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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 28.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMTSE
RNS Number : 2896V
Touchstone Group PLC
08 July 2009
Touchstone Group plc
Preliminary Results for the year ending 31st March 2009
Touchstone Group plc, the AIM-listed provider of business software solutions and
consultancy services, announces preliminary results for the year to 31 March
2009.
Highlights:
* Revenue of GBP28.5m (2008:GBP31.4m),
* Adjusted Operating Profits* GBP1m (2008:GBP2.5m)
* Operating Loss before taxation of GBP349k (2008:GBP1.8m profit) following
GBP538k of pre-tax items relating to re-organisation costs, termination of
contract and one-off professional costs
* Adjusted Basic Earnings per Share* 7.93p (2008:17.31p)
* Basic Loss per Share 2.76p (2008:11.52p earnings)
* Total Services Revenue of GBP24.6m (2008:GBP24.2m) representing 86% of total
operations (2008:77%)
* Microsoft Dynamics representing 73% of total turnover (2008:70%)
* Before depreciation, amortisation, share based payments, re-organisation costs
and termination of contract and one-off professional costs
Commenting, Keith Birch, Chief Executive Officer, said:
"The Board has been encouraged by a number of new contracts wins in recent
months and has also been selected as preferred supplier on several significant
projects. However, whilst certain divisions are experiencing encouraging levels
of demand, general market conditions are still difficult. The recent
introduction of a more effective operational structure coupled with a review of
overheads has ensured that the Group is in better shape and should be ideally
placed to respond once general market conditions improve."
Enquiries to:
+-----------------------------------------------+----------------+
| Keith Birch, Chief Executive Officer | |
+-----------------------------------------------+----------------+
| Touchstone Group plc | 020 7121 4700 |
+-----------------------------------------------+----------------+
| | |
+-----------------------------------------------+----------------+
| Matt Davis / Alison Barrow | |
+-----------------------------------------------+----------------+
| Brewin Dolphin (NOMAD) | 0845 213 4730 |
+-----------------------------------------------+----------------+
Chairman's Statement
Results
During the year, the Group generated turnover of GBP28.5m (2008: GBP31.4m).
Adjusted operating profit for the year before depreciation, amortisation, share
based payments, re-organisation costs and termination of contract and one-off
professional costs was GBP1m (2008: GBP2.47m). Operating loss on ordinary
activities before tax was GBP349k (2008: GBP1.8m profit). Adjusted Earnings per
Share were 7.93p (2008: 17.31p). Basic Losses per Share were 2.76p (2008: 11.52p
earnings) and Fully Diluted Losses per Share were 2.76p (2008: 11.43p earnings).
Cash and Dividends
The Group had net cash balances at the end of the period of GBP1.53m (2008:
GBP1.29m). The Board is not recommending the payment of a dividend this year
(2008: 1.7p).
Operations
Software revenues fell during the year to GBP4m (2008: GBP7.2m). This reflects a
more cautious general trading environment but particularly within those market
sectors hardest hit by recent economic turbulence. Against this it is pleasing
to report modest growth from within the Group's service divisions (Professional
Services and Annual Support Services). Together, these generated GBP24.6m of
turnover (2008: GBP24.1m) representing 86% of total operations (2008: 77%) with
Professional Services alone representing over 50% of Group turnover (2008: 46%).
During the year, those clients whose business solutions are principally based
upon Microsoft Dynamics technology contributed over 73% of total operations
(2008: 70%). Further, and following an 8-year trading relationship with CRM
software author Pivotal, the Group no longer promotes itself as a Pivotal
service partner. During the year, Pivotal related revenues reduced by nearly
GBP500k and contributed less than 1% of total turnover (2008: 2%). The closure
of the Group's SalesLogix unit in 2007 and the Pivotal unit this year will
result in all Group CRM operations now being exclusively focused upon Microsoft
CRM. The Group's Integrated CRM unit (iCRM) is the fastest growing team in the
Group with over 41 internal and external staff and now generates over 13% of
total Group turnover.
