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 |
|---|---|---|---|---|---|
| Sky High | LSE:SKHG | London | Ordinary Share | GB00B1LCP739 | 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% | 15.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:2314E
Sky High PLC
21 September 2007
Sky High plc (formerly Myratech.net plc)
Preliminary Results for the Period Ended 3 April 2007
Chairman's statement
Strategic Developments
The past financial year has been one of considerable change for the Company.
During the year your Board decided that there would be an increasing demand for
knowledge created through the capture and analysis of data.
Following shareholder approval at the Extraordinary General Meeting held on 24
January 2007, the Company acquired Sky High Traffic Data Limited and its
subsidiaries. Sky High is a business that is involved in the capture of traffic
data and is seen as an ideal first acquisition in the development of a group
focussed in this area. The Company's name was changed to Sky High Plc to
reflect the new business activities.
Shareholders also approved at the same Extraordinary General Meeting a share
capital reduction under which a reserve was created by the cancellation of
deferred shares and the share premium account, against which the deficit on the
profit and loss could be written off. Approval by the Courts during late March
2007 has allowed this process to be completed and these Report and Accounts
reflect the resultant position. As a result of this exercise, the historic
deficit on the profit and loss account has been eliminated and the Company will
be in a position to pay a dividend when future profitability allows and the
Board decides it is prudent.
Results
The Company's financial year end was shortened during the year to 31 March 2007
to bring it in line with the Sky High businesses that it had acquired. These
report and accounts therefore cover the nine month period to 3 April 2007. The
acquisition of the Sky High business was completed at the end of January 2007
and consequently only two months of Sky High's trading profits are included in
the consolidated accounts. For the previous seven months, the Company remained
a cash shell, albeit incurring some costs associated with the acquisition.
The Group's loss after tax and minority interest for the financial period was
#48,000 (2006 loss: #28,000)
Dividend
The Directors do not propose a dividend. The Board will determine a dividend
policy in the light of future profitability and, in the short-term, the cost of
investment opportunities that are being considered as part of the Group's
strategy.
Directors and Employees
Following the acquisition of the Sky High business, I joined the Board as
Non-Executive Chairman along with my two Sky High colleagues Mark Mattison and
Grant Wilson. As a result your Board now consists of two Executive and four
Non-executive directors, with the appropriate skills both for running the
existing business and implementing the future strategy. As noted below in the
Directors' report, members of your Board are also significant shareholders in
the Company and therefore their interests are aligned with yours.
I would like to thank the staff of the Sky High business for their support
during the past year. I believe that the changes in the last year will be for
the benefit not only for shareholders but also employees and other stakeholders
alike.
Outlook
The new financial year has begun with strong sales and with the Board actively
looking for acquisitions. On 15th August 2007 your Company announced that it
had acquired the 50% of the Ordinary share capital of Sky High Traffic Data
Australia Pty that it did not already own.
Richard Jackson
Chairman
21 September 2007
Enquiries:
Sky High Plc
Mark Mattison, Director Tel: 01937 833 933
Blue Oar Securities Plc
Mike Coe / Marc Davies Tel: 0117 933 0020
Directors' Report for the Period Ended 3 April 2007
Group Result
The results in these report and accounts cover a nine-month accounting period,
which includes two months of trading profit from the recently acquired Sky High
Traffic Data Limited and its subsidiaries.
The loss before tax for the nine-month period was #24,000 (2006: loss #28,000).
The acquired Sky High business contributed #22,000 of operating income (2006:
#0), whilst the operating loss of Sky High Plc (other than the acquired
business) was #50,000 (2006 loss: #49,000). This operating loss included the
costs of completing the capital reduction exercise to eliminate the historic
deficit on Sky High Plc's profit and loss account.
Net interest income for the consolidated group was #4,000 (2006: #21,000).
Sky High Technology Limited
The traffic data collection business is dependent, among other things, on the
timing of holidays and therefore two months trading does not provide an accurate
guide to annual performance. However the business of Sky High has performed in
line with management's expectations at the time of acquisition. Over the
previous 12 months, the Sky High business continued its trend of year on year
growth.
Head Office Costs
Whilst it was a cash shell, the Company incurred minimal costs associated with
maintaining the Company's listing of its shares on the Alternative Investment
Market. Directors drew no remuneration during this period.
Following the acquisition of the Sky High business, it has been necessary for
there to be a modest increase in Head Office costs associated with being an
investment holding company. The Directors now all receive a modest remuneration
for their services to the Sky High Plc Board.
Cash and Debt Profile
At this early stage of the Group's development the Company is funded by its own
resources and does not carry any medium or long term debt. As part of the
acquisition of the Sky High business, the Company raised #310,000 before costs
through a placing of 1,240,000 shares. This enabled the Company to meet all of
the costs of acquisition and provide a balance for the Company to continue with
its strategy.
The operating subsidiary Sky High Technology Limited utilises a bank overdraft
facility to manage the movements in its working capital requirements and has a
short term bank loan.
The Group had a net cash balance at 3 April 2007 of #126,000 (2006: #555,000).
Mark Mattison
Director
Consolidated Profit and Loss Account for the Period Ended 3 April 2007
1 July 2006 to Year ended
3 April 2007 30 June 2006
#'000 #'000 #'000
Turnover
- acquisitions 537 -
Cost of sales (343) -
Gross profit 194 -
Administrative expenses (222) (49)
Operating loss
- continuing operations (50) (49)
- acquisitions 22 -
(28) (49)
Other interest receivable and similar income 12 21
Interest payable and similar charges (8) -
Loss on ordinary activities before taxation (24) (28)
Tax on loss on ordinary activities (19) -
Loss on ordinary activities after taxation (43) (28)
Minority interests
Equity (5) -
Loss for the financial period (48) (28)
Basic loss per share (0.83)p (0.0099)p
Diluted loss per share (0.83)p (0.0099)p
The group has no recognised gains or losses for the period other than the
results above.
