Interim Results

 

TIDMWFCA 
 
RNS Number : 2024H 
WFCA PLC 
16 February 2010 
 
16 February 2010 
 
                                    WFCA plc 
 
                     ("WFCA", "the Company" or "the Group") 
 
                                INTERIM RESULTS 
 
WFCA plc (AIM: WFCA.L), a leading regional advertising and marketing agency, 
today announces its interim results for the 6 months ended 31 December 2009. 
 
Highlights 
 
·      Profit before tax and exceptional items GBP417k (2008 H1: GBP509k) 
·      Gross margin for period 18% (2008 H1: 17.9%) 
·      Operating margin for period 15.2% (2008 H1: 14.8%) 
·      Working capital improvement of GBP420k 
 
 
Chairman's and Chief Executive's Half Yearly Statement 
 
The net profit before taxation and exceptional items for the six months ended 
31st December 2009 of GBP416,189 (2008, GBP509,310) is in line with our 
expectations and represents a 73% increase over the result for the six months to 
June 2009.  Turnover for the period values GBP15,198,936 (2008, GBP19,301,659). 
 The shortfall to last year reflects the fact that much of the autumn and early 
winter activity of 2008 was committed prior to the onset of the economic 
slowdown. The 2009 result has therefore been achieved in a considerably more 
demanding trading environment. 
 
Gross margin has marginally increased to 18% and the operating margin has 
improved to 15.2% reflecting the Group's strict cost control during the year. 
Since the year end, the net assets of the company have increased by GBP293,430 
and the net current assets have improved by GBP419,666. The increases in net 
worth and liquidity should be maintained in the second half of the financial 
year. Basic earnings per share are 0.11p (2008, 0.23p) and utilisation of bank 
working capital facilities has reduced to GBP1,731,659 (2008, GBP3,248,665). 
 
Looking ahead to the second half of the financial year, the company expects to 
remain profitable and cash generative. The client departure announced in the 3rd 
December 2009 trading update will impact results for the second half, although 
overhead restructuring and staff redundancies are expected to substantially 
mitigate the loss of gross profit. A one off charge for severance costs, 
amounting to approximately GBP130,000, will be included in the second half year 
results. The annualised benefit of the overhead restructuring will be to reduce 
overheads by GBP1 million. 
 
New business activity continues apace and we remain confident of growing our 
client base. We retain a high quality workforce and look forward to generating 
profit growth as the business climate improves. 
 
The long term strategic goal of enhancing the Group's development by acquisition 
as well as organic growth remains as strong as ever.  The company has been in 
dialogue with a number of third parties, but will only conclude transactions on 
terms that are earnings enhancing and which do not adversely affect the 
strengthening liquidity of the Group. 
 
