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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Touchstone Grp | LSE:TSE | London | Ordinary Share | GB0003058137 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 28.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:2927J Touchstone Group PLC 06 December 2007 Date: 6 December 2006 On behalf of: Touchstone Group plc ('Touchstone' or the 'Group') Embargoed until: 0700hrs Touchstone Group plc Interim results Touchstone Group plc, the AIM-listed provider of business software solutions and consultancy services, announces its interim results for the six months to 30 September 2007. Highlights * Turnover increased by 15% to #15.5m (2006: #13.5m) * Fee-based revenue growth of 18% to #7.2m (2006: #6.1m) * Microsoft Dynamics solutions growth of over 38% now representing 66% of total operations (2006: 56%) * No.1 Microsoft Dynamics partner in the UK for third consecutive year * Adjusted pre-tax profits* #1.04m (2006: #1.34m) * Basic Earnings per share 4.31p (2006: 7.19p) * Cashflow from operations #1.0m (2006:#0.1m) * Interim dividend maintained at 1.5p per share (2006:1.5p) * Profit on operating activities before depreciation, amortisation and share based payments Commenting, Keith Birch, Chief Executive, said: "Despite a disappointing start to the year, subsequent trading, including the current trading period, has shown a marked improvement on the comparable period last year. "With strong order books and sale pipelines, the Group anticipates continued good levels of trading in its traditionally stronger second half." Enquiries to: Keith Birch, Chief Executive Officer Touchstone Group plc 020 7121 4700 Samantha Robbins/Adam Leviton Redleaf Communications 020 7822 0200 Matt Davis Brewin Dolphin (NOMAD) 0845 270 8600 Chairman's Interim statement Results I have pleasure in announcing our interim results for the half-year ending September 2007; our first financial statements produced under International Financial Reporting Standards (IFRS) guidelines. Turnover for the period is up by 15% to #15.54m compared with #13.5m for the same period last year. Profits on ordinary activities before tax are #765k compared to #1.1m last year. Profits from operating activities before depreciation, amortisation and share based payments are #1.04m compared with #1.34m last year. Basic earnings per share after amortisation are 4.31p per share compared with 7.19p last year. Diluted earnings per share after amortisation are 4.25p compared with 7.06p last year. Cash and Dividends The Group generated good cash flows from operating activities of #1m compared to #100k for the same period last year. Cash balances at 30 September 2007 stood at #2.6m compared to #2.5m at 31 March 2007 and #2.1m at 30 September 2006. The Board has declared an unchanged interim dividend of 1.5p per share (2006: 1.5p). The interim dividend will be payable on 11 Jan 2008 to all shareholders on the register on 14 Dec 2007. Review of Operations The Group generates its revenues from supplying business software and related professional services to mid -market and enterprise organisations. Software is principally authored by global technology partners such as Microsoft or Infor. The Group supplies this software along with associated professional services to clients in a range of broad market sectors including Not-for-profit, Financial Services, Media, Technology & Publishing, Professional Services and Hospitality & Leisure. The Group has also developed its own specialist software based upon Microsoft Dynamics technology. This software helps the Group to address the specific needs of a number of niche markets including Off-shore Wealth Management, Rental & Construction Services and Commodity Trading. During the period, overall client revenues increased by 15% to #15.54m (2006: #13.5m). This includes software of #3.6m (2006:#2.8m), professional fees of #7.2m (2006: #6.1m) and annual help-desk support revenue of #4.8m (2006: #4.5m). Revenues from clients who have selected solutions based upon Microsoft Dynamics technology increased by over 38% during the period to #10.3m (2006: #7.5m) and now represent over 66% of total operations (2006: 56%). Income from the sale of software increased by 27% during the period. Income from the sale of Microsoft Dynamics related software increased by over 125% to #2.4m (2006: #1.1m). This continued