There is no material difference between the result reported above and the result
on an unmodified historical cost basis.
Consolidated Balance Sheet as at 3 April 2007
3 April 2007 30 June 2006
#'000 #'000 #'000 #'000
Fixed assets
Intangible assets 2,023 -
Tangible assets 341 -
2,364 -
Current assets
Debtors 946 1
Cash at bank and in hand 293 555
1,239 556
Creditors: Amounts falling
due within one year (623) (82)
Net current assets 616 474
Total assets less current
liabilities 2,980 474
Creditors: Amounts falling
due after more than one year (118) -
Provisions for liabilities (27) -
Net assets 2,835 474
Capital and reserves
Called up share capital 1,233 550
Share premium reserve 1,577 5,331
Merger reserve (118) (118)
Profit and loss reserve 101 (5,289)
Equity shareholders' funds 2,793 474
Minority interests 42 -
Total funds 2,835 474
Consolidated Cash Flow Statement for the Period Ended 3 April 2007
3 April 2007 30 June 2006
#'000 #'000 #'000 #'000
Net cash flow from operating
activities (187) (2)
Returns on investment and
servicing of finance 4 21
Purchase of tangible fixed
assets (17) -
Acquisitions and disposals
Acquisition of subsidiary
undertaking (338) -
Net cash acquired with
subsidiary (135) -
(473) -
Cash (outflow)/inflow before
management of liquid
resources and financing (673) 19
Financing
Repayment of loans and
borrowings 6 -
Issue of equity shares 310 -
Capital element of hire
purchase payments (4) -
300 -
Net cash flow (373) 19
Reconciliation of net cash flow to movement in net debt
3 April 2007 30 June 2006
#'000 #'000
(Decrease)/increase in cash in the period (373) 19
Cash inflow from increase in debt and lease financing (185) -
Charge in net debt resulting from cash flows (558) 19
Net funds at the start of the period 555 536
Net (debt)/funds at the end of the period (3) 555
Notes to the Financial Statements for the Period Ended 3 April 2007
1. Statutory Accounts
The financial information does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985, but has been extracted from the statutory
accounts for the period from 1 July 2006 to 3 April 2007, on which an
unqualified audit report has been issued and which will be delivered to the
Registrar following their adoption at the Annual General Meeting.
Copies of the Annual Report and Accounts will be posted to shareholders with the
notice of the Annual General Meeting. Further copies may be obtained by
contacting the Company Secretary at Sky High plc, 32 Bedford Row, London, WC1R
4HR.
2. Analysis of cost of sales and net operating expenses
Continuing Discontinued
operations Acquisitions operations Total
#'000 #'000 #'000 #'000
Period ended 3 April 2007
Turnover - 537 - 537
Cost of sales - 343 - 343
Administrative expenses 50 172 - 222
Year ended 30 June 2006
Turnover - - - -
Cost of sales - - - -
Administrative expenses 49 - - 49
3. Operating loss
Operating loss is stated after charging:
1 July 2006 to Year ended
3 April 2007 30 June 2006
#'000 #'000
Hire of plant and machinery (Operating Leases) 1 -
Hire of other assets (Operating leases) 17 -
Hire of other assets (Spot hire) 77 -
The audit of the company's annual accounts 9 5
Foreign currency losses 3 -
Depreciation of owned tangible fixed assets 14 -
Amortisation of goodwill 17 -
4. Loss per share
The calculation of loss per share is based on the loss after taxation of #43,000
and on 5,166,547 shares being the weighted average number of shares in issue
during the year (2006: loss #28,000 and 283,645,000 being the weighted average
number of shares in issue during the year).
The diluted loss per share for the year and the prior year is equivalent to the
basic loss per share since there is a loss from continuing operations and the
warrant instruments are not therefore dilutive.
5. Acquisitions
Book value Fair value
#'000 #'000
Fixed assets
Intangible - -
Tangible 337 337
Investments - -
Current assets
Cash 26 26
WIP 138 138
Debtors 803 803
Total current assets 967 967
Overdrafts 161 161
Other creditors 726 726
Total liabilities 887 887
Net assets 417 417
Minority interests (37)
Goodwill 2,040
Purchase consideration 2,420
Shares allotted 2,063
Costs of acquisition 357
2,420
During the year to 31 March 2007, the Sky High Traffic Data Limited group
generated a pre-acquisition profit of #215,000 and had total pre-acquisition
profit and loss reserves of #806,000.
6. Reconciliation of movements in shareholders' funds
Group Company
3 April 2007 30 June 2006 3 April 2007 30 June 2006
#'000 #'000 #'000 #'000
Loss attributable to members
of the group / company (48) (28) (38) (28)
Other recognised gains for
the period 5,438 - 5,438 -
Reduction in share capital (3,071) - (3,072) -
Net addition/(reduction) to
shareholders' funds 2,319 (28) 2,328 (28)
Opening equity shareholders'
funds 474 502 443 471
Closing equity shareholders'
funds 2,793 474 2,771 443
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DBLFLDKBFBBX
1 Year Sky High Chart |
1 Month Sky High 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
