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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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TIDMSKHG
RNS Number : 8017Y
Sky High PLC
10 September 2009
SKY HIGH PLC
PRELIMINARY RESULTS FOR THE PERIOD ENDED 31 MARCH 2009
HIGHLIGHTS
Sky High Plc ("Sky High" or the "Group"), a holding company focusing on
investments in the traffic survey data collection sector today announces its
results for the year ended 31 March 2009.
* Group turnover up 21% to GBP5.1 million (2008: GBP4.2 million).
* Group profit before tax of GBP218k (2008: GBP209k)
* Sky High Technology Limited contributed turnover of GBP3.9 million (2008: GBP3.3
million) and profit before tax of GBP283k (2008: GBP299k)
* Halifax Computer Services Limited acquired on 1 September 2008 and fully
integrated into Sky High Technology Limited as of 30 November 2008
* Sky High Australia Pty contributed turnover of GBP1.1 million (2008: GBP893k)
and GBP19k of profit before tax (2008: GBP57k).
* Directors have carefully controlled Head Office costs, which were only GBP89k
(2008: GBP144k).
* Group had net borrowings at 31 March 2009 down to GBP259k (2008: GBP327k)
* Final dividend of 0.5p per share to be paid to shareholders in October 2009
Mark Mattison, Sky High's Chief Executive, said:
"The Group has performed very well, with turnover and profit before tax both
growing in a difficult operating environment. Our focus on building the business
while controlling costs has ensured that all our operating subsidiaries have
remained profitable".
For further information, please contact:
+--------------------------------------+--------------------------------------+
| Sky High Plc | |
+--------------------------------------+--------------------------------------+
| Mark Mattison, Chief Executive | Tel: 01937 833 933 |
| Officer | |
+--------------------------------------+--------------------------------------+
| | |
+--------------------------------------+--------------------------------------+
| Astaire Securities Plc | |
+--------------------------------------+--------------------------------------+
| Shane Gallwey | Tel: 020 7448 4474 |
+--------------------------------------+--------------------------------------+
| | |
+--------------------------------------+--------------------------------------+
| FA Freelance | |
+--------------------------------------+--------------------------------------+
| Faye Percival | Tel: 01455 291 486 |
+--------------------------------------+--------------------------------------+
| | |
+--------------------------------------+--------------------------------------+
CHAIRMAN'S STATEMENT
I am pleased to present the Chairman's Statement for Sky High Plc for the year
to 31 March 2009.
Results
In line with many businesses, the current global economic climate has had an
adverse effect on the company's performance during the current year. During the
second half of the year the company's traffic data businesses in the UK and
Australia have experienced fluctuating demand and increasing price pressure in a
very competitive market place.
Despite this I am pleased to report that the results for the year show a profit
after tax of GBP133k (2008: GBP143k). Turnover was GBP5.1m in the period which
shows growth of 21% compared to GBP4.2m in the same period the previous year.
Prospects
The Board has faced some difficult decisions in recent months and I believe that
the efforts made to keep costs as flexible and efficient as possible in addition
to the ongoing investment in the sales and marketing plan will stand the company
in good stead.
The Board is very pleased with the company's performance in the current economic
climate and is encouraged about its future prospects. The investment in the new
offices in Luton and Cardiff has already proved a positive move and the company
will continue to look into further investments as it feels appropriate.
On 1 September 2008, the company acquired 100% of the share capital of Halifax
Computer Services Limited. I am pleased to report that Halifax Computer Services
Limited has contributed GBP295k turnover and GBP36k profit before tax in the
period since acquisition and the future prospects look very promising. Halifax
Computer Services Limited has now been fully integrated into Sky High Technology
Limited and its results will therefore be included in the Financial Statements
of this business in future.
The costs of maintaining the Plc have been well controlled. The costs in the
year were GBP89k compared to GBP144k the previous year.
Overall, the company expects the market place to remain challenging during the
next 12 months. However, we do believe that by maintaining the focus on the
quality of our service and by continuing to invest in our sales and marketing
effort we will continue to be successful.
Dividend
The Directors have proposed the payment of a final dividend of 0.5p per share
that will be paid to shareholders on 30 October 2009, with an ex-dividend date
of 23 September 2009 and a record date of 25 September 2009, subject to
shareholder approval at its annual general meeting on 26 October 2009.
