TIDMACC
RNS Number : 3885U
Access Intelligence PLC
24 June 2009
?
ACCESS INTELLIGENCE PLC
("Access Intelligence plc" or "the Group")
(Innovative SaaS Solutions)
Unaudited Interim Financial Statements for the Six Months Ended 31 May 2009
+------------------------------------+--------------+--------------+
| | Unaudited | Unaudited |
| | Six months | Six months |
| | to | to |
| | 31 May 2009 | 31 May 2008 |
+------------------------------------+--------------+--------------+
| Turnover from Continuing | 2,668 | 1,900 |
| Operations | | |
+------------------------------------+--------------+--------------+
| EBITDA from Continuing Operations | 240 | (103) |
+------------------------------------+--------------+--------------+
| Profit before tax | 199 | (1,168) |
| | | |
+------------------------------------+--------------+--------------+
| Taxation | (15) | 22 |
+------------------------------------+--------------+--------------+
| Loss on Discontinued Operations | nil | (1,706) |
+------------------------------------+--------------+--------------+
| | | |
+------------------------------------+--------------+--------------+
| Profit after tax | 184 | (2,845) |
+------------------------------------+--------------+--------------+
| Diluted Basic Earnings per share | 0.10p | (2.49p) |
+------------------------------------+--------------+--------------+
| Basic earnings per share | 0.12p | (2.59p) |
+------------------------------------+--------------+--------------+
* Turnover was up by 38% to GBP2.67m (2008: GBP1.90m)
* Profit before taxation generated by continuing operations was GBP199,000 (2008:
adjusted loss GBP175,000)
* Positive cash balance of GBP714,938 (2008: GBP557,000)
* Appointment of Michael Jackson and David Lowe to the Board in November 2008
* Board decision to keep Willow Starcom Ltd and Wired-Gov Ltd.
* Solcara purchased on 10th November 2008 in for full 6 months
For further information:
+--------------------------------------------------+-----------------------+
| Access Intelligence plc | |
+--------------------------------------------------+-----------------------+
| Michael Jackson (Executive Chairman) | |
+--------------------------------------------------+-----------------------+
| Jeremy Hamer (Finance Director) | 07977 234 614 |
+--------------------------------------------------+-----------------------+
| Blue Oar Securities | 020 7448 4400 |
+--------------------------------------------------+-----------------------+
| Shane Gallwey / Matt Marchant | |
+--------------------------------------------------+-----------------------+
ACCESS INTELLIGENCE PLC
("Access Intelligence" or "the Group")
(Innovative SaaS Solutions)
INTERIM FINANCIAL RESULTS
FOR
THE 6 MONTHS ENDED 31 MAY 2009
Chairman's Statement
I am pleased to announce our results for the 6 months ended 31 May 2009. Since
Elderstreet VCT, David Lowe and I invested in October 2008 considerable progress
has been made both strategically and financially. All subsidiaries were making
monthly profits by the end of the half year with Group performance for the
second quarter well ahead of the first quarter.
Results
Group turnover was up by 38% to GBP2,667,784 (2008: GBP1,900,000). Group sales
without Solcara were GBP2,036,146 (2008: GBP1,900,000) up 7%. The Group's profit
before taxation was GBP198,774 with Solcara and GBP134,775 excluding Solcara.
This compares to an adjusted loss of GBP175,000 in 2008. The basic earnings per
share is 0.12p (2008: loss 2.59p). The Group is not proposing to pay a dividend.
The Group had net cash at the end of the period of GBP714,938 (2008:
GBP557,000).
Strategy
In last year's interim report the Group announced that it was intending to sell
all its non-software as a service (SaaS) businesses including Willow Starcom,
Wired-Gov and The Marketing Guild. Despite considerable interest and after the
completion of extensive due diligence, only the sale of The Marketing Guild was
completed. The new Board has decided not to sell Willow Starcom and Wired-Gov.
The Board intends to develop Access Intelligence further, with an emphasis on
recurring revenues. Our product portfolio offers a strong bedrock on which to
build a dynamic and competitive Software-as-a-Service proposition, providing us
with growing revenues and increasing visibility.
Future acquisitions will be targeted to complement our three key divisions: -
* Compliance (MS2M)
* Procurement and Contract Management (Due North)
* Media Relations and PR (Solcara / Wired-Gov)
Alongside this we have decided to develop Willow Starcom, our support services
business. Whilst is does not fit into one of our 3 targeted growth areas, Willow
Starcom is demonstrating considerable underlying growth, and it adds to our
critical mass and has strong recurring revenues and cash flows.
We are seeing a good flow of potential deals and plan for acquisitions to remain
at the heart of this buy and build strategy. Whilst some of these acquisitions
maybe relatively small, with a clear focus on their market positioning we should
quickly build critical mass in some very interesting niche markets, delivering
subscription based services with strong recurring revenues.
The half year in focus
The last 6 months have seen a significant reduction in costs in most areas of
the Group and increased clarity over the strategic direction of each subsidiary.
We have invested in two separate consultants one concentrating on operational
effectiveness and the other on marketing and the benefits of these investments
have started to show.
