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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Third Quad Cap | LSE:TQC | London | Ordinary Share | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.725 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTQC RNS Number : 9962S Third Quad Capital PLC 21 September 2010 THIRD QUAD CAPITAL PLC ("THIRD QUAD CAPITAL", OR "THE COMPANY") (AIM:TQC) INTERIM REPORT FOR THE SIX MONTHS ENDED 30th JUNE 2010 Third Quad Capital, the AIM listed alternative software vendor and specialist corporate finance broker, announces today half-yearly results for the six month period ended 30th June 2010. HIGHLIGHTS Trading: · Sales from continuing operations for the six months ended 30 June 2010: GBP456,925 (H1 2009: GBP482,788) · Gross margin reduced to 52% (H1 2009: 60%) · Operating loss from continuing operations, before exceptional items: GBP168,877 (H1 2009: GBP236,856 loss) · Exceptional items: GBP161,824 (H1 2009: GBP46,838) · Loss for period: GBP351,391 (H1 2009: GBP186,162) · Significant reduction in overheads before exceptional items of 33% from Q1 to Q2 2010 · Early receipt of Panda consideration together with share placing permit repayment of Group overdraft facility and reduce debtor balances Post Period Events: · VSA Capital acquired on 12 August 2010 for a consideration of GBP1, plus the assumption of certain liabilities. · Convertible Loan Note issued to provide regulatory and working capital for VSA Capital. · Andrew Monk has assumed day-to-day responsibility for VSA Capital. · Softline Limited ("Softline") acquired on 20 August 2010 for a consideration of GBP1,300,000 payable in instalments, with a further GBP200,000 payable subject to certain performance criteria being achieved. · Share placing provides funding to repay Group's term loan secured on its business premises in Crawley. · John McCartney joined as an Executive Director with effect from 20 August 2010. As a consequence of the Softline transaction, Mr McCartney acquired a 10% holding in the enlarged share capital of the Group. · John McCartney has assumed day-to-day responsibility for the Group's software businesses pjwhich have been combined into a single division with a view to creating a viable and profitable business based on the group's PC and Macintosh expertise and a significantly reduced overhead structure. · The Group has an ongoing strategy of diversified growth via its Software and Financial Services divisions, adding scale through expansion of these businesses but with further acquisitions where opportunities present themselves. Commenting on today's results, Andrew Monk, Chief Executive of Third Quad Capital, said: "The restructuring of Third Quad Capital has been painful but necessary and its recent acquisitions will enable it to grow with positive cash balances, a strong balance sheet, reduced costs and a determination to grow. The board looks forward to delivering shareholders results for their continued support." ENQUIRIES: Third Quad Capital Plc Tel: 020-7096 9580 Andrew Monk, Chief Executive Peter Joy, Finance Director www.thirdquad.com NOMAD & BROKER Shore Capital and Corporate Limited Tel: 020-7468 7923 Andrew Raca or Edward Mansfield www.shorecap.co.uk BROKER Rivington Street Corporate Finance Limited Tel: 020-7562 3357 Jon Levinson www.rs-cf.co.uk Notes to Editors: Third Quad Capital Plc Third Quad Capital Plc is a UK based business with two distinct divisions. It has a software division and an FSA authorised and regulated securities division. The two divisions are run separately but enjoy the benefits of Plc ownership and are able to share Group resources. Software Division The software division comprises the Softline, Ability Software International and Formjet Innovations businesses. With over 20 years experience Softline has become one of the UK's leading value added Macintosh software and peripheral distributors, successfully creating and continuing to nurture the Macintosh consumer market both here in the UK and throughout Europe. Ability Software International retains the exclusive worldwide sales and marketing rights to Ability Office products which it distributes via the Ability brand itself or on a white labelled basis. Formjet Innovations is a distributor of other Windows based products including Panda Security and the remote access device, BeAnywhere. Securities Division The newly added securities division comprises VSA Capital which is based in the City of London and provides a Corporate Finance and Broking service to companies, mainly in the Oil & Gas and Natural Resources sectors. VSA Capital is authorised and regulated by the Financial Services Authority, is a member of the London Stock Exchange and a Plus Markets adviser. CHIEF EXECUTIVE OFFICER'S STATEMENT - INTERIMS 2010 The events that will most interest our shareholders have taken place since our half year ended on 30 June and as a result my interim report is brief as it is too soon to add substantial comment regarding our recent acquisitions. Summary It is always disappointing to lose money and so it gives me no pleasure to report that our losses for the first half of 2010 totalled GBP351,391. However, these losses should be viewed as 'our past' not 'our future' - the losses from the underlying trading of our continuing operations were considerably lower. The Group started 2010 with a single, loss making, division whose size could barely justify its AIM market listing or the expenses associated with being a quoted company. By 30 June the Group had a healthy net cash position and its sole operating division had achieved a small operating profit for the 6 month period - but overall the Group had remained loss making as a consequence of the Plc's running costs. Whilst an improvement, it has been clear to your Board for some time that growth through acquisition was an urgent necessity for the Group. Acquisitions During