success in the supply of Microsoft Dynamics solutions resulted in the Group being confirmed as Microsoft's No.1 business software partner in the UK for the third consecutive year. Fee income generated from implementing business solutions increased by 18% during the period. Fee income associated with Microsoft Dynamics related solutions grew by 26% to #5.6m (2006: #4.4m). Annual help-desk support revenue is a significant aspect of Group operations and provides useful revenue visibility. During the period the Group's recurring revenue stream increased by approximately 5% and now represents over 33% of total operations. Annual help-desk revenues from clients who have chosen Microsoft Dynamics related software increased by over 17% to #2.4m (2006: #2m). Gross margins for the period are slightly lower at 48% (2006: 50%). This is due to lower fee-earning utilisations experienced at the beginning of the period coupled with an increasing proportion of software development being 'off-shored'. As it is the Group's current policy to expense all R&D costs, the R&D costs from the Group's off-shore partners are treated as an effective cost of sale. Current Trading Despite a disappointing start to the year, subsequent trading, including the current trading period, has shown a marked improvement on the comparable period last year. With strong order books and sale pipelines, the Group anticipates continued good levels of trading in its traditionally stronger second half. David RT Thompson 5 December 2007 Unaudited consolidated profit and loss account for the period ended 30 September 2007 For six months Restated for six Restated for ended months ended year ended 30 September 30 September 31 March 2007 2006 2007 Note #000 #000 #000 Turnover 15,540 13,513 30,165 ________ ________ ________ Cost of sales (8,092) (6,764) (14,354) ________ ________ ________ Gross profit 7,448 6,749 15,811 Other operating expenses (6,496) (5,408) (12,768) ________ ________ ________ Operating profit before depreciation, 1,037 1,341 3,133 amortisation and share based payments Depreciation (85) (125) (229) Amortisation of intangibles (172) (122) (265) Share based payment costs 1 (12) (12) (24) ________ ________ ________ Operating profit 768 1,082 2,615 Financial income 31 26 57 Financial expenses (34) (9) (19) ________ ________ ________ Profit/(loss) on ordinary activities before 765 1,099 2,653 taxation Income tax expense (250) (288) (771) ________ ________ ________ Profit for the period 515 811 1,882 ________ ________ ________ Earnings per share Basic 5 4.31p 7.19p 16.44 p Diluted 5 4.25p 7.06p 16.15p The company has no recognised gains or losses other than those reported in the profit and loss account. Accordingly, a statement of total recognised gains and losses has not been prepared. The results disclosed in the profit and loss account are on an historical cost basis. Unaudited consolidated balance sheet at 30 September 2007 Restated Restated 30 September 2007 30 September 2006 31 March 2007 Note #000 #000 #000 Assets Non- Current Property,Plant and equipment 378 364 417 Goodwill 5,961 4,415 6,051 Other intangible assets 2,338 1,981 2,420 Investments 145 145 145 ________ ________ ________ 8,822 6,905 9,033 Current assets Stocks 57 150 117 Trade and Other Debtors 10,618 9,392 11,918 Cash and cash equivalents 2,617 2,161 2,522 ________ ________ ________ 13,292 11,703 14,557 ________ ________ ________ Total Assets 22,114 18,608 23,590 ________ ________ ________ EQUITY AND LIABILITIES Equity attributable to the equity holders of the parent Share Capital 6 (1,235) (1,181) (1,232) Share premium reserve (3,225) (2,461) (3,210) Other reserves (249) (923) (207) Retained earnings (4,399) (3,317) (4,217) _______ _______ _______ (9,108) (7,882) (8,866) Non- current Liabilities Long-term borrowings (325) - (433) Deferred tax (267) (130) (297) Trade and other payables (208) (197) (200) _______ _______ _______ (800) (327) (930) Current Liabilities Current portion of long-term borrowings (217) - (217) Trade and other payables (11,276) (9,740) (12,649) Current tax liabilities (713) (659) (928) _______ _______ _______ (12,206) (10,399) (13,794) _______ _______ _______ Total Equity and Liabilities (22,114) (18,608) (23,590) _______ _______ _______ Consolidated statement of changes in equity (unaudited) for the six month period ended 30 September 2007 ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT Share premium Share reserve Other Retained TOTAL EQUITY capital reserves # earnings #'000 #'000 #'000 #'000 #'000 As restated As restated As restated As restated As restated BALANCE AT 1 APRIL 2007 1,232 3,210 207 4,217 8,866 BROUGHT FORWARD _______ _______ _______ _______ _______ CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 MARCH 2007 Profit for the period - - - 515 515 _______ _______ _______ _______ _______ TOTAL RECOGNISED INCOME AND EXPENSE FOR - - - 515 515 THE PERIOD Dividends - - - (333) (333) Issue of share capital - - - - Exercise of share options 3 15 - - 18 Grant of options - - 12 - 12 Deferred tax on options - - 30 - 30 _______ _______ _______ _______ _______ BALANCE CARRIED FORWARD 1,235 3,225 249 4,399 9,108 AT 30TH SEPTEMBER 2007 ====== ====== ====== ====== ====== # At 30 September 2007, other reserves includes a capital redemption reserve of #19,000 and a share option reserve of #200,000. Restated consolidated statement of changes in equity (unaudited) for the six month period ended 30 September 2006 ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT Share premium Share reserve Other Retained TOTAL EQUITY capital reserves # earnings #'000 #'000 #'000 #'000 #'000 As restated As restated As restated As restated As restated BALANCE AT 1 APRIL 2007 BROUGHT FORWARD Adjusted balance 1,164 2,264 865 2,604 6,897 CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006 Net gains not recognised in the income statement: Purchase of minority interests in subsidiaries - - - 196 196 _______ _______ _______ _______ _______ Net expense recognised directly in equity - - 196 196 Loss for the period - - - 811 811 _______ _______ _______ _______ _______ TOTAL RECOGNISED INCOME AND EXPENSE - - - 1,007 1,007 FOR THE PERIOD Dividends - - - (294) (294) Issue of share capital 15 175 - - 190 Exercise of share options 2 22 - - 24 Grant of options - - 12 - 12 Deferred tax on options - - 46 - 46 _______ _______ _______ _______ _______ BALANCE AT 30 SEPTEMBER 2006 1,181 2,461 923 3,317 7,882 CARRIED FORWARD ====== ====== ====== ====== ====== # At 30 September 2006, other reserves includes a capital redemption reserve of #19,000, a reserve of #719,000 representing shares to be issued relating to the acquisition of Touchstone (CI) Limited, and a share option reserve of #185,000. RESTATED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) for the year ended 31 March 2007 ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT Share premium Share reserve Other Retained TOTAL EQUITY capital reserves # earnings #'000 #'000 #'000 #'000 #'000 As restated As restated As restated As restated As restated BALANCE AT 1 April 2006 1,181 2,461 923 3,317 7,882 BROUGHT FORWARD _______ _______ _______ _______ _______ CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2007 Profit for the period - - - 1,071 1,071 _______ _______ _______ _______ _______ TOTAL RECOGNISED INCOME AND EXPENSE FOR - - - 1,071 1,071 THE PERIOD Dividends - - - (171) (171) Issue of share capital 48 - - - 48 Exercise of share options 3 30 - - 33 Grant of options - - 12 - 12 Shares issued relating to - 719 (719) - - acquisition of Touchstone (CI) Limited Deferred tax on options - - (9) - (9) _______ _______ _______ _______ _______ BALANCE AT 31 MARCH 2007 1,232 3,210 207 4,217 8,866 CARRIED FORWARD ====== ====== ====== ====== ====== # At 31 March 2007, other reserves includes a capital redemption reserve of #19,000 and a share option reserve of #188,000. Unaudited consolidated cash flow statement for the period ended 30 September 2007 Note Six months Restated - six Restated-Year ended months Ended 30 September ended 31 March 30 September 2007 2006 2007 Note #000 #000 #000 Cash flow from operating activities Cash generated from operations 2 1,036 96 1,239 Interest paid (34) (9) (19) Income taxes paid (465) (292) (523) Net cash (used in) / generated from operating 537 (205) 697 activities Cashflows from investing activities Acqusition of subsidiaries - (382) (1,581) Net Cash acquired on acquisitions of subsidiaries - 39 223 Purchase of minority interests in subsidiaries - (196) (196) Purchase of property, plant and equipment (46) (144) (261) Proceeds from sale of property, plant and equipment - 5 5 Purchase of available for sale investments - (50) (50) Proceeds from sale of available for sale investments - 21 21 Interest received 31 26 57 Net cash used in