The Board acknowledges that overall results are behind original management
expectations and that a fall-off of higher margin software sales in a number of
market sectors has had a significant impact on performance for the year. Despite
this, Gross Profit Margins at 41% (2008: 43%) are broadly comparable with last
year helped by good performance in the Group's offshore wealth management unit
together with healthier Group-wide professional services margins.
Administrative expenses before depreciation, amortisation, share-based payments,
re-organisation costs, termination of contract and one-off professional costs
have decreased this year to GBP10.6m (2008: GBP10.9m). Total administrative
expenses including these additional costs were GBP11.9m (2008:GBP11.6m). The
Board has previously informed of quick action to re-balance overheads to lower
business levels caused by the unprecedented economic conditions experienced over
the last year. This action has resulted in a 15% reduction in headcount at the
year-end and, importantly, a fundamental restructure of certain aspects of Group
operations. During the year, this combined restructuring exercise has cost the
Group approximately GBP380k.
Structural Reorganisation
Following the integration of 8 acquisitions since IPO in 1998, the Group's
principle subsidiary, Touchstone Ltd, is responsible for over 78% of Group
operations, contributing GBP22m of turnover and employing 76% of all Group
employees.
The Group's traditional SunSystems' client base continues to represent an
important and significant contribution to this subsidiary's activities yet its
total client base has now expanded to include: three Microsoft Dynamics ERP
units (AX, NAV & GP), a division totally focused on Microsoft CRM and also a
procurement unit supplying spend control solutions to a cross section of Group
clients.
The management structure of this subsidiary had evolved from the Group's pre-IPO
single-solution approach and it was evident that recent tough market conditions
had exposed fault-lines in managing such a diverse structure. As a result, a
more logical, core client-specific orientation has now been introduced.
From the start of the new financial year, each core client group (being
SunSystems, GP, NAV, AX & CRM) will become more self sufficient. Without
reducing any cross-selling potential, each of these units will have their own
key management, sales, service and support functions with a total focus on
customer care, retention and growth.
Additionally, certain marketing, admin and senior Group management functions are
believed to be better aligned to specific business units. This will help to
minimise a number of Group-managed central resources and will avoid the need for
maintaining larger than necessary central London premises. To this end,
negotiations have now been concluded which will result in a reduction of office
space in central London with lower cost space being leased in Watford.
From this, the Board believes that cost effective accommodation, a more logical
operating structure coupled with previous action to reduce headcount levels will
help improve operating margins for each individual business unit and the Group
as a whole.
AIM Cancellation
As previously confirmed, the Board has been considering the costs associated
with maintaining its public company quotation as part of the review of general
overheads. The Board believes that the costs and associated obligations of its
AIM quotation are a considerable burden and that shareholders may be better
served if the Group cancelled its AIM quotation.
The Board is at an advanced stage in its reflections and hopes to place detailed
proposals before shareholders within the next 4 to 6 weeks. The Board believes
that all long-term shareholders would benefit from retaining their holding in
the Group following any cancellation of its public market quotation but
recognises that certain shareholders who do not wish to remain shareholders of
an unquoted company will need an opportunity to divest all or part of their
shareholding. To this end, the Board are considering, depending upon the
cash-flow needs of the business, a tender offer to buy back a proportion of
total shares in issue at an appropriate price.
The Board is also considering establishing a matched bargain facility for those
shareholders who may wish to dispose of their shareholding in the period
following AIM Cancellation should the AIM Cancellation be approved by
shareholders.
The Board recognises that shareholders will wish to hear appropriate proposals
with regard to the future remuneration of Directors and advisors together with
shareholder communications generally. Additionally, and with the prospect of
improving market conditions and increasing distributable profits, shareholders
will also wish to be assured of the Group's future dividend policy. To this end,
the proposals will highlight the Board's conclusions on these points.