The directors are hopeful of maintaining the dividend policy set this year but
this will be reviewed against the company's working capital needs and against
the plans for future growth.
Annual General Meeting
The Annual General Meeting of Sky High Plc will be held at 32 Bedford Row,
London, WC1R 4HE on 26 October 2009 at 2.00pm.
Directors and Employees
Finally, I would like to say thank you to all the directors and employees of Sky
High Plc and its associated companies. In particular, I would like to thank all
the employees of Sky High Technology Limited for their support during February
and March 2009 when it was necessary to introduce reduced working hours.
Richard Jackson
Chairman
7 September 20009
CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2009
+-----------------------------------------+------+-------------+--+------------+
| | | Year ended | | Year ended |
| | | 31 March | | 31 March |
| | | 2009 | | 2008 |
+-----------------------------------------+------+-------------+--+------------+
| | Note | | | |
+-----------------------------------------+------+-------------+--+------------+
| | | GBP'000 | | GBP'000 |
+-----------------------------------------+------+-------------+--+------------+
| Continuing operations | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Revenue | 3 | 5,103 | | 4,227 |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Cost of sales | | (3,235) | | (2,675) |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Gross profit | | 1,868 | | 1,552 |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Other administrative expenses | | (1,603) | | (1,314) |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Profit from operating activities | 4 | 265 | | 237 |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Finance income | | 3 | | 8 |
+-----------------------------------------+------+-------------+--+------------+
| Finance expense | | (50) | | (36) |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Profit before taxation | | 218 | | 209 |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Income tax expense | | (85) | | (66) |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Profit from continuing operations | | 133 | | 143 |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Basic profit per ordinary share | 5 | 1.0p | | 1.1p |
+-----------------------------------------+------+-------------+--+------------+
| | | | | |
+-----------------------------------------+------+-------------+--+------------+
| Diluted profit per ordinary share | 5 | 1.0p | | 1.1p |
+-----------------------------------------+------+-------------+--+------------+
CONSOLIDATED BALANCE SHEET
As at 31 March 2008
+------------------------------------------+------+------------+---+------------+
| | | 2009 | | 2008 |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| | | GBP'000 | | GBP'000 |
+------------------------------------------+------+------------+---+------------+
| Non current assets | | | | |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Property, plant and equipment | | 816 | | 574 |
+------------------------------------------+------+------------+---+------------+
| Goodwill | | 730 | | 631 |
+------------------------------------------+------+------------+---+------------+
| Other intangible assets | | 61 | | - |
+------------------------------------------+------+------------+---+------------+
| Total non current assets | | 1,607 | | 1,205 |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Current assets | | | | |
+------------------------------------------+------+------------+---+------------+
| Trade and other receivables | | 991 | | 1,411 |
+------------------------------------------+------+------------+---+------------+
| Cash and cash equivalents | | 205 | | 145 |
+------------------------------------------+------+------------+---+------------+
| Total current assets | | 1,196 | | 1,556 |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Total assets | | 2,803 | | 2,761 |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Current liabilities | | | | |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Trade and other payables | | (537) | | (650) |
+------------------------------------------+------+------------+---+------------+
| Current tax payable | | (68) | | (40) |
+------------------------------------------+------+------------+---+------------+
| Hire purchase contracts | | (112) | | (51) |
+------------------------------------------+------+------------+---+------------+
| Bank borrowings | | (52) | | (221) |
+------------------------------------------+------+------------+---+------------+
| Total current liabilities | | (770) | | (962) |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Non current liabilities | | | | |
+------------------------------------------+------+------------+---+------------+
| Bank borrowings | | (27) | | - |
+------------------------------------------+------+------------+---+------------+
| Hire purchase contracts | | (272) | | (200) |
+------------------------------------------+------+------------+---+------------+
| Other payables | | (45) | | - |
+------------------------------------------+------+------------+---+------------+
| Deferred tax provision | | (62) | | (46) |
+------------------------------------------+------+------------+---+------------+
| Total non current liabilities | | (406) | | (246) |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Total liabilities | | (1,176) | | (1,208) |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Net assets | | 1,627 | | 1,553 |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Equity | | | | |
+------------------------------------------+------+------------+---+------------+
| Called up share capital | | 1,275 | | 1,275 |
+------------------------------------------+------+------------+---+------------+
| Share premium account | | 1,657 | | 1,657 |
+------------------------------------------+------+------------+---+------------+
| Profit and loss account | | 450 | | 381 |
+------------------------------------------+------+------------+---+------------+
