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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Spectrum | LSE:SIN | London | Ordinary Share | GB00B07BZ552 | 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% | 6.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMSIN
31 March 2009
SPECTRUM INTERACTIVE PLC
("Spectrum" or "the Company")
Interim Results for the six months ended 31 December 2008
SOLID RESULTS, CONTINUED GROWTH IN INTERACTIVE BUSINESS, PROFIT IN
LINE WITH PREVIOUS PERIOD
Spectrum Interactive plc, (LSE: SIN), the leading interactive
services provider, announces its interim results for the six months
ended 31 December 2008.
Financial highlights:
* Interactive revenues up 17% to GBP4.2m and now represent 55% of
total continuing revenues;
* Revenue from continuing operations decreased 3.7% from GBP7.9m to
GBP7.6m, driven largely by a 21% decline in payphone revenues;
* Earnings before interest, taxes, depreciation and amortisation
(EBITDA) of GBP1.8m (six months to 31 December 2007: GBP1.8m);
* Profit before tax of GBP0.7m (six months to 31 December 2007:
GBP0.7m);
* Net debt reduced by GBP0.9m to GBP4.6m (31 December 2007: GBP5.5m).
* Earnings per share of 2.0p (six months to 31 December 2007: 0.9p)
Operational highlights:
* Continued roll-out of WiFi services into new sites; now serving
approximately 1,000 airport, hotel and other travel and
accommodation locations with our WiFi services;
* Consolidation of Spectrum's position as the leading provider of
interactive services to airports with a new contract win for
internet desks at Manchester Airport
* Installation of approximately 100 new internet desks at 50 city
centre Travelodge hotels;
* Continued rationalisation of Spectrum's payphone base removing a
further 400 unprofitable units during the first half of the year,
leaving approximately 4,700 payphones in service; despite 21%
decline in payphone revenues, gross profit less depreciation and
amortization was maintained at GBP1.6m;
* Closure of German operation, which was placed into administrative
receivership in July 2008.
Commenting on the results, Simon Alberga, Executive Chairman, said:
"With its exposure to the travel and accommodation sectors, the
Company has not been immune to the economic downturn, but we have
managed to maintain our profitability through the continued growth in
the interactive business and the streamlining of costs in the face of
further declines in payphone revenues. With our debt position
steadily reducing we are looking positively to the future and plan to
bid aggressively for new business and continue the development of new
products and services within our interactive division."
Enquiries
Spectrum Interactive plc Arbuthnot Securities Limited
Tel: 01442 205515 Tel: 020 7012 2000
Mark Lewarne
Chief Executive Officer Alasdair Younie/Ben Wells
Philip Congdon
Chief Financial Officer
Daniel Gray
Head of Marketing & Communications
Spectrum Interactive plc
Interim Results for the six months to 31 December 2008
CHAIRMAN'S STATEMENT
I am pleased to announce the results for the first half of the
financial year 2008-9. Despite a difficult economic environment the
Company has broadly maintained its financial performance in
comparison to the prior year, has reduced net debt by GBP0.9m, and is
well positioned to continue the growth of its Interactive business.
FINANCIAL RESULTS
Overall, turnover from continuing operations was down 3.7% to GBP7.6m.
Interactive revenues (desk and WiFi services) grew from GBP3.6m to
GBP4.2m, an increase of 17%, and our Interactive division now
constitutes 55% of total continuing revenues.
WiFi revenues increased 55% to GBP2.3m, although desk revenue declined
to GBP1.9m, a reduction of 9% owing to the loss of a small number of
higher revenue contracts and a sharp reduction in activity in the
travel sector toward the end of 2008. Management has initiated a
series of steps to improve revenue and efficiency in our desk
business, which we expect will yield positive results by the end of
the financial year.
The Company continued to manage the decline of the payphone business
for maximum profit and cash generation. Despite a 21% reduction in
payphone revenues to GBP3.4m, gross profit less depreciation and
amortization from payphone activities fell by only 2% to GBP1.6m. The
payphone estate continues to be rationalised, with 4,700 units in
operation at the end of the year.
Gross profit from continuing operations increased from GBP3.3m to
GBP3.4m, with gross margin growing from 42% to 45%.
Administrative expenses fell from GBP2.8m to GBP2.6m, reflecting the
general ongoing reduction of overheads in the business, and the
discontinuation of the German business.
