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SAL Spaceandpeople Plc

80.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Spaceandpeople Plc LSE:SAL London Ordinary Share GB00BPQDJM21 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 80.00 75.00 85.00 80.00 80.00 80.00 10,000 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 5.53M -1.71M -0.8781 -0.91 1.56M

SpaceandPeople PLC Interim Results - 6 months ended 30 June 2021 (9853M)

27/09/2021 7:00am

UK Regulatory


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TIDMSAL

RNS Number : 9853M

SpaceandPeople PLC

27 September 2021

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

27 September 2021

SpaceandPeople plc

("SpaceandPeople" or the "Group")

Interim results for the 6 months ended 30 June 2021

SpaceandPeople (AIM:SAL), the retail, promotional and brand experience specialist which facilitates and manages the sale of promotional and retail merchandising space in shopping centres and other high footfall venues, announces interim results for the six months ended 30 June 2021.

 
            Highlights 
             Financial 
             o Consolidated net revenue up 2.5% to GBP1.10m (H1 2020: 
             GBP1.08m) as venues remained closed for a large part of 
             H1 2021. 
 
             o Group loss before taxation of GBP0.27m (H1 2020: loss 
             of GBP2.13m). 
 
             o Net cash outflow from operating activities of GBP0.13m 
             (H1 2020: outflow GBP0.34m). 
 
             o Facility headroom at 30 June 2021 of GBP1.51m (June 2020: 
             GBP2.23m) and GBP1.35m at 23 September 2021 (September 2020: 
             GBP1.58m). 
 
             o Basic loss per share of 0.7p (H1 2020: loss per share 
             8.3p). 
 
 
             Operational 
 
             o Business again effectively ceased for most of the first 
             half of the year with venues reopening during April and 
             May in the UK and June in Germany. 
 
             o Good signs of recovery in UK promotional revenue in the 
             UK driven by kiosk retail bookings. 
 
             o Agreement of multi-year extension to the retail agreement 
             with ECE in Germany, tailored to maximise the opportunities 
             arising from the re-opening of non-essential retail. 
 
             o Portfolio of venues is significantly larger than pre-pandemic 
             and the resulting opportunities as business recovers are 
             positive. 
 
             o Successful application for a further GBP1.00m of term 
             loan and GBP0.50m of overdraft facility under CBIL Scheme 
             bring total borrowing of GBP1.90m of term loans and GBP0.75m 
             of overdraft facilities. 
 
 

This announcement was approved for release by Gregor Dunlay, CFO of the Group.

Contact details:

 
                                   0845 241 
SpaceandPeople Plc                  8215 
Nancy Cullen, Gregor Dunlay 
 Zeus Capital Limited (Nominated    0203 829 
  Adviser and Broker)                5000 
 David Foreman, Jamie Peel, Matt 
  Hogg 
 

Chief Executive's Interim Operating Statement

Having reached the first anniversary of my appointment as CEO of SpaceandPeople, I am delighted to see the emergence of our business from the challenges that it has faced over the last eighteen months. Although the reopening of our venue partners over the past few months has come too late to have any significant impact on our ability to trade during the first half of 2021, I am encouraged by the speed with which our pop-up retail business has rebounded in both the UK and Germany and by the growing pipeline of business in our promotions division.

Once again, I must thank our incredible staff for dealing with the challenges and problems created by the closure of nearly all our venues and to our property clients for their understanding and support whilst we build the business back into their venues.

Trading during the period

2021 started with lockdowns across both the UK and Germany, with no visible end date. As a result of this, our revenue levels remained at almost zero for the first quarter of the year with the only mitigating factor being the Covid-19 vaccination programme roll out in the UK which gave some hope to a successful reopening in Spring. The outlook in Germany was slightly poorer with a slower vaccination rollout and a more cautious government approach to the re-opening of the retail sector.

The welcome news that non-essential retail in England would reopen in mid-April and a few weeks later in Wales and Scotland meant we could recommence booking activity in March and we quickly bought the UK staff who had remained on furlough back into the business. In the UK, it was encouraging to see an immediate bounce back in pop up retail bookings, however, revenue from brand experience events and customer acquisition activity, particularly in indoor locations, has been slower to build back to pre-pandemic levels, although I am encouraged to see a steady growth in these areas since the start of the summer. Demand for pop up retail, however, has remained positive and strong in the UK and we have brought several new retail concepts to market that have continued to expand over the year. These include pet related offers such as pet food bakeries and pet accessories reflecting the broader trend towards pet ownership over the last 12 months.