| Exchange gain reserve | | 19 | | 14 |
+------------------------------------------+------+------------+---+------------+
| Reverse acquisition reserve | | (1,774) | | (1,774) |
+------------------------------------------+------+------------+---+------------+
| | | | | |
+------------------------------------------+------+------------+---+------------+
| Equity Attributable to Equity Holders of | | 1,627 | | 1,553 |
| the Parent | | | | |
+------------------------------------------+------+------------+---+------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2009
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | Called | Share | Reverse | Minority | Exchange | Retained | Total |
| | up | premium | acquisition | | gain | earnings | equity |
| | share | account | reserve | interest | reserve | | |
| | capital | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Balance 31 | 1,233 | 1,578 | (1,774) | 35 | - | 238 | 1,310 |
| March 2007 | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Acquisition of | 42 | 79 | - | (35) | - | - | 86 |
| remaining | | | | | | | |
| share capital | | | | | | | |
| of associate | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Gain on | - | - | - | - | 14 | - | 14 |
| translation of | | | | | | | |
| subsidiary | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Net expenses | 42 | 79 | - | (35) | 14 | - | 100 |
| recognised in | | | | | | | |
| equity | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Profit for the | - | - | - | - | - | 143 | 143 |
| year | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Total | 42 | 79 | - | (35) | 14 | 143 | 243 |
| recognised | | | | | | | |
| income and | | | | | | | |
| expenses | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Dividends paid | - | - | - | - | - | - | - |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Balance 31 | 1,275 | 1,657 | (1,774) | - | 14 | 381 | 1,553 |
| March 2008 | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Gain on | - | - | - | - | 5 | - | 5 |
| translation of | | | | | | | |
| subsidiary | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Net expenses | - | - | - | - | 5 | - | 5 |
| recognised in | | | | | | | |
| equity | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Profit for the | - | - | - | - | - | 133 | 133 |
| year | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Total | - | - | - | - | 5 | 133 | 138 |
| recognised | | | | | | | |
| income and | | | | | | | |
| expenses | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Dividends paid | - | - | - | - | - | (64) | (64) |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| Balance 31 | 1,275 | 1,657 | (1,774) | - | 19 | 450 | 1,627 |
| March 2009 | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
| | | | | | | | |
+----------------+----------+---------+-------------+----------+----------+----------+-----------+
CONSOLIDATED CASHFLOW STATEMENT
For the year ended 31 March 2009
+---------------------------------------+------+-------------+----+--------------+
| | | Year ended | | Year ended |
| | | 31 March | | 31 March |
| | | 2009 | | 2008 |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| | | GBP'000 | | GBP'000 |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Net cash from operating activities | | 759 | | 115 |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Interest paid | | (46) | | (46) |
+---------------------------------------+------+-------------+----+--------------+
| Income taxes paid | | (50) | | (36) |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Net cash from operating activities | | 663 | | 33 |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Cashflow from investing activities | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Acquisition of subsidiary | | (155) | | (45) |
| undertakings (net of cash) | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Purchases of property, plant and | | (174) | | (184) |
| equipment | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Proceeds from disposal of property, | | 25 | | 27 |
| plant and | | | | |
| equipment | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Equity dividends paid | | (64) | | - |
+---------------------------------------+------+-------------+----+--------------+
| Interest received | | 3 | | 10 |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Net cash/(outflow) from investing | | (365) | | (192) |
| activities | | | | |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Financing | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Proceeds of new bank loans | | 100 | | - |
+---------------------------------------+------+-------------+----+--------------+
| Repayment of bank loans | | (43) | | (34) |
+---------------------------------------+------+-------------+----+--------------+
| Hire purchase repayments | | (96) | | (43) |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Net cash from financing activities | | (39) | | (77) |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Net increase/(decrease) in cash and | | 259 | | (236) |
| cash equivalents | | | | |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Cash and cash equivalents at 1 April | | (54) | | 182 |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| | | | | |
+---------------------------------------+------+-------------+----+--------------+
| Cash and cash equivalents at 31 March | | 205 | | (54) |
+---------------------------------------+------+-------------+----+--------------+
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 2009
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, WC1R
4HE. 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
Standards and Interpretations effective in the current period
In the current year, the Group has adopted IFRS 7 Financial Instruments:
Disclosures which is effective for annual reporting periods beginning on or
after 1 January 2007, and the consequential amendments to IAS 1 Presentation of
Financial Statements. The impact of the adoption of IFRS 7 and the changes to
IAS 1 has not impacted the audited financial statements.