The board remains confident of the Group's future prospects. 
 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                                        Consolidated Income Statement                                          | 
+---------------------------------------------------------------------------------------------------------------+ 
|                                  For the 6 months ended 31st December 2009                                    | 
+---------------------------------------------------------------------------------------------------------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |          6 months          |          |  6 months    |            |  12 months   | 
|                            |           ended            |          |    ended     |            |    ended     | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |          31st Dec          |          |  31st Dec    |            |  30th June   | 
|                            |            2009            |          |    2008      |            |    2009      | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |         unaudited          |          |  unaudited   |            |   audited    | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |            GBP             |          |     GBP      |            |     GBP      | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Revenue                    |                15,198,936  |          |  19,301,659  |            |  33,387,852  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Direct costs               |               (12,469,278) |          | (15,853,548) |            | (27,330,082) | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Gross profit               |                 2,729,658  |          |   3,448,111  |            |   6,057,770  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Other operating income     |                     4,500  |          |       4,500  |            |       8,700  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Operating costs before     |                (2,257,916) |          |  (2,883,170) |            |  (5,221,925) | 
| share option charge        |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Share option charge        |                    (6,968) |          |     (10,534) |            |     (14,100) | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Total operating costs      |                (2,264,884) |          |  (2,893,704) |            |  (5,236,025) | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Depreciation               |                   (53,085) |          |     (49,597) |            |     (95,210) | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Total operating profit     |                   416,189  |          |     509,310  |            |     735,235  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Interest income            |                          - |          |            - |            |      14,878  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Profit before taxation,    |                   416,189  |          |     509,310  |            |     750,113  | 
| exceptional items and      |                            |          |              |            |              | 
| discontinued operations    |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Income tax charge          |                  (120,106) |          |    (142,756) |            |    (128,123) | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Profit before exceptional  |                            |          |              |            |              | 
| items and discontinued     |                            |          |              |            |              | 
| operations                 |                            |          |              |            |              | 
+                            +----------------------------+----------+--------------+------------+--------------+ 
|                            |                   296,083  |          |     366,554  |            |     621,990  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Loss from exceptional      |                          - |          |            - |            |    (272,464) | 
| items                      |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Profit after exceptional   |                            |          |              |            |              | 
| items and before           |                            |          |              |            |              | 
| discontinued operations    |                            |          |              |            |              | 
+                            +----------------------------+----------+--------------+------------+--------------+ 
|                            |                   296,083  |          |     366,554  |            |     349,526  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| (Loss) / profit from       |                    (9,000) |          |     350,539  |            |     265,093  | 
| discontinued operations    |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Profit for the period      |                            |          |              |            |              | 
| attributable to equity     |                            |          |              |            |              | 
| holders of the parent      |                            |          |              |            |              | 
+                            +----------------------------+----------+--------------+------------+--------------+ 
|                            |                   287,083  |          |     717,093  |            |     614,619  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Earnings per share         |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Basic earnings per share   |                     0.11p  |          |       0.23p  |            |       0.21p  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
| Diluted earnings per share |                     0.10p  |          |       0.23p  |            |       0.21p  | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
|                            |                            |          |              |            |              | 
+----------------------------+----------------------------+----------+--------------+------------+--------------+ 
 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                               Consolidated Balance Sheet                                | 
+-----------------------------------------------------------------------------------------+ 
|                                As at 31st December 2009                                 | 
+-----------------------------------------------------------------------------------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |     At      |          |     At      |          |     At      | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |  31st Dec   |          |  31st Dec   |          |  30th June  | 
|                         |    2009     |          |    2008     |          |    2009     | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |  unaudited  |          |  unaudited  |          |  audited    | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |    GBP      |          |    GBP      |          |    GBP      | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Assets                  |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Non-current assets      |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Property, plant and     |    185,949  |          |    338,910  |          |    291,135  | 
| equipment               |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Goodwill                |  8,497,907  |          |  8,497,907  |          |  8,497,907  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Deferred tax assets     |    513,857  |          |    520,601  |          |    534,907  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |  9,197,713  |          |  9,357,418  |          |  9,323,949  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Current assets          |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Trade and other         |  4,566,161  |          |  6,908,446  |          |  3,162,676  | 
| receivables             |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Non-current assets held |    190,000  |          |           - |          |           - | 
| for sale                |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Cash and short term     |    157,770  |          |    302,683  |          |     80,917  | 
| deposits                |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |  4,913,931  |          |  7,211,129  |          |  3,243,593  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Total Assets            | 14,111,644  |          | 16,568,547  |          | 12,567,542  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Equity and liabilities  |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Share capital           |  2,658,586  |          |  1,572,476  |          |  2,657,809  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Share premium           |  1,382,250  |          |      5,015  |          |  1,383,648  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Retained earnings       |  3,370,811  |          |  3,169,115  |          |  3,076,760  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |  7,411,647  |          |  4,746,606  |          |  7,118,217  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Non-current liabilites  |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Long term borrowings    |           - |          |  1,015,288  |          |           - | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |           - |          |  1,015,288  |          |           - | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Current liabilities     |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Trade and other         |  6,558,321  |          | 10,806,653  |          |  5,399,848  | 
| payables                |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Corporate income tax    |    141,676  |          |           - |          |     49,477  | 
| payable                 |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |  6,699,997  |          | 10,806,653  |          |  5,449,325  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Total liabilities       |  6,699,997  |          | 11,821,941  |          |  5,449,325  | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
|                         |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
| Total equity and        | 14,111,644  |          | 16,568,547  |          | 12,567,542  | 
| liabilities             |             |          |             |          |             | 
+-------------------------+-------------+----------+-------------+----------+-------------+ 
 
