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WFCA Wfca

0.50
0.00 (0.00%)
23 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Wfca WFCA London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 0.50 00:00:00
Open Price Low Price High Price Close Price Previous Close
0.50 0.50
more quote information »

WFCA Plc WFCA Dividends History

No dividends issued between 23 Dec 2014 and 23 Dec 2024

Top Dividend Posts

Top Posts
Posted at 08/5/2012 16:22 by jefftwo
The rumour seems to have arisen when Bob Morton (Hawk Investments bought into Porta Communications unofficially 2 weeks ago but officially according to Honest Bob back end of last year.
Todays announcement mentioned one of the acquisition targets of Porta Communications was an Advertising and Media buying company.
The rumour or question is
Could it be WFCA? DYOR!!!!
Posted at 23/4/2012 10:54 by jefftwo
I did notice a similar comment on another site.
It has gone very quite on the WFCA site since they supposedly borrowed £300,000 from Hawk Investments (bob morton) and in a similar fashion he has done a similar deal with PTCM. Wright and Morton are well connected and probably even greater pals now since the MSQ fiasco.
I wouldnt be at all surprised if the two companies came together in a share deal.
This would be good news for all parties and a way out of WFCA for Bob Morton.
I also suspect good things will come from this stock in the short to medium term.
Posted at 15/2/2012 17:51 by jefftwo
It was only a week ago that a mini hysteria broke out over this stock.
The interims were ok in that they made a slight profit after a write back.
The key in my opinion was the confident talk about an acquisition and with serial investor Bob Morton at the helm he doesnt often give false information.
Additionally I have been reading back reports over the past few years and the latest is the most confident since WFCA merged with Ekay back in 2008.
The share price has slipped back to 0.30 with the buying price at around 0.28
An undervalued share and plenty available to the small investor IMHO
I will Keep hold of mine the majority of which I have bought in the last 2 weeks
Posted at 09/2/2012 19:45 by jefftwo
Bob Morton not only bought at 1p last year but also at 2p year before and 6p on the reverse with Ekay.
The company seemed on a slippery slope when Wfca joined with Ekay (and by the way I bought at 6p after following Bob Morton) today i could only get just over 300k.
On the Morton front he is always up to something and has not invested a few million into a stock for nothing.
I would imagine either a reasonable client win or an acquisition is on the horizon. Decent interims will be a bonus.
I did notice a few people cashing in their purchases earlier.IMHO they must be mad as I can see this stock rise to somewhere north of 1p fairly quickly.
Will be joining the ration que in the morning.
Posted at 09/9/2011 23:06 by schrodingers_cat
WFCA Plc (AIM: WFCA.L) announces today that, following the expiry of his sabbatical leave as notified to shareholders in the Company's interim statement, Michael Richards has decided not to return to his position as Group Chief Executive Officer and has now left the Group.



The board would like to extend its thanks to Michael for his considerable contribution to the development of WFCA and wishes him every success in the future.

shocking...


Knowing - 16 Jun'11 - 16:03 - 4 of 16

Up to 150K available at 0.64 over that then it's 0.8
Posted at 16/6/2011 13:35 by knowing
Major Shareholders

As at 23 July 2010, shareholders holding more than 3% of the share capital of WFCA Plc were:

Michael John Richards 41%
Southwind Ltd 16%
Pershing Nominees 14%
Edward Kenneth Powell 13%
Herald Inv Management 6%
Rodger Gordon Braidwood 5%


Shares not in public hands

Insofar as it is aware, the percentage of shares not in public hands as at 23 July 2010 was 79.7%.
Posted at 16/6/2011 13:33 by knowing
Web site -

Some of our clients
Posted at 06/9/2010 12:24 by standtall
DJ WFCA FY10 Pretax Profit +42%, Sees FY11 Below Market Views

LONDON (Dow Jones)--WFCA PLC (WFCA.LN), a regional advertising and marketing agency, Monday reported a 42% rise in fiscal 2010 pretax profit and warned that it expects a challenging trading year ahead but still remain profitable, although it is likely that profit will fall below current market expectations.

MAIN FACTS:

-Revenue for year ended June 30 GBP26.46 million (2009: GBP33.39 million.

-Profit before tax, exceptional items and discontinued operations GBP802,738 (2009: GBP750,113).

-Pretax profit GBP677,149 (2009: GBP477,649)

-Diluted EPS 0.19 pence (2009: 0.36 pence)

-Net assets increased to GBP7.8 million.(2009: GBP7.2 million).