Net interest payable fell from GBP0.2m to GBP0.1m, reflecting lower
interest rates and the lower level of debt in the business.
Profit during the period was virtually identical to last year.
EBITDA (earnings before interest, taxes, depreciation and
amortisation) was GBP1.8m (GBP1.8m in 2007) and profit before tax was
GBP0.7m (GBP0.7m in 2007).
Profit on ordinary activities after taxation was GBP0.7m (GBP0.3m in
2007), and earnings per share were 2.0p (0.9p in 2007).
The Company continued to reduce debt, with GBP0.7m of bank debt and
GBP0.25m of finance leases repaid in the period. At the same time,
GBP0.3m of new finance leases and loans were taken on during the
period. Overall, net debt fell from GBP5.5m to GBP4.6m since 31 December
2007.
Capital expenditure in the period was GBP0.5m, the majority of which
relates to the installation of new WiFi and desk services into
customer sites, with some investment also in new management
information systems.
The small tax credit in the current period compares with a tax charge
of GBP0.4m in the equivalent prior period. This reflects adjustments to
the deferred tax asset. No current tax charge is expected in this
financial year as tax allowances on fixed assets continue to exceed
depreciation.
OPERATIONAL REVIEW
The period was one of consolidation of the Company's existing
business, with a renewed focus on improving operational efficiency
and streamlining costs, particularly following the announced loss of
the payphone contract with BAA and the backdrop of a difficult
economic environment.
We also completed the disinvestment of the German operation in July
2008 by placing our German Company into the hands of administrative
receivers, with no material financial impact on the Group.
The number of internet terminals in service remained flat at
approximately 1,800, and the number of WiFi sites increased from 974
to 993. We have completed the first phase of installation of desks
into Manchester Airport as part of a new contract win.
Since December 2007 we have reduced the number of payphones from
5,500 to 4,700, and this rationalisation process has concentrated on
the non-street, managed estate where contracts have either been
renegotiated or terminated. This policy will continue, so that by
the end of the calendar year we expect to reduce our payphone base to
just over 4,000 units. This strategy is enabling the Company both to
reduce operational costs and focus its commercial activities on its
growing interactive business.
DIVIDEND
Based on the first half results and our plans for further investment
in the business in the near term, the Directors do not recommend the
payment of an interim dividend and do not anticipate a final dividend
being payable post the year-end.
BOARD
The Board announced changes to its composition in February 2009, with
Lord Young of Graffham retiring as Chairman and Mike Watson retiring
as a non-executive Director. At the same time, Yoav Kurtzbard was
appointed as a non-executive Director. We are indebted to both Lord
Young and Mike Watson for their respective contributions to Spectrum
over many years.
OUTLOOK
The Directors have reviewed the Group's cash flow and covenant
forecast for twelve months from the date of signing this interim
statement, and have considered the impact that the current economic
uncertainty may have on the trading activity of the Group. New bank
facilities have been signed since the period end, amending the terms
of the loan to spread certain repayments more evenly. At the same
time, the existing overdraft facility was also renewed for a further
twelve months. In the course of the next twelve months the Group will
be bidding for new business and seeking to retain existing customers
as and when their contracts come up for renewal.
With its exposure to the travel and accommodation sectors, the
Company has not been immune to the economic downturn, but we have
managed to maintain our profitability through the continued growth in
the interactive business and the streamlining of costs in the face of
further declines in payphone revenues. With our debt position
steadily reducing we are looking positively to the future and plan to
bid aggressively for new business and continue the development of new
products and services within our interactive division.
Simon Alberga
Executive Chairman
31 March 2009
Condensed Consolidated Income Statement
for the six months ended 31 December 2008
Unaudited Unaudited Audited
Six months to Six months to Twelve months
to
31 December 31 December 30 June 2008
2008 2007
Notes GBP GBP GBP
Revenue
- continuing 7,571,422 7,861,837 15,099,719
operations
- discontinued [2] 209,645 1,217,580 2,337,267
operations
- Total 7,781,067 9,079,417 17,436,986
Cost of sales (4,320,453) (5,377,844) (10,519,367)
Gross profit 3,460,614 3,701,573 6,917,619
Administrative (2,633,781) (2,804,193) (5,594,086)
expenses
Operating profit
- continuing 796,592 817,509 1,236,355
operations
- discontinued 30,241 79,871 87,178
operations
- Total 826,833 897,380 1,323,533
Interest receivable
and similar 160 2,777 6,202
income
Interest payable and
similar (143,240) (196,409) (355,498)
charges
Profit on ordinary
activities 683,753 703,748 974,237
before taxation
Tax on profit on
ordinary 2,308 (398,478) (551,320)
activities
Profit on ordinary 686,061 305,270 422,917
activities
after taxation
Earnings per share - [3] 2.04p 0.91p 1.26p
basic
Earnings per share -
fully [3] 2.00p 0.90p 1.24p
diluted
EBITDA (a) [4] 1,792,406 1,834,245 3,160,661
(a) EBITDA is defined as earnings before interest, tax, depreciation,
amortisation and impairment - see note [4].