the first half of 2010 much of my time has been spent reviewing many potential acquisitions. I have looked across a broad spectrum of sectors - wherever it might be possible to add significant value for shareholders at an acceptable cost and risk. Because of our small size, most would have been considered reverse takeovers under AIM rules even though each would have been quite small in absolute terms. As soon as a deal is considered a reverse takeover the associated costs and risks increase at a disproportionate rate. It is also relevant to add that, as has been widely reported in the media, and despite encouragement from Government, Banks appear to have little interest in lending to companies of our size on a sensible commercial basis. The current economic climate and the potential difficulties faced when raising new money for small companies means that most of the potential acquisitions that I review are not acceptable. This leaves small companies on the AIM market with a conundrum - too small to make an acquisition that is not a reverse but not big enough to survive without one. I am delighted to announce that the company has negotiated this issue through making two small acquisitions, Softline and VSA. These companies although small in relative size, thus not triggering a reverse, have together provided the Group with sufficient scale to work towards on-going growth and profitability. Existing business Turning to our existing business, we have made progress and, as previously announced, as a stand alone operation (without Plc costs) our software businesses made a small profit in the first six months of 2010. Our focus has been on keeping costs as low as possible but also on continuing to develop the market for Ability Office wherever possible. We have started to have some success in this respect but it is remains early days. Recently there has been comment from the UK Government confirming its unhappiness with the costs of Microsoft Office, providing Ability Office with an ideal opportunity thanks to its significantly lower pricing. There remains a natural reluctance to be the first to make the switch from Microsoft however we are making headway and now have a pilot project in place with the Scottish NHS. We hope that our enlarged group can gain some serious traction for Ability Office in the large Licence market and have also started to have some success overseas, notably in Ireland, South Africa and the Middle East. Property At the 2009 year end we announced our intention to sell the Group's Head Office. Although not sold yet, it remains on the market and by using it as collateral for an element of the consideration payable for Softline we have accepted a GBP550,000 loan from the vendor of Softline and so have, effectively, obtained a cash value for it. Agreeing lease terms with a tenant for the building will, I believe, enhance our chances of completing a full sale. Current Trading Current trading is all about the future of the combined software businesses and our new corporate finance business. Both incorporate new elements and so it is too early to comment on their trading but we have high hopes for both and believe it is an excellent move forward for shareholders and the Group. I am genuinely delighted that John McCartney has joined our Board to head up the software division, where he will be able to apply all his experience and contacts, and I look forward to working with him to drive the Group forward. Andrew Monk Chief Executive Officer Third Quad Capital Plc FINANCE DIRECTOR'S STATEMENT - INTERIMS 2010 Turnover Despite the uncertain state of the economy during the period, year-on-year group sales from continuing operations were comparable in the first half of 2010 (GBP456,925) to those of the first half of the previous year (GBP482,788). As a result of exceptionally strong sales performance in April 2010 the Group recorded an operating profit in that month, however sales at that level were not sustainable and the Group reverted to a loss making position in May and June 2010. Cost reductions Largely as a result of the cost reduction programme, which begun in 2009 and continued after the Panda disposal, the Group has reduced the level of operational loss from continuing operations to GBP168,844 in the period (2009: GBP236,856). In view of the tough sales environment endured through the first half of 2010, the cost reduction programme continues to receive the attention of management. Exceptional items Certain specific restructuring costs totalling GBP50,586 are included as exceptional items in the Income Statement. I have taken the opportunity to realign the recording of income due under royalty contracts to more accurately reflect the actual periods to which it relates, the immediate and one-off impact of which, GBP25,453, has also been included as an exceptional item. Also included within exceptional items is the financial consequence of arrangements entered into by former directors with distributors of the Group's products. The existence and implication of these arrangements, the cost of which has totalled GBP43,621, was not known to the current directors at the time that the 2009 financial statements were finalised. The remaining exceptional items comprise a variety of other non-recurring expenses relating to previous business arrangements entered into by the Group. Cash flows Your Board negotiated early payment of the GBP500,000 second instalment of the consideration arising from the Group's disposal of Panda Software (UK) Limited to Panda Security, S.L. ("Panda") originally due to be received on 8th July 2010. For a discount of 3.5% of the amount involved, the resultant GBP482,500 was received on 1 March 2010. That early receipt from Panda, together with the proceeds received from a GBP200,000 share placing in March 2010, allowed the Group to repay fully its overdraft facility during the period. Since the