TIDMACC
RNS Number : 3612H
Access Intelligence PLC
17 August 2016
FOR RELEASE
7.00AM
17 August 2016
ACCESS INTELLIGENCE PLC
("Access Intelligence" or "the Group")
UNAUDITED INTERIM RESULTS
FOR
the six monthsED 31 may 2016
Access Intelligence Plc (AIM: ACC), a leading supplier of
Software-as-a-Service (SaaS) solutions for reputation and
operational risk management, announces its unaudited half year
results for the six months ended 31 May 2016.
Restated *
6 months 6 months
ended ended
31-May-16 31-May-15
GBP'000 GBP'000
Continuing operations
Revenue 5,535 2,024
EBITDA (506) (225)
Loss after tax (1,169) (465)
Profit/(loss) for the period
from discontinued operations
net of tax:
- From trading activities (587) (46)
- Profit on disposal of subsidiary
undertaking 1,664 900
Total (loss)/profit for period
after tax (92) 389
Continuing and discontinued
operations
Basic (loss)/profit per share (0.03)p 0.17p
Diluted (loss)/profit per share (0.03)p 0.16p
Continuing operations
Basic loss per share (0.37)p (0.20)p
Diluted loss per share (0.37)p (0.20)p
*Restated - prior period comparatives have been restated to
disclose Due North Limited and AITrackRecord Limited as
discontinued activities.
Highlights:
-- Revenue from continuing operations increased to GBP5.5
million (H1 2015 restated: GBP2.0 million), reflecting the
acquisition of the trade and assets of Cision UK Limited and Vocus
UK Limited (the "Acquisition"). Revenue from existing continuing
operations increased to GBP2.1 million (H1 2015 restated: GBP2.0
million).
-- Contracted revenue not yet invoiced from continuing
operations increased to GBP4.3 million (H1 2015 restated: GBP3.4
million), including the impact of the Acquisition. Contracted
revenue not yet invoiced from existing continuing operations
decreased to GBP2.7 million (H1 2015 restated: GBP3.4 million).
-- Deferred revenue from continuing operations increased to
GBP4.4 million (H1 2015 restated: GBP2.0 million),
including the impact of the Acquisition. Deferred revenue from
existing continuing operations decreased to
GBP1.8 million (H1 2015 restated: GBP2.0 million).
-- The sale of Due North Limited ("Due North"), formerly a
wholly-owned subsidiary of Access Intelligence, was completed on 3
February 2016.
-- Following the sale of Due North, the Group completed the
early redemption of GBP0.9 million of loan notes on 22 April
2016.
-- The sale of AITrackRecord Limited, formerly a wholly-owned
subsidiary of Access Intelligence but now an associate company
through Access Intelligence's 20% shareholding in its new parent
company, TrackRecord Holdings Limited, was completed after the
balance sheet date on 1 July 2016.
-- Recurring revenue from existing continuing operations
increased by 2% to GBP2.0 million (H1 2015 restated: GBP1.9
million). Including the GBP3.1 million impact of the Acquisition,
total recurring revenue from continuing operations was GBP5.1
million, being 93% (H1 2015 restated: 94%) of total revenue from
continuing operations.
-- Loss before taxation from existing continuing operations was
GBP0.7 million (H1 2015 restated: loss GBP0.5 million). The
Acquisition contributed a further GBP0.5 million loss, resulting in
a total loss from continuing operations of GBP1.2 million.
-- Cash balance at 31 May 2016 was GBP2.5 million (H1 2015:
GBP1.7 million) following the proceeds from the disposal of Due
North and the repayment of GBP0.9 million of loan notes.
Michael Jackson, Non-Executive Chairman, commented:
"The first half of 2016 has been a pivotal period for Access
Intelligence, as the Group has continued to integrate the
businesses of Cision UK Limited and Vocus UK Limited with its
existing Vuelio operations as part of its strategic focus on
reputation software. The Acquisition has increased the Group's H1
revenue from continuing operations by GBP3.5 million. The Group's
strategic focus also prompted the divestment of the e-procurement
solution provider Due North Limited in February 2016 and,
subsequent to the balance sheet date, Access Intelligence secured
significant investment into AITrackRecord Limited through reducing
its shareholding to 20%. Following the 2016 divestments, the Group
has undertaken a significant restructuring of its operations to
reduce costs and to allow focus on its core business with a view to
improving performance in 2017."