Condensed Consolidated Statement of Recognised Income and Expense
for the six months ended 31 December 2008
Unaudited Unaudited Audited
Six months to Six months to Twelve months
to
31 December 31 December 30 June 2008
2008 2007
GBP GBP GBP
Profit for the financial 686,061 305,270 422,917
year
Currency translation
differences on (22,595) (192,547) (362,670)
foreign currency net
investments
Total recognised income and
expense 663,466 112,723 60,247
recognized since last
Annual Report
Condensed Consolidated Balance Sheet
as at 31 December 2008
Unaudited Unaudited Audited
As at As at As at
31 December 2008 31 December 2007 30 June 2008
GBP GBP GBP
Non-current assets
Goodwill 4,198,055 4,198,055 4,198,055
Other intangible 1,389,173 1,665,014 1,497,463
assets
Property, plant and 4,967,398 5,619,737 5,421,621
equipment
Deferred tax asset 1,651,739 1,802,273 1,649,431
12,206,365 13,285,079 12,766,570
Current assets
Inventories 128,786 59,788 138,293
Trade and other 1,145,128 1,969,779 1,841,196
receivables
Cash and cash 543,173 491,441 963,667
equivalents
1,817,087 2,521,008 2,943,156
Total assets 14,023,452 15,806,087 15,709,726
Current liabilities
Trade and other (1,778,269) (2,988,505) (2,903,717)
payables
Current tax - (146,496) (154,840)
liabilities
Obligations under (498,934) (453,381) (302,554)
finance leases
Overdrafts (473,176) - (864,558)
Borrowings (1,651,798) (1,450,353) (1,803,284)
Provisions (252,380) (420,045) (360,980)
Deferred revenue (85,367) (118,473) (100,363)
(4,739,924) (5,577,253) (6,490,296)
Net current (2,922,837) (3,056,245) (3,547,140)
liabilities
Non-current
liabilities
Borrowings (1,846,266) (3,206,965) (2,272,921)
Obligations under (711,759) (914,372) (891,488)
finance leases
(2,558,025) (4,121,337) (3,164,409)
Total liabilities (7,297,949) (9,698,590) (9,654,705)
Net assets 6,725,503 6,107,497 6,055,021
Equity
Called up share 339,035 339,035 339,035
capital
Share premium account 5,459,283 5,459,283 5,459,283
Own shares (2,553) (2,553) (2,553)
Share-based payment 125,721 112,555 118,705
reserve
Retained earnings 804,017 199,177 140,551
Total equity 6,725,503 6,107,497 6,055,021
Condensed Consolidated Cash Flow Statement
for the six months ended 31 December 2008
Unaudited Unaudited Audited
Six months Six months to Twelve months
to to
31 December 31 December 30 June 2008
2008 2007
Notes GBP GBP GBP
Net cash from operating [5]
activities:
Continuing operations 1,347,055 517,248 2,723,040
Discontinued operations 30,241 217,853 221,288
Total 1,377,296 735,101 2,944,328
Investing activities
Interest received 160 2,777 6,202
Purchase of tangible (535,905) (1,508,906) (2,095,519)
fixed
assets
Purchase of intangible (20,000) (55,979) (1,194,464)
fixed
assets
Cash outflow on (201,847) - -
discontinuation
of German subsidiary
Net cash used in
investing
activities
Continuing operations (555,745) (1,510,553) (3,174,332)
Discontinued operations (201,847) (51,555) (109,449)
Total (757,592) (1,562,108) (3,283,781)
Financing activities
Repayment of borrowings (714,630) (659,000) (1,386,953)
Repayment of (245,104) (221,730) (455,411)
obligations under
finance leases
New loans raised 113,893 350,000 350,000
Proceeds from sale and 220,300 516,168 550,064
leaseback
Adjustment to value of (28,325) - -
finance
leases
Net cash used in (653,866) (14,562) (942,300)
financing
activities from
continuing
operations
Net decrease in cash (34,162) (841,569) (1,281,753)
and
cash equivalents
Cash and cash 99,109 1,336,847 1,336,847
equivalents at
the beginning of the
period
Effect of foreign 5,050 (3,837) 44,015
exchange
rate changes
Cash and cash 69,997 491,441 99,109
equivalents at
the end of the period
Notes to the Interim Financial Information continued
for the six months ended 31 December 2008
1. Accounting policies and basis of preparation
These interim financial statements have been prepared using
accounting policies consistent with International Financial Reporting
Standards (IFRS).The same accounting policies, presentation and
methods of computation are followed in this condensed set of
financial statements as applied in the audited financial statements
for the year ended 30 June 2008. While the financial figures included
in this interim report have been computed in accordance with IFRS's,
this interim report does not contain sufficient information to
constitute an interim financial report as that term is defined in IAS
34.