 
 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                                       Consolidated Cash Flow Statement                                        | 
+---------------------------------------------------------------------------------------------------------------+ 
|                                  For the 6 months ended 31st December 2009                                    | 
+---------------------------------------------------------------------------------------------------------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |          6 months            |          |  6 months   |          |     12      | 
|                              |            ended             |          |    ended    |          |   months    | 
|                              |                              |          |             |          |    ended    | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |          31st Dec            |          |  31st Dec   |          |    30th     | 
|                              |            2009              |          |    2008     |          |    June     | 
|                              |                              |          |             |          |    2009     | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |          unaudited           |          |  unaudited  |          |  audited    | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |             GBP              |          |    GBP      |          |    GBP      | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Cash inflow from operating   |                              |          |             |          |             | 
| activities                   |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Profit from operations       |                     407,198  |          |    859,849  |          |    462,771  | 
| before taxation              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Share option charge for the  |                       6,968  |          |     10,534  |          |     14,100  | 
| period                       |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Impairment of investment in  |                            - |          |           - |          |   (393,110) | 
| subsidiary                   |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Depreciation of property,    |                      53,085  |          |     49,597  |          |     95,210  | 
| plant and machinery          |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Revaluation of freehold      |                     (33,659) |          |           - |          |           - | 
| property                     |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Operating cashflows before   |                              |          |             |          |             | 
| movement in working capital  |                              |          |             |          |             | 
+                              +------------------------------+----------+-------------+----------+-------------+ 
|                              |                     433,592  |          |    919,980  |          |    178,971  | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Loss on sale of property,    |                      11,490  |          |    135,638  |          |      2,873  | 
| plant and equipment          |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| (Increase) / decrease in     |                  (1,382,435) |          |     26,014  |          |  2,886,472  | 
| receivables                  |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| (Decrease) in payables       |                     (38,176) |          | (3,610,390) |          | (4,139,506) | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Cash consumed by operations  |                    (975,529) |          | (2,528,758) |          | (1,071,190) | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Income tax received          |                            - |          |     16,344  |          |           - | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Net cash from operating      |                    (975,529) |          | (2,512,414) |          | (1,071,190) | 
| activities                   |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Cash (outflow) from          |                              |          |             |          |             | 
| investing activities         |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Interest received            |                            - |          |           - |          |     14,877  | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Cash relating to             |                            - |          |           - |          |   (134,363) | 
| discontinued operations      |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Purchase of property, plant  |                    (115,729) |          |    (53,499) |          |    (54,087) | 
| and equipment                |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Net cash used in investment  |                    (115,729) |          |    (53,499) |          |   (173,573) | 
| activities                   |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Cash (outflow) / inflow from financing                      |          |             |          |             | 
| activities                                                  |          |             |          |             | 
+-------------------------------------------------------------+----------+-------------+----------+-------------+ 
| Proceeds on issue of shares  |                       1,665  |          |      9,403  |          |  1,391,515  | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Costs of share issue         |                      (2,286) |          |     (6,553) |          |   (100,930) | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Net cash from financing      |                        (621) |          |      2,850  |          |  1,290,585  | 
| activities                   |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Net (decrease) / increase in |                              |          |             |          |             | 
| cash and cash equivalents    |                              |          |             |          |             | 
+                              +------------------------------+----------+-------------+----------+-------------+ 
|                              |                  (1,091,879) |          | (2,563,063) |          |     45,822  | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Cash and cash equivalents at |                              |          |             |          |             | 
| beginning of period          |                              |          |             |          |             | 
+                              +------------------------------+----------+-------------+----------+-------------+ 
|                              |                    (639,780) |          |   (685,602) |          |   (685,602) | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Cash and cash equivalents at |                  (1,731,659) |          | (3,248,665) |          |   (639,780) | 
| end of period                |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Cash and cash equivalents as |                              |          |             |          |             | 
| at 31st Dec 2009             |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Represented by:              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Cash and short term deposits |                     157,770  |          |    302,684  |          |     80,917  | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Bank facilities              |                  (1,889,429) |          | (3,551,349) |          |   (720,697) | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
| Total cash and cash          |                  (1,731,659) |          | (3,248,665) |          |   (639,780) | 
| equivalents                  |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
|                              |                              |          |             |          |             | 
+------------------------------+------------------------------+----------+-------------+----------+-------------+ 
 