-Gross margin increased to 18.7%, from 18.1%.

-Strategic growth through acquisition has been deferred; Continues to pursue opportunities as they arise and it remains a corporate objective to develop the Group moving forward.

-Directors don't consider it prudent to recommend the payment of a dividend.

-Anticipates the loss of a significant client in the second quarter of the new financial year which will necessitate further cost restructuring to mitigate the associated income loss.

-Board remain positive about the future prospects of the Group.

-Shares at 1220 GMT up 0.63 pence, or 39%, at 2.25 pence valuing the company at GBP6.04 million.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com

(END) Dow Jones Newswires

September 06, 2010 08:23 ET (12:23 GMT)

Copyright (c) 2010 Dow Jones & Company, Inc.
Posted at 06/9/2010 12:11 by standtall
DJ WFCA PLC Final Results

TIDMWFCA

RNS Number : 2151S

WFCA PLC

06 September 2010

WFCA plc

("WFCA", the"Company" or the "Group")

AUDITED RESULTS FOR THE YEAR ENDED 30 June 2010

WFCA plc (AIM: WFCA.L), a leading regional advertising and marketing agency,

today announces its final results for the year ended ended 30 June 2010

Highlights

- Net profit before tax, exceptional items and discontinued operations of GBP802,738 (2009: GBP750,113).

- Net assets of the Group have increased to GBP7.8 million.(2009: GBP7.2 million).

- gross margin has been increased from 18.1% to 18.7%.

Further enquiries:

WFCA plc
Stephen Latter, Financial Director Tel: 01892
511 085

Daniel Stewart & Company plc
Oliver Rigby/James Felix Tel: 020
7776 6550

Chairman's and Chief Executive's Statement

for the year ended 30th June 2010

Business Review & Summary

We are pleased to announce that, for the year ended 30th June 2010 and despite the on-going challenging market place, WFCA has delivered a net profit before

tax, exceptional items and discontinued operations of GBP802,738 which

represents a 7% increase on the previous year's profit of GBP750,113.

This performance is particularly pleasing as it has been achieved against a

background of a GBP1,104,120 reduction in gross profit and is therefore

primarily the result of careful internal cost management. We are mindful however that the company needs to win new accounts and are pleased that the current

pipeline of opportunities remains buoyant.

The new business environment remains challenging but we are pleased to say that we won a series of new accounts including Zip, Codorniu Wines, Kent

International Airport, Dream Doors and Caravan Club. We have also continued to be successful in winning awards for the quality of our advertising. Dream Doors won two honours for 'Best Print Advert' and 'Best Overall Marketing Campaign' at this year's Franchise Marketing Awards and Yazoo followed its gold at the 2009 Fresh Awards with further success at the Roses in the category for best

30-second TV commercial.

As part of streamlining administration to achieve optimum control, we critically evaluated all internal processes and costs during the year. While ISO 9001 was not the prime reason for embarking upon this exercise, we are pleased to

announce that we subsequently invited the British Assessment Bureau to audit our systems and were awarded ISO 9001 accreditation in March 2010. The review was

crucial to achieving the increase in operating margin referred to in the

financial summary below and the company intends to review its processes annually to maintain optimum operational efficiency.

The on-going credit restrictions within the market generally and the desire to improve the Group's working capital position, has meant that strategic growth

through acquisition has been deferred. However, we continue to pursue

opportunities as they arise and it remains a corporate objective to develop the Group moving forward.

In a very challenging market place we would like to thank all our staff for

their unfailing support and commitment to the company.

Financial Summary

Our results have been the reward for very tight internal control during a period of depressed marketing budgets. Despite the decrease in gross profit referred to above, gross margin has been increased from 18.1% to 18.7% reflecting the Group strategy to move upstream and into higher margin services. The operating margin has been increased from 14.5% to 17.1%. The net assets of the Group have

increased by GBP641,200 to GBP7.8 million.

In reaction to the significant client loss in December 2009, the Group

immediately restructured its cost base to minimise the adverse affect and

consequently there was only a marginal impact on profitability. The exceptional cost of GBP125,589 reported in the accounts reflects the cost of associated

staff redundancies. The GBP46,526 profit from discontinued operations arose from the write back of all provisions connected with the cessation of the Group's

Channel Islands division in 2008.

