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| 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 |
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RNS Number : 0127E
Sky High PLC
23 September 2008
SKY HIGH PLC
PRELIMINARY RESULTS FOR THE PERIOD ENDED 31 MARCH 2008
Sky High plc ("Sky High" or the "Group"), a holding company focusing on investments in the traffic survey data collection sector today
announces its statement of results for the year ended 31 March 2008.
CHAIRMAN'S STATEMENT
I am pleased to announce a year of growth for Sky High during its first full 12 months as an AIM listed company.
Results
Group turnover increased significantly compared with the prior year. Group turnover has increased by 35% to £4.2m (2007- £3.1m) due to
organic growth in both the UK and Australian businesses. Gross margin has remained consistent at 37% for the year.
Turnover at the Group's main trading company, Sky High Technology Limited ("SHT") has increased to £3.3 million from £2.1 million (an
increase of 57%). Gross profit has increased to £1.34 million from £798,000 (an increase of 68%). Net operating profit is now £324,000 from
£181,000 (an increase of 79%).
During the year, the Company completed the acquisition of the remaining shares in Sky High Traffic Data Australia PTY Limited ("SHA").
For the last financial year Australia's turnover was £893,000, gross profit was £210,000 and the net operating profit was £69,000.
Group overheads have increased significantly on the prior year to £1.3m (2007- £892,000) due in large part to some abortive investment
costs within the plc holding company and an increase in employment and establishment costs.
Overall Group profit before tax has therefore fallen slightly on the previous year to £209,000 (2007- £238,000) which the directors feel
represents an improvement in real terms due to the exceptional nature of some of the admin costs.
Dividend
The Directors do not recommend a dividend.
Directors and Employees
The Company's Board has remained as before with the exception of Vinodka Murria as non executive director and Ewen Wigley as company
secretary. Ewen and Vinodka have now resigned and the Company thank both of them for their help and support and wish them all the best in
the future.
The Board welcomes Mark Powell as its new company secretary. Mark has also been appointed accountant for Sky High Technology.
Prospects
Halifax Computer Services Limited (HCS) was acquired by SHT on 1st September 2008. HCS is a data capture company and primarily processes
and analyses data. Its turnover in its last financial year was £270,000 with a gross profit of £132,000 and an operating profit of £51,000.
Sky High hopes to use its expertise, contacts and marketing to substantially increase turnover and profit in the next 12 months. Sky High
also hopes to diversify through HCS to different fields of data collection and data capture. Sky High is confident of successfully tendering
Data Capture work within Local Authorities, Housing Associations and Public Bodies such as the police and NHS Trusts. Since acquisition,
HCS has successfully concluded negotiations with a major regional police force resulting in an order placed of £250,000.
Kevin Stewart has agreed to remain as managing director.
The Board are confident of further growth in both SHT and SHA's in the next 12 months. Orders placed for the first 5 months have been
strong and stand at 2.178 million (as opposed to 1.532 million last year) an increase of some 43%.
SHT has been able to increase growth both in Scotland, Ireland and England and especially in London. The Board believes the strong
growth has been achieved by the company placing greater emphasis and resources into its marketing over the last 12 months and the
reorganisation and expansion of its London operation. This growth is expected to continue despite the gloomy economic climate. SHT's
turnover has increased by 30%.
SHA has experienced strong growth under its managing director Marty Prowse. SHA is now an established presence in the Australian market
with offices in Sydney, Melbourne and Brisbane and is the second largest traffic survey company in Australia. A further strong performance
is expected for the year 2008/2009 particularly as turnover for the first 5 months is up by 110%.
Finally, I would like to thank the Board, the employees and our advisers for their hard work and dedication over the past twelve months
without whom our success would not have been achieved.
Richard Jackson
Chairman
22 September 2008
For further information, please contact:
Sky High Plc
Mark Mattison, Chief Executive Officer Tel: 01937 833 933
Blue Oar Securities Plc
Mike Coe / Marc Davies Tel: 0117 933 0020
Directors' Report for the Period Ended 31 March 2008
Group Result
The results in these report and accounts cover a full twelve months of trading. The comparative figures for the year to 3 April 2007
include the full year of trading for Sky High Traffic Data Limited as the business was combined under the IFRS 3 reverse acquisition method.
Total group turnover for the year was £4,227k (2007: £3,097k). The group profit before tax was £209k (2007: £238k).
Sky High Technology Limited
Sky High Technology Limited has continued to grow during the year. Turnover from Sky High Technology Limited was £3,334k (£2,811k in the
previous 12 month trading period) and the company contributed £324k of profit before interest and tax (£248k in the previous 12 month
trading period)
The business continues to perform in line with the management's expectations.
Sky High Australia Pty
On 15th August 2007, Sky High Australia Pty became wholly owned by the group. In the year to 31 March 2008 Sky High Australia
contributed £893,000 of turnover and £69,000 of profit before interest and tax.
The Sky High Australia business has performed well and the management expect the business to grow in line with expectations.