Current Trading
The Board has been encouraged by a number of new contracts wins in recent months
and has also been selected as preferred supplier on several significant
projects. However, whilst certain divisions are experiencing encouraging levels
of demand, general market conditions are still difficult. The recent
introduction of a more effective operational structure coupled with a review of
overheads has ensured that the Group is in better shape and should be ideally
placed to respond once general market conditions improve.
David RT Thompson
Chairman
7 July 2009
Consolidated Income Statement
for the year ended 31 March 2009
+------------------------------------+------+-------+-----------+----------+
| | | | For year | For year |
| | | | ended | ended |
| | | | 31st | 31st |
| | | | March | March |
| | | | 2009 | 2008 |
+------------------------------------+------+-------+-----------+----------+
| | Note | | GBP000 | GBP000 |
+------------------------------------+------+-------+-----------+----------+
| | | | | |
+------------------------------------+------+-------+-----------+----------+
| Revenue | 3 | | 28,527 | 31,374 |
+------------------------------------+------+-------+-----------+----------+
| | | | ________ | ________ |
+------------------------------------+------+-------+-----------+----------+
| Cost of sales | | | (16,934) | (17,952) |
+------------------------------------+------+-------+-----------+----------+
| | | | ________ | ________ |
+------------------------------------+------+-------+-----------+----------+
| Gross profit | | | 11,593 | 13,422 |
+------------------------------------+------+-------+-----------+----------+
| | | | ________ | ________ |
+------------------------------------+------+-------+-----------+----------+
| | | | | |
+------------------------------------+------+-------+-----------+----------+
| Administration expenses before | | | (10,590) | (10,948) |
| depreciation, amortisation, share | | | | |
| based payments, re-organisation | | | | |
| costs and termination of contract | | | | |
| and one off professional costs | | | | |
+------------------------------------+------+-------+-----------+----------+
| Depreciation | | | (215) | (212) |
+------------------------------------+------+-------+-----------+----------+
| Amortisation of intangibles | | | (575) | (372) |
+------------------------------------+------+-------+-----------+----------+
| Share based payment costs | | | (24) | (24) |
+------------------------------------+------+-------+-----------+----------+
| Re-organisation costs | | | (379) | - |
+------------------------------------+------+-------+-----------+----------+
| Termination of contract and one | | | (159) | (87) |
| off professional costs | | | | |
+------------------------------------+------+-------+-----------+----------+
| | | | ________ | ________ |
+------------------------------------+------+-------+-----------+----------+
| Total administrative expenses | | | (11,942) | (11,643) |
+------------------------------------+------+-------+-----------+----------+
| | | | | |
+------------------------------------+------+-------+-----------+----------+
| Operating Profit before | | | 1,003 | 2,474 |
| depreciation, amortisation, share | | | | |
| based payments, re-organisation | | | | |
| costs and termination of contract | | | | |
| and one off professional costs | | | | |
+------------------------------------+------+-------+-----------+----------+
| Depreciation | | | (215) | (212) |
+------------------------------------+------+-------+-----------+----------+
| Amortisation of intangibles | | | (575) | (372) |
+------------------------------------+------+-------+-----------+----------+
| Share based payment costs | | | (24) | (24) |
+------------------------------------+------+-------+-----------+----------+
| Re-Organisation costs | | | (379) | - |
+------------------------------------+------+-------+-----------+----------+
| Termination of contract and one | | | (159) | (87) |
| off professional costs | | | | |
+------------------------------------+------+-------+-----------+----------+
| | | | ________ | ________ |
+------------------------------------+------+-------+-----------+----------+
| Operating (loss) /profit | | | (349) | 1,779 |
+------------------------------------+------+-------+-----------+----------+
| | | | | |
+------------------------------------+------+-------+-----------+----------+
| Finance income | | | 33 | 82 |
+------------------------------------+------+-------+-----------+----------+
| Finance expenses | | | (48) | (162) |
+------------------------------------+------+-------+-----------+----------+
| | | | ________ | ________ |
+------------------------------------+------+-------+-----------+----------+
| (Loss) / Profit before taxation | | | (364) | 1,699 |
+------------------------------------+------+-------+-----------+----------+
| Income tax relief /(expense) | 4 | | 16 | (317) |
+------------------------------------+------+-------+-----------+----------+
| | | | _______ | _______ |
+------------------------------------+------+-------+-----------+----------+
| (Loss) / Profit for the year | | | (348) | 1,382 |
| attributable to equity | | | | |
| shareholders of parent | | | | |
+------------------------------------+------+-------+-----------+----------+
| | | | ______ | ______ |
+------------------------------------+------+-------+-----------+----------+
| (Loss) / Earnings per share | | | | |
+------------------------------------+------+-------+-----------+----------+
| Basic | 6 | | (2.76)p | 11.52p |
| | | | | |
+------------------------------------+------+-------+-----------+----------+
| Diluted | 6 | | (2.76)p | 11.43p |
| | | | | |
+------------------------------------+------+-------+-----------+----------+
All of the above results are from continuing operations.