Seven Interpretations issued by the International Financial Reporting
Interpretations Committee are effective for the current period. These are: IFRIC
7 Applying the Restatement Approach under IAS 29, Financial Reporting
in Hyperinflationary Economies; IFRIC 8 Scope of IFRS 2; IFRIC 9 Reassessment of
Embedded Derivatives; IFRIC 10 Interim Financial Reporting and Impairment; IFRIC
11 IFRS 2 Group and Treasury Share Transactions; IFRIC 12 Service Concession
Arrangements; and IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their Interaction. The adoption of these
Interpretations has not led to any changes in the Group's accounting policies.
Standards and Interpretations in issue not yet adopted
At the date of authorisation of these financial statements, other than the
Standards and Interpretations adopted by the Group in advance of their effective
dates (as described above) the following Interpretations were in issue but not
yet effective:
* IAS 23 (Revised) Borrowing Costs (effective for accounting periods beginning on
or after 1 January 2009); and
* IFRS 8 Operating Segments (effective for accounting periods beginning on or
after 1 January 2009);
The directors anticipate that all of the above Interpretations will be adopted
in the Group's financial statements for the period commencing 1 April 2009 and
that the adoption of those Interpretations will have no material impact on the
financial statements of the Group in the period of initial application.
3. Segment analysis
The primary reporting format is by geographical area.
The business comprises of one primary segment being that of the provision of
traffic survey services.
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 2009 | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | Total |
| | | | | for |
+----------------------------------+----------+----------+-----------+---------+
| Continuing operations | England | Scotland | Australia | Group |
+----------------------------------+----------+----------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+----------+----------+-----------+---------+
| Revenue from sales | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Total sales by area | 3,160 | 984 | 1,127 | 5,251 |
+----------------------------------+----------+----------+-----------+---------+
| Inter-area sales | - | (148) | - | (148) |
+----------------------------------+----------+----------+-----------+---------+
| Total external sales | 3,160 | 816 | 1,127 | 5,103 |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Capital additions | 197 | 41 | 197 | 435 |
+----------------------------------+----------+----------+-----------+---------+
| Depreciation, amortisation and | 88 | 16 | 87 | 191 |
| write downs | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Balance sheet | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Total assets | 2,008 | 226 | 569 | 2,803 |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Total liabilities | 596 | 169 | 411 | 1,176 |
+----------------------------------+----------+----------+-----------+---------+
+----------------------------------+----------+----------+-----------+---------+
| 31 March 2008 | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | Total |
| | | | | for |
+----------------------------------+----------+----------+-----------+---------+
| Continuing operations | England | Scotland | Australia | Group |
+----------------------------------+----------+----------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+----------+----------+-----------+---------+
| Revenue from sales | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Total sales by area | 2,566 | 843 | 894 | 4,303 |
+----------------------------------+----------+----------+-----------+---------+
| Inter-area sales | (27) | (49) | - | (76) |
+----------------------------------+----------+----------+-----------+---------+
| Total external sales | 2,539 | 794 | 894 | 4,227 |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Capital additions | 173 | - | 174 | 347 |
+----------------------------------+----------+----------+-----------+---------+
| Depreciation, amortisation and | 48 | 7 | 40 | 96 |
| write downs | | | | |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Balance sheet | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Total assets | 2,134 | 158 | 469 | 2,761 |
+----------------------------------+----------+----------+-----------+---------+
| | | | | |
+----------------------------------+----------+----------+-----------+---------+
| Total liabilities | 750 | 115 | 343 | 1,208 |