Head Office costs
As noted above the Head Office costs amounted to £147,000 (2007: £38,000). The Directors consider that these costs have been inflated as
a result of legal fees associated with an abortive acquisition attempt.
The Directors do not receive any remuneration for their services to the Sky High Plc Board and the Directors consider that the costs
associated with Head Office are now well controlled.
Working capital and Debt Profile
The Group continues to be funded through a bank overdraft facility and a short term loan without any medium or long term debt. The short
term loan is due to be fully repaid during the current financial year.
The Group had net borrowings at 31 March 2008 of £328,000 (2007: £3,000)
Mark Mattison
Director
CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2008
Year ended 31 March 2008 Year ended
3 April
2007
Note
£'000 £'000
Continuing operations
Revenue 3 4,227 3,097
Cost of sales (2,675) (1,951)
Gross profit 1,552 1,146
Other administrative expenses (1,314) (892)
Profit from operating 4 237 254
activities
Net finance expense (28) (16)
Profit before taxation 209 238
Income tax expense (66) (41)
Profit from continuing 143 197
operations
Minority interests - (35)
Profit from continuing 143 162
operations
Basic profit per ordinary share 5 1.1p 2.0p
Diluted profit per ordinary 5 1.1p 1.8p
share
CONSOLIDATED BALANCE SHEET
As at 31 March 2008
2008 2007
£'000 £'000
Non current assets
Property, plant and equipment 574 340
Goodwill 631 500
Total non current assets 1,205 840
Current assets
Trade and other receivables 1,411 946
Cash and cash equivalents 145 293
Total current assets 1,556 1,239
Total assets 2,761 2,079
Current liabilities
Trade and other payables (650) (398)
Current tax payable (40) (46)
Finance leases and hire purchase contracts (51) (34)
Bank borrowings (221) (145)
Total current liabilities (962) (623)
Non current liabilities
Bank borrowings - (22)
Finance leases and hire purchase contracts (200) (96)
Deferred tax provision (46) (28)
Total non current liabilities (246) (146)
Total liabilities (1,208) (768)
Net assets 1,553 1,310
Equity
Called up share capital 1,275 1,233
Share premium account 1,657 1,578
Profit and loss account 381 238
Exchange gain reserve 14 -
Reverse acquisition reserve (1,774) (1,774)
Minority interest - 35
Equity Attributable to Equity Holders of the Parent 1,553 1,310
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2008
Called up Share Reverse Exchange Retained Total
share premium acquisition Minority gain earnings equity
capital account reserve Interest reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance 31
March 2006 1 154 - - - 338 493
Reverse
acquisition 1,232 6,594 (6,944) - - - 882
Capital
reorganisation
- 3 April 2007 - (5,170) 5,170 - - - -
Profit for the
year - - - 35 - 162 197
Dividends
paid - - - - - (262) (262)
Balance 31
March 2007 1,233 1,578 (1,774) 35 - 238 1,310
Acquisition of
remaining
share capital
of associate 42 79 - (35) - - 86
Profit for the
year - - - - - 143 143
Gain on
translation of
subsidiary - - - - 14 - 14
Balance 31
March 2008 1,275 1,657 (1,774) - 14 381 1,553
CONSOLIDATED CASHFLOW STATEMENT
For the year ended 31 March 2008
Year ended 31 March 2008 Year ended
3 April
2007
£'000 £'000
Net cash from operating activities 115 409
Interest paid (36) (16)
Income taxes paid (46) (60)
Net cash from operating activities 33 333
Cashflow from investing activities
Acquisition of subsidiary (45) -
undertakings (net of cash)
Purchases of property, plant and (184) (118)
equipment
Proceeds from disposal of property,
plant and 27 -
equipment
Equity dividends paid - (262)
Interest received 10 -
Net cash (outflow) from investing (192) (380)
activities
Financing
Proceeds of new bank loans - -
Repayment of bank loans (34) (33)
Hire purchase repayments (43) -
Net cash from financing activities (77) (33)
Net increase in cash and cash (236) (80)
equivalents
Cash and cash equivalents at 4 182 18
April
Amount arising on reverse - 244
acquisition
Cash and cash equivalents at 31 (54) 182
March
As described in the accounting policies, bank overdrafts repayable on demand fluctuate from being positive to overdrawn and are
considered an integral part of the Group's cash management for cash flow statement purposes.
There is no material difference between the fair value and the book value of cash and equivalents.
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2008
1. General Information
Sky High plc is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered office is 32
Bedford Row, London, EC2N 1HT. The nature of the Group's operations and its principal activities is that of the capture of traffic data.
2. Adoption of new and revised International Financial Reporting Standards
In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the International
Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB that are
relevant to its operations and effective for accounting periods beginning on 1 April 2007. The adoption of the following IFRSs has not
impacted the audited financial statements.