For further information:
Access Intelligence plc 0843 659 2940
Michael Jackson (Non-Executive Chairman)
Joanna Arnold (CEO)
Allenby Capital
David Worlidge / James Thomas 020 3328 5656
Chairman's Statement
I am pleased to announce our results for the six months ended 31
May 2016, which have seen revenue from continuing operations
increase by 173% as a result of our substantial acquisition in the
reputation business during H2 2015. All companies that form part of
the Group's continuing operations saw their revenue increase
year-on-year, with the exception of AI Talent Limited. In addition
to the GBP3.5 million of revenue added by the Acquisition, and
despite a focus on integration, Access Intelligence Media &
Communications Limited's saw a 1% increase in revenue whilst
AIControlPoint's revenue increased by 13%. Whilst Access
Intelligence Media & Communications Limited's revenue growth
seems modest, its recurring revenue grew by 4% year-on-year,
supported by significant new business wins. This recurring revenue
growth was also hindered by the loss of two customers, who
generated strong revenues but lower margins, as they required
significant third party services to be bought in to support them.
Excluding the impact of these two customer losses, recurring
revenue would have grown by 8% year-on-year.
During the period, we have invested significant resources in
developing the existing Vuelio product suite to deliver new
functionality for existing customers and to support those customers
joining Vuelio as part of the Acquisition. The original Vuelio
product was focused on the public sector and regulated industries,
so the current product investment has been designed to enhance the
product and to create a like-for-like migration for the
Acquisition's broader reputation customer base. Access Intelligence
believes that this investment will enable the Group to offer an
innovative and unique product suite in the reputation space.
Results for the half year
The Group's revenue from existing continuing operations
increased to GBP2,050,000 (H1 2015 restated: GBP2,024,000), an
increase of 1.3%. Furthermore, the Acquisition complemented the
Group's existing reputation software platform and helped increase
total revenue from continuing operations by a further GBP3,485,000
to GBP5,535,000. Recurring revenue for the first half of the year
was GBP5,140,000, comprising 93% of total revenue (H1 restated:
GBP1,909,000; 94%).
The Group's loss from existing continuing operations was
GBP737,000 (H1 2015 restated: loss GBP471,000) which includes
charges of GBP104,000 for depreciation and amortisation (H1 2015
restated: GBP146,000) and GBP18,000 for share based payments (H1
2015: GBP18,000). The Acquisition contributed a further loss of
GBP432,000, including charges of GBP373,000 for depreciation and
amortisation.
Cost of sales from existing continuing operations increased to
GBP482,000 (H1 2015 restated: GBP431,000) and gross margin was 76%
(H1 2015 restated: 79%). Cost of sales relating to the Acquisition
totalled GBP2,085,000, resulting in total cost of sales from
continuing operations of GBP2,567,000 and gross margin of 54%.
Operating costs from existing continuing operations increased to
GBP2,102,000 (H1 2015 restated: GBP1,945,000), with operating costs
from the Acquisition being GBP1,831,000. Total operating costs from
continuing operations were GBP3,933,000.
The basic loss per share from continuing operations was 0.37p
(H1 2015 restated: loss 0.20p).
The Group had cash at the end of the period of GBP2,488,000 (H1
2014: GBP1,685,000).
Strategy
Access Intelligence delivered on our commitment to simplify
Group operations following the Acquisition. To achieve this, the
Group completed the divestment of Due North, with the proceeds of
the sale used to repay some of the loan notes issued to fund the
reputation management acquisition in the prior year and cover the
R&D expenses associated with the integration of the acquired
business.
Following the half year period end, the Group completed the
divestment of AITrackRecord Limited into a new investment vehicle,
with Access Intelligence retaining a 20% stake of the newly formed
joint venture (see Subsequent Events). The divestment enabled us to
dramatically reduce Group costs and keep a small development
presence at the York Centre of Excellence (CoE).
The rationalisation of Group structure gave us the opportunity
to streamline senior management, both creating the most appropriate
employee structure for the business and maximising levels of
investment in sales, service delivery and development.