Over the last two years the company has looked to improve the Group's working

capital and we are pleased that good progress has been made. While some of this improvement arose from the inward investment reported in the 2009 statement,

much has arisen from the cash generated from the Group's profitability. As part of this process, the banking facilities of the Group have been restructured to create GBP700,000 of Long Term Debt

The directors do not consider it prudent to recommend the payment of a dividend from the reported year's profits. The delivery of profit in the year reveals a shift of emphasis from the first half of the financial year to a more even

distribution. This change is expected to accelerate into the new financial year as the client base becomes less reliant on Autumn and Christmas marketing

budgets.

Outlook

Client marketing budgets continue to be depressed with few of our clients

expecting to increase their marketing expenditure in the next financial year.

Also, we anticipate the loss of a significant client in the second quarter of

the new financial year which will necessitate further cost restructuring to

mitigate the associated income loss. We therefore expect a challenging trading year ahead but with the board's commitment to react to changing conditions we

still expect to remain profitable, although it is likely that profits will fall below current market expectations. Despite this the board remain positive about the future prospects of the Group.

Michael Richards

Chief Executive

Group Income Statement

For the Year Ended 30th June 2010

+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | Year | Year |
| | | | | ended | ended |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | 30th | 30th |
| | | | | June | June |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | Before |Exceptional | 2010 | 2009 |
| | | Exceptional | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | Items | Items | Total | Total |
+---------------------+-------+--------------+-------------+--------------+--------------+
| |Notes | GBP | GBP | GBP | GBP |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Revenue | 1 | 26,458,225 | - | 26,458,225 | 33,387,852 |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Direct costs | | (21,504,575) | - | (21,504,575) | (27,330,082) |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Gross profit | | 4,953,650 | - | 4,953,650 | 6,057,770 |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Other operating | 2 | 6,513 | - | 6,513 | 8,700 |
| income | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Operating costs | | (4,015,484) | (125,589) | (4,141,073) | (5,353,464) |
| before share option | | | | | |
| charge | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Share option charge | | (7,600) | - | (7,600) | (14,100) |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Total operating | 3 | (4,023,084) | (125,589) | (4,148,673) | (5,367,564) |
| costs | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Depreciation | | (90,561) | - | (90,561) | (95,210) |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Total operating | | 846,518 | (125,589) | 720,929 | 603,696 |
| profit | | | | | |

(MORE TO FOLLOW) Dow Jones Newswires

06-09-10 1210GMT

+---------------------+-------+--------------+-------------+--------------+--------------+
| Net finance cost | 7 | (43,780) | - | (43,780) | (126,047) |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Profit before | | 802,738 | (125,589) | 677,149 | 477,649 |
| taxation | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Income tax charge | 8 | (167,676) | - | (167,676) | (128,123) |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Profit before | | 635,062 | (125,589) | 509,473 | 349,526 |
| Discontinued | | | | | |
| Operations | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Profit from | 10 | 46,526 | - | 46,526 | 265,093 |
| Discontinued | | | | | |
| Operations | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Profit for the year | | | | | |
| attributable | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| to equity holders | | 681,588 | (125,589) | 555,999 | 614,619 |
| of the parent | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Earnings per share | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Basic earnings per | 15 | | | 0.21p | 0.37p |
| share | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+
| Diluted earnings | 15 | | | 0.19p | 0.36p |
| per share | | | | | |
+---------------------+-------+--------------+-------------+--------------+--------------+

No Group Statement of Comprehensive Income has been prepared because there were no material gains or losses for the year other than those recognised in the

Income Statement.

