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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Xpertise Grp | LSE:XPG | London | Ordinary Share | GB00B0Z6YX31 | ORD 8P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 160.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:9148O
Xpertise Group PLC
28 February 2008
FOR RELEASE 7.00AM 28 February 2008
XPERTISE GROUP PLC
("the group" or "the company")
Xpertise is one of the UK's leading IT Training companies
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007
Highlights
Results
* Revenue up 40% to £22.3 million (2006: £16.0 million).
* Operating profit before exceptional items up 126% to £631,000 (2006:
£279,000).
* Profit before tax up 103% to £646,000 (2006: £319,000).
* Cash and cash equivalents of £2,132,000 (2006: £1,498,000).
* Strong contribution from substantial new contracts
Comparative figures have been adjusted following the publication of results
under International Financial Reporting Standards.
Outlook
* The board looks forward to 2008 with optimism.
* The board will continue to explore corporate opportunities to enhance
shareholder value.
For further information:
Xpertise Group PLC
Richard Last (Chairman) 01608 683108
Ian Johnson (Managing Director) 0113 382 6150
Daniel Stewart & Company PLC
Simon Leathers 020 7776 6550
Simon Starr
Cubitt Consulting
Brian Coleman-Smith 020 7367 5100
James Verstringhe
Background Note
Xpertise is one of the UK's leading providers of managed training services,
authorised IT, professional and soft skills training. Its aim is to help
companies nationwide to exploit technology to become more efficient, more
productive and more competitive.
Xpertise has a nationwide network of training centres located in London, Thames
Valley, Leeds, Manchester, East Midlands and Tyne & Wear.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the results of the group for the year ended 31 December
2007. This has been a record year of revenue and profits and we have seen strong
progress in a number of key areas:
* Significant growth in Xpertise's Learning Services business, with
success in winning and delivering major managed training services contracts
* Substantial growth in our core IT and professional skills business
* Continuing progress in the development of the soft skills business
acquired in 2006
* Strong cash generation
* Refurbishment of the Leeds training centre and administration
facilities
Results
For the year ended 31 December 2007, revenue has improved by 40% to £22.3
million and profitability at the operating level, before exceptional items of
£77,000, has improved by 126% to £631,000 compared to the previous year.
Revenue in our core business improved by 18% in IT training and by 15% in
professional skills training compared to last year. This is particularly
pleasing as this market remains highly competitive.
In addition to this, two significant, multi-year managed training services
contracts that were secured at the beginning of 2007 have contributed £4.0
million to revenue.
Xpertise's soft skills training business also traded successfully in 2007
contributing £1.0 million to revenue for the year.
Dividend
For the first time for a number of years, the Board is pleased to recommend the
payment of a dividend for the year ended 31 December 2007 of 2.5 pence per share
(2006: Nil). If approved, the dividend will be paid on 18 April 2008 to
shareholders on the register at the close of business on 14 March 2008.
Employees
I would like to thank all our employees for their considerable contribution and
commitment to the group over the last year.
Business development
We aim to develop the group's business in four key areas of training: IT,
professional skills, soft skills and learning services. Our Learning Services
business, which provides clients with a fully managed, tailored and bespoke
service, operates across our key product training areas, offering innovative
delivery methods. We will look to grow all these areas both organically and by
acquisition, if appropriate opportunities arise.
During 2007, we enjoyed considerable success in winning managed training service
contracts that contributed strongly to the group's results in 2007. We expect to
continue to expand our Learning Services business in 2008 by positioning the
business to win additional contracts of this nature.
Outlook
We look forward to continued revenue and operating profit growth in 2008.
However, the UK IT training market remains highly competitive and is susceptible
to the impact of any economic downturn. During 2008, we intend to continue to
develop professional relationships with key clients and to build on the strong
trading platform we have created over the last three years.
The Board will continue to explore corporate opportunities where we believe,
through additional scale and cost savings, we can deliver enhanced shareholder
value.
Richard Last
Chairman
28 February 2008
OPERATING AND FINANCIAL REVIEW
OPERATING REVIEW
Business profile
Xpertise is one of the UK's leading providers of managed training services,
authorised IT, professional and soft skills training. Its aim is to help
companies nationwide to exploit technology to become more efficient, more
productive and more competitive.