 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                                Consolidated Statement of Changes in Equity                                  | 
+-------------------------------------------------------------------------------------------------------------+ 
|                                  For the 6 months ended 31st December 2009                                  | 
+-------------------------------------------------------------------------------------------------------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |   Share    |          |   Share    |          |  Retained  |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |  Capital   |          |  Premium   |          |  Earnings  |          |   Total    | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |    GBP     |          |    GBP     |          |    GBP     |          |    GBP     | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
| Balance at 1st July    | 2,657,809  |          | 1,383,648  |          | 3,076,760  |          | 7,118,217  | 
| 2009                   |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
| Charge for share       |          - |          |          - |          |     6,968  |          |     6,968  | 
| options                |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
| Issue of share capital |       777  |          |       888  |          |          - |          |     1,665  | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
| Issue costs            |          - |          |    (2,286) |          |          - |          |    (2,286) | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
| Profit for the period  |          - |          |          - |          |   287,083  |          |   287,083  | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
| Balance at 31st        | 2,658,586  |          | 1,382,250  |          | 3,370,811  |          | 7,411,647  | 
| December 2009          |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
|                        |            |          |            |          |            |          |            | 
+------------------------+------------+----------+------------+----------+------------+----------+------------+ 
 
Basis of Preparation 
 
This half-yearly financial report is unaudited and does not constitute statutory 
accounts within the meaning of section 434 of the Companies Act 2006.  The 
financial statements for the year to 30th June 2009, which were prepared in 
accordance with International Reporting Standards ('IFRS') as adopted by the 
European Union and upon which the auditors have issued an unqualified report, 
have been delivered to the Registrar of Companies. 
 
The half-yearly financial report for the six months ended 31st December 2009 
have been prepared in accordance with IAS 34 'Interim Financial Reporting' as 
adopted by the European Union. The accounting policies applied in the 
half-yearly financial report are consistent with those set out and applied in 
the Group's Annual Report for the year to 30th June 2009. 
 
The half-yearly financial report for the six months ended 31st December 2009 
which comprise the Consolidated Income Statement, Consolidated Balance Sheet, 
Consolidated Cash Flow Statement, Consolidated Statement of Changes in Equity 
and the related notes, has been reviewed by the Group's auditor.  In addition, 
the Group's auditor has read the other information contained in the half-yearly 
financial report and considered whether it contains any apparent misstatements 
or material inconsistencies with the financial information. 
 
Further enquiries: 
 
WFCA plc 
Stephen Latter, Financial Director            Tel: [phone] 
 
Daniel Stewart & Company plc 
Simon Leathers/Oliver Rigby                   Tel: [phone] 
 
 
WFCA plc is a uniquely placed full service Marketing Communications Agency and 
positioned as the "London Agency not in London".  Their role is as a different 
kind of Agency, with completely integrated and full service resource delivering 
advertising, design, direct, digital and media solutions to a wide range of blue 
chip Clients, but at a much lower cost than their London based competitors. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR SFISAMFSSEIE