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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 : 6627J
Sky High PLC
08 December 2008
Sky High PLC
Interim Report for the Six Months to 30 September 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 six months ended 30 September 2008.
Chairman's Statement
I am pleased to present the Interim Report for Sky High PLC for the six month period to 30 September 2008.
The results show a profit after tax of £310,000 (2007: £87,000) for the six month period. Turnover was £2.71m in the period which shows
growth of 33% compared with £2.04m in the same period the previous year. Trading in the first two months of the second half has continued to
be strong.
Sky High Australia Pty has shown good growth in the six months to 30 September 2008. Turnover in the period was £570,000 which shows
growth of 33% compared with £430,000 in the same period the previous year. Sky High Australia Pty contributed £115,000 profit compared to
£58,000 in the previous period.
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 £72,000 turnover and £15,000 profit since the acquisition.
The costs of maintaining the Plc have been well controlled. The costs in the six months to 30 September 2008 were £32,000 compared with
£73,000 in the same period the previous year. The costs in the previous period included costs associated with an abortive acquisition
attempt and there has also been a reduction in the fees paid to Plc directors.
On 26 September 2008, the company renewed its overdraft facility with its bankers at a rate of 2% over base which the directors feel is
very competitive in the current market. Working capital continues to improve and the renewal of our banking facilities will allow the
company to continue its plan to look for further acquisitions.
The Directors have approved the payment of an interim dividend of 0.5p per share. The interim dividend will be paid on 23 January 2008
to shareholders on the register on 5 January 2009. The ex-dividend date will be 31 December 2008. The directors feel that it is important to
set a dividend policy that is maintainable in the future but this needs to be balanced against the need to fund the company's growth. The
directors are hopeful of declaring a final dividend in due course.
Richard Jackson
Chairman
5 December 2008
For further information, please contact:
Sky High PLC Blue Oar Securities PLC
Mark Mattison, Chief Executive Officer Mike Coe / Marc Davies
Tel: 01937 833933 Tel: 0117 933 0020
UNAUDITED CONSOLIDATED INCOME STATEMENT (IFRS)
For the six month period to 30 September 2008
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2008 2007 2008
Note Unaudited Unaudited Audited
£'000 £'000 £'000
Continuing operations
Revenue 2,712 2,039 4,227
Cost of sales (1,576) (1,325) (2,675)
Gross profit 1,136 714 1,552
Other administrative expenses (818) (616) (1,314)
Results from operating 318 98 237
activities
Finance income 3 5 8
Finance expenses (11) (16) (36)
Net Finance Costs (8) (11) (28)
Profit/(Loss) before taxation 310 87 209
Income tax expense - - (66)
Profit/(Loss) from continuing 310 87 143
operations
Minority interests - - -
Profit/(Loss) for the 310 87 143
financial period
Profit/(Loss) per ordinary 4 2.4p 0.7p 1.1p
share - Undiluted
Profit/(Loss) per ordinary 4 2.4p 0.7p 1.1p
share - Diluted
There were no recognised gains or losses other than the profit for the financial period.
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IFRS)
For the six month period to 30 September 2008
For the six months ended
30 September 2008 Called up Share Reverse Minority Foreign Profit Total
Unaudited Share Premium Acquisition Interest Exchange & Loss Equity
Capital Account Reserve Reserve Reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At start of period 1,275 1,657 (1,774) - 14 381 1,553
Exchange gain - - - - (16) (18) (34)
Profit for the period - - - - - 310 310
At end of period 1,275 1,657 (1,774) - (2) 673 1,829
For the 12 months ended
31 March 2008 Called up Share Reverse Minority Foreign Profit Total
Audited Share Premium Acquisition Interest Exchange & Loss Equity
Capital Account Reserve Reserve Reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At start of period 1,233 1,578 (1,774) 35 - 238 1,310
Acquisition of minority 42 79 - (35) - - 86
Profit for the year - - - - - 143 143
Exchange gain - - - - 14 - 14
At end of period 1,275 1,657 (1,774) - 14 381 1,553
For the six months ended
30 September 2007 Called up Share Reverse Minority Foreign Profit Total
Unaudited Share Premium Acquisition Interest Exchange & Loss Equity
Capital Account Reserve Reserve Reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At start of period 1,233 1,578 (1,774) 35 - 238 1,310
Acquisition of minority 42 79 - (35) - - 86