Group and Company Balance Sheets

At 30th June 2010

+--------------------------+-------+------------+------------+------------+------------+
| | | Group | Company |
+--------------------------+-------+-------------------------+-------------------------+
| | | As at | As at | As at | As at |
+--------------------------+-------+------------+------------+------------+------------+
| | | 30th | 30th | 30th | 30th |
| | | June | June | June | June |
+--------------------------+-------+------------+------------+------------+------------+
| | | 2010 | 2009 | 2010 | 2009 |
+--------------------------+-------+------------+------------+------------+------------+
| |Notes | GBP | GBP | GBP | GBP |
+--------------------------+-------+------------+------------+------------+------------+
| Assets | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Non-current assets | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Property, plant and | 9 | 143,517 | 291,135 | - | 156,341 |
| equipment | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Goodwill | 10 | 8,497,909 | 8,497,907 | - | - |
+--------------------------+-------+------------+------------+------------+------------+
| Investments in | 10 | - | - | 10,100,509 | 10,100,509 |
| subsidiaries | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Corporate income tax | 11 | 420,716 | 541,764 | 420,716 | 541,764 |
| recoverable | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| | | 9,062,142 | 9,330,806 | 10,521,225 | 10,798,614 |
+--------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Current Assets | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Trade and other | 11 | 2,417,987 | 3,162,676 | 847,018 | 565,181 |
| receivables | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Cash and short term | 12 | 105,719 | 80,917 | 2,359 | 8,753 |
| deposits | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Assets held for sale | 9 | 190,000 | - | 190,000 | - |
+--------------------------+-------+------------+------------+------------+------------+
| | | 2,713,706 | 3,243,593 | 1,039,377 | 573,934 |
+--------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Total Assets | | 11,775,848 | 12,574,399 | 11,560,602 | 11,372,548 |
+--------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Equity and Liabilities | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Share capital | 14 | 2,684,660 | 2,657,809 | 2,684,660 | 2,657,809 |
+--------------------------+-------+------------+------------+------------+------------+
| Share premium | 17 | 1,434,398 | 1,383,648 | 1,434,398 | 1,383,648 |
+--------------------------+-------+------------+------------+------------+------------+
| Retained earnings | 19 | 3,640,359 | 3,076,760 | 2,942,890 | 2,627,316 |
| | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| | | 7,759,417 | 7,118,217 | 7,061,948 | 6,668,773 |
+--------------------------+-------+------------+------------+------------+------------+
| | | | | | |

(MORE TO FOLLOW) Dow Jones Newswires

06-09-10 1210GMT

+--------------------------+-------+------------+------------+------------+------------+
| Non Current Liabilities | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Long term borrowings | | 700,000 | - | - | - |
+--------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Current Liabilities | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Trade and other payables | 20 | 3,193,942 | 5,214,329 | 4,489 060 | 4,591,995 |
+--------------------------+-------+------------+------------+------------+------------+
| Provisions for other | | | | | |
| liabilities and | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| charges | 24 | 46,594 | 192,376 | 9,594 | 111,780 |
+--------------------------+-------+------------+------------+------------+------------+
| Corporate income tax | 8 | 75,895 | 49,477 | - | - |
| payable | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| | | 3,316,431 | 5,456,182 | 4,498,654 | 4,703,775 |
+--------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+--------------------------+-------+------------+------------+------------+------------+
| Total Equity and | | 11,775,848 | 12,574,399 | 11,560,602 | 11,372,548 |
| Liabilities | | | | | |
+--------------------------+-------+------------+------------+------------+------------+

The financial statements on pages 14 to 42 were approved by the board of

directors and authorised for issue on 1st September 2010 and are signed on its behalf by

Steve Latter

Director

Group and Company Statement of Changes in Equity

For the Year Ended 30th June 2010

Group

+-------------------------+-----------+-----------+-------------+-------------+-----------+
| | Share | Share | Retained | Special | |
| | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| | Capital | Premium | Earnings | Reserve | Total |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| | GBP | GBP | GBP | | GBP |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 1st July |1,568,088 | - | (3,422,366) | 6,499,126 | 4,644,848 |
| 2008 | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue of share capital |1,089,721 |1,484,682 | - | - | 2,574,403 |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue costs | - | (101,034) | - | - | (101,034) |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Transfer from special | - | - | 6,499,126 |(6,499,126) | - |
| reserve | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 1st July | 2,657,809 |1,383,648 | 3,076,760 | - | 7,118,217 |
| 2009 | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Profit for the year | - | - | 555,999 | - | 555,999 |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Other comprehensive | | | | | |
| income; | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Charge for share | - | - | 7,600 | - | 7,600 |
| options | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Total comprehensive | - | - | 563,599 | - | 563,599 |
| income for the year | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| | 2,657,809 | 1,383,648 | 3,640,359 | - | 7,681,816 |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue of share capital | 26,851 | 50,750 | - | - | 77,601 |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 30th June | 2,684,660 | 1,434,398 | 3,640,359 | - | 7,759,417 |
| 2010 | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+-------------------------+-----------+-----------+-------------+-------------+-----------+