In Germany, lockdown was not lifted until June and therefore, over the period under review we recorded practically no revenue from operational activity. The staff in Germany have remained on the German equivalent of furlough for longer than their colleagues in the UK.

Although Group revenue was only marginally higher in the first half of 2021 compared with the first half of 2020, the action taken to reduce cost of sales and administrative expenses along with the availability of government support through job retention schemes and support grants meant that losses before non-recurring costs were reduced by GBP1.37 million to GBP0.25 million (2020: GBP1.62 million).

This situation has meant that the Group continued to experience negative cashflows from operations during the first half of 2021, however, as previously notified, we were able to refinance using the UK government CBILS programme, which has given the business the cash headroom that it required to maintain trading during the lockdown period and also return quickly to normal once restrictions were lifted. We have also received substantial support of GBP0.4 million from the German government through their Covid-19 support grants which has enabled us to maintain a strong cash position throughout the period and to date.

Outlook

In the UK, which was the first of our territories to return from lockdown, business is recovering well. With our enhanced venue portfolio, now including a number of former Intu venues, and refocussed teams targeting new opportunities, we are making good progress towards rebuilding business back to and beyond pre-pandemic levels.

Brand experience business, which represents around 40% of our UK promotional revenue in a typical year, has been the slowest aspect of our business to return and has been understandably focussed on external venues for the immediate post lockdown period. However, we are now increasingly starting to book internal venues. Critically railway stations, which have been slow to see passengers return, are now busy and accepting bookings. The lockdown period has meant that in this sector, a whole new generation of agency clients have set up resulting in a need to boost both our marketing and sales presence to maximise the opportunities for us and our clients.

As mentioned above, short-term retail business has recovered well and many retailers returned to venues as soon as restrictions were lifted. We are also seeing new entrants in this market, with smaller retailers looking for short-term opportunities to support their on-line presence.

Since Germany retail reopened, we have RMUs trading again in all our venues. This is very encouraging as the scale of the opportunity available to us in Germany is significantly larger following the expansion of our agreement with ECE, our largest shopping centre client in Germany, earlier this year.

Overall, given the circumstances, I am encouraged to see the way in which business is coming back into venues across all our sales divisions and we are delighted that the country looks to be staying open for business moving forward. We have ambitious plans for building new business across our divisions which focuses on the delivery of opportunities for promoters and retailers to deploy their activity swiftly and efficiently through our unrivalled list of exclusive venues.

I look forward to the future with optimism as my belief is that our business, which is predicated on flexible and short-term solutions for brands and retailers, will be increasingly relevant and attractive in the new retail and promotional landscape.

Nancy Cullen

24 September 2021

Independent Auditor's Review Report on Interim Financial Information

Conclusion

We have reviewed the accompanying balance sheet of Spaceandpeople plc as of June 30, 2021 and the related statements of income, changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information does not present fairly, in all material respects the financial position of the entity as at June 30, 2021, and of its financial performance and its cash flows for the six-month period then ended in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK), "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusions Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of directors

Management is responsible for the preparation and fair presentation of this interim financial information in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Azets Audit Services

Chartered Accountants

Statutory Auditors

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

Date: 24 September 2021

Consolidated Group Statement of Comprehensive Income

For the 6 months ended 30 June 2021

 
                                 Notes            6 months            6 months              12 months 
                                                to 30 June          to 30 June         to 31 December 
                                                       '21                 '20                    '20 
                                                                   as restated 
                                               (Unaudited)         (Unaudited)              (Audited) 
                                                   GBP'000             GBP'000                GBP'000 
 
 Revenue                           4                 1,102               1,075                  2,813 
 
 Cost of sales                                       (292)               (829)                (1,417) 
 
   Gross profit                                        810                 246                  1,396 
 
   Administration expenses                         (1,513)             (1,914)                (4,267) 
 Other operating income                                452                  44                    739 
 
 Operating loss before 
  non-recurring costs                                (251)             (1,624)                (2,132) 
 
 Non-recurring costs                                     -               (497)                (1,442) 
 
   Operating loss                                    (251)             (2,121)                (3,574) 
 Finance income                                          -                   5                      - 
  Finance costs                                       (15)                (14)                   (27) 
 