Xpertise has a nationwide network of training centres located in London, Thames
Valley, Leeds, Manchester, East Midlands and Tyne & Wear. These centres have 45
fully equipped training rooms offering a capacity of approximately 500 delegate
places. Increasingly, training is also carried out at customer locations and by
third parties. There are 37 full-time instructors and approximately 100
associate instructors available to deliver training throughout the UK.
IT training
Xpertise offers over 500 training courses and programmes for IT professionals
and developers, covering all the major areas of IT, including: A+, Network+,
C++, Checkpoint, Cisco, Citrix, Help Desk, Java, Linux/Unix, IBM, Microsoft, OO,
Oracle and Redhat.
IT training turnover increased by 18% compared to 2006 as a result of winning
new clients and extending existing client relationships. We achieved some
notable business successes in 2007, including the provision of significant
training programmes for Accenture, Atos, BT, Dell, EDS, Experian, HM Revenue &
Customs, HSBC, Sage and Sainsbury's.
Xpertise was named 2007 IBM Reseller of the Year in recognition of the
substantial revenue growth achieved during the year.
Professional skills
Xpertise is fully accredited by the ISEB to deliver ITIL service management
courses and by the APM Group for the delivery of PRINCE2 project management and
MSP training. Sales of professional skills training increased by 15% and
amounted to £3.7 million (2006: £3.3 million).
Soft skills
Soft skills training includes personal development, management development,
customer service training, soft skills for project managers, team development
and graduate development programmes. We have introduced 'intensive development
and accreditation programmes' to the curriculum and The Chartered Management
Institute has accredited a number of these programmes. Soft skills revenue
amounted to £1.0 million (2006: £1.2 million) and declined due to the completion
of two large contracts in 2006.
Learning Services
Learning Services offers clients a fully managed, tailored and bespoke service.
Learning Services provides graduate programmes, project management programmes
and new technology roll-outs. A training service can include elements of blended
learning, e-learning, mentoring, seminars, skills consulting, workshops and
training needs analysis. Learning Services also provides a full managed service
for those clients wishing to partially or fully outsource their learning and
development functions.
We continue to expand Learning Services and during 2007 we delivered managed
training services to a number of large enterprises. We have successfully
delivered two new major contracts that were won at the start of 2007 for a
government organisation and for Computacenter; these contracts contributed £4.0
million to revenue in 2007. In addition, Learning Services won further managed
training service contracts in 2007 with Experian and Sage.
FINANCIAL REVIEW
Results
Revenue increased by 40% to £22.3 million (2006: £16.0 million) and operating
profit before exceptional items improved to £631,000 (2006: £279,000). After
exceptional items of £77,000 (2006: £nil) and net finance income of £92,000
(2006: £40,000), the group profit before taxation improved to £646,000 (2006:
£319,000). After a tax credit of £585,000 (2006: charge of £12,000) primarily
due to a previously unrecognised deferred tax asset assessed as recoverable, the
profit for the year attributable to equity holders was £1,231,000 (2006:
£307,000).
International Financial Reporting Standards ('IFRS')
These results incorporate the effects of the group's first time adoption of IFRS
in the year ended 31 December 2007 and the restatement to IFRS of prior year
comparatives and 2006 opening balances. The impact of IFRS on the 2007 results
is as follows:
* Operating profit is reported after the impact of employee holiday
accrual expense of £10,000 (2006: £10,000).
* Goodwill was previously amortised in the income statement on a
straight line basis resulting in a previously reported charge of £347,000
in the year ended 31 December 2006. Under IFRS goodwill is not amortised
but instead issubject to annual impairment tests and as a result, operating
profit is now reported after goodwill amortisation of £nil (2006: £nil).
Reduction of capital
Following the passing of a special resolution by shareholders at the company's
Annual General Meeting held on 16 April 2007 and following confirmation by an
Order of the High Court of Justice, Chancery Division, the amount standing to
the credit of the company's share premium account was reduced by £9,164,000 on 6
June 2007. The effect of this is to eliminate the deficit on the company's
retained earnings so that the company is able to pay dividends in the future.
Key performance indicators
The management of gross margin and overheads are key to effective performance. A
number of KPIs are regularly monitored including: rate per delegate day, course
fill rates, trainer and classroom utilisation.
The gross profit percentage has reduced to 34.2% (2006: 37.8%), reflecting the
higher proportion of lower margin courses delivered by third parties on some of
the managed training service contracts. We continually review the composition of
course schedules to ensure optimum utilisation of training rooms and instructors
and to maximise course fill rates. During 2007, course fill rates improved by
3%, trainer utilisation reduced by 3% and classroom utilisation improved by 2%.