Company

+------------------------+-----------+-----------+-------------+-------------+-----------+
| | Share | Share | Retained | Special | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| | Capital | Premium | Earnings | Reserve | Total |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| | | GBP | GBP | | GBP |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 1st July | 1,568,088 | - | (3,871,810) | 6,499,126 | 4,195,404 |
| 2008 | | | | | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue of share capital | 1,089,721 | 1,484,682 | - | - | 2,574,403 |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue costs | - | (101,034) | - | - | (101,034) |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Transfer from special | - | | 6,499,126 | (6,499,126) | - |
| reserve | | | | | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 1st July | 2,657,809 | 1,383,648 | 2,627,316 | - | 6,668,773 |
| 2009 | | | | | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Profit for the year | - | - | 307,974 | - | 307,974 |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Other comprehensive | | | | | |
| income; | | | | | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Charge for share | - | - | 7,600 | - | 7,600 |
| options | | | | | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Total comprehensive | | - | 305,574 | | 305,574 |
| income for the year | | | | - | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| | 2,657,809 | 1,383,648 | 2,942,890 | - | 6,984,347 |

(MORE TO FOLLOW) Dow Jones Newswires

06-09-10 1210GMT

+------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue of share capital | 26,851 | 50,750 | - | - | 77,601 |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 30th June | 2,684,660 | 1,434,398 | 2,942,890 | - | 7,061,948 |
| 2010 | | | | | |
+------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+------------------------+-----------+-----------+-------------+-------------+-----------+

Group and Company Cash Flow Statement

For the Year Ended 30th June 2010

+--------------------------------+-------------+-------------+-----------+-------------+
| | Group | Company |
+--------------------------------+---------------------------+-------------------------+
| | As at | As at | As at | As at |
+--------------------------------+-------------+-------------+-----------+-------------+
| | 30th | 30th | 30th | 30th |
| | June | June | June | June |
+--------------------------------+-------------+-------------+-----------+-------------+
| | 2010 | 2009 | 2010 | 2009 |
+--------------------------------+-------------+-------------+-----------+-------------+
| | GBP | GBP | GBP | GBP |
+--------------------------------+-------------+-------------+-----------+-------------+
| Cash Flows from Operating | | | | |
| Activities | | | | |
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Profit / (Loss) from | 677,149 | 462,771 | 382,496 | (56,408) |
| operations | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Share option charge | 7,600 | 14,100 | 7,600 | 14,100 |
+--------------------------------+-------------+-------------+-----------+-------------+
| Discontinued operations | 46,526 | (393,110) | 46,526 | (393,110) |
+--------------------------------+-------------+-------------+-----------+-------------+
| Depreciation of property, | 90,561 | 95,210 | - | 50,176 |
| plant & equipment | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Operating cash flows before | 821,836 | 178,971 | 436,622 | (385,242) |
| movement in working capital | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Loss/(profit) on sale of | 17,805 | 2,873 | - | (3,670) |
| property, plant & equipment | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Reversal of provision for | (33,659) | - | (33,659) | - |
| diminution | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| (Increase) / decrease in | 844,689 | 2,886,472 | (281,837) | 775,242 |
| receivables | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| (Decrease) / increase in | (1,800,119) | (4,139,506) | (172,393) | (1,350,686) |
| payables | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Cash consumed by operations | (149,448) | (1,071,190) | (51,267) | (964,356) |
+--------------------------------+-------------+-------------+-----------+-------------+
| Income tax paid | (21,949) | - | - | - |
+--------------------------------+-------------+-------------+-----------+-------------+
| Net cash from operating | (171,397) | (1,071,190) | (51,267) | (964,356) |
| activities | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Cash Flows from Investing | | | | |
| Activities | | | | |
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Interest received | - | 14,877 | - | 1,112 |
+--------------------------------+-------------+-------------+-----------+-------------+
| Cash relating to discontinued | - | (134,363) | - | - |
| operations | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Purchase of property, plant & | (116,371) | (54,087) | - | (2,800) |
| equipment | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Net cash from investment | (116,371) | (173,573) | - | (1,688) |
| activities | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Cash Flows from Financing | | | | |
| Activities | | | | |
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Proceeds on issue of shares | 77,601 | 1,391,515 | 77,601 | 1,391,515 |
+--------------------------------+-------------+-------------+-----------+-------------+
| Costs of share issue | - | (100,930) | - | (101,034) |
+--------------------------------+-------------+-------------+-----------+-------------+
| Net cash from financing | 77,601 | 1,290,585 | 77,601 | 1,290,481 |
| activities | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Net (decrease)/increase in | (210,167) | 45,822 | 26,334 | 324,437 |
| cash and cash equivalents | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Cash and cash equivalents at | (639,780) | (685,602) | (172,194) | (496,631) |
| 1st July 2009 | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Cash and cash equivalents at | (849,947) | (639,780) | (145,860) | (172,194) |
| 30th June 2010 | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Represented by: | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+
| Cash & short term deposits | 105,719 | 80,917 | 2,359 | 8,753 |