Consolidated Balance Sheet
at 31 March 2009
+-----------------------------------+------+-----------+-----+----------+------+
| | | 31 March 2009 | 31 March 2008 |
+-----------------------------------+------+-----------------+-----------------+
| | Note | GBP000 | | GBP000 | |
+-----------------------------------+------+-----------+-----+----------+------+
| ASSETS | | | | | |
+-----------------------------------+------+-----------+-----+----------+------+
| Non - Current | | | | | |
+-----------------------------------+------+-----------+-----+----------+------+
| Property, plant and equipment | | 287 | | 342 | |
+-----------------------------------+------+-----------+-----+----------+------+
| Goodwill | | 6,161 | | 6,368 | |
+-----------------------------------+------+-----------+-----+----------+------+
| Other Intangible assets | | 2,641 | | 2,539 | |
+-----------------------------------+------+-----------+-----+----------+------+
| Investments | | 53 | | 53 | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | ______ | | ______ | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | 9,142 | | 9,302 | |
+-----------------------------------+------+-----------+-----+----------+------+
| Current assets | | | | | |
+-----------------------------------+------+-----------+-----+----------+------+
| Inventories | | 32 | | 26 | |
+-----------------------------------+------+-----------+-----+----------+------+
| Trade and Other Receivables | | 9,745 | | 12,742 | |
+-----------------------------------+------+-----------+-----+----------+------+
| Cash and cash equivalents | | 1,743 | | 1,723 | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | _______ | | _______ | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | 11,520 | | 14,491 | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | _______ | | _______ | |
+-----------------------------------+------+-----------+-----+----------+------+
| Total Assets | | 20,662 | | 23,793 | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | ______ | | ______ | |
+-----------------------------------+------+-----------+-----+----------+------+
| EQUITY AND LIABILITIES | | | | | |
+-----------------------------------+------+-----------+-----+----------+------+
| Equity attributable to the equity | | | | | |
| holders of the parent | | | | | |
+-----------------------------------+------+-----------+-----+----------+------+
| Share Capital | 7 | (1,287) | | (1,249) | |
+-----------------------------------+------+-----------+-----+----------+------+
| Share premium reserve | | (3,829) | | (3,440) | |
+-----------------------------------+------+-----------+-----+----------+------+
| Capital Reserve | | (19) | | (19) | |
+-----------------------------------+------+-----------+-----+----------+------+
| Retained earnings | | (4,855) | | (5,121) | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | _______ | | _______ | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | (9,990) | | (9,829) | |
+-----------------------------------+------+-----------+-----+----------+------+
| Non- current Liabilities | | | | | |
+-----------------------------------+------+-----------+-----+----------+------+
| Interest bearing loans and | | (-) | | (217) | |
| borrowings | | | | | |
+-----------------------------------+------+-----------+-----+----------+------+
| Deferred tax liabilities | | (375) | | (311) | |
+-----------------------------------+------+-----------+-----+----------+------+
| Trade and other payables | | (206) | | (219) | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | _______ | | _______ | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | (581) | | (747) | |
+-----------------------------------+------+-----------+-----+----------+------+
| Current Liabilities | | | | | |
+-----------------------------------+------+-----------+-----+----------+------+
| Interest bearing loans and | | (217) | | (217) | |
| borrowings | | | | | |
+-----------------------------------+------+-----------+-----+----------+------+
| Trade and other payables | | (9,816) | | (12,479) | |
+-----------------------------------+------+-----------+-----+----------+------+
| Tax payable | | (58) | | (461) | |