investing activities (15) (681) (1,782) Cashflows from financing activities Proceeds from the issue of share capital - 190 238 Proceeds from the exercise of share options 15 24 57 (Repayments) / proceeds from long term borrowings (108) - 650 Dividends paid (333) (294) (465) Net cash (used in) / generated from financing (426) (80) 480 activities Net cash increase / (decrease) in cash and cash 96 (966) (605) equivalents Cash and cash equivalents at the beginning of the 2,522 3,127 3,127 period Cash and cash equivalents at the end of the period 2,618 2,161 2,522 Notes 1. Basis of preparation of the interim financial statements The financial information contained in this interim report does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The consolidated financial statements of Touchstone Group Plc have been prepared in accordance with International Financial reporting standards as adopted by the EU ("adopted IFRS") Transition to adopted IFRSs The consolidated financial statements have been prepared in accordance with adopted IFRS for the first time and consequently have applied IFRS1. An explanation of how the transition to adopted IFRSs has affected the reported financial position, financial performance and cash flows of the group is provided in note 7. In addition to exempting companies from the requirement to restate comparatives for IAS 32 and IAS 39, IFRS 1 grants certain exemptions from the full requirements of Adopted IFRSs in the transition period. The following exemptions have been taken in these financial statements: * Business combinations - Business combinations that took place prior to 1 April 2006 have not been restated. Measurement convention The financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: financial instruments classified as fair value through the profit or loss or as available-for-sale. Non-current assets and disposal groups held for sale are stated at the lower of previous carrying amount and fair value less costs to sell. Basis of Consolidation The purchase method of accounting is used to account for the acquisition of subsidiaries by the group. The costs of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are initially measured at fair value at the acquisition date irrespective of the extent of any minority interest. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. GOODWILL Goodwill arising on consolidation represents the excess of the cost of acquisition over the group's interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. Goodwill on acquisition of subsidiaries is separately disclosed. Goodwill on acquisition of associates and jointly controlled entities is included in investment in associates and jointly controlled entities. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Goodwill is allocated to cash generating units for the purpose of impairment testing. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the amount previously calculated under UK GAAP subject to being tested for impairment at that date. Goodwill written off to reserves under UK GAAP prior to 1998 has not been reinstated and is not included in determining any subsequent profit or loss on disposal. OTHER INTANGIBLE ASSETS Research and development expenditure Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising from the group's software product development is recognised only if all of the following conditions are met: * an asset is created that can be identified; * it is probable that the asset created will generate future economic benefits; * the development cost of the asset can be measured reliably; * the product or process is technically and commercially feasible; and * sufficient resources are available to complete the development and to either sell or use the asset. Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. The Group is anticipating increasing levels of software development activity in the second half of the year and if this expenditure meets the capitalisation criteria above, it will be capitalised. Intellectual property rights Intangible assets such as intellectual property rights are measured initially at their purchase cost and amortised on a straight-line basis over their estimated useful lives, on the following bases: * Intellectual property rights over ten years * Intangible assets acquired as part of an acquisition are capitalised at their fair value where this can be reliably measured. 