Profit for the period - - - - - 87 87
Exchange gain - - - - - - -
At end of period 1,275 1,657 (1,774) - - 325 1,483
CONSOLIDATED BALANCE SHEET (IFRS)
At 30 September 2008
At 30 At 30 At 31
September September March
2008 2007 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Non current assets
Goodwill 760 631 631
Property, plant and equipment 716 386 574
Total non current assets 1,476 1,017 1,205
Current assets
Trade and other receivables 1,434 1,190 1,411
Cash and cash equivalents 99 187 145
Total current assets 1,533 1,377 1,556
Total assets 3,009 2,394 2,761
Current liabilities
Trade and other payables (723) (612) (741)
Bank borrowings (104) (185) (221)
Total current liabilities (827) (797) (962)
Non current liabilities (353) (114) (246)
Total liabilities (1,180) (911) (1,208)
Net assets 1,829 1,483 1,553
Capital and reserves
Called up share capital 1,275 1,275 1,275
Share premium account 1,657 1,657 1,657
Profit and loss account 673 325 381
Foreign Exchange reserve (2) - 14
Reverse acquisition reserve (1,774) (1,774) (1,774)
Shareholders' funds 1,829 1,483 1,553
UNAUDITED CONSOLIDATED CASHFLOW STATEMENT (IFRS)
For the six month period to 30 September 2008
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2008 2007 2008
Note Unaudited Unaudited Audited
£'000 £'000 £'000
Cash used in operations 5 331 31 115
Interest paid (11) (16) (36)
Income taxes paid - - (46)
Net cash inflow/(outflow) from
operating activities 320 15 33
Cashflow from investing
activities
Purchase of property, plant (114) (88) (184)
and equipment
Proceeds from disposal of - - 27
property, plant and equipment
Interest received 3 5 10
Purchase of subsidiary (119) (45) (45)
undertaking
Net cash inflow/(outflow) from
investing activities (230) (128) (192)
Financing
Hire purchase repayments (19) (17) (43)
Repayment of bank loans (17) (17) (34)
Net cash inflow from financing (36) (34) (77)
(Decrease)/Increase in cash
and
cash equivalents 54 (147) (236)
Cash and cash equivalents at
beginning of period (54) 182 182
Cash and cash equivalents at
end of period - 35 (54)
NOTES TO THE ACCOUNTS
For the six month period to 30 September 2008
1. BASIS OF PREPARATION OF INTERIM REPORT
Reverse acquisition accounting and IFRS
The Interim financial report has been prepared using accounting policies consistent with International Financial Reporting Standards
(IFRS). The accounting for this is explained more fully in note 2.
The information for the period ended 30 September 2008 is not audited and does not constitute statutory accounts as defined in section
240 of the Companies Act 1985. The interim accounts for the six month period to 30 September 2007 were also unaudited.
The information for the year ended 31 March 2008 is audited, taken from the unqualified statutory accounts for the year then ended.
2. ACCOUNTING POLICIES
Basis of Accounting
The interim results have been prepared in accordance with International Financial Reporting Standards (IFRS) accounting rules. The
accounting policies used in the preparation of these results were the accounting policies used in the preparation of the results for the
year ended 31 March 2008 and detailed in the notes to those results (see Accounts for the year ended 31 March 2008 issued 22 September
2008).
3. DIVIDENDS
The Company will be declaring an interim dividend of 0.5p per share. The interim dividend will be paid on 23 January 2009 to
shareholders on the register on 5 January 2009. The ex-dividend date will be 31 December 2008.
4. PROFIT PER SHARE
The calculation is based on the profit attributable to ordinary shareholders divided by the weighted average number of ordinary shares
as defined by IAS 33 and IFRS 3 (in relation to the period up to the reverse acquisition) as follows:
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2007 2007 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit/(Loss) for the period £310 £87 £143
No. '000 No. '000 No. '000
Weighted average number of 12,745 12,425 12,588
shares undiluted
Weighted average number of 12,818 12,670 12,588
shares diluted
5. CASH USED IN OPERATIONS
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2008 2007 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Results from operating 318 98 237
activities
Depreciation of property, plant 57 43 97
and equipment
Loss on disposal of property, - - 1
plant and equipment
Non cash exchange adjustment - - 36
Decrease/(Increase) in (23) (244) (504)
receivables
Increase/(Decrease) in payables (21) 134 248
Cash used in operations 331 31 115
Copies of this report will be available from the Company's website at www.skyhighplc.co.uk and the Company's registered office at 32
Bedford Row, London WC1R 4HR.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TABFTMMTMBIP
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