 Loss before taxation                                (266)             (2,130)                (3,601) 
 
 Taxation                          5                   124                   -                    519 
 
 Loss after taxation 
 
  Profit / (loss) from 
  discontinued operation 
                                                     (142)             (2,130)                (3,082) 
  Loss for the period 
                                                        12                   -                  (512) 
  Other comprehensive 
  income                            6                (130)             (2,130)                (3,594) 
 Foreign exchange differences 
  on translation of foreign 
  operations                                             3                   3                   (30) 
 Total comprehensive income 
  for the period                                     (127)             (2,127)                (3,624) 
 
 
 
 Loss attributable to: 
 Owners of the Company                      (130)        (1,892)        (3,355) 
  Non-controlling interests                     -          (238)          (239) 
                                           ------       --------       -------- 
                                            (130)        (2,130)        (3,594) 
                                           ------       --------       -------- 
 
 
 
 Total comprehensive 
  income for the period 
  attributable to: 
 Owners of the Company                      (127)        (1,889)        (3,385) 
  Non-controlling interests                     -          (238)          (239) 
                                           ------       --------       -------- 
                                            (127)        (2,127)        (3,624) 
                                           ------       --------       -------- 
 
 
 
 Earnings per share                 10 
 
 Basic - Before non-recurring             (0.7)p    (8.3)p     (7.2)p 
  costs                                   (0.7)p    (9.7)p    (17.2)p 
  Basic - After non-recurring             (0.7)p    (8.3)p     (7.2)p 
  costs                                   (0.7)p    (9.7)p    (17.2)p 
  Diluted - Before non-recurring 
  costs 
  Diluted - After non-recurring 
  costs 
 
 
 

Consolidated Group Statement of Financial Position

At 30 June 2021

 
                                Notes          30 June                30 June        31 December 
                                                  '21                     '20                '20 
                                                                  as restated 
                                              (Unaudited)         (Unaudited)          (Audited) 
                                                GBP'000               GBP'000            GBP'000 
 Assets 
 Non-current assets: 
 Goodwill                         7                 6,881               7,981              6,881 
 Property, plant & equipment      8                   851                 940              1,028 
  Deferred tax                                        323                   -                160 
                                            -------------       -------------       ------------ 
                                                    8,055               8,921              8,069 
 Current assets: 
 Trade & other receivables                          1,862               1,486              1,990 
  Current tax receivable                              173                   -                176 
  Deferred tax asset                                    -                   -                 47 
 Cash & cash equivalents          9                   760               1,729                839 
                                            -------------       -------------       ------------ 
                                                    2,795               3,215              3,052 
 
 Total assets                                      10,850              12,136             11,121 
                                            -------------       -------------       ------------ 
 
 Liabilities 
 Current liabilities: 
 Trade & other payables                             3,709               2,609              3,936 
  Lease liabilities                                   207                 216                286 
  Borrowings repayable 
   within one year                10                  247                   -                972 
 Current tax payable                                    -                 138                  - 
  / (receivable)                                        -                   -                  - 
  Deferred tax payable 
                                                    4,163               2,963              5,194 
 Non-current liabilities: 
 Deferred tax liabilities                               -                 (3)                  - 
 Lease liabilities                                    490                 271                464 
 Borrowings repayable 
  after one year                 10                 1,639               1,750                778 
                                            -------------       -------------       ------------ 
                                                    2,129               2,018              1,242 
 
 Total liabilities                                  6,292               4,981              6,436 
                                            -------------       -------------       ------------ 
 
 Net assets                                         4,558               7,155              4,685 
                                            -------------       -------------       ------------ 
 
 Equity 
 Share capital                   11                   195                 195                195 
 Share premium                                      4,868               4,868              4,868 
 Special reserve                                      233                 233                233 
 Retained earnings                                  (738)               1,882              (587) 
 
 Equity attributable 
  to owners of the Company                          4,558               7,178              4,709 
                                            -------------       -------------       ------------ 
 Non-controlling Interest                               -                (23)               (24) 
                                            -------------       -------------       ------------ 
 Total equity                                       4,558               7,155              4,685 
                                            -------------       -------------       ------------ 
 