+-----------------------------------+------+-----------+-----+----------+------+
| Provisions for liabilities | | (-) | | (60) | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | _______ | | _______ | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | (10,091) | | (13,217) | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | _______ | | _______ | |
+-----------------------------------+------+-----------+-----+----------+------+
| Total Equity and Liabilities | | (20,662) | | (23,793) | |
+-----------------------------------+------+-----------+-----+----------+------+
| | | _______ | | _______ | |
+-----------------------------------+------+-----------+-----+----------+------+
Consolidated cash flow statement
for the period ended 31 March 2009
+----------------------------------------+-------+---------------+------------+
| | Note | Year Ended | Year Ended |
| | | 31 March 2009 | 31 March |
| | | | 2008 |
+----------------------------------------+-------+---------------+------------+
| | Note | GBP000 | GBP000 |
+----------------------------------------+-------+---------------+------------+
| (Loss)/Profit for the year before tax | | (364) | 1,699 |
+----------------------------------------+-------+---------------+------------+
| Amortisation of intangible assets | | 575 | 372 |
+----------------------------------------+-------+---------------+------------+
| Depreciation | | 215 | 212 |
+----------------------------------------+-------+---------------+------------+
| Share option cost | | 24 | 24 |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| Operating cashflows before movements | | 450 | 2,307 |
| in working capital | | | |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| (Increase) / Decrease in inventory | | (6) | 91 |
+----------------------------------------+-------+---------------+------------+
| Decrease / (Increase) in trade and | | 2,997 | (824) |
| other receivables | | | |
+----------------------------------------+-------+---------------+------------+
| (Decrease) in trade and other payables | | (930) | (81) |
+----------------------------------------+-------+---------------+------------+
| Net finance cost | | 15 | 80 |
+----------------------------------------+-------+---------------+------------+
| (Decrease) / Increase in provisions | | (60) | 60 |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| Cash flow from operating activities | | | |
+----------------------------------------+-------+---------------+------------+
| Cash generated from operations | | 2,466 | 1,633 |
+----------------------------------------+-------+---------------+------------+
| Interest paid | | (48) | (70) |
+----------------------------------------+-------+---------------+------------+
| Income taxes paid | | (323) | (778) |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| Net cash generated from | | 2,095 | 785 |
| operating activities | | | |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| Cashflows from investing | | | |
| activities | | | |
+----------------------------------------+-------+---------------+------------+
| Acquisitions of subsidiaries | See | (835) | (453) |
| (net of cash acquired) | below | | |
+----------------------------------------+-------+---------------+------------+
| Purchase of property, plant | | (160) | (137) |
| and equipment | | | |
+----------------------------------------+-------+---------------+------------+
| Interest received | | 33 | 82 |
+----------------------------------------+-------+---------------+------------+
| Development costs | | (677) | (370) |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| Net cash used in investing | | (1,639) | (878) |
| activities | | | |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| Cashflows from financing | | | |
| activities | | | |
+----------------------------------------+-------+---------------+------------+
| Proceeds from the exercise of | | - | 20 |
| share options | | | |
+----------------------------------------+-------+---------------+------------+
| (Repayments) from long term | | (217) | (217) |
| borrowings | | | |
+----------------------------------------+-------+---------------+------------+