Although revenue increased by 40%, we have continued to maintain tight control
over our cost base whilst investing in areas of the business that will maintain
the pace of growth. Overhead costs as a percentage of revenue improved to 31%
(2006: 36%).
Cash flow, bank balances and bank facilities
We have maintained good working capital control during the year. The group
generated cash from operating activities of £938,000 (2006: £663,000) and had
net cash at 31 December 2007 of £2,132,000 (2006: £1,498,000). Net finance
income amounted to £92,000 (2006: £40,000). We also continued our capital
investment programme in 2007 by investing £304,000 (2006: £291,000) in
improvements to classroom facilities and our business infrastructure.
FUTURE PROSPECTS
I am pleased with the progress we are making in all our key business areas: IT,
professional skills, soft skills and Learning Services.
I am also encouraged by the successful delivery in 2007, by Learning Services,
of two major managed training services contracts that were secured at the start
of the year. Learning Services is now an established, significant part of
Xpertise that is well positioned to win further substantial contracts of this
nature.
The group intends to build on the solid trading and financial platform that has
been created and I look forward to the group's continued development in 2008.
Ian Johnson
Managing Director
28 February 2008
Consolidated Income Statement
for the year ended 31 December 2007
Year ended Year ended
31 December 31 December
2007 2006
Note £000 £000
--------------------------------------------------------------------------------
Revenue 2 22,294 15,949
Cost of sales (14,680) (9,924)
--------------------------------------------------------------------------------
Gross profit 7,614 6,025
--------------------------------------------------------------------------------
Administrative expenses
(including exceptional items) (7,060) (5,746)
--------------------------------------------------------------------------------
Operating profit before exceptional items 631 279
Exceptional items 3 (77) -
--------------------------------------------------------------------------------
Operating profit 554 279
Finance income 102 50
Finance expense (10) (10)
--------------------------------------------------------------------------------
Profit before taxation 646 319
Taxation 4 585 (12)
--------------------------------------------------------------------------------
Profit for the year attributable
to equity holders 1,231 307
--------------------------------------------------------------------------------
Earnings per share:
Basic and diluted 5 23.10p 5.80p
--------------------------------------------------------------------------------
All amounts relate to continuing activities.
Consolidated Balance Sheet
at 31 December 2007
31 December 31 December
2007 2006
£000 £000
---------------------------------------------------------------------------------
Non-current assets
Intangible assets 5,229 5,229
Property, plant and equipment 504 520
Deferred tax asset 598 -
---------------------------------------------------------------------------------
6,331 5,749
---------------------------------------------------------------------------------
Current assets
Inventory 71 93
Trade and other receivables 4,300 3,047
Cash and cash equivalents 2,132 1,498
---------------------------------------------------------------------------------
6,503 4,638
---------------------------------------------------------------------------------
Current liabilities
Trade and other payables (6,937) (5,694)
Current tax liabilities (20) (17)
---------------------------------------------------------------------------------
(6,957) (5,711)
---------------------------------------------------------------------------------
Non-current liabilities
Convertible debt - (185)
Other - (40)
---------------------------------------------------------------------------------
- (225)
---------------------------------------------------------------------------------
Net assets 5,877 4,451
---------------------------------------------------------------------------------
Capital and reserves attributable to
equity holders of the parent
Share capital 3,542 3,515
Share premium 329 9,320
Convertible debt reserve - 50
Merger reserve 1,217 1,217
Retained earnings 789 (9,651)
---------------------------------------------------------------------------------
Total equity 5,877 4,451
---------------------------------------------------------------------------------
Consolidated Cash Flow Statement
for the year ended 31 December 2007
Year ended Year ended
31 December 31 December
2007 2006
£000 £000
--------------------------------------------------------------------------------
Cash flows from operating activities
Profit before taxation 646 319
Adjustments for:
Depreciation 320 277
Finance income (102) (50)
Finance expenses 10 10
Share-based payment expenses - 23
--------------------------------------------------------------------------------
Cash flows from operating activities before
changes in working capital and provisions 874 579
Changes in inventory 22 (9)
Changes in trade and other receivables (1,253) (545)
Changes in trade and other payables 1,203 588
--------------------------------------------------------------------------------
