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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rome Resources Plc | LSE:RMR | London | Ordinary Share | GB00BYY0JQ23 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-9.20 | -96.79% | 0.305 | 0.29 | 0.32 | 0.35 | 0.305 | 0.35 | 551,396,122 | 15:57:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1782D RMR PLC 8 May 2001 RMR PLC PRELIMINARY RESULTS ANNOUNCEMENT For the year ended 28 February 2001 CHAIRMAN'S STATEMENT Overview The year to February 2001 may be characterised as an eventful one for RMR. The Company floated on AIM in April 2000 raising approximately #12 million to fund the growth of its self-commissioned online conference business. I reported in the Interim Statement that the first six months to 31 August 2000 had seen an expansion of RMR's library of conference topics and a number of events being launched. During this period, the excellence of the Company's conference product was also recognised by the winning of the Charteris and Institute of Directors backed "Electronic Business Transformation Award". A US office was also opened in Austin, Texas in July 2000. However, the second half of the year has been challenging. The Company like many others has been affected by the change in sentiment toward the internet sector with trading performance adversely impacted by a decline in online advertising in the UK. This evident departure from the original business plan caused the Board to instigate a strategic review in November 2000. The Business Review below describes the actions that have been taken. Business Review - UK RMR developed and sold on twelve self-commissioned conferences during the year. These are listed in the following table. Conference Date of Delegates URL launch For Business 2000 1 May 2000 12,700 www.forbusiness2000.com Energy Resource 2000 15 May 2000 11,500 www.energyresource2000.com Virtual Banking 2000 18 Sep 2000 11,000 www.virtualbanking2000.com Communicate 2000 2 Oct 2000 4,000 www.communicate2000.com Pharmaceuticals 2000 6 Nov 2000 7,500 www.pharmaceuticals2000.com Global Investor 2000 20 Nov 2000 14,000 www.globalinvestor2000.com Insurance and Financial 19 Feb 2001 10,000 www.rmr-ifs2001.com Services 2001 Aviation 2001 5 Mar 2001 8,500 www.rmr-aviation2001.com Energy Resource 2001 21 May 2001 - www.rmr-energyresource2001.com 3G 2001 25 Jun 2001 - www.rmr-3g2001.com Corporate Travel 2001 2 Jul 2001 - www.rmr-corporatetravel.com Exploration & Production 2001 1 Oct 2001 - www.rmr-eandp2001.com While these events have continued to attract large numbers of delegates, sales of exhibition stands and sponsorship space on the events have fallen below the Company's target of #280,000 per event. A review of the sales performance showed that whilst there was continuing strong interest in self-commissioned conferences, there was a reluctance by organisations to commit to advertising at these events. This was felt in part to be due to the relative newness of the events themselves and also the format of sale which relied substantially on telesales. As a result RMR has decided to work more closely with other third parties who already have existing content and community as well as changing the nature and quality of its contact with customers. We have moved from using large numbers of telesales staff to smaller sales teams made up of more experienced and skilled staff. The expansion of RMR's business beyond self-commissioned conferences has been helped by the substantial developments in the technology platform over the last six months. Organisations can now use RMR's internally developed software to disseminate their content through platforms such as conferences, portal and e-learning sites. This has enabled RMR to become an Application Service Provider (ASP) providing an online information solution to third parties such as conference organisers, academic institutions and large companies. The Board believes that the ASP model not only offers a broader revenue stream for the Company but one which is less risky as revenues are now not solely derived from selling advertising space on RMR's own self-commissioned conferences. The success of the development in RMR's product range and move to a consultative sales approach is being seen in the profitable business relationships that are being established. RMR is now doing business with conference organisers (e.g. Informa Group plc), corporates (e.g. Old Mutual Securities) and academic institutions (e.g. Cranfield School of Management). Unfortunately, the implementation of the changes described above resulted in a reduction in employees from 160 to 80 employees, most but not all of the redundancies were in telesales. The restructuring process was completed in early February 