Consolidated Group Statement of Cash Flows

For the 6 months ended 30 June 2021

 
                                   Notes            6 months            6 months              12 months 
                                                  to 30 June          to 30 June         to 31 December 
                                                         '21                 '20                    '20 
                                                                     as restated 
                                                 (Unaudited)         (Unaudited)              (Audited) 
                                                     GBP'000             GBP'000                GBP'000 
 Cash flow from operating 
  activities 
 Cash outflow from operations                          (127)               (387)                (1,185) 
 Interest received                                         -                   5                      6 
 Interest paid                                          (15)                (14)                   (27) 
 Taxation                                                 11                  56                     57 
                                               -------------       -------------       ---------------- 
 Net cash outflow from 
  operating activities                                 (131)               (340)                (1,149) 
                                               -------------       -------------       ---------------- 
 
 Cash flows from investing 
  activities 
 Purchase of property, 
  plant & equipment                  8                  (23)                (21)                   (32) 
 Net cash outflow from 
  investing activities                                  (23)                (21)                   (32) 
                                               -------------       -------------       ---------------- 
 
 Cash flows from financing 
  activities 
 Bank loans drawn                   10                 1,000               1,000                  1,000 
  Bank loans repaid                  10                (864)                   -                      - 
 Payment of finance lease 
  obligations                                           (61)               (137)                  (207) 
 Net cash inflow from financing 
  activities                                              75                 863                    793 
                                               -------------       -------------       ---------------- 
 
 
 (Decrease) / increase 
  in cash and cash equivalents                          (79)                 502                  (388) 
 Cash at beginning of period                             839               1,227                  1,227 
                                               -------------       -------------       ---------------- 
 Cash at end of period               9                   760               1,729                    839 
                                               -------------       -------------       ---------------- 
 
 
 Reconciliation of operating 
  profit to net cash flow 
  from operating activities 
 Operating loss                             (251)        (2,121)        (4,092) 
  Write off of goodwill                         -              -          1,100 
 Profit on discontinued                        12              -              - 
  operations 
 Depreciation of property, 
  plant & equipment                           208            219            326 
 Effect of foreign exchange 
  rate moves                                    3              8           (33) 
 Decrease in receivables                      128          1,942          1,438 
 Increase / (decrease) 
  in payables                               (227)          (435)             76 
                                           ------       --------       -------- 
 Cash flow from operating 
  activities                                (127)          (387)        (1,185) 
                                           ------       --------       -------- 
 

Consolidated Group Statement of Changes in Equity

For the 6 months ended 30 June 2021

 
                              Share          Share        Special        Retained        Non-controlling          Total 
  6 months to 30 June       capital        premium        reserve        earnings               Interest         equity 
  '21                                                                                            GBP'000 
                            GBP'000        GBP'000        GBP'000         GBP'000                               GBP'000 
 
 At 1 January '21               195          4,868            233           (587)                   (24)          4,685 
 Foreign currency 
  translation                    -               -              -               3                      -              3 
 Loss for the period              -              -              -           (130)                      -          (130) 
  Other movement                                                             (24)                     24              - 
 At 30 June '21                 195          4,868            233           (738)                      -          4,558 
                       ------------       --------       --------       ---------       ----------------       -------- 
 
 
                               Share          Share        Special        Retained        Non-controlling          Total 
   6 months to 30 June       capital        premium        reserve        earnings               Interest         equity 
   '20                                                                                            GBP'000 
                             GBP'000        GBP'000        GBP'000         GBP'000                               GBP'000 
 
 At 1 January '20 as 
  originally stated 
  for interim to 30/6/2020       195          4,868            233           3,771                    215          9,282 
  Prior period adjustment 
  Restated total equity 
   at 1 January '20                -              -              -           (972)                      -          (972) 
                                 195          4,868            233           2,799                    215          8,310 
 Foreign currency 
  translation                      -              -              -               3                      -              3 
 Loss for the period               -              -              -         (1,892)                  (238)        (2,130) 
 At 30 June '20                  195          4,868            233             910                   (23)          6,183 
                            --------       --------       --------       ---------       ----------------       -------- 
 
 
                                 Share          Share        Special        Retained        Non-controlling          Total 
  12 months to 31 December     capital        premium        reserve        earnings               Interest         equity 
  '20                                                                                               GBP'000 
                               GBP'000        GBP'000        GBP'000         GBP'000                               GBP'000 
 