These interim financial statements do not constitute statutory
financial statements within the meaning of Section 240 of the
Companies Acts 1985. The results of the year ended 30 June 2008 are
not statutory accounts. A copy of the statutory accounts has been
delivered to the Registrar of Companies. The auditors reporting on
those accounts: their report was unqualified, did not draw attention
to any matters by way of emphasis and did not contain a statement
under S.237 (2) or (3) of the Companies Act 1985.
As discussed in the "outlook" section of the Chairman's Statement,
the Directors are satisfied that the Group will continue to operate
within its available resources during the next twelve months and
consider that the going concern basis of preparation continues to be
appropriate.
2. Segmental information
The Board considers the primary segments to be the three main
business areas, payphones, internet desks and WiFi. This is the
information that the Board itself concentrates on, particularly given
the very different dynamics of the three areas. The secondary segment
split is geographical, i.e. the split between the UK business and
Germany.
Payphones Desks WiFi Discontinued Other Total
operation
Six months GBP GBP GBP GBP GBP GBP
to
31 December
2008
Revenue 3,416,692 1,891,426 2,263,304 209,645 - 7,781,067
Gross profit 1,853,152 409,679 1,124,776 73,007 - 3,460,614
Depreciation (257,886) (357,223) (194,906) - (27,268) (837,283)
Amortisation - (32,545) (95,745) - - (128,290)
Result 1,595,266 19,911 834,125 73,007 (27,268) 2,495,041
Unallocated
corporate (1,668,208)
expenses
Operating 826,833
profit
Interest
receivable
and 160
similar
income
Interest
payable (143,240)
and similar
charges
Profit 683,753
before tax
Payphones Desks WiFi Discontinued Other Total
operation
Tax 2,308
Profit after 686,061
tax
Other
information
Capital 10,040 172,348 244,970 - 128,547 555,905
additions
Balance
sheet
Assets
Notes to the Interim Financial Information continued
for the six months ended 31 December 2008
Segment 4,786,401 4,330,622 2,788,989 - - 11,906,012
assets
Unallocated - - - - 2,117,440 2,117,440
corporate
assets
Consolidated 4,786,401 4,330,622 2,788,989 2,117,440 14,023,452
total assets
Liabilities
Segment (3,242,294) (994,968) (614,728) - - (4,851,990)
liabilities
Unallocated - - - - (2,445,959) (2,445,959)
corporate
liabilities
Consolidated (3,242,294) (994,968) (614,728) - (2,445,959) (7,297,949)
total
liabilities
Notes to the Interim Financial Information continued
for the six months ended 31 December 2008
2. Segmental information continued
Payphones Desks WiFi Discontinued Other Total
operation
Six months GBP GBP GBP GBP GBP GBP
to 31
December
2007
Revenue 4,311,708 2,088,088 1,462,041 1,217,580 - 9,079,417
Gross profit 2,005,962 641,908 657,918 395,785 3,701,573
Depreciation (372,476) (416,349) - - (32,290) (821,115)
Amortisation - (44,652) (71,099) - - (115,751)
Result 1,633,486 180,907 586,819 395,785 (32,290) 2,764,707
Unallocated (1,867,327)
corporate
expenses
Operating 897,380
profit
Interest 2,777
receivable
and similar
income
Interest (196,409)
payable
and similar
charges
Profit 703,748
before tax
Tax (398,478)
Profit after 305,270
tax
Other
information
Capital 60,198 679,040 795,655 - 29,992 1,564,885
additions
Balance
sheet
Assets