2001. The financial implications of the restructuring are highlighted in the Results section of my statement. The Board is continuing to monitor the resources necessary to support the expected levels of business. Business Review - US RMR's conferences have always attracted considerable international interest, particularly from the US. The Company's US office commenced producing and selling its first event in October 2000. There are now 18 employees involved in sales, research, editorial and support functions. Although the US business operates day-to-day on a stand-alone basis, the UK developed conference software is being used for the self-commissioned conferences currently under production. The first dedicated US event is US Banking (www.rmr-usbanking.com) which is being launched in June 2001. This event has the American Bankers Association as Primary Partner and speakers include Roger Ferguson, Vice Chairman of the Federal Reserve System. I am pleased to report that the sales on this event have been extremely encouraging which is perhaps indicative of a more developed market for online advertising here than in the UK. As with the UK, the Board will continue to monitor the business against agreed performance targets. Results The turnover for the year to February 2001 was #2.052 million (2000: #1.116 million) of which 76 percent (#1.550 million) represented revenues generated by online conferences, the balance being attributable to web development (# 502,000). The conference sales of #1.550 million include revenues of #160,000 from the US operation. The tougher market conditions in the second half of the year affected sales considerably with group sales for this period of #938,000 compared to #1.114 million achieved in the first six months to 31 August 2000. Principally, as a result of below target revenues, a pre-tax loss of #6.316 million was incurred for the year (2000: #967,000). This level of loss is about twice that forecast at flotation. Of this loss, #4.038 million has occurred in the second half due principally to below target sales revenue, the US operation (#490,000) and the costs of the restructuring programme (# 330,000). It should be noted that the annual payroll cost has been reduced by #1.6 million to #3.0 million as a result of the restructuring exercise. The cash position at 28 February 2001 was #6.270 million (2000: #525,000). For the year, there was a loss per share of 11.88p (2000: 2.27p). Board Changes The strategic and operational changes have coincided with changes in the Board composition. Philip Marcella, who founded RMR and was Group CEO, has resigned. I take this opportunity to thank Philip for the contribution that he has made. Philip has been replaced by Robert Jackson who was appointed in November 2000 as UK CEO. Prospects Notwithstanding the more difficult market that has emerged over the last six months, I believe that RMR has now developed a comprehensive product offering and capability of resource to form the basis of a viable business. The management have shown decisiveness and willingness to evolve the business in response to changes in the marketplace. This has resulted in foundations being put in place to enable the Company to transform itself into a provider of technology solutions to organisations with complex information needs. I believe that the quality of the relationships developed up to now provides an encouraging base for the future development of the business. The success or otherwise of our new direction should become evident over the next six months. Dr Michael Peagram Chairman 4 May 2001 RMR PLC GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2001 2001 2000 #'000 #'000 Turnover 2,052 1,116 Cost of sales (3,606) (1,088) Gross result (1,554) 28 Restructuring costs (330) - Professional costs prior to Company flotation (255) - Other administrative expenses (4,623) (993) Administrative expenses (5,208) (993) Operating loss (6,762) (965) Net interest 446 (2) Loss for the year (6,316) (967) Basic loss per share (pence) (11.88)p (2.27)p There were no recognised gains or losses other than the profit for the financial year. BALANCE SHEETS AT 28 FEBRUARY 2001 Group Group Company 2001 2000 2001 #'000 #'000 #'000 #'000 #'000 #'000 Fixed assets Tangible assets 1,235 620 - Investments - - 4,264 1,235 620 4,264 Current assets Stocks - 70 - Debtors 603 969 11,847 Cash at bank and in hand 6,270 525 5 6,873 1,564 11,852 Creditors: amounts falling due within one (966) (973) - year Net current assets 5,907 591 11,852 Total assets less current liabilities 7,142 1,211 16,116 Creditors: amounts falling due after more (55) (46) - than one year Net assets 7,087 1,165 16,116 Capital and reserves Called up share capital 5,510 4,264 5,510 Share premium account 