2. Reconciliation of the operating profit to net cash inflow from operating activities 6 months Restated Restated ended 6 months ended Year ended 30 September 30 September 31 March 2007 2006 2007 #000 #000 #000 Operating profit 764 1,082 2,615 Depreciation of tangible assets 85 125 229 Amortisation of intangible assets 172 48 265 Negative goodwill adjustment - - (74) Share option charge 12 12 24 Increase / (Decrease) in working capital 3 (1,168) (1,825) (Profit) / loss on disposal of fixed assets - (3) 5 Net cash flow from operating activities 1,036 96 1,239 3. Analysis of changes in net funds At 1 April At 30 September 2007 Cashflow 2007 #000 #000 #000 Cash at bank and in hand 522 96 618 Short term bank deposits 2,000 (-) 2,000 ____ ___ ______ 2,522 96 2,618 ____ ___ ______ 4. Dividends The directors have declared an interim dividend of 1.5 pence (2006: 1.5 pence) on the ordinary shares. The cost of this interim dividend is #182,000 (2006: #177,000). In accordance with IAS 10: Post Balance Sheet Events, which prohibits dividends declared after the period end (proposed dividends) from being recognised as a liability at the balance sheet date, the cost of this dividend has not been provided for. 5. Earnings per share 30 September Restated 30 Restated 31 2007 September 2006 March 2007 #000 #000 #000 Profit for the period / financial year attributable to 515 811 1,882 shareholders Amortisation of intangibles 172 48 265 Profit for the financial year before amortisation 687 859 2,147 (adjusted profit) 30 September 30 September 2006 31 March 2007 2007 No No No Weighted average number of shares in issue 11,948,358 11,281,215 11,444,042 Dilution effect of option schemes: - approved employee option scheme (a) 110,002 123,499 130,069 - unapproved employee share option scheme (b) 67,612 67,654 78,389 12,125,972 11,472,368 11,652,500 30 September Restated 30 Restated 31 2007 September 2006 March 2007 Earnings per ordinary share before amortisation 5.75 8.27p 18.75p Loss per ordinary share on amortisation (1.44)p (1.08)p (2.31)p Basic earnings per ordinary share 4.31p 7.19p 16.44p Diluted earnings per ordinary share 4.25p 7.06p 16.15p (a)As at 30 September 2007, there were 160,188 share options in issue under an approved employee option scheme and (b) 436,326 in an unapproved scheme. The options first became exercisable in 2001 dependant on the achievement of certain performance targets. 6. Called up share capital 30 September 30 September 2007 2006 #000 #000 Authorised Number of ordinary shares, 14.21m of 10p each 1,421 1,421 Allotted, called up and fully paid Issued and fully paid up 12,334,189 shares (11.81m - 2006) 1,235 1,181 In 2005 the company repurchased 250,000 shares, representing 2% of issued share capital at 30 September 2007, for consideration of #275,000. None of these shares had been cancelled as at 30 September 2007. The nominal value and market value of Treasury shares held at 30 September 2007 was #25,000 and #425,000 respectively. 7. Reconciliation of UK GAAP to IFRS As stated in note 1, these are the Group's first consolidated financial statements prepared in accordance with Adopted IFRSs. The accounting policies set out in note 1 have been applied in preparing the financial statements for the period ended 30 September 2007, the comparative information presented in these financial statements for the year ended 31 March 2007 and in the preparation of an opening IFRS balance sheet at 31 March 2007 (the Group's date of transition). In preparing its opening IFRS balance sheet, the Group has adjusted amounts reported previously in financial statements prepared in accordance with its old basis of accounting (UK GAAP). An explanation of how the transition from UK GAAP to Adopted IFRSs has affected the Group's financial position, financial performance and cash flows is set out in the following tables and the notes that accompany the tables. Main changes in the basis of preparation between IFRS and UK GAAP In accordance with the requirements of IFRS 3, goodwill has been frozen at its brought forward net book value at the date of transition, and amortisation charged under UK GAAP for the periods ended 30 September 2006 and 31 March 2007 has been reversed. In addition, under the requirements of IFRS 3, the fair values of customer relationships and software acquired with the business combinations arising during the periods