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+--------------------------------+-------------+-------------+-----------+-------------+
| Bank overdrafts and loans | (955,666) | (720,697) | (148,219) | (180,947) |
+--------------------------------+-------------+-------------+-----------+-------------+
| Total cash and cash | (849,947) | (639,780) | (145,560) | (172,194) |
| equivalents | | | | |
+--------------------------------+-------------+-------------+-----------+-------------+

Notes to the Financial Statements

For the Year Ended 30th June 2010

A) Significant accounting policies

WFCA plc (the company) is a company domiciled in the United Kingdom and

incorporated in England and Wales. The consolidated financial statements of the company for the year ended 30th June 2010 comprise the company and its

subsidiary (together referred to as the Group).

B) Statement of compliance

The consolidated financial statements of WFCA plc have been prepared in

accordance with International Financial Reporting Standards (IFRS) incorporating International Accounting Standards as issued by the International Accounting

Standards Board and with those parts of the Companies Act 2006 applicable to

companies reporting under IFRS.

C) Basis of preparation

The financial statements have been prepared under the historical

cost convention. Non-current assets are stated at the lower of carrying amount and fair value less costs to sell.

The preparation of financial statements in conformity with generally

accepted accounting principles requires the use of estimates and

assumptions that affect the reported amounts of assets and liabilities at the

date of the financial statements and the reported amounts of revenues and

expenses during the reporting period. Although these estimates are based on

management's best knowledge of the amount, event or actions, actual results may ultimately differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing

basis. Revisions to accounting estimates are recognised in the period in

which the estimate is revised, if the revision affects only that period, or in a period of the revision and future periods if the revision affects both current and future periods.

Judgements made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of

material adjustment in the next year are discussed where appropriate. Specific areas where judgments have been made by management relate to the carrying value of the Group's goodwill over the company's investment in subsidiary

undertakings.

The accounting policies set out below have been applied consistently
to all periods presented in these consolidated financial statements
and in preparing an opening IFRS balance sheet at 1st July 2004 for the purposes
of the transition to IFRS.

The group has adopted IAS1 (revised) during the year.

The accounting policies have been applied consistently by Group

entities.

D) Basis of consolidation

i. Subsidiaries

Subsidiaries are entities controlled by the Company. Control exists

when a Company has the power, directly or indirectly, to govern the financial and operational policies of an entity so as to obtain benefits from its

activities. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

ii. Transactions eliminated on consolidation

Intra group balances and any unrealised gains and losses or income and expenses arising from intra group transactions, are eliminated in preparing the

consolidated financial statements.

E) Foreign currencies

Transactions in foreign currencies are initially recorded at the

rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates

prevailing at the balance sheet date. Profits and losses arising on exchange

are included in the net profit or loss for the period.

F) Property, plant and equipment

i. Owned assets

Items of property, plant and equipment are stated at cost less

accumulated depreciation (see below) and impairment losses (see accounting policy K).

ii. Leased assets

Leases in terms of which the Group assumes substantially all the

risks and rewards of ownership are classified as finance leases.

iii. Depreciation

Depreciation is charged to the income statement over the estimated

useful lives of each part of an item of property, plant and equipment. The

estimated useful lives are as follows:

Leaseholds Over the term of the lease or life of
the asset, if shorter
Fixtures and fittings 20% on a straight line basis
Computer equipment 33% on a straight line basis

During the year the company has changed the method of providing depreciation for fixtures and fittings and computer equipment from written down value to straight line as above, and provided for additional depreciation. The effect of this change in the current year and the additional charge arising from previous years is immaterial.

G) Intangible assets

Goodwill

All business combinations are accounted for by applying the purchase

method. Goodwill represents the amount arising on acquisition of

subsidiaries. In respect of business acquisitions, goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired.

Goodwill is stated at cost less any accumulated impairment losses.

Goodwill is allocated to cash-generating units and is no longer amortised but is
tested annually for impairment (see accounting policy K).

Negative goodwill arising on acquisition is recognised directly in

profit or loss.

