- ------- -------
Net (loss) for the period (4,857) 30 (4) (31) (4,862)
======= ======= ======= ======= =======
3. REVENUE, INCOME AND EXPENSES
The current period loss (2006: loss) before tax and share-based payments
includes the following material items of income and expense whose disclosure is
relevant in explaining the performance of the entity:
CONSOLIDATED
2007 2006
$000 $000
--------- ---------
(a) Revenue
Sale of goods 6,413 2,181
Rendering of services 1,672 1,610
--------- ---------
8,085 3,791
========= =========
(b) Other income
Bank interest receivable 34 78
--------- ---------
34 78
========= =========
(c) Other expenses
Bad and doubtful debts-trade & other debtors (29) 29
Depreciation of plant and equipment, owned 102 119
Net foreign exchange differences 173 145
--------- ---------
246 293
========= =========
(d) Employee benefits expense
Wages and salaries 568 978
Workers compensation costs 13 18
Long service leave provision 5 (6)
Annual leave provision 4 24
Superannuation 35 56
Employer related taxes 68 78
Other employee costs 25 39
--------- ---------
718 1,187
Employee benefits recognised in cost of sales 5,246 5,087
--------- ---------
5,964 6,274
========= =========
4. CASH AND CASH EQUIVALENTS
For the purposes of the half-year cash flow statement, cash and cash equivalents
are comprised of the following:
CONSOLIDATED
As at As at
31 Dec 2007 31 Dec 2006
$000 $000
-------- --------
Cash at bank and in hand 301 551
Short-term deposits 507 1,793
-------- --------
808 2,344
======== ========
5. ACCRUED REVENUE
CONSOLIDATED
As at As at
31 Dec 2007 30 Jun 2007
$000 $000
Consolidated Income Statement
-------- --------
Accrued revenue 1,798 339
======== ========
The majority of projects are billed based on a schedule of milestones and
accordingly to the extent that work has been performed that cannot as yet be
billed, revenue is accrued. In accruing for revenue the overall project is
assessed to ensure its overall profitability. As at the date of this report 45%
of the balance had been invoiced.
6. GOODWILL
CONSOLIDATED
----------------------------------
NextSet TMS Halcyon Total
$000 $000 $000 $000
----------- ---------- ---------- ---------
At 1 July 2006
Cost (gross carrying amount) 1,548 1,073 - 2,621
Additions - 12 2,048 2,060
Impairment loss - - - -
----------- ---------- ---------- ---------
At 31 December 2006 1,548 1,085 2,048 4,681
----------- ---------- ---------- ---------
At 1 January 2007
Cost (gross carrying amount) 1,548 1,085 2,048 4,681
Additions - - - -
Impairment loss - - - -
----------- ---------- ---------- ---------
At 30 June 2007 1,548 1,085 2,048 4,681
----------- ---------- ---------- ---------
At 1 July 2007
Cost (gross carrying amount) 1,548 1,085 2,048 4,681
Additions - - - -
Impairment loss - - - -
----------- ---------- ---------- ---------
At 31 December 2007 1,548 1,085 2,048 4,681
----------- ---------- ---------- ---------
NextSet
The NextSet business was acquired in 2004 and brought skilled resources as well
as the PTX product. The PTX product is a multi-asset web-based transaction
platform that enables banks and financial institutions to define products and
buy and sell these products with corporate treasurers and institutional clients.
Customers include the NAB, ANZ and Queensland Treasury Corp.
TMS
The TMS acquisition was completed in 2004 to provide a presence in North America
with an office in New York, executives well connected in the financial services
industry in the region, as well as Monarque, a niche product consisting of
multiple integrated modules designed for automating the front, middle and
back-office functions in the trading and treasury management environment.
Halcyon
Halcyon was acquired in October 2006. Based in Melbourne, Halcyon provides risk
management and financial markets consulting services. The acquisition was funded
through a mixture of cash and shares and in December 2007, having achieved
performance targets, the 2nd tranche payment was made comprising $301,125 of
cash and 3,017,455 shares. The 3rd tranche due on 30 November 2008 comprises a
further $301,125 and 821,250 shares to be issued. These earn out payments have
been fully reflected in the value of the acquisition and related goodwill above
due to the probability of being achieved.
7. SHARE-BASED PAYMENT PLANS
The following share options were issued during the period under the Employee
Share Option Plan:
* 30 September 2007, 950,000 options to employees;
The exercise price of the options is 20 cents which was above the market price
of the shares on grant date.