| Dividends paid | | (219) | (509) |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| Net cash generated /(used in) | | (436) | (706) |
| from financing activities | | | |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| Net cash increase / (decrease) | | 20 | (799) |
| in cash and cash equivalents | | | |
| | | | |
+----------------------------------------+-------+---------------+------------+
| Cash and cash equivalents at the | | 1,723 | 2,522 |
| beginning of the period | | | |
| | | | |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
| Cash and cash equivalents at | | 1,743 | 1,723 |
| the end of the period | | | |
+----------------------------------------+-------+---------------+------------+
| | | | |
+----------------------------------------+-------+---------------+------------+
Additional information: Acquisition of subsidiaries - reconciliation of
significant non cash transactions
+---------------------------------------+-------------+
| | 2009 |
+---------------------------------------+-------------+
| | GBP000 |
+---------------------------------------+-------------+
| Contingent consideration accrued at 1 | 1,746 |
| April 2008 | |
+---------------------------------------+-------------+
| Shares issued in settlement | (427) |
| of contingent consideration | |
+---------------------------------------+-------------+
| Treasury shares utilised in | (277) |
| settlement of contingent | |
| consideration | |
+---------------------------------------+-------------+
| Cash paid (net of cash acquired) | (835) |
+---------------------------------------+-------------+
| | |
+---------------------------------------+-------------+
| Over accrual of deferred | 207 |
| consideration released - | |
| disposal of goodwill | |
+---------------------------------------+-------------+
| | |
+---------------------------------------+-------------+
Notes to the consolidated financial information
1.Financial Information
The financial information set out above does not constitute the Company's
statutory financial statements for the year ended 31 March 2009 as defined in
section 240 of the Companies Act 1995, but is derived from those statements,
which were approved for issue on 7 July 2009, and as such does not contain all
information to be disclosed in the financial statements prepared in accordance
with International Financial Reporting Standards ("IFRS"). Statutory financial
statements for 2009 will be delivered to the Registrar of Companies following
the Annual General Meeting. The auditors have reported on the financial
statements to 31 March 2009. Their report was unqualified and did not contain
statements under section 237(2) or (3) of the Companies Act 1985.
2.Annual Report
The Annual Report will be posted to shareholders on or around 5th August 2009,
it will also be available from the Company's head office at 1 Triton Square,
London NW1 3DX and to download from the Company's website
www.touchstonegroupplc.com. The location and date of the Annual General Meeting
will be notified to shareholders on or before 17th August 2009.
3.Segmental information
The Group's turnover and profits before tax principally arise from its
activities in the UK and Ireland. Turnover and profits before tax arising in
Ireland are not material. The Group has one principal class of business, the
provision of integrated business software and consulting services associated
with these solutions. This can be classified into the following categories:
+---------------------------------------+-------------+-------------+
| | 2009 | 2008 |
+---------------------------------------+-------------+-------------+
| Revenues | GBP000 | GBP000 |
+---------------------------------------+-------------+-------------+
| Software | 3,491 | 6,421 |
+---------------------------------------+-------------+-------------+
| Consultancy | 14,531 | 14,554 |
+---------------------------------------+-------------+-------------+
| Maintenance and support | 10,052 | 9,552 |
+---------------------------------------+-------------+-------------+
| Other (eg Hardware and rechargeable | 453 | 847 |
| costs) | | |
+---------------------------------------+-------------+-------------+
| | | |
+---------------------------------------+-------------+-------------+