Segment 5,801,441 5,281,591 2,548,367 509,193 - 14,140,595
assets
Unallocated - - - - 1,665,492 1,665,492
corporate
assets
Consolidated 5,801,441 5,281,591 2,548,367 509,193 1,665,492 15,806,087
total assets
Liabilities
Segment (4,078,337) (1,794,428) (572,350) (620,016) - (7,065,131)
liabilities
Unallocated - - - - (2,633,459) (2,633,459)
corporate
liabilities
Consolidated (4,078,337) (1,794,428) (572,350) (620,016) (2,633,459) (9,698,590)
total
liabilities
Notes to the Interim Financial Information continued
for the six months ended 31 December 2008
2. Segmental information continued
Payphones Desks WiFi Discontinued Other Total
operation
Year to 30
June GBP GBP GBP GBP GBP GBP
2008
Revenue 7,717,621 3,830,782 3,551,316 2,337,267 - 17,436,986
Gross profit 3,553,826 1,429,125 1,238,536 696,132 - 6,917,619
Depreciation (636,599) (661,533) (237,900) - (60,450) (1,596,482)
Amortisation - (84,228) (156,418) - - (240,646)
Result 2,917,227 683,364 844,218 696,132 (60,450) 5,080,491
Unallocated
corporate (3,756,958)
expenses
Operating 1,323,533
profit
Interest
receivable 6,202
and similar
income
Interest
payable (355,498)
and similar
charges
Profit 974,237
before tax
Tax (551,320)
Profit after 422,917
tax
Other
information
Capital 15,177 695,310 1,152,878 109,449 122,705 2,095,519
additions
Balance
sheet
Assets
Segment 5,399,093 4,982,083 2,613,384 529,120 - 13,523,680
assets
Unallocated
corporate - - - - 2,186,046 2,186,046
assets
Consolidated
total 5,399,093 4,982,083 2,613,384 529,120 2,186,046 15,709,726
assets
Liabilities
Segment (4,052,664) (1,137,564) (441,000) (614,698) - (6,245,926)
liabilities
Unallocated
corporate - - - - (3,408,779) (3,408,779)
liabilities
Consolidated
total (4,052,664) (1,137,564) (441,000) (614,698) (3,408,779) (9,654,705)
liabilities
Notes to the Interim Financial Information continued
for the six months ended 31 December 2008
2. Segmental information continued
Geographical segments
Sales revenue by geographical market
Six months to Six months to Year to
31 December 2008 31 December 2007 30 June 2008
GBP GBP GBP
UK 7,571,422 7,861,837 15,099,719
Germany 209,645 1,217,580 2,337,267
Total 7,781,067 9,079,417 17,436,986
Carrying amount of segment assets
31 December 2008 31 December 2007 30 June 2008
GBP GBP GBP
UK 14,023,452 15,296,893 15,180,605
Germany - 509,194 529,121
Total 14,023,452 15,806,087 15,709,726
Additions to property, plant and equipment and intangible
assets
Six months to Six months to Year to
31 December 2008 31 December 2007 30 June 2008
GBP GBP GBP
UK 535,905 1,513,330 1,999,303
Germany - 51,555 109,449
Total 535,905 1,564,885 2,108,752
Notes to the Interim Financial Information continued
for the six months ended 31 December 2008
3. Earnings per share
The calculation of earnings per share is based upon the profit for
the period after taxation and on the weighted average number of
shares in issue during the period. For basic earnings per share this
is 33,648,166 and for diluted earnings per share this is 34,383,342
shares. For the six months to 31 December 2007, the number of shares
for the basic EPS calculation was 33,648,166. The number of shares
used for the fully diluted EPS calculation was 33,903,506. The
difference between the number of shares in the fully diluted and
basic EPS calculations is due to employee share options.