end of the period the net proceeds arising from a share placing have allowed the Group to repay the balance of a term loan which had been secured on the Group's headquarters in Crawley. A Convertible Loan Note issue has provided the regulatory and working capital needed to complete the acquisition of VSA Capital. A further share placing, announced today, will provide the Group with additional workingcapital of GBP200,000 andmeans that the Group has had adequate cash resources to meet its obligations. Panda Security, S.L. is due to pay a third and final consideration instalment of GBP200,000 on 31 December 2010. Peter Joy Finance Director Third Quad Capital Plc +----------------------------------------+-------------+----------+-------------+----------+-------------+ | CONSOLIDATED INCOME STATEMENT | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | For the period to 30 June 2010 | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | Six | | Six | | Year | | | months | | months | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | ended | | ended | | ended | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | 30-Jun-10 | | 30-Jun-09 | | 31-Dec-09 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | (Unaudited) | | (Unaudited) | | (Audited) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | GBP | | GBP | | GBP | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | REVENUE | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Gross Revenue - continuing operations | 456,925 | | 482,788 | | 868,733 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Gross Revenue - discontinued | - | | 966,871 | | 954,461 | | operations | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | 456,925 | | 1,449,659 | | 1,823,194 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Cost of Sales | (220,038) | | (575,490) | | (702,669) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | GROSS PROFIT | 236,887 | | 874,169 | | 1,120,525 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Administrative expenses | (567,555) | | (1,034,904) | | (3,114,859) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | OPERATING LOSS | (330,668) | | (160,735) | | (1,994,334) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Continuing operations | (330,668) | | (283,694) | | (2,115,715) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Discontinued operations | - | | 122,959 | | 121,381 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | (330,668) | | (160,735) | | (1,994,334) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Analysed as: | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Operational loss from continuing | (168,844) | | (236,856) | | (835,715) | | operations before exceptional items | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Operational profit from discontinued | - | | 122,959 | | 121,381 | | operations before exceptional items | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Exceptional items | (161,824) | | (46,838) | | (1,280,000) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | (330,668) | | (160,735) | | (1,994,334) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Profit on disposal of Panda Software | - | | - | | 538,075 | | (UK) Ltd | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Finance income | 61 | | 713 | | 813 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Finance expenses | (20,784) | | (26,140) | | (36,016) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | LOSS FOR THE PERIOD | (351,391) | | (186,162) | | (1,491,462) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Basic and diluted loss per share from | (0.09) | | (0.07) | | (0.50) | | continuing operations (p) | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Basic and diluted earnings per share | (0.09) | | (0.07) | | (0.44) | | from discontinued operations (p) | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ +----------------------------------------+-------------+----------+-------------+----------+-------------+ | STATEMENT OF CHANGES IN EQUITY | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | For the period to 30 June 2010 | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | Six | | Six | | Year | | | months | | months | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | ended | | ended | | ended | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | 30-Jun-10 | | 30-Jun-09 | | 31-Dec-09 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | (Unaudited) | | (Unaudited) | | (Audited) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | GBP | | GBP | | GBP | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Loss of the financial period | (351,391) | | (186,162) | | (1,491,462) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Issue of share capital | 208,480 | | - | | 243,650 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Net increase/(decrease) in | (142,911) | | (186,162) | | (1,247,812) | | shareholders' equity | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Equity at the start of the period | 1,204,464 | | 2,452,276 | | 2,452,276 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Equity at the end of the period | 1,061,553 | | 2,266,114 | | 1,204,464 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ +----------------------------------------+-------------+----------+-------------+----------+-------------+ | CONSOLIDATED BALANCE SHEET | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | For the period to 30 June 2010 | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | Six | | Six | | Year | | | months | | months | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | ended | | ended | | ended | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | 30-Jun-10 | | 30-Jun-09 | | 31-Dec-09 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | (Unaudited) | | (Unaudited) | | (Audited) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | GBP | | GBP | | GBP | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | ASSETS | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Non-current assets | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Property, plant and equipment | 844,248 | | 913,418 | | 870,342 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Goodwill | 50,000 | | 562,207 | | 50,000 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Investment held to maturity | - | | 342,852 | | - | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Other intangible assets | - | | 403,813 | | - | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | 894,248 | | 2,222,290 | | 920,342 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Current assets | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Inventories | 28,517 | | 226,256 | | 27,285 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Trade and other receivables | 406,556 | | 790,086 | | 875,881 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Cash and cash equivalents | 230,815 | | 32,097 | | 23,950 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Total current assets | 665,888 | | 1,048,439 | | 927,116 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Total assets | 1,560,136 | | 3,270,729 | | 1,847,458 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | EQUITY AND LIABILITIES | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Equity attributable to equity holders | | | | | | | of the parent | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Share capital | 704,306 | | 500,306 | | 700,306 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Share premium | 4,150,103 | | 3,901,973 | | 3,945,623 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Retained earnings | (3,792,856) | | (2,136,165) | | (3,441,465) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | 1,061,553 | | 2,266,114 | | 1,204,464 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Non-current liabilities | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Long-term borrowings | 223,053 | | 285,201 | | 253,081 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Total non-current liabilities | 223,053 | | 285,201 | | 253,081 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Current liabilities | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Trade and other payables | 232,270 | | 678,690 | | 258,097 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Short term borrowings | - | | - | | 88,556 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Current portion of long-term | 43,260 | | 40,722 | | 43,260 | | borrowings | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Total current liabilities | 275,530 | | 719,412 | | 389,913 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Total liabilities | 498,583 | | 1,004,613 | | 642,994 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Total equity and liabilities | 1,560,136 | | 3,270,727 | | 1,847,458 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | CONSOLIDATED CASH FLOW STATEMENT | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | For the period to 30 June 2010 | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | Six | | Six | | Year | | | months | | months | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | ended | | ended | | ended | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | 30-Jun-10 | | 30-Jun-09 | | 31-Dec-09 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | (Unaudited) | | (Unaudited) | | (Audited) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | GBP | | GBP | | GBP | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Cash flows from operating activities | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Operating loss | (330,668) | | (160,735) | | (1,986,259) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Adjustments for: | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Depreciation | 14,723 | | 23,057 | | 38,622 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Amortisation | - | | 42,495 | | 70,550 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Intangible assets impairment charge | - | | - | | 375,758 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Goodwill impairment charge | - | | - | | 164,254 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Impairment of assets held to maturity | - | | - | | 397,405 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Changes in working capital: | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Inventories | 1,232 | | 47,152 | | 213,082 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Trade and other receivables | (30,675) | | 460,442 | | (7,615) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Trade and other payables | (25,827) | | (477,352) | | (596,653) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Net cash flows used in operating | (371,215) | | (64,941) | | (1,330,856) | | activities | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Cash flows from investing activities | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Investments held to maturity | - | | (134,767) | | (189,320) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Proceeds from disposal of | 509,818 | | - | | 1,011,947 | | subsidiaries, net of cash transferred | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Purchase of property, plant and | (911) | | (11,412) | | (10,114) | | equipment | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Interest received | 61 | | 714 | | 813 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Net cash raised from/(used in) | 508,968 | | (145,465) | | 813,326 | | investing activities | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Cash flows from financing activities | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Proceeds from issue of ordinary shares | 208,480 | | - | | 250,000 | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Costs of issuing shares | - | | - | | (6,350) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | (Decrease)/increase in borrowings | (30,028) | | (29,702) | | (53,055) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Interest paid | (20,784) | | (26,140) | | (36,016) | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Net cash raised from/(used in) | 157,668 | | (55,842) | | 154,579 | | financing activities | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Net increase/(decrease) in cash and | 295,421 | | (266,248) | | (362,951) | | cash equivalents | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Cash and cash equivalents at beginning | (64,606) | | 298,345 | | 298,345 | | of period | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | Cash and cash equivalents at end of | 230,815 | | 32,097 | | (64,606) | | period | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ | | | | | | | +----------------------------------------+-------------+----------+-------------+----------+-------------+ NOTES TO THE UNAUDITED HALF-YEARLY REPORT +--------------+ | 1. | | Basis | | of | | preparation | | This | | announcement | | was approved | | by the Board | | of directors | | on 20 | | September | | 2010. The | | financial | | information | | set out in | | this interim | | statement | | has been | | prepared | | under IFRSs | | as adopted | | by the | | European | | Union and on | | the basis of | | the | | accounting | | policies set | | out in the | | statutory | | accounts of | | Third Quad | | Capital Plc | | for the year | | ended 31 | | December | | 2009. This | | report is | | not prepared | | in | | accordance | | with IAS 34 | | which is | | currently | | not | | mandatory. | | This interim | | statement | | has not been | | audited. | | The | | financial | | information | | does not | | constitute | | statutory | | accounts | | within the | | meaning of | | section 434 | | of the | | Companies | | Act 2006. | | Statutory | | accounts for | | Third Quad | | Capital Plc | | for the year | | ended 31 | | December | | 2009 | | reported | | under IFRS, | | on which the | | auditors | | gave an | | unqualified | | opinion, | | have been | | delivered to | | the | | Registrar of | | Companies. | +--------------+ +---------------------------------------+--------+-------------+--------+-------------+--------+------------+----------+ | 2. Earnings per ordinary share | | | The calculation of basic earnings per ordinary share is based on the result for the period, for | | | continuing operations as well as total acquisitions, and the weighted average number of shares in | | | issue during the period. | | | | | +-----------------------------------------------------------------------------------------------------------+----------+ | | | Six | | Six | | Year | | | | months | | months | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | | | ended | | ended | | Ended | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | | | 30-Jun-10 | | 30-Jun-09 | | 31-Dec-09 | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | | | (Unaudited) | | (Unaudited) | | (Audited) | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | Weighted average number of ordinary | | 372,473,587 | | 250,153,145 | | 298,636,296 | | shares in issue | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | Dilutive potential ordinary shares: | | 37,187,993 | | 21,534,997 | | 38,662,993 | | Employee share options | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | Loss after tax (GBP) | | (351,391) | | (186,162) | | (1,491,462) | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | Basic earnings per share - pence per | | (0.09) | | (0.07) | | (0.50) | | share (p) | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | Diluted earnings per share - pence | | (0.09) | | (0.07) | | (0.44) | | per share (p) | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+-----------------------+ | | | | | | | | | +---------------------------------------+--------+-------------+--------+-------------+--------+------------+----------+ +--------------+ | 3. | | Segmental | | Reporting | | In the | | opinion of | | the | | directors | | the | | Group's | | core | | activities | | in the | | period | | were the | | sales and | | distribution | | of computer | | software, | | hardware and | | consumables | | as carried | | out by the | | subsidiary | | companies | | within the | | United | | Kingdom. The | | primary | | segmental | | information | | relating to | | business | | segments and | | the | | secondary | | segmental | | geographical | | information | | is | | considered | | immaterial. | | | +--------------+ +-----------+ | 4. | | Taxation | | Due to | | the | | Company's | | losses, | | no | | taxation | | charge | | has | | arisen | | for the | | period | +-----------+ +-----------+ | 5. | | Dividend | | The | | Directors | | have not | | declared | | an | | interim | | dividend. | +-----------+ +------------------------------------------------------+ | 6. | | Availability | | Of Accounts | | Copies of | | this | | statement | | are | | available to | | shareholders | | and members | | of the | | public, free | | of charge, | | from the | | Company's | | principal | | place of | | business at | | 4th floor, | | 14 Austin | | Friars, | | London EC2N | | 2HE. | | Alternatively | | a | | downloadable | | version is | | available | | from the | | following web | | address: | | http://www.thirdquadcapital.co.uk/webpage.aspx?p=309 | | | +------------------------------------------------------+ The financial statements for the six months ended 30 June 2010 were approved by the Board of Directors on 20 September 2010. These financial statements do not constitute statutory accounts within the meaning of the Companies Act 2006 and are neither reviewed nor audited. This information is provided by RNS The company news service from the London Stock Exchange END IR BUGDCCUDBGGG
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