 At 1 January '20 as 
  originally stated 
  for year to 31/12/2019           195          4,868            233           3,771                    215          9,282 
  Prior period adjustment 
  Restated total equity 
   at 1 January '20                  -              -              -           (972)                      -          (972) 
                                   195          4,868            233           2,799                    215          8,310 
 Foreign currency 
  translation                        -              -              -            (30)                      -           (30) 
 Loss for the period                 -              -              -         (3,356)                  (239)        (3,595) 
 At 31 December '20                195          4,868            233           (587)                   (24)          4,685 
                            ----------       --------       --------       ---------       ----------------       -------- 
 

Notes to the financial statements

For the 6 months ended 30 June 2021

   1.               General information 

SpaceandPeople plc is a limited liability company incorporated and domiciled in Scotland (registered number SC212277) which is quoted on AIM (ticker: SAL).

This condensed consolidated interim financial information has been reviewed, but not audited, by the auditors, and their independent review is set out earlier in this report. It does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. The financial information for the 12 months to 31 December 2020 has been extracted from the statutory accounts for that period. These published accounts were reported on by the auditors without qualification or an emphasis of matter reference and did not include a statement under section 498 of the Companies Act 2006 and have been delivered to the Registrar of Companies.

This condensed consolidated interim financial information was approved by the board on 23 September 2021.

   2.               Basis of preparation 

This condensed consolidated interim financial information for the 6 months ended 30 June 2021 has been prepared in accordance with IAS 34 'Interim financial reporting'. The condensed consolidated interim financial information should be read in conjunction with the financial statements of the Group for the period ending 31 December 2020 which were prepared on a going concern basis under the historical cost convention in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK, and those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

   3.                Accounting policies 

The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the financial statements of the Group for the year ended 31 December 2020.

Going Concern

Given the current and ongoing COVID-19 pandemic and the effect that it has had on the business, the Directors feel that it is appropriate for specific mention to be made again in these Interim Results.

As disclosed in the 2020 Financial Statements, the Group had ensured that it had sufficient liquidity as a result of utilising the CBIL and Job Retention schemes as well as carrying out an overhead reduction plan and agreeing payment plans with HMRC. This helped the Group manage the financial implications of the pandemic well and cash reserves are better than had been anticipated at this time.

The majority of the Group's clients are now conducting business with us again and given the reduced running costs of the Group and the current cash position, the financial projections beyond September 2021 demonstrate that the Group is able to operate within its current funding arrangements for the foreseeable future. Although the Directors cannot foresee all possible circumstances that may affect the Group in the future, they believe that, taking account of the forecasts, future plans and available cash resources, the Group will have sufficient resources to meet its financial commitments as they fall due.

As such, the Directors consider that it is appropriate to prepare the financial statements on a going concern basis.

   4.               Segmental reporting 

The Group maintains its head office in Glasgow and an office in Hamburg, Germany. These are reported separately. The Group operates both Promotional Sales and Retail businesses in both the UK and Germany. The Group has determined that these are the principal operating segments as the performance of these segments is monitored separately and reviewed by the board.

The following table presents revenue and profit and loss information regarding the Group's two business segments - Promotional Sales and Retail, split by geographic area. The Other segment represents the Group's investments in SpaceandPeople India. Segment profit / (loss) before tax below is presented after including discontinued operations.

 
                     Promotions   Promotions     Retail     Retail       Head      Other      Group 
                             UK      Germany         UK    Germany     Office 
 
                        GBP'000      GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
 6 months to 
  30 June '21 
 Revenue                    769            -        233        100          -          -      1,102 
                    -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment profit 
  / (loss) before 
  tax                       151            -      (105)         74      (386)         12      (254) 
                    -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 6 months to 
  30 June '20 
  as restated 
 Revenue                      9           64        584        418          -          -      1,075 
                    -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment loss 
  before tax              (799)         (63)       (18)      (275)      (465)      (510)    (2,130) 
                    -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 12 months 
  to 
  31 December 
  '20 
 Revenue                    796           46        925      1,046          -          -      2,813 
                    -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment loss 
  before tax              (765)        (196)       (78)      (392)    (2,170)      (512)    (4,113) 
                    -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 
   5.               Taxation 

The taxation credit for the first six months of 2021 through the Comprehensive Income Statement is due the combination of deferred tax arising on the loss for the period at the estimated effective tax rate (GBP51k) with the balance arising from the re-measurement of the group's deferred tax asset to take account of the change in the rate of corporation tax substantively enacted at the reporting date from 19% to 25%.