The above options are five-year call options and vest over a three-year period
in 36 consecutive monthly instalments; however no options can be exercised in
the 12 months after the date of grant. The following table lists the inputs to
the model used for the half years ended 31 December 2007 and 31 December 2006:
31 Dec 2007 31 Dec 2006
Expected volatility (%) 80 -100 80 -100
Risk-free interest rate (%) 5.03 - 6.41 5.03 - 5.91
Expected life of option (years) 3 - 5 3 - 5
Contractual Life (years) 5 5
Option exercise price ($) 0.20 - 0.34 0.20 - 0.34
Valuation Model Black-Scholes & Black-Scholes &
Monte Carlo Monte Carlo
The estimated fair value of each option issued during the period (at grant date)
is $0.05.
As a result of the resignation of Greg Meekings from the Board on 14 November
2007, a reversal of $77,668 in share based payment expense has been reflected in
the consolidated profit and loss accounts. This relates to 2 million options
issued to him on 4 December 2006 as they could not be exercised as they were
within the first 12 months of issue.
8. RELATED PARTY DISCLOSURE
Terms and conditions of transactions with related parties
Related party amounts result from transactions in relation to the parent company
meeting the working capital requirements of subsidiaries. In addition IT&e (UK)
Limited, IT&e Global Inc. and IT&e Limited have entered into Services Agreements
for the provision of services in relation to i) sales and pre-sales activity,
ii) software support, iii) implementation activities, and iv) customer support,
training and project management.
Costs for such services are reimbursed with a mark up of 7%. Settlement is
within 90 days but it may vary. The total amount of transactions with related
parties within the wholly owned group for the period is $1,923,794 (2006:
$1,779,000), and the balance payable by IT&e Limited to its subsidiaries at 31
December 2007 is $5,509,217 (2006: $8,017,000).
Further, IT&e Limited and IT&e Software India Private Limited have a Software
Development Services agreement for the provision of services in relation to
development and enhancement of software. Costs for such services are reimbursed
by IT&e Limited with a mark up of 7.5%. Settlement is generally within 30 days.
The following payments were made to directors for consultancy services during
the period:
* DMHB Pty Ltd (David Bell) consulting services provided in relation to M&
A activities - $39,300; and
* Aimbrook Pty Ltd (Stephen Simpson) consulting services provided in
relation to assistance with June 2007 Year End - $6,205.
9. PROVISIONS
Nature and purpose of provisions
CONSOLIDATED
As at As at
31 Dec 2007 30 Jun 2007
$000 $000
Annual Leave provision 777 761
'Make Good' provision 60 -
-------- --------
837 761
======== ========
Since 31 December 2007 the consolidated entity has decided to relocate its
Sydney premises. An estimate of the cost of 'make good' in respect of its
current premises was provided in full in the half year accounts.
10. CONTRIBUTED EQUITY
CONSOLIDATED
31 December 2007 30 June
2007
$000 $000
--------- ---------
Ordinary shares issued and fully paid 51,510 49,273
--------- ---------
Thousands $000
--------- ---------
Movement in ordinary shares on issue
At 1 July 2007 234,585 49,273
Employee Share Scheme 25 3
Share earn out TMS 150 12
Share payment Halcyon 3,017 782
Issued on 4 December 2007 in relation to GBST
Share Placement 16,000 1,440
--------- ---------
At 31 December 2007 253,777 51,510
========= =========
GBST Placement
On 4 December 2007 the company issued 16,000,000 shares at $0.09 cents per share
to GBST Holdings Limited which raised $1,440,000. As a result of the placement,
GBST became a significant shareholder holding 10.85% of share capital.
11. EVENTS AFTER THE BALANCE SHEET DATE
Since 31 December 2007 the consolidated entity has decided to relocate its
Sydney premises. An estimate of the cost of 'make good' in respect of its
current premises was provided in full in the half year accounts.
Directors' Declaration
In accordance with a resolution of the directors of IT&e Limited, I state that:
In the opinion of the directors:
(a) the financial statements and notes of the consolidated entity are in
accordance with the Corporations act 2001 including:
(i) give a true and fair view of the financial position as at 31 December 2007
and the performance for the half-year ended on that date of the consolidated
entity; and
(ii) comply with Accounting Standard AASB 134 "Interim Financial Reporting" and
the Corporations Regulations 2001; and
(b) there are reasonable grounds to believe that the Company will be able to pay
its debts as and when they become due and payable.
On behalf of the Board
JAMES MARANIS
Managing Director
Sydney, 27 February 2008
This information is provided by RNS
The company news service from the London Stock Exchange
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