IFRIC 10 - Interim Financial Reporting and Impairment
At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied in
these financial statements were in issue but not yet effective:
IFRS 8 - Operating Segments
IAS 23 - Borrowing Costs
IFRIC 11- Group and Treasury Share Transactions
IFRIC 12 - Service Concession Arrangements
These Standards and Interpretations are not expected to have any significant impact on the Group's Financial Statements, in their
periods of initial application, except for the additional disclosures on operating segments when the relevant standard comes into effect for
periods commencing on or after 1 January 2009.
3. Segment analysis
The primary reporting format is by geographical area.
Primary analysis by geographical area
The Group is organised into three major geographical areas.
England: - based primarily in, Tadcaster, North Yorkshire. Includes central head office costs.
Scotland: - included within the results of Sky High Technology Limited.
Australia: - Comprises the results of separate entity, Sky High Australia PTY.
There were no discontinued operations in the year.
31 March 2008
Total for
Continuing operations England Scotland Australia Group
£'000 £'000 £'000 £'000
Revenue from sales
Total sales by area 2,494 839 894 4,227
Inter-area sales - - - -
Total external sales 2,494 839 894 4,227
Total for
Continuing operations England Scotland Australia Group
£'000 £'000 £'000 £'000
Revenue from sales
Sales by area 2,103 672 346 3,121
Inter-area sales (24) - - (24)
Total external sales 2,079 672 346 3,097
Capital additions 103 33 6 143
Depreciation, amortisation and write 38 3 16 57
downs
Balance sheet
Total assets 1,576 309 194 2,079
Total liabilities 406 281 81 768
4. Operating Profit
Operating profit has been stated after charging the
following:
2008 2007
£'000 £'000
(Profit)/loss on disposal of fixed assets 1 16
Depreciation of property, plant and equipment 97 57
Auditors' remuneration
2008 2007
£'000 £'000
Auditors' remuneration - Audit services to the parent 20 10
company
Auditors' remuneration - Audit services to the Group 5 6
Total audit fees 25 16
5. Earnings per share
The calculation is based on the earnings attributable to ordinary shareholders divided by the weighted average number of Ordinary Shares
in issue during the period as follows:
2008 2007
£'000 £'000
Numerators: earnings attributable to equity 143 162
No. '000 No.'000
Denominators: weighted average number of equity
shares:
Basic 12,588 7,973
Effect of dilutive potential ordinary shares: Share - 813
options
Diluted 12,588 8,786
6. Acquisitions
During the year the 50% shareholding in Sky High Australia PTY Limited, owned by group company Sky High Technology Limited, was
transferred at book value of £30k to Sky High plc.
On 15 August 2007, Sky High plc purchased the remaining 50% of the ordinary share capital in Sky High Australia PTY Limited. As
consideration the company paid £25k in cash and issued 416,666 ordinary shares at a market value of 29p per share. As part of the
acquisition the company also incurred a further £20k of professional costs. The total deemed consideration for this transaction was
£165,833.
Net assets acquired by the Group:
£'000
Sky High Australia PTY Limited 35
Consideration paid:
Cash Shares Expenses Total
£'000 £'000 £'000 £'000
Sky High Australia PTY Limited 25 121 20 166
The expenses relating to Sky High Australia PTY Limited were all cash payments in respect of professional costs.
7. Equity capital
Ordinary Share Share
Shares 10p capital Premium Total
No. '000 £'000 £'000 £'000
At 1 April 2007 12,328 1,233 1,578 2,811
Shares issued 417 42 79 121
At 31 March 2008 12,745 1,275 1,657 2,932
2008 2007
£'000 £'000
Authorised
17,336,353 (2006 - 17,336,353) Ordinary Shares of 10p each 1,734 1,734
Allotted, called up and fully paid
12,744,737 (2007: 12,328,071) Ordinary Shares of 10p each 1,275 1,233
On 15 August 2007, the company issued 416,666 Ordinary shares of 10p each as consideration for the acquisition of 50% of the ordinary
share capital of Sky High Australia PTY Limited.
The company has granted the following warrant instruments:
Grant date Subscription price Periods within which Number of shares for
per share options are which rights are
excercisable excercisable
5 December 2002 £2.50 June 2003 to June 759,868
2008
5 December 2002 £2.50 June 2005 to June 759,868
2009
18 July 2003 £2.38 Prior to January 1,000,000
2009
21 October 2003 £2.50 Prior to October 100,000
2008
2,619,736
8. Post balance sheet events
On 2nd September 2008, Sky High plc announced the acquisition of the entire issued share capital of Halifax Computer Services Limited
("HCS") for the maximum consideration of £194,000.
HCS specialises in manual data processing. The business is complementary to the existing Sky High business and meets the group
acquisition strategy of expanding into complementary data collection and analysis businesses.
9. Annual General Meeting
The Annual General Meeting of Sky High plc will be held at 32 Bedford Row, London, EC2N 1HT on 10th November 2008 at 2p.m.
The Annual Report and Accounts for the year ended 31 March 2008 will be sent by post to all shareholders on 26th September 2008. The
Annual Report and Accounts may also be viewed on Sky High plc's website at www.skyhighplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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