   6.               Discontinued operation 

On 15 January 2021, the Group disposed of its entire holding in SpaceandPeople India (Pvt) Limited and this is reported within discontinued operations. The assets of the company were impaired in the year to 31 December 2020. The gain reported for the period to 30 June 2021 represents the excess of proceeds over the assets and liabilities of the company at the date of disposal.

   7.               Goodwill 
 
                           6 months       6 months      12 months 
   Net book value                to             to             to 
                        30 June '21    30 June '20    31 December 
                            GBP'000        GBP'000            '20 
                                                          GBP'000 
 Opening balance              6,881          7,981          7,981 
  Impairment charge               -              -        (1,100) 
 Closing balance              6,681          7,981          6,881 
                      -------------  -------------  ------------- 
 
   8.                Property, plant and equipment 
 
                           6 months    6 months to   12 months to 
   Net book value                to    30 June '20    31 December 
                            30 June        GBP'000            '20 
                                '21                       GBP'000 
                            GBP'000 
 Opening balance              1,028            894            894 
 IFRS16 Lease additions           8            248            607 
 Additions                       23             21             32 
 Forex                            -              5              2 
 Disposals                        -            (9)           (10) 
 Depreciation                 (208)          (219)          (497) 
 Closing balance                851            940          1,028 
                          ---------  -------------  ------------- 
 

The right of use lease liabilities are secured against the right of use assets.

   9.                Cash & cash equivalents 
 
                             30 June '21   30 June '20   31 December 
                                 GBP'000       GBP'000           '20 
                                                             GBP'000 
 
 Cash at bank and on hand            760         1,729           839 
                                     760         1,729           839 
                            ------------  ------------  ------------ 
 
   10.                Borrowings 

At the reporting date the group had the following borrowings:

 
                          30 June '21   30 June '20   31 December 
                              GBP'000       GBP'000           '20 
                                                          GBP'000 
 Bank loans: 
 Less than one year               247             -           972 
 Greater than one year          1,639         1,750           778 
                         ------------  ------------  ------------ 
                                1,886         1,750         1,750 
                         ------------  ------------  ------------ 
 

As at 30 June 2021, a GBP1 million CBILS loan with a term of five years (June 2020: GBP1 million) and a GBP1 million CBILS loan with a term of six years were drawn down (June 2020: GBPnil). The Group's previous Revolving Credit Facility of GBP1 million that had been GBP750k drawn as at 30 June 2020 was repaid in full during the reporting period. The Group also has a GBP750k overdraft facility that was GBP50k drawn as at 30 June 2021. A right of set off exists in respect of the overdraft facility and cash held at bank. For the reporting period and until 31 December 2021 the bank has amended the Group's financial covenants in respect of their facilities to be on a headroom basis. All covenants in the reporting period and post period end have been complied with.

   11.            Called up share capital 
 
 Allotted, issued and fully        30 June '21   30 June '20   31 December 
  paid                                                                 '20 
 Class         Nominal 
                value 
 Ordinary      1p         GBP          195,196       195,196       195,196 
                          Number    19,519,563    19,519,563    19,519,563 
 
   12.             Earnings per share 

Earnings per share has been calculated using the loss after taxation attributable to owners of the company for the period and the weighted average number of shares in issue.

 
                                 30 June '21   30 June '20   31 December 
                                     GBP'000       GBP'000           '20 
                                                                 GBP'000 
 Loss after tax for the 
  period attributable to 
  owners of the Company                (130)       (1,892)       (3,355) 
 
   Non-recurring items                     -           273         1,442 
 
   Discontinued operation               (12)             -           512 
 
 Loss after tax for the 
  period before non-recurring 
  costs attributable to 
  owners of the Company                (142)       (1,619)       (1,401) 
 
 
 Weighted average number 
  of shares in issue during          '000     '000     '000 
  the period 
 
   *    1p ordinary shares         19,520   19,520   19,520 
                                        -        -        - 
   *    Share options 
 
   *    Diluted ordinary shares    19,520   19,520   19,520 
 

There are share options outstanding as at the end of each period which, if exercised, would increase the number of shares in issue. However, the diluted loss per share is the same as the basic loss per share in each period and the loss for the period has an anti-dilutive effect.

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END

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September 27, 2021 02:00 ET (06:00 GMT)

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