The half year in focus
Reputation and Risk Management Software Portfolio:
Vuelio (AIMediaComms and AIMediaData):
The combination of AIMediaComms Ltd with the acquired
AIMediaData Ltd under the go-to-market brand Vuelio is all-but
complete with regard to internal operations. We have made
significant progress in moving clients on from legacy systems, and
have taken the opportunity to offload a number of loss-making
clients inherited as a result of the Acquisition.
Our ongoing work to bring all programs on to a single
standardised platform continues under a new Head of Product with
significant experience both in product innovation and product
development in the media and communications industry. We have
migrated over 40 per cent of the acquired client base to the new
platform, including Continental Tyres, Amnesty International and
Oxford Brookes University, and are continuing to develop
functionality to support the migration of the remaining
customers.
Much of the Vuelio offering is already available on one
platform. The entire portfolio includes media and public affairs
databases, and public relations and public affairs monitoring and
analysis, as well as stakeholder relationship management and FOI
services - full integration should bring significant opportunities
at the highest level.
Although new business sales and customer retention were both
impacted by the staggered delivery of functionality in the new
platform, we have already benefited from cross-sell and upsell into
the traditional AIMediaComms market, strengthening our
relationships with clients including the LSE, Buckinghamshire NHS
Trust and Surrey Police and providing validation of our ongoing
business strategy. At the same time, we are expanding the
AIMediacomms product beyond its traditional base in public and
third sectors and highly-regulated industries, with a broader
portfolio solutions, attractive across all verticals.
AIControlPoint: AIControlPoint has made steady progress with its
market diversification during the first half of the year, securing
key wins in both core and new sectors despite the continuing
downturn in the oil & gas industry. The current political
climate is the catalyst for the surge in the number of
organisations looking to improve emergency and crisis management
capability. As a result of this, AIControlPoint has seen an
increase in formal procurement processes in what was traditionally
an 'educational sale' type market. Customer retention rates through
2015 and 2016 are strong, indicating that crisis management tools
are becoming more and more a part of an organisation's fabric.
Disposal of Due North Limited
The sale of Due North was completed on 3 February 2016. Due
North delivers e-procurement services but was considered non-core
to the Group's strategic focus on SaaS in the reputation and risk
management sectors. The net cash inflow received for the company
after costs was GBP4,030,000 and the divestment resulted in a Group
profit on disposal of GBP1,664,000.
Current Trading
The first half of 2016 was focused on the continued
restructuring of the Group, with significant changes being
implemented in respect of the Acquisition.
The Group has continued to make a significant investment in the
Vuelio product, with expenditure in this area exceeding GBP0.36
million during the six-month period. These product enhancements
have been designed to expand the functionality of the existing
Vuelio platform and to ensure that acquired customers migrating
from legacy platforms to Vuelio are able to do so on a like for
like basis.
In addition, the Group has also incurred transition and
migration costs in excess of GBP0.26 million in respect of the
Acquisition. These costs are expected to continue through until the
end of 2016 when acquired customers will be migrated and the
Transitional Services Agreement will end.
During the period, the Group divested Due North and, subsequent
to the balance sheet date, AITrackRecord Limited. Both of these
divestments formed part of the Group's increasing focus on the
reputation sector. Whilst profit during the period from
discontinued operations was GBP1.08 million, this reflected a
profit on disposal of GBP1.66 million offset by a trading loss from
these businesses of GBP0.58 million.
Subsequent to the 2016 divestments, the Group undertook
significant restructuring of its operations to reduce costs. The
full impact of this restructuring and cost reduction will not be
seen until the 2017 financial year.
Subsequent events
As announced, Access Intelligence agreed terms to dispose of
100% of its subsidiary AITrackRecord Limited to TrackRecord
Holdings Limited, a newly formed company, on 1 July 2016.
Consideration comprised 20% of the share capital of TrackRecord
Holdings Limited and a deferred cash payment of GBP101,000, payable
when a similar amount is received by AITrackRecord Limited from
HMRC as a R&D tax credit for AITrackRecord Limited's business
in the pre-acquisition period. Group profit on disposal of
AITrackRecord Limited was GBP609,000.
TrackRecord Holdings Limited recently received GBP2.5 million in
cash in return for 80% of the equity in the business, therefore we
value Access Intelligence's 20% stake at approximately GBP0.7
million.
AITrackRecord was heavily loss making, and this divestment has
enabled the Group to realise significant cost savings, both from
the AITrackRecord company and across the wider business. Annualised
cost savings as a result of the divestment are estimated to be
approximately GBP2 million.