H) Investments

Investments in debt and equity securities

The group classifies its investments depending on the purpose for

which the investments were acquired. The Directors determine the

classification of its investment at initial recognition and re-evaluates this designation at every reporting date.

The fair value of unquoted investments is based on valuation

techniques. The Group assesses at each balance sheet date whether

there is objective evidence that a financial asset or a group of

financial assets is impaired.

I) Trade and other receivables

Trade and other receivables are started at their cost less

impairment losses (see accounting policy K).

J) Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.

K) Impairment

The carrying amounts of the Group's assets are reviewed at each

balance sheet date to determine whether there is any indication of

impairment. If any such indication exists, the asset's recoverable amount is estimated.

For goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date.

An impairment loss is recognised whenever the carrying amount of an

asset or its cash- generating unit exceeds its recoverable amount.

Impairment losses are recognised in the income statement.

The recoverable amount of other assets is the greater of their net

selling price and the value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is

determined for the cash-generating unit to which the asset belongs.

An impairment loss in respect of a receivable carried at amortised

cost is reversed if the subsequent increase in recoverable amount can be

related objectively to an event occurring after the impairment loss was

recognised.

In respect of other assets, an impairment loss is reversed if there

has been a change in the estimates used to determine the recoverable

amount.

An impairment loss is only reversed to the extent that the asset's

carrying amount does not exceed the carrying amount that would have been

determined, net of depreciation or amortisation, if no impairment loss has been recognised.

L) Share capital

Dividends on ordinary share capital are recognised as a liability in
the period in which they are declared.

M) Interest-bearing borrowings

Interest-bearing borrowings are recognised initially at fair value,

net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest rate method.

N) Employee benefits

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Share-based payment transactions

The fair value of employee share option schemes is measured by a

Black-Scholes pricing model. Further details are set out in note 15 in

accordance with IFRS 2 'Share-based Payments'. The resulting cost is

charged to the income statement over the vesting period of the options. The

value of the charge is adjusted to reflect expected and actual levels of options vesting.

O) Provisions

A provision is recognised in the balance sheet when the Group has a

present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to

settle the obligation. If the effect is material, provisions are

determined by discounting the expected future cash flows at a pre-tax rate

that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

P) Trade and other payables

Trade payables are stated at cost.

Q) Revenue recognition

Revenue from services rendered is recognised in the income statement

in proportion to the stage of completion of the transaction at the

balance sheet date. The stage of completion is assessed by reference to a review of work performed. No revenue is recognised if there are

significant uncertainties concerning the recovery of the consideration due or associated costs.

R) Expenses

i. Operating lease payments

Payments made under operating leases are recognised in the income

statement on a straight-line basis over the term of the lease. Lease

incentives received are recognised in the income statement as an integral part of the total lease expense.

ii. Finance lease payments

Minimum lease payments are apportioned between the finance charge

and the reduction of the outstanding liability. The finance charge is

allocated to each period during the lease term so as to produce a constant

periodic rate of interest on the remaining balance of the liability.

iii. Net financing costs

Net financing costs comprise interest payable on borrowings

calculated using the effective interest rate method and interest received on funds invested.

Interest income is recognised in the income statement as it accrues,

using the effective interest rate method. The interest expense component of
finance lease payments is recognised in the income statement using
the effective interest rate method.

S) Income tax

The charge for current tax is based on the results for the year as

adjusted for items which are non-assessable or disallowed. It is calculated using rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is accounted for using the liability method in respect

of temporary differences arising from differences between the carrying

amount of assets and liabilities in the financial statements and the

corresponding tax basis used in the computation of taxable profit. In

principle, deferred tax liabilities are recognised for all taxable temporary

differences and deferred tax assets are recognised to the extent that it is

probable that taxable profits will be available against which deductible

temporary differences can be utilised. Such assets and liabilities are not
recognised if the temporary difference arises from goodwill (or
negative goodwill) or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction which
affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and associates, and
interest in joint ventures, except where the Group is able to control the
reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.

Deferred tax is calculated at the rates that are expected to apply

when the asset or liability is settled. Deferred tax is charged or credited in the income statement, except when it relates to items

credited or charged directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when they relate to

income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

T) Financial Risk Management

The Group uses a limited number of financial instruments, comprising

cash, short-term deposits, bank loans and facilities and various items

such as trade receivables and payables, which arise directly from operations.
The Group does not trade in financial instruments.