| Totals | 28,527 | 31,374 |
+---------------------------------------+-------------+-------------+
| | | |
+---------------------------------------+-------------+-------------+
4.Taxation:
+---------------------------------------+-------------+--------------+
| | 2009 | 2008 |
+---------------------------------------+-------------+--------------+
| | GBP000 | GBP000 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Recognised in the income | (80) | 491 |
| statement* | - | (63) |
| current year loss (relief) / | | |
| charge* | ________ | ________ |
| adjustment to tax charge in respect | (80) | 428 |
| of previous period | 64 | (111) |
| Current tax (benefit) /expense | | |
| * | | |
| Deferred Tax movement | | |
| (Origination and reversal of | | |
| temporary differences) | | |
+---------------------------------------+-------------+--------------+
| | ________ | ________ |
+---------------------------------------+-------------+--------------+
| Total tax (benefit) / expense | (16) | 317 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
Factors affecting the tax charge for the current period
The current tax charge for the period is lower (2008: lower) than the standard
rate of corporation tax in the UK of 28% (2008: 30%). The differences are
explained below:
+---------------------------------------+-------------+--------------+
| | 2009 | 2008 |
+---------------------------------------+-------------+--------------+
| | GBP000 | GBP000 |
+---------------------------------------+-------------+--------------+
| Current tax reconciliation | | |
+---------------------------------------+-------------+--------------+
| (Loss) / Profit on ordinary | (364) | 1,699 |
| activities before tax | | |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Current tax at 28 % (2008: 30%) | (102) | 510 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Effects of: | | |
+---------------------------------------+-------------+--------------+
| Expenses not deductible for tax | 5 | 8 |
| purposes and other adjustments | | |
+---------------------------------------+-------------+--------------+
| Effect of depreciation in excess of | 17 | (19) |
| capital allowances | | |
+---------------------------------------+-------------+--------------+
| Other timing differences | - | (8) |
+---------------------------------------+-------------+--------------+
| Adjustments to tax charge in respect | - | (63) |
| of previous periods | | |
+---------------------------------------+-------------+--------------+
| Deferred tax movement | 64 | (111) |
| (origination and reversal of | | |
| temporary tax differences) | | |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
| Total current tax charge (see above) | (16) | 317 |
+---------------------------------------+-------------+--------------+
| | | |
+---------------------------------------+-------------+--------------+
5.Dividends
+----------------------------------------+------------+--------------+
| | 2009 | 2008 |
+----------------------------------------+------------+--------------+
| | GBP000 | GBP000 |
+----------------------------------------+------------+--------------+
| Equity shares: | | |
+----------------------------------------+------------+--------------+
| Interim dividend paid in respect of | - | 182 |
| current year (2009:Nil per share, | | |
| 2008: 1.5p per share) | | |
+----------------------------------------+------------+--------------+
| Final dividend paid in respect of | 219 | 327 |
| prior year but not recognised as | | |
| liabilities in that year (2009: 1.7p | | |
| per share, 2008: 2.7p per share) | | |
+----------------------------------------+------------+--------------+
| | | |
+----------------------------------------+------------+--------------+
| | 219 | 509 |
+----------------------------------------+------------+--------------+
| | | |
+----------------------------------------+------------+--------------+
The company waived the dividend due on the shares held by the Employee Share
Ownership Trust and those held in treasury. No final dividend has been proposed
after the balance sheet date in respect of the year ended 31 March 2009 (2008:
1.7p).