ended 30 September 2006 and 31 March 2007 have been recognised separately from goodwill and classified as intangible assets to be amortised over their expected useful economic lives of 10 years and 5 years respectively. The adoption of IFRS has not had an impact on the amount of cash previously disclosed under UK GAAP in any of the periods of account in the financial statements. Consolidated balance sheet reconciliation at 1 April 2006 (Transition date) Adjustments UK GAAP in Effect of Reported IFRS format transition under IFRS #'000 to IFRS #'000 #'000 ASSETS Non-current assets Property, plant and equipment 318 - 318 Goodwill 4,501 - 4,501 Other intangible assets 1,300 - 1,300 Deferred tax a - 53 53 Investments 118 - 118 _______ _______ _______ 6,237 53 6,290 Current assets Inventories 33 - 33 Trade and other receivables 10,094 - 10,094 Cash and cash equivalents 3,127 - 3,127 _______ _______ _______ 13,254 - 13,254 _______ _______ _______ TOTAL ASSETS 19,491 53 19,544 ====== ====== ====== EQUITY AND LIABILITIES Equity attributable to the equity holders of the parent Share capital (1,164) - (1,164) Share premium reserve (2,264) - (2,264) Other reserves a (812) (53) (865) Retained earnings (2,604) - (2,604) _______ _______ _______ (6,844) (53) (6,897) Minority interest (196) - (196) _______ _______ _______ Total equity (7,040) (53) (7,093) Non-current liabilities Trade and other payables (194) - (194) _______ _______ _______ (194) - (194) Current liabilities Trade and other payables (11,606) - (11,606) Current tax liabilities (651) - (651) _______ _______ _______ (12,257) - (12,257) _______ _______ _______ TOTAL EQUITY AND LIABILITIES (19,491) (53) (19,544) ====== ====== ====== Adjustments: a. Deferred tax asset recognised on share options. Consolidated balance sheet reconciliation at 30 September 2006 Adjustments UK GAAP in Effect of Reported IFRS format transition under IFRS #'000 to IFRS #'000 #'000 ASSETS Non-current assets Property, plant and equipment 364 - 364 Goodwill a,d 4,103 312 4,415 Other intangible assets b 1,218 763 1,981 Investments 145 - 145 _______ _______ _______ 5,830 1,075 6,905 Current assets Inventories 150 - 150 Trade and other receivables 9,392 - 9,392 Cash and cash equivalents 2,161 - 2,161 _______ _______ _______ 11,703 - 11,703 _______ _______ _______ TOTAL ASSETS 17,533 1,075 18,608 ====== ====== ====== EQUITY AND LIABILITIES Equity attributable to the equity holders of the parent Share capital (1,181) - (1,181) Share premium reserve (2,461) - (2,461) Other reserves e (824) (99) (923) Retained earnings a,b,c,d (2,471) (846) (3,317) _______ _______ _______ (6,937) (945) (7,882) Non-current liabilities Long-term borrowings - - - Deferred tax d,e - (130) (130) Trade and other payables (197) - (197) _______ _______ _______ (197) (130) (327) Current liabilities Current portion of long-term borrowings - - - Trade and other payables (9,740) - (9,740) Current tax liabilities (659) - (659) _______ _______ _______ (10,399) - (10,399) _______ _______ _______ TOTAL EQUITY AND LIABILITIES (17,533) (1,075) (18,608) ====== ====== ====== Adjustments: a. Reversing amortisation charged in the period on goodwill (#800,000) and reclassifying amounts previously included in the value of goodwill (#729,000). b. Recognition of customer relationships and software as separately identifiable intangible assets (#803,000) and the amortisation thereon for the period (#40,000). c. Negative goodwill arising on acquisition credited to income statement (#74,000). d. Deferred tax liability recognised in respect of customer relationships and software (#241,000) and reduction in liability during the period (#12,000). e. Deferred tax asset recognised on share options (#99,000). Consolidated balance sheet reconciliation at 31 March 2007 Adjustments UK GAAP in Effect of Reported IFRS format transition under IFRS #'000 to IFRS #'000 #'000 ASSETS Non-current assets Property, plant and equipment 417 - 417 Goodwill a,d 5,379 672 6,051 Other intangible assets b 1,136 1,284 2,420 Investments 145 - 145 _______ _______ _______ 7,077 1,956 9,033 Current assets Inventories 117 - 117 Trade and other receivables 11,918 - 11,918 Cash and cash equivalents 2,522 - 2,522 _______ _______ _______ 14,577 - 14,577 _______ _______ _______ TOTAL ASSETS 21,634 1,956 23,590 ====== ====== ====== EQUITY AND LIABILITIES Equity attributable to the equity holders of the