Michael Jackson
Non-executive Chairman
Access Intelligence plc
Consolidated Statement of Comprehensive Income
for the 6 months ended 31 May 2016
There were no recognised gains and losses in the period, or in
prior periods, other than the results below:
Restated Restated
6 months 6 months Year ended
ended ended
31-May-16 31-May-15 30-Nov-15
Continuing operations GBP'000 GBP'000 GBP'000
Revenue 5,535 2,024 7,415
Cost of sales (2,567) (431) (3,072)
--------- --------- ----------
Gross profit 2,968 1,593 4,343
Administrative expenses (3,933) (1,945) (6,367)
Share based payments (18) (18) (26)
--------- --------- ----------
Operating loss before
impairment (983) (370) (2,050)
Impairment of intangibles - - (207)
--------- --------- ----------
Operating loss (983) (370) (2,257)
Financial income - 1 1
Financial expenses (192) (102) (561)
--------- --------- ----------
Loss before tax (1,175) (471) (2,817)
Taxation credit 6 6 763
--------- --------- ----------
Loss for the period
from continuing operations (1,169) (465) (2,054)
Profit/(Loss) for the
period from discontinued
operations 1,077 854 (1,189)
--------- --------- ----------
(Loss)/profit for the
period (92) 389 (3,243)
Other comprehensive - - -
income
Total comprehensive
(loss)/profit for the
period attributable
to the owners of parent
company (92) 389 (3,243)
--------- --------- ----------
Earnings per share:
Continuing and discontinued Pence Pence Pence
operations
Basic (loss)/profit
per share (0.03)p 0.17p (1.28)p
Diluted (loss)/profit
per share (0.03)p 0.16p (1.28)p
Continuing operations
Basic loss per share (0.37)p (0.20)p (0.81)p
Diluted loss per share (0.37)p (0.20)p (0.81)p
Access Intelligence plc
Consolidated Statement of Financial Position at 31 May 2016
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended
31-May-16 31-May-15 30-Nov-15
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and
equipment 173 278 273
Intangible assets 7,475 8,581 7,423
Deferred tax asset 841 82 865
--------- --------- ----------
Total non-current assets 8,489 8,941 8,561
Current assets
Trade and other receivables 3,518 2,022 3,628
Current tax receivables - 237 101
Cash and cash equivalents 2,488 1,685 1,523
Assets classed as held
for sale 358 - 3,869
--------- --------- ----------
Total current assets 6,364 3,944 9,121
TOTAL ASSETS 14,853 12,885 17,682
Current liabilities
Trade and other payables 1,573 790 1,225
Accruals and deferred
income 5,282 3,082 6,398
Interest bearing loans
and borrowings 1,277 - 1,277
Liabilities classed
as held for sale 128 - 1,455
--------- --------- ----------
Total current liabilities 8,260 3,872 10,355
Non-current liabilities
Trade and other payables 401 - 391
Interest bearing loans
and borrowings 1,938 2,263 2,839
Deferred tax liabilities 330 593 336
--------- --------- ----------
Total non-current liabilities 2,669 2,856 3,566
TOTAL LIABILITIES 10,929 6,728 13,921
--------- --------- ----------
NET ASSETS 3,924 6,157 3,761
--------- --------- ----------
Equity
Share capital 1,576 1,324 1,535
Treasury shares (148) (148) (148)
Share premium 1,467 224 1,271
Capital redemption reserve 191 191 191
Share option valuation
reserve 382 356 364
Equity reserve 255 285 255
Retained earnings 201 3,925 293
--------- --------- ----------
TOTAL EQUITY ATTRIBUTABLE
TO EQUITY SHAREHOLDERS 3,924 6,157 3,761
--------- --------- ----------
Consolidated Statement of Changes in Equity
for the 6 months ended 31 May 2016
Share
Share Treasury Share Capital option Equity Retained Total
capital Shares premium redemption valuation reserve earnings
account reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Group
At 1 December
2014 1,324 (148) 224 191 338 126 3,536 5,591
Equity element
of convertible
loan note - - - - - 159 - 159
Total comprehensive
income for
the period - - - - - - 389 389
Share-based
payments - - - - 18 - - 18
At 31 May
2015 1,324 (148) 224 191 356 285 3,925 6,157
-------- --------- -------- ----------- ---------- -------- ---------- --------
Issue of
share capital 211 - 1,047 - - - - 1,258
Equity element
of convertible
loan - - - - - (30) - (30)
Total comprehensive
income for
the period - - - - - - (3,632) (3,632)
Share-based
payments - - - - 8 - - 8
At 30 November
2015 1,535 (148) 1,271 191 364 255 293 3,761