Six months to Six months to Year to
31 December 2008 31 December 30 June 2008
2007
Earnings per share - 2.04p 0.91p 1.26p
basic
Earnings per share - 2.00p 0.90p 1.24p
fully diluted
4. Earnings before interest, tax, depreciation, and amortisation
(EBITDA)
Six months to Six months to Year to
31 December 31 December 30 June 2008
2008 2007
GBP GBP GBP
Profit on ordinary 686,061 305,270 422,917
activities after tax
Net Interest 143,080 193,632 349,296
Tax (2,308) 398,478 551,320
Depreciation 837,283 821,114 1,596,482
Amortisation 128,290 115,751 240,646
EBITDA 1,792,406 1,834,245 3,160,661
Notes to the Interim Financial Information continued
for the six months ended 31 December 2008
5. Reconciliation of operating profit to net cash inflow from
operating activities
Six months to Six months to Year to
31 December 31 December 30 June 2008
2008 2007
GBP GBP GBP
Operating profit 826,833 897,380 1,323,533
Adjustments
Depreciation of tangible 837,283 821,114 1,596,482
fixed assets
Amortisation of intangible 128,290 115,751 240,646
fixed assets
Movement on share-based
payment 7,016 - 6,150
reserve
Decrease in provisions (108,600) (26,195) (85,260)
Operating cash flows before
movements 1,690,822 1,808,050 3,081,551
on working capital
Decrease/(increase) in 9,507 (29,911) (108,416)
inventories
Decrease in trade and other 500,791 813,188 979,125
receivables
(Decrease) in trade and (680,584) (1,659,817) (575,014)
other payables
Cash generated from 1,520,536 931,510 3,377,246
operations
Income taxes paid - - (77,421)
Interest paid (143,240) (196,409) (355,497)
Net cash from operating
activities
Continuing operations 1,347,055 517,248 2,723,040
Discontinued operations 30,241 217,853 221,288
Total 1,377,296 735,101 2,944,328
6. Consolidated statement of changes in equity
Share Share-based
Called premium Own payment Profit
up and
share account shares reserve loss Total
capital account
GBP GBP GBP GBP GBP GBP
At 1 July 339,035 5,459,283 (2,553) 118,705 140,551 6,055,021
2008
Profit for - - - 7,016 686,061 693,077
the period
Currency - - - - (22,595) (22,595)
translation
differences
on foreign
currency net
investments
At 31
December 339,035 5,459,283 (2,553) 125,721 804,017 6,725,503
2008
Notes to the Interim Financial Information continued
for the six months ended 31 December 2008
7. Dividends
Six months to Six months to Year to
31 December 2008 31 December 2007 30 June 2008
GBP GBP GBP
Paid dividends - - -
No interim dividend is proposed (year ended 30 June 2008: GBPnil).
Copies of this announcement are available on and from the Company's
website:
www.spectruminteractive.co.uk
http://www.spectruminteractive.co.uk/files/downloads/SI-2009-InterimReport.pdf
Independent Review Report
to Spectrum Interactive plc
We have been engaged by the Group to review the condensed set of
financial statements in the half-yearly financial report for the six
months ended 31 December 2008 which comprises the consolidated income
statement, the consolidated balance sheet, the consolidated statement
of recognised income and expense, the consolidated cash flow
statement and related notes 1 to 7. We have read the other
information contained in the half-yearly financial report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the Group in accordance with
International Standard on Review Engagements 2410 issued by the
Auditing Practices Board. Our work has been undertaken so that we
might state to the Group those matters we are required to state to
them in an independent review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Group, for our review work,
for this report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has
been approved by, the Directors. The Directors are responsible for
preparing the half-yearly financial report in accordance with the AIM
Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the Group
are prepared in accordance with IFRSs as adopted by the European
Union. The condensed set of financial statements included in this
half-yearly financial report have been prepared in accordance with
the accounting policies the Group intends to use in preparing its
next annual financial statements.
Our responsibility
Our responsibility is to express to the Group a conclusion on the
condensed set of financial statements in the half-yearly financial
report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on
Review Engagements (UK and Ireland) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" issued by the Auditing Practices Board for use in the United
Kingdom. 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 (UK
and Ireland) 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.
Conclusion
Based on our review, nothing has come to our attention that causes us
to believe that the condensed set of financial statements in the
half-yearly financial report for the six months ended 31 December
2008 is not prepared, in all material respects, in accordance with
the AIM Rules of the London Stock Exchange.
Deloitte LLP
Chartered Accountants and Registered Auditor
26 March 2009
Cambridge, UK
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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