6.Earnings per share
+----------------------------------------------------+--------------------+--------------------+
| | 2009 | 2008 |
+----------------------------------------------------+--------------------+--------------------+
| | GBP000 | GBP000 |
+----------------------------------------------------+--------------------+--------------------+
| (Loss)/profit for the financial year | (349) | 1,382 |
| attributable to shareholders | | |
+----------------------------------------------------+--------------------+--------------------+
| Depreciation | 215 | 212 |
+----------------------------------------------------+--------------------+--------------------+
| Amortisation of intangibles | 575 | 372 |
+----------------------------------------------------+--------------------+--------------------+
| Share based payment costs | 24 | 24 |
+----------------------------------------------------+--------------------+--------------------+
| Termination of contract and one-off professional | 159 | 87 |
| Costs | 379 | - |
| Re-Organisation costs | | |
+----------------------------------------------------+--------------------+--------------------+
| | | |
+----------------------------------------------------+--------------------+--------------------+
| Profit for the financial year before | 1,003 | 2,077 |
| depreciation, amortisation of intangibles, | | |
| share based payments, re-organisation | | |
| costs and termination of contract and | | |
| one-off professional costs | | |
+----------------------------------------------------+--------------------+--------------------+
| | | |
+----------------------------------------------------+--------------------+--------------------+
| | | |
+----------------------------------------------------+--------------------+--------------------+
| Weighted average number of shares in issue | 12,641,977 | 11,999,500 |
+----------------------------------------------------+--------------------+--------------------+
| | | |
+----------------------------------------------------+--------------------+--------------------+
| Dilutive potential ordinary shares | - | 93,575 |
+----------------------------------------------------+--------------------+--------------------+
| Weighted average number of shares in issue | 12,641,977 | 12,093,075 |
| after dilution | | |
+----------------------------------------------------+--------------------+--------------------+
| Basic earnings per share before | 7.93p | 17.31p |
| depreciation, amortisation of intangibles, | | |
| share based payments, re-organisation and | | |
| termination of contract and one-off | | |
| professional costs | | |
+----------------------------------------------------+--------------------+--------------------+
| (Loss) per ordinary share on adjustments | (10.69)p | (5.79)p |
| for depreciation, amortisation of | | |
| intangibles, share based | | |
| payments, re-organisation and termination | | |
| of contract and one-off professional costs | | |
+----------------------------------------------------+--------------------+--------------------+
| | | |
+----------------------------------------------------+--------------------+--------------------+
| Basic earnings per ordinary share | (2.76)p | 11.52p |
+----------------------------------------------------+--------------------+--------------------+
| | | |
+----------------------------------------------------+--------------------+--------------------+
| Diluted earnings per ordinary share | (2.76)p | 11.43p |
+----------------------------------------------------+--------------------+--------------------+
| | | |
+----------------------------------------------------+--------------------+--------------------+
| Basic earnings per share before depreciation, | 7.93p | 17.31p |
| amortisation of intangibles, share based payments, | | |
| re-organisation and termination of contract and | | |
| one-off professional costs | | |
+----------------------------------------------------+--------------------+--------------------+
| | | |
+----------------------------------------------------+--------------------+--------------------+
| Diluted earnings per share before depreciation, | 7.93p | 17.18p |
| amortisation of intangibles, share based payments, | | |
| re-organisation and termination of contract and | | |
| one-off professional costs | | |
+----------------------------------------------------+--------------------+--------------------+
| | | |
+----------------------------------------------------+--------------------+--------------------+
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares in issue
during the year, excluding those held in employee benefit trusts which are
treated as cancelled
As at 31 March 2009, there were 121,549 (2008 - 136,968) share options in issue
under an approved employee option scheme and 328,330 (2008 - 400,468) in an
unapproved scheme. The options first became exercisable in 2001 dependant on the
achievement of certain performance targets. The conversion of potential ordinary
shares to ordinary shares would not decrease net basic loss per share, and so
they are not dilutive (2008: - dilutive).
7. Called up share capital
+------------------------------------------+-----------+-----------+
| | 2009 | 2008 |
+------------------------------------------+-----------+-----------+
| | GBP000 | GBP000 |
+------------------------------------------+-----------+-----------+
| Authorised | | |
+------------------------------------------+-----------+-----------+
| 16,000,000 ordinary shares of 10p each | 1,600 | 1,600 |
| (2008:16,000,000) | | |
+------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------+-----------+-----------+
| Allotted, called up and fully paid | | |
+------------------------------------------+-----------+-----------+
| 12,871,686 ordinary shares of 10p each | 1,287 | 1,249 |
| (2008: 12,490,787) | | |
+------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------+-----------+-----------+
The number of shares allotted during the year was 380,899 with a nominal value
of GBP38,090. The shares were issued in settlement of contingent consideration,
the deemed proceeds from this share issue were GBP427,000.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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