Net cash inflow from operations 846 613
Interest received 102 50
Tax paid (10) -
--------------------------------------------------------------------------------
Net cash inflow from operating activities 938 663
--------------------------------------------------------------------------------
Cash flows from investing activities
Acquisition of subsidiaries (net of cash
and cash equivalents) - (157)
Purchase of property, plant and equipment (304) (291)
Disposal of property, plant and equipment - 8
--------------------------------------------------------------------------------
Net cash outflow from investing activities (304) (440)
--------------------------------------------------------------------------------
Cash flows from financing activities
Repayment of bank loans - (52)
--------------------------------------------------------------------------------
Net cash outflow from financing activities - (52)
--------------------------------------------------------------------------------
Net cash inflow 634 171
Cash and cash equivalents at start of year 1,498 1,327
--------------------------------------------------------------------------------
Cash and cash equivalents at end of year 2,132 1,498
--------------------------------------------------------------------------------
Consolidated Statement of Changes in Equity
for the year ended 31 December 2007
Issued Share Convertible Merger Retained Total
capital premium debt reserve earnings
reserve
£000 £000 £000 £000 £000 £000
--------------------------------------------------------------------------------
At 1 January 2006 3,510 9,275 50 1,217 (9,981) 4,071
Issue of shares 5 45 - - - 50
Share-based payments - - - - 23 23
Profit for the year - - - - 307 307
--------------------------------------------------------------------------------
At 31 December 2006 3,515 9,320 50 1,217 (9,651) 4,451
--------------------------------------------------------------------------------
Issue of shares 27 173 (50) - 45 195
Capital reorganisation - (9,164) - - 9,164 -
Profit for the year - - - - 1,231 1,231
--------------------------------------------------------------------------------
At 31 December 2007 3,542 329 - 1,217 789 5,877
--------------------------------------------------------------------------------
Notes to the preliminary results
1 BASIS OF PREPARATION
Xpertise Group PLC's financial statements were prepared under UK Generally
Accepted Accounting Principles ("UK GAAP") until 31 December 2006. In preparing
the financial statements for the year ended 31 December 2007 under International
Reporting Standards ('IFRS') for the first time, the directors have amended
certain accounting methods to comply with IFRS. The comparative figures in
respect of the year ended 31 December 2006 have been restated to reflect these
adjustments and the disclosures required by IFRS1 concerning the transition from
UK GAAP to IFRS are given in note 10.
2 SEGMENTAL INFORMATION
The group has one trading subsidiary which, although providing different
training products, has one management team and a single operating structure. All
the revenue during the year ended 31 December 2007 is attributable to sales in
the UK arising from the principal activity of the group of the supply of IT
training services.
3 EXCEPTIONAL ITEMS
Exceptional items of £77,000 (£2006: £nil) relate to capital restructuring
costs.
4 TAXATION
There is a taxation credit for the year of £585,000 (2006: £12,000 charge), of
which a credit of £598,000 (2006: £nil) relates to a previously unrecognised
deferred tax asset assessed as recoverable.
5 EARNINGS PER SHARE
Year ended Year ended
31 December 31 December
2007 2006
Basic and diluted 23.10p 5.80p
--------------------------------------------------------------------------------
Excluding exceptional items 24.55p 5.80p
--------------------------------------------------------------------------------
Weighted average number of shares in issue 5,329,841 5,296,073
Profit for the financial year £1,231,421 £307,483
Profit for the financial year before
exceptional items £1,308,421 £307,483
Basic profit per share 23.10p 5.80p
Profit per share excluding exceptional items 24.55p 5.80p
--------------------------------------------------------------------------------
The weighted average number of shares in issue for the year ended 31 December
2007 reflects the issue of 333,333 ordinary shares on 30 November 2007 in
respect of convertible loan notes.
An additional calculation of profit per share has been provided to exclude the
effect of exceptional items to enable shareholders to make comparisons with
other companies in the industry. Basic and diluted profit per share are the
same, as the effect of all potential ordinary shares is antidilutive.
6 DIVIDEND
The directors recommend the payment of a dividend of 2.5 pence per share in
respect of the year ended 31 December 2007, subject to shareholder approval at
the Annual General Meeting on 16 April 2008. The dividend will be paid on 18
April 2008 to shareholders on the register on 14 March 2008. These financial
statements do not reflect this dividend payable, which will be accounted for in
the statement of changes in equity as an appropriation of retained earnings in
the year ending 31 December 2008.