-------- --------- -------- ----------- ---------- -------- ---------- --------
Issue of
share capital 41 - 196 - - - - 237
Equity element - - - - - - - -
of convertible
loan
Total comprehensive
income for
the period - - - - - - (92) (92)
Share-based
payments - - - - 18 - - 18
At 31 May
2016 1,576 (148) 1,467 191 382 255 201 3,924
-------- --------- -------- ----------- ---------- -------- ---------- --------
Consolidated Statement of Cash Flow
for the 6 months ended 31 May 2016
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended
31-May-16 31-May-15 30-Nov-15
GBP'000 GBP'000 GBP'000
(Loss)/profit for the year attributable
to shareholders (92) 389 (3,243)
Adjustments for:
Taxation (6) 20 (734)
Depreciation and amortisation 531 222 948
Impairment of intangibles - - 1,899
Share option charge 18 18 26
Profit on sale of Willow Starcom - (900) (900)
Profit on sale of Due North (1,664) - -
Financial income - (1) (1)
Financial expense 192 102 266
Loss on disposal of PPE - - 70
--------- --------- ----------
Operating cash outflow before working
capital changes (1,021) (150) (1,669)
Decrease/(increase) in trade and other
receivables 259 184 (496)
Decrease in inventories - 8 8
Decrease/(increase) in trade and other
payables (896) (599) 344
--------- --------- ----------
Net cash outflow from operations (1,658) (557) (1,813)
Tax received - - 237
--------- --------- ----------
Net cash outflow from operating activities (1,658) (557) (1,576)
--------- --------- ----------
Investing
Interest received 1 1 1
Acquisition of PPE (27) (140) (66)
Cost of software development (432) (974) (1,541)
Acquisition of trade and assets - - (1,340)
Disposal of Willow Starcom - 1,487 1,487
Disposal of Due North 4,030 - -
Less: cash and cash equivalents disposed
of (130) (346) (346)
Moved from/(to) Held for Sale - Due
North 207 - (207)
Moved to Held for Sale - AITrackRecord (177) - -
--------- --------- ----------
Net cash inflow/(outflow) from investing
activities 3,471 28 (2,012)
--------- --------- ----------
Financing
Interest paid (185) (50) (192)
Issue of share capital - - 1,200
Exercise of share options 237 - 59
(Repayment)/Issue of loan notes (900) 1,120 2,900
--------- --------- ----------
Net cash (outflow)/inflow from financing
activities (848) 1,070 3,967
--------- --------- ----------
Net increase in cash 965 541 379
Opening cash and cash equivalents 1,523 1,144 1,144
--------- --------- ----------
Closing cash and cash equivalents 2,488 1,685 1,523
--------- --------- ----------
Notes
1. Unaudited notes
Basis of preparation and accounting policies
The condensed interim financial statements for the six months to
31 May 2016 are unaudited and were approved by the Board of
Directors on 16 August 2016.
The interim financial statements do not include all of the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements for the year ended 30 November 2015.
The interim financial information for the six months ended 31
May 2016, including comparative financial information, has been
prepared on the basis of the accounting policies set out in the
last annual report and accounts, with the exception of the
amendment to IAS 1 (Presentation of Financial Statements) referred
to below, and in accordance with International Financial Reporting
Standards ("IFRS").
The preparation of the interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expense. Actual results
may subsequently differ from those estimates.
In preparing the interim financial statements, the significant
judgements made by management in applying the Group's accounting
policies and key sources of estimation uncertainty were the same,
in all material respects, as those applied to the consolidated
financial statements for the year ended 30 November 2015.
The Group has elected to present comprehensive income in one
statement.
Going concern assumption
The Group manages its cash requirements through a combination of
operating cash flows and long term borrowings in the form of
convertible loan notes.
The Group's forecasts and projections, taking account of
reasonably possible changes in trading performance, show that the
Group should be able to operate within its existing cash deposits
and loan facilities.