10,650 - 10,650 Profit and loss account (9,073) (3,099) (44) Shareholders' funds 7,087 1,165 16,116 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2001 2001 2000 #'000 #'000 Net cash outflow from operating activities (6,139) (825) Returns on investments and servicing of finance Interest paid (10) (3) Interest received 456 1 446 (2) Capital expenditure and financial investment Purchase of tangible fixed assets (922) (518) Sale of tangible fixed assets 59 - (863) (518) Cash outflow before management of liquid resources and (6,556) (1,345) financing Financing Issue of share capital 12,823 1,894 Expenses paid in connection with shares issues (449) (2) Capital element of finance lease and hire purchase contracts (73) (11) Repayment of borrowings - (58) Net cash inflow from financing 12,301 1,823 Increase in cash 5,745 478 NOTES TO THE PRELIMINARY ANNOUNCEMENT For the year ended 28 February 2001 1. BASIS OF PREPARATION The preliminary announcement has been prepared under the historical cost convention and in accordance with applicable accounting standards. The principal accounting policies have remained unchanged from those set out in the Company's 2001 Annual Report and Financial Statements. 2. BASIS OF CONSOLIDATION The consolidated financial statements have been prepared using the merger method of accounting using the principles set out in Financial Reporting Standard 6, 'Acquisitions and mergers'. Under merger accounting, the results and cash flows of RMR plc and its subsidiaries are combined from the beginning of the financial period in which the merger occurred and their assets and liabilities combined at the amounts at which they were previously recorded. The consolidated profit and loss account, balance sheet and cash flow comparatives are restated on the combined basis. The merger became effective when the Company acquired RMR Design Associates Limited by means of a share for share exchange. The difference between the share capital and share premium as previously stated in the accounts of RMR Design Associates Limited (after adjusting for the effect of the share for share exchange) and that immediately following the share for share exchange has been taken to the Profit and Loss Reserve. 3. LOSS PER ORDINARY SHARE The loss per share is based on a loss of #6,316,000 (2000: #967,000), being the loss attributable to ordinary shareholders, and a weighted average of 53,186,129 (2000: 42,640,944) ordinary shares. The comparative figures have been calculated using merger accounting principles, which require the use of the number of shares issued in the share for share exchange transaction as the weighted average number of shares. 4. SHARE CAPITAL 2001 2000 #'000 #'000 Authorised 100,000,000 Ordinary shares of 10p each 10,000 10,000 Allotted, called up and fully paid 55,102,847 (2000: 42,640,944) Ordinary shares of 10p each 5,510 4,264 During the year the Company made the following share issues: * 42,640,944 ordinary shares to shareholders of RMR Design Associates Limited in a share for share exchange immediately prior to the flotation of the Company on the Alternative Investment Market. * 10,416,667 ordinary shares on the initial placing offer of the Company on the Alternative Investment Market at #1.20 each. The difference between the proceeds and the nominal value of the shares has been credited to share premium, * 2,045,236 ordinary shares were issued in respect of share options exercised. The difference between the proceeds of #236,000 and the nominal value of the shares has been credited to share premium. 5. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Group 2001 2000 #'000 #'000 Loss for the financial year (6,316) (967) Issue of shares 12,736 - Expenses of share issues (585) - Adjustments for merger accounting 87 (2,058) Net addition to shareholders' funds 5,922 (3,025) Shareholders' funds at 1 March 2000 1,165 4,190 Shareholders' funds at 28 February 2001 7,087 1,165 6. PUBLICATION OF NON-STATUTORY ACCOUNTS The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The Balance Sheets at 28 February 2001 and the Group Profit and Loss Account, Consolidated Cash Flow Statement and associated notes for the year then ended have been extracted from the Group's 2001 statutory financial statements upon which the auditors' opinion is unqualified and does not include any statement under Section 237 of the Companies Act 1985. 7. REPORT AND ACCOUNTS Copies of the 2001 Report and Accounts will be sent to shareholders in due course. 8. ANNOUNCEMENT Copies of this announcement will be available from the Nominated Adviser: Smith & Williamson, No 1 Riding House Street, London W1A 3AS for one month from the date of this announcement. 8 May 2001
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