Financial risk factors

The Group's activities expose it to a variety of financial risks:
market risk (including currency risk and interest rate risk), credit
risk, liquidity risk and cash ?ow interest rate risk. The Group's
overall risk management programme focuses on the unpredictability of
financial markets and seeks to minimise potential adverse effects on the Group's
financial performance.

i. Foreign exchange risk

The Group operates internationally and is exposed to foreign exchange risk

arising from various currency exposures, primarily with respect to the Euro and US dollar. Foreign exchange risk arises from future commercial transactions,

recognised assets and liabilities and net investments in foreign operations.

Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the Group's

functional currency.

ii. Credit risk

The Group has policies in place to ensure that sales are made to customers with an appropriate credit history.

iii. Liquidity risk

Prudent liquidity risk management implies maintaining sufficient
cash and available funding through an adequate amount of committed
credit facilities. The Group ensures it has adequate cover through
the availability of bank overdraft and loan facilities.

iv Cash flow and interest rate risk

The Group finances its operations through a mix of cash flow from current

operations, bank facilities and other borrowings. Borrowings are generally at floating rates of interest and no use of interest rate swaps has been made.

1. Segmental reporting

Turnover and profit before tax are attributable to the one principal

activity of the Group, that of a full service advertising and marketing agency. Turnover from this business originated in the markets shown

+-----------------------------------+------------+------------+
| | Group |
+-----------------------------------+-------------------------+
| | Year | Year |
| | ended | ended |
+-----------------------------------+------------+------------+
| | 30th | 30th |
| | June | June |
+-----------------------------------+------------+------------+
| | 2010 | 2009 |
+-----------------------------------+------------+------------+
| Turnover | GBP | GBP |
+-----------------------------------+------------+------------+
| United Kingdom | 24,971,149 | 30,432,248 |
+-----------------------------------+------------+------------+
| Rest of Europe | 147,776 | 1,367,705 |
+-----------------------------------+------------+------------+
| North America | 1,274,942 | 1,254,979 |
+-----------------------------------+------------+------------+
| Other | 64,358 | 332,920 |
+-----------------------------------+------------+------------+
| | | |
+-----------------------------------+------------+------------+
| | 26,458,225 | 33,387,852 |
+-----------------------------------+------------+------------+
| | | |
+-----------------------------------+------------+------------+
| | | |
+-----------------------------------+------------+------------+

2. Other operating income
+-----------------------------------+----------+----------+
| | Group |
+-----------------------------------+---------------------+
| | Year | Year |
| | ended | ended |
+-----------------------------------+----------+----------+
| | 30th | 30th |
| | June | June |
+-----------------------------------+----------+----------+
| | 2010 | 2009 |
+-----------------------------------+----------+----------+
| | GBP | GBP |
+-----------------------------------+----------+----------+
| | | |
+-----------------------------------+----------+----------+
| Rents receivable on leased | 6,513 | 8,700 |

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| property | | |
+-----------------------------------+----------+----------+
| | | |
+-----------------------------------+----------+----------+

3. Operating costs

+-----------------------------+-----+-----------+-----------+
| | | Group |
+-----------------------------+-----+-----------------------+
| | | Year | Year |
| | | ended | ended |
+-----------------------------+-----+-----------+-----------+
| | | 30th | 30th |
| | | June | June |
+-----------------------------+-----+-----------+-----------+
| | | 2010 | 2009 |
+-----------------------------+-----+-----------+-----------+
| | | GBP | GBP |
+-----------------------------+-----+-----------+-----------+
| | | | |
+-----------------------------+-----+-----------+-----------+
| Total staff costs (see note | | 3,270,106 | 3,965,687 |
| 5) | | | |
+-----------------------------+-----+-----------+-----------+
| Establishment costs | | 180,211 | 272,867 |
+-----------------------------+-----+-----------+-----------+
| Other operating costs (net) | | 698,356 | 1,129,010 |
+-----------------------------+-----+-----------+-----------+
| | | | |
+-----------------------------+-----+-----------+-----------+
| Total opera
Posted at 09/10/2009 22:01 by linhur
Tilts

The Daniel Stewart (House Broker) recent recommendation has moved from hold to buy with a target of 5p. The forecast for 2010 is £0.8M (same as 09 actual when all the funnies have been taken out) and 2011 is £1.1mill.IMHO not much going to happen until the sector picks up, however at least WFCA is in profit and likely to stay that way after the complete change of business after Ekay. I expect there will have to be more capital raisings as progress is likely to be made by acquisition.
kind regards
Linhur

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