parent Share capital (1,232) - (1,232) Share premium reserve (3,210) - (3,210) Other reserves e (117) (90) (207) Retained earnings a,b,c,d,e (2,648) (1,569) (4,217) _______ _______ _______ (7,207) (1,659) (8,866) Non-current liabilities Long-term borrowings (433) - (433) Deferred tax d,e - (297) (297) Trade and other payables (200) - (200) _______ _______ _______ (633) (297) (930) Current liabilities Current portion of long-term borrowings (217) - (217) Trade and other payables (12,649) - (12,649) Current tax liabilities (928) - (928) _______ _______ _______ (13,794) - (13,794) _______ _______ _______ TOTAL EQUITY AND LIABILITIES (21,634) (1,956) (23,590) ====== ====== ====== Adjustments: a. Reversing amortisation charged in the period on goodwill (#1,567,000) and reclassifying amounts previously included in the value of goodwill (#1,311,000). b. Recognition of customer relationships and software as separately identifiable intangible assets (#1,385,000) and the amortisation thereon for the year (#101,000). c. Negative goodwill arising on acquisition credited to income statement (#74,000). d. Deferred tax liability recognised in respect of customer relationships and software (#416,000) and reduction in liability during the year (#31,000). e. Deferred tax asset recognised on share options (#88,000) and allocated between other reserves (#90,000) and income statement (#2,000) in accordance with IAS 12. Reconciliation of the consolidated income statement for the six month period ended 30 September 2006 Adjustments UK GAAP in Effect of Reported IFRS format transition under IFRS #'000 to IFRS #'000 #'000 REVENUE 13,513 - 13,513 Cost of sales (6,764) - (6,764) _______ _______ _______ GROSS PROFIT 6,749 - 6,749 Other operating expenses a (5,482) 74 (5,408) _______ _______ _______ RESULT FROM OPERATING ACTIVITIES BEFORE 1,267 74 1,341 DEPRECIATION, AMORTISATION AND SHARE BASED PAYMENT COSTS Depreciation (125) - (125) Amortisation of intangibles b (882) 760 (122) Share based payment costs (12) - (12) _______ _______ _______ OPERATING PROFIT 248 834 1,082 Investment income 26 - 26 Finance costs (9) - (9) _______ _______ _______ PROFIT BEFORE TAX 265 834 1,099 Income tax expense c (300) 12 (288) _______ _______ _______ LOSS FOR THE PERIOD (35) 846 811 ====== ====== ====== Earnings per share: Basic (0.31)p 7.50p 7.19p ====== ====== ====== Diluted (0.31)p 7.50p 7.19p ====== ====== ====== Adjustments: a. Negative goodwill arising on acquisition credited to income statement (#74,000). b. Reversing amortisation charged in the period on goodwill (#800,000) and recognising the amortisation on customer relationships and software (#40,000). c. Movement in deferred tax liability (#12,000). Reconciliation of the consolidated income statement for the year ended 31 March 2007 Adjustments UK GAAP in Effect of Reported IFRS format transition under IFRS #'000 to IFRS #'000 #'000 REVENUE 30,165 - 30,165 Cost of sales (14,354) - (14,354) _______ _______ _______ GROSS PROFIT 15,811 - 15,811 Other operating expenses a (12,752) 74 (12,678) _______ _______ _______ RESULT FROM OPERATING ACTIVITIES BEFORE 3,059 74 3,133 DEPRECIATION, AMORTISATION AND SHARE BASED PAYMENT COSTS Depreciation (229) - (229) Amortisation of intangibles b (1,731) 1,466 (265) Share based payment costs (24) - (24) _______ _______ _______ OPERATING PROFIT 1,075 1,540 2,615 Investment income 57 - 57 Finance costs (19) - (19) _______ _______ _______ PROFIT BEFORE TAX 1,075 1,540 2,615 Income tax expense c (800) 29 (771) _______ _______ _______ PROFIT FOR THE YEAR 313 1,569 1,882 ====== ====== ====== Earnings per share: Basic 2.73p 13.71p 16.44p ====== ====== ====== Diluted 2.69p 13.46p 16.15p ====== ====== ====== Adjustments: a. Negative goodwill arising on acquisition credited to income statement (#74,000). b. Reversing amortisation charged in the year on goodwill (#1,567,000) and recognising the amortisation on customer relationships and software (#101,000). c. Movement in deferred tax liability (#31,000) and movement in deferred tax asset recognised in income statement (#2,000). There were no adjustments required to the consolidated cash flow statement for the year ended 31 March 2007 and the six month period ended 30 September 2006 This information is provided by RNS The company news service from the London Stock Exchange END IR VELFBDLBLFBD
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