+----------------------------------+----------+----------+-----------+---------+
4. Operating Profit
+------------------------------------------------+--+------------+--+------------+
| Operating profit has been stated after | | | | |
| charging the following: | | | | |
+------------------------------------------------+--+------------+--+------------+
| | | 2009 | | 2008 |
+------------------------------------------------+--+------------+--+------------+
| | | GBP'000 | | GBP'000 |
+------------------------------------------------+--+------------+--+------------+
| | | | | |
+------------------------------------------------+--+------------+--+------------+
| (Profit)/loss on disposal of fixed assets | | (6) | | 1 |
+------------------------------------------------+--+------------+--+------------+
| Depreciation of property, plant and equipment | | 186 | | 96 |
+------------------------------------------------+--+------------+--+------------+
| Amortisation of intangible fixed assets | | 8 | | - |
+------------------------------------------------+--+------------+--+------------+
| | | | | |
+------------------------------------------------+--+------------+--+------------+
| Auditors' remuneration | | | | |
+------------------------------------------------+--+------------+--+------------+
| | | 2009 | | 2008 |
+------------------------------------------------+--+------------+--+------------+
| | | GBP'000 | | GBP'000 |
+------------------------------------------------+--+------------+--+------------+
| | | | | |
+------------------------------------------------+--+------------+--+------------+
| Auditors' remuneration - Audit services to the | | 18 | | 20 |
| parent company | | | | |
+------------------------------------------------+--+------------+--+------------+
| Auditors' remuneration - Audit services to the | | 7 | | 5 |
| Group | | | | |
+------------------------------------------------+--+------------+--+------------+
| | | | | |
+------------------------------------------------+--+------------+--+------------+
| Total audit fees | | 25 | | 25 |
+------------------------------------------------+--+------------+--+------------+
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:
+------------------------------------------------+--+------------+--+------------+
| | | 2009 | | 2008 |
+------------------------------------------------+--+------------+--+------------+
| | | GBP'000 | | GBP'000 |
+------------------------------------------------+--+------------+--+------------+
| | | | | |
+------------------------------------------------+--+------------+--+------------+
| Numerators: earnings attributable to equity | | 133 | | 143 |
+------------------------------------------------+--+------------+--+------------+
| | | | | |
+------------------------------------------------+--+------------+--+------------+
| | | No. '000 | | No.'000 |
+------------------------------------------------+--+------------+--+------------+
| Denominators: weighted average number of | | | | |
| equity shares: | | | | |
+------------------------------------------------+--+------------+--+------------+
| Basic | | 12,745 | | 12,588 |
+------------------------------------------------+--+------------+--+------------+
| Effect of dilutive potential ordinary shares: | | 114 | | - |
| Share options | | | | |
+------------------------------------------------+--+------------+--+------------+
| | | | | |
+------------------------------------------------+--+------------+--+------------+
| Diluted | | 12,859 | | 12,588 |
+------------------------------------------------+--+------------+--+------------+
6. Acquisitions
On 1 September 2008, the company acquired 100% of the share capital of Halifax
Computer Services Limited.
As consideration the company paid GBP151k in cash and further cash deferred
payments are due of GBP50k in October 2009 and GBP50k in October 2010, which
have been discounted for accounting purposes in these Financial Statements to
GBP47k and GBP44k respectively. As part of the acquisition the company also
incurred a further GBP6k of professional costs.
Halifax Computer Services Limited generated profits after tax of GBP80k for the
year ended 30 November 2008, of which GBP11k relates to post acquisition
results.
On 30 November 2008 the net assets of Halifax Computer Services Limited were
hived up into Sky High Technology Limited and trading ceased in that company.
From 1 December 2008 all results from that trade are included within the
Financial Statements of Sky High Technology Limited.