7 STATUTORY ACCOUNTS
The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2006 or 31 December 2007 but
is derived from the accounts. Statutory accounts for the year ended 31 December
2006 have been delivered to the Register of Companies and for the year ended 31
December 2007 will be delivered to the Register of Companies following the
company's annual general meeting. The auditors have reported on those accounts;
their reports were unqualified and did not include a reference to any matters to
which the auditors drew attention by way of emphasis without qualifying their
reports or contain statements under s237 (2) or (3) Companies Act 1985.
8 ANNUAL REPORT
The Annual Report will be posted to shareholders on or about 6 March 2008 and
copies will be available from the Company Secretary, Islington House, Brown Lane
West, Leeds, LS12 6BD.
9 ANNUAL GENERAL MEETING
The Annual General Meeting will be held at 10.30am on Wednesday, 16 April 2008
at the offices of Taylor Wessing, 50 Victoria Embankment, Blackfriars, London,
EC4Y 0DX.
10 FIRST TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ('IFRS')
(a) Introduction
The group financial statements have been prepared in accordance with
International Accounting and Financial Reporting Standards ("IFRS") and are
presented in UK sterling. The reconciliations below have been prepared on the
basis that all IFRSs, International Financial Reporting Interpretation Committee
("IFRIC") interpretations, and current IASB exposure drafts will be issued as
final standards and adopted by the European Commission. The main differences
between the group financial statements prepared according to UK GAAP and those
under IFRS are that goodwill is not amortised, but instead is subject to an
annual impairment review and that provision is made for a vacation accrual at
each year end. The consolidated financial statements have been prepared on a
historical cost basis.
(b) Transition date and first-time adoption of IFRS
The transition date to IFRS is 1 January 2006. All adjustments on first-time
adoption were recorded in shareholders' equity on the date of transition.
IFRS1 'First-Time Adoption of International Financial Reporting Standards' sets
out the transition rules which must be applied when IFRS is adopted for the
first time. As a result, certain of the requirements and options in IFRS1 may
result in a different application of accounting policies in the 2006 restated
financial information from that which would apply if the 2006 financial
statements were the first financial statements.
The standard sets out certain mandatory exemptions to retrospective application
and certain optional exemptions.
The most significant optional exemptions available that have been taken by the
group and the parent company are as follows:
* Business combinations effected before 1 January 2006, including those
that were accounted for using the merger method of accounting under UK
accounting standards, have not been restated. The carrying amount of
capitalised goodwill at 31 December 2005 that arose on business combinations
accounted for using the acquisition method under UK GAAP was frozen at this
amount and tested for impairment at 1 January 2006.
* The group has adopted the exemption to apply IFRS2 'Share-based
payment' only to awards made after 7 November 2002 that had not vested by
1 January 2006.
(c) Goodwill amortisation and impairment
Under UK GAAP goodwill was amortised through the Income Statement on a
straight-line basis and impairment reviews were carried out periodically or when
a specific event occurred. Under IAS38, goodwill is not amortised through the
Income Statement but instead is subject to an annual test for impairment which
may result in adjustments in the Income Statement and the Balance Sheet.
(d) Vacation accrual
Under IAS19 'Employee Benefits', an accrual has been made for the full monetary
value of holiday to which staff and temporary workers are entitled but, at the
balance sheet date, had not been taken.
(e) Explanation of principal differences between the cash flow statements
presented under UK GAAP and the cash flow statements presented under IFRS
The cash flow statement has been prepared in conformity with IAS7 'Cash Flow
Statements'.
The principal differences between the 2006 cash flow statement presented in
accordance with UK GAAP and the cash flow statement resented in accordance with
IFRS for the same periods are as follows:
* Under UK GAAP, net cash flow from operating activities was determined
before considering cash outflows from (a) returns on investments and servicing
of finance, and (b) taxes paid. Under IFRS, these two sections of the cash flow
statement do not exist and the related cash flows are categorised as operating,
investing or financing as appropriate.
* Under UK GAAP, acquisitions are separately classified, while under
IFRS, they are included within investing activities.