Consequently, after making enquires, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis of
accounting in preparing the interim financial statements.
Information extracted from 2015 Annual Report
The financial figures for the year ended 30 November 2015, as
set out in this report, do not constitute statutory accounts but
are derived from the statutory accounts for that financial
year.
The statutory accounts for the year ended 30 November 2015 were
prepared under IFRS and have been delivered to the Registrar of
Companies. The auditors reported on those accounts. Their report
was unqualified, did not draw attention to any matters by way of
emphasis and did not include a statement under Section 498(2) or
498(3) of the Companies Act 2006.
2. Earnings per share
The calculation of earnings per share is based upon the
(loss)/profit after tax for the respective period, for continuing
operations only. The weighted average number of ordinary shares
used in the calculation of basic earnings per share is based upon
the number of ordinary shares in issue in each respective period.
This has been adjusted for the effect of potentially dilutive share
options granted under the company's share option schemes and in
connection with the convertible loan notes in calculating the
diluted earnings per share.
This has been computed as follows:
Continuing
and discontinued 6 months 6 months 6 months 6 months Year Year
operations ended ended ended ended ended ended
------------------- ------------ ------------ ------------ ------------ ------------ ------------
31-May-16 31-May-16 31-May-15 31-May-15 30-Nov-15 30-Nov-15
------------------- ------------ ------------ ------------ ------------ ------------ ------------
Basic Diluted Basic Diluted Basic Diluted
------------------- ------------ ------------ ------------ ------------ ------------ ------------
(Loss)/profit
after
tax (92) (92) 389 389 (3,243) (3,243)
------------------- ------------ ------------ ------------ ------------ ------------ ------------
Number
of shares 314,222,395 314,222,395 235,110,347 238,994,438 252,593,681 252,593,681
------------------- ------------ ------------ ------------ ------------ ------------ ------------
(Loss)/earnings
per share
(pence) (0.03) (0.03) 0.17 0.16 (1.28) (1.28)
------------------- ------------ ------------ ------------ ------------ ------------ ------------
Basic Diluted Basic Diluted Basic Diluted
Restated
------------------- ------------ ------------ ------------ ------------ ------------ ------------
Continuing Restated Restated Restated
operations
------------------- ------------ ------------ ------------ ------------ ------------ ------------
(Loss)
after
tax (1,169) (1,169) (465) (465) (2,054) (2,054)
------------------- ------------ ------------ ------------ ------------ ------------ ------------
Number
of shares 314,222,395 314,222,395 235,110,347 235,110,347 252,593,681 252,593,681
------------------- ------------ ------------ ------------ ------------ ------------ ------------
Loss per
share
(pence) (0.37) (0.37) (0.20) (0.20) (0.81) (0.81)
------------------- ------------ ------------ ------------ ------------ ------------ ------------
3. Disposal of Due North Limited
As referred to in the Chairman's Statement, on 3 February 2016
the Group disposed of its interest in Due North Limited. The net
assets of Due North Limited at the date of disposal were as
follows:
03-Feb
2016
GBP
Property, plant and
equipment 82
Intangible
assets 2,614
Trade and other receivables 304
Bank balances
and cash 130
Trade and other
payables (744)
Deferred tax
liability (432)
Attributable
goodwill 412
------------------------
2,366
Transaction costs associated with disposal 470
Gain on disposal 1,664
Total consideration
(satisfied by cash) 4,500
Less: Cash and cash equivalents disposed
of (130)
Transaction costs associated with
disposal (470)
------------------------
Net cash inflow arising on disposal 3,900
4. Events after the Balance Sheet date
On 1 July 2016, Access Intelligence plc disposed of 100% of the
issued share capital of AITrackRecord Limited, being the disposal
group held for sale in the Consolidated Statement of Financial
Position. Consideration comprised 20% of the share capital of the
acquiring company, TrackRecord Holdings Limited, plus GBP101,000 of
deferred cash payable when a similar amount is received by
AITrackRecord Limited from HMRC as a R&D tax credit for
AITrackRecord Limited's business in the pre-acquisition period.
Group profit on disposal of the subsidiary was GBP609,000.
This statement will be available at the Company's registered
office at Longbow House, 20 Chiswell Street, London EC1Y 4TW and on
the Company's website www.accessintelligence.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FMGMRVVGGVZM
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