+-------------------------------------------------+----------+-------------+----------------+--------------+
| Net assets | Book | Adjustment | Included |
| acquired by | value | | in Group |
| the Group: | | | |
| | | | |
+------------------------------------------------------------+-------------+----------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------------------+-------------+----------------+--------------+
| | | | |
+------------------------------------------------------------+-------------+----------------+--------------+
| Intangible | - | 69 | 69 |
| assets | | | |
+------------------------------------------------------------+-------------+----------------+--------------+
| Tangible | 34 | - | 34 |
| fixed assets | | | |
+------------------------------------------------------------+-------------+----------------+--------------+
| Tangible | 110 | - | 110 |
| current | | | |
| assets | | | |
+------------------------------------------------------------+-------------+----------------+--------------+
| Creditors | (64) | - | (64) |
+------------------------------------------------------------+-------------+----------------+--------------+
| | | | |
+------------------------------------------------------------+-------------+----------------+--------------+
| | 80 | 69 | 149 |
+------------------------------------------------------------+-------------+----------------+--------------+
| Goodwill | | | 99 |
+------------------------------------------------------------+-------------+----------------+--------------+
| | | | 248 |
+------------------------------------------------------------+-------------+----------------+--------------+
| | | | |
+------------------------------------------------------------+-------------+----------------+--------------+
| Consideration | Cash | Deferred | Expenses | Total |
| paid: | | Cash | | |
| | | | | |
+-------------------------------------------------+----------+-------------+----------------+--------------+
| | | | | |
+-------------------------------------------------+----------+-------------+----------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------+----------+-------------+----------------+--------------+
| | | | | |
+-------------------------------------------------+----------+-------------+----------------+--------------+
| Halifax | 151 | 91 | 6 | 248 |
| Computer | | | | |
| Services | | | | |
| Limited | | | | |
+-------------------------------------------------+----------+-------------+----------------+--------------+
| | | | | |
+-------------------------------------------------+----------+-------------+----------------+--------------+
| | | | | |
+-------------------------------------------------+----------+-------------+----------------+--------------+
The expenses relating to the purchase of Halifax Computer Services Limited were
all cash payments in respect of professional costs.
7. Equity capital
+--------------------------+-----------+-+----------+-+-----------+-+----------+
| | Ordinary | | Share | | Share | | Total |
| | | | capital | | Premium | | |
| | shares | | | | | | |
| | 10p | | | | | | |
+--------------------------+-----------+-+----------+-+-----------+-+----------+
| | No. '000 | | GBP'000 | | GBP'000 | | |
| | | | | | | | GBP'000 |
+--------------------------+-----------+-+----------+-+-----------+-+----------+
| At 31 March 2008 & 31 | 12,745 | | 1,275 | | 1,657 | | 2,932 |
| March 2009 | | | | | | | |
+--------------------------+-----------+-+----------+-+-----------+-+----------+
| | | | | | | | |
+--------------------------+-----------+-+----------+-+-----------+-+----------+
+-------------------------------------------------+-----------+-+----------+
| | 2009 | | 2008 |
+-------------------------------------------------+-----------+-+----------+
| | GBP'000 | | GBP'000 |
+-------------------------------------------------+-----------+-+----------+
| Authorised | | | |
+-------------------------------------------------+-----------+-+----------+
| 17,336,353 (2008: 17,336,353) Ordinary Shares | 1,734 | | 1,734 |
| of 10p each | | | |
+-------------------------------------------------+-----------+-+----------+
| Allotted, called up and fully paid | | | |
| | | | |
+-------------------------------------------------+-----------+-+----------+
| 12,744,737 (2008: 12,744,737) | 1,275 | | 1,275 |
| Ordinary Shares of 10p each | | | |
+-------------------------------------------------+-----------+-+----------+
The company has granted the following warrant instruments:
+---------------+--+--------------+------------------------+----------------+
| Grant date | | Subscription | Periods within which | Number of |
| | | price per | options are | shares for |
| | | share | exercisable | which rights |
| | | | | are |
| | | | | exercisable |
+---------------+--+--------------+------------------------+----------------+
| | | | | |
+---------------+--+--------------+------------------------+----------------+
| 5 December | | GBP2.500 | June 2005 to June 2009 | 759,868 |
| 2002 | | | | |
+---------------+--+--------------+------------------------+----------------+
| 2 November | | GBP0.205 | Prior to November 2010 | 107,137 |
| 2007 | | | | |
+---------------+--+--------------+------------------------+----------------+
| 2 November | | GBP0.205 | Prior to November 2010 | 134,146 |
| 2007 | | | | |
+---------------+--+--------------+------------------------+----------------+
| | | | | |
+---------------+--+--------------+------------------------+----------------+
| | | | | 1,001,151 |
+---------------+--+--------------+------------------------+----------------+
8. Events since the balance sheet date
No significant events have occurred since the balance sheet date.
9. Annual General Meeting
The Annual General Meeting of Sky High Plc will be held at 32 Bedford Row,
London, WC1R 4HE on 26th October 2009 at 2.00pm.
The Annual Report and Accounts for the year ended 31 March 2009 will be sent by
post to all shareholders on 21st September 2009. 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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