Reconciliation of Consolidated Income Statement
for the year ended 31 December 2006
------------------------------------------------------------------------------------
Reported IAS 19 IFRS 3 Total Restated
under employee business effect of under
UK GAAP benefits combinations transition IFRS
£000 £000 £000 to IFRS £000
£000
------------------------------------------------------------------------------------
Revenue 15,949 - - - 15,949
Cost of sales (9,924) - - - (9,924)
------------------------------------------------------------------------------------
Gross profit 6,025 - - - 6,025
Administrative expenses (6,083) (10) 347 337 (5,746)
------------------------------------------------------------------------------------
Operating profit/(loss) (58) (10) 347 337 279
------------------------------------------------------------------------------------
Operating profit before goodwill
amortisation and exceptional items 289 (10) - (10) 279
Amortisation of goodwill (347) - 347 347 -
------------------------------------------------------------------------------------
Operating profit/(loss) (58) (10) 347 337 279
------------------------------------------------------------------------------------
Finance income 50 - - - 50
Finance expenses (10) - - - (10)
------------------------------------------------------------------------------------
Profit/(loss) before tax (18) (10) 347 337 319
Taxation (12) - - - (12)
------------------------------------------------------------------------------------
Profit/(loss) for the year (30) (10) 347 337 307
------------------------------------------------------------------------------------
Basic earnings per share (0.56p) (0.19p) 6.55p 6.36p 5.80p
------------------------------------------------------------------------------------
Reconciliation of Consolidated
Balance Sheet
as at 1 January 2006
--------------------------------------------------------------------------------
Reported IAS19 Total Restated
under employee effect of under
UK GAAP benefits transition IFRS
to IFRS
£000 £000 £000 £000
--------------------------------------------------------------------------------
Non-current assets
Intangible assets 4,979 - - 4,979
Property, plant and equipment 506 - - 506
--------------------------------------------------------------------------------
5,485 - - 5,485
--------------------------------------------------------------------------------
Current assets
Inventory 84 - - 84
Trade and other receivables 2,418 - - 2,418
Cash and cash equivalents 1,327 - - 1,327
--------------------------------------------------------------------------------
3,829 - - 3,829
--------------------------------------------------------------------------------
Current liabilities
Trade and other payables (4,989) (22) (22) (5,011)
Borrowings (52) - - (52)
Current tax liabilities (5) - - (5)
--------------------------------------------------------------------------------
(5,046) (22) (22) (5,068)
--------------------------------------------------------------------------------
Non-current liabilities
Convertible debt (175) - - (175)
--------------------------------------------------------------------------------
(175) - - (175)
--------------------------------------------------------------------------------
Net assets 4,093 (22) (22) 4,071
--------------------------------------------------------------------------------
Capital and reserves
Share capital 3,510 - - 3,510
Share premium 9,275 - - 9,275
Convertible debt reserve 50 - - 50
Merger reserve 1,217 - - 1,217
Retained earnings (9,959) (22) (22) (9,981)
--------------------------------------------------------------------------------
Total equity 4,093 (22) (22) 4,071
--------------------------------------------------------------------------------
Reconciliation of Consolidated Balance Sheet
As at 31 December 2006
----------------------------------------------------------------------------------
Reported Opening IAS19 IFRS3 Total Restated
Under balance employee business effect of under
UK GAAP sheet adjusted benefits combi- transition IFRS
nations to IFRS
£000 £000 £000 £000 £000 £000
----------------------------------------------------------------------------------
Non-current assets
Intangible assets 4,882 - - 347 347 5,229
Property, plant
and equipment 520 - - - - 520
----------------------------------------------------------------------------------
5,402 - - 347 347 5,749
----------------------------------------------------------------------------------
Current assets
Inventory 93 - - - - 93
Trade and other
receivables 3,047 - - - - 3,047
Cash and cash
equivalents 1,498 - - - - 1,498
----------------------------------------------------------------------------------
4,638 - - - - 4,638
----------------------------------------------------------------------------------
Current liabilities
Trade and other
payables (5,662) (22) (10) - (32) (5,694)
Current tax
liabilities (17) - - - - (17)
----------------------------------------------------------------------------------
(5,679) (22) (10) - (32) (5,711)
----------------------------------------------------------------------------------
Non-current
liabilities (185) - - - - (185)
Convertible debt
Other (40) - - - - (40)
----------------------------------------------------------------------------------
(225) - - - - (225)
----------------------------------------------------------------------------------
Net assets 4,136 (22) (10) 347 315 4,451
----------------------------------------------------------------------------------
Capital and
reserves
Share capital 3,515 - - - - 3,515
Share premium 9,275 - - 45 45 9,320
Convertible debt
reserve 50 - - - - 50
Merger reserve 1,262 - - (45) (45) 1,217
Retained earnings (9,966) (22) (10) 347 315 (9,651)
----------------------------------------------------------------------------------
Total equity 4,136 (22) (10) 347 315 4,451
----------------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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