Compliance: - MS2M has now won the long expected contract with RBS. At this time
we are working through a significant consulting and development phase before the
delivery of the SaaS service which should begin next year. The business is now
making small monthly profits but will not see its recurring revenue streams grow
until our next financial year.
Procurement and Contract Management: - Due North continues to build its
recurring revenues with the public sector generating 11 new users who have
signed-up during the period. The product has been upgraded significantly by
integrating a 'balanced scorecard' weighting system into the buying decision and
automated population of certain data requirements in response to the Glover
report. Overall this offers increased clarity and reduced documentation into the
tender process and decision making. Recurring revenues have grown 30% in the
last 6 months.
Media Relations and PR: - Solcara was loss making when purchased in November
2008. Added to this, sales of their products aimed at the legal market have been
slower than expected during the first half due to the impact of the economy on
the sector. However due to cost cutting and increased sales and marketing
activity in the public sector the last 5 months we have returned the company to
profit. Wired-Gov meanwhile is building its 'sponsorship revenue' in recent
weeks due to a new 2 man sales team starting to have an impact.
Willow Starcom has taken the decision to come out of storage sales and is now
predominantly generating support services revenue. The market is competitive but
Willow's reputation for outstanding service is resulting in some excellent new
wins. They are concentrating their downsized team on larger deals, and this
strategy is producing results.
These are early days but the signs of progress are evident across the Group.
Updated versions of all core products continue to be released with over
GBP250,000 being invested in R&D last year - all R&D expenditure is expensed as
incurred.
The registered office of the Group has been moved to 32 Bedford Row, London WC1R
4HE.
Directors and Senior Management
With all Board and senior management changes completed by the end of 2008 the
emphasis over the last 6 months has been on strengthening sales teams, adding
vigour and direction to our marketing activities and controlling costs. Huge
progress has been made and I would like to thank all of our staff for their
contribution to these developments.
Current Trading
With this early announcement of our interim results only a few weeks have passed
since the conclusion of the first half. However all the signs are that the
progress delivered in the first half will continue and that we can look forward
to a good second half.
Michael Jackson
Chairman
23 June 2009
Access Intelligence Plc
Consolidated Income Statement
for the six months ended 31 May 2009
+----------------------------+-------+-------------+-------------+-------------+
| | Note | Unaudited | Restated | Audited |
| | | | Unaudited | |
+----------------------------+-------+-------------+-------------+-------------+
| | | Six months | Six months | Year ended |
| | | to | to | 30 |
| | | 31 May 2009 | 31 May | November |
| | | | 2008 | 2008 |
+----------------------------+-------+-------------+-------------+-------------+
| | | GBP000 | GBP000 | GBP000 |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Revenue | 2 | 2,668 | 1,900 | 3,967 |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Cost of sales | | (1,373) | (992) | (2,146) |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Gross Profit | | 1,295 | 908 | 1,821 |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Administrative expenses | | (1,055) | (1,012) | (2,395) |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| EBITDA Profit/(loss) | | 240 | (104) | (574) |
| Impairment of Goodwill | | - | (993) | (2,950) |
| Write-off capitalised | | - | - | (532) |
| development costs | | - | - | (256) |
| Non-recurring expenses | | (41) | (76) | (81) |
| Depreciation | | 2 | 6 | 17 |
| Financial income | | (2) | (3) | (7) |
| Financial expenses | | | | |
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Profit/(loss) before tax | | 199 | (1,170) | (4,383) |
+----------------------------+-------+-------------+-------------+-------------+
| Taxation | 3 | (15) | 30 | 258 |
+----------------------------+-------+-------------+-------------+-------------+
| (Loss)/ profit from | | 184 | (1,140) | (4,125) |
| continuing operations | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Loss attributable to | 6 | nil | (1,705) | (1,751) |
| discontinued | | | | |
| operations | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Profit/(Loss) for the | | 184 | (2,845) | (5,876) |
| period | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Earnings per share | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Basic profit/(loss) per | 5 | 0.12p | (2.59p) | (0.08p) |
| share | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Diluted profit/(loss) per | 5 | 0.10p | (2.49p) | (0.08p) |
| share | | | | |
+----------------------------+-------+-------------+-------------+-------------+
There were no recognised gains and losses in the period, or in the prior periods
shown, other than the results shown above.
Access Intelligence Plc
Consolidated Balance Sheet
at 31 May 2009
+--------------------------------+------+------------+------------+------------+
| |Note | Unaudited | Restated | Audited |
| | | | Unaudited | |
+--------------------------------+------+------------+------------+------------+
| | | 6 Months | 6 months | Year ended |
| | | to 31 May | to 31 May | 30 |
| | | 2009 | 2008 | November |
| | | | | 2008 |
+--------------------------------+------+------------+------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+--------------------------------+------+------------+------------+------------+
| Non-current assets | | | | |
+--------------------------------+------+------------+------------+------------+
| Property, plant and equipment | | 175 | 207 | 192 |
+--------------------------------+------+------------+------------+------------+
| Intangible assets | 4 | 2,988 | 4,292 | 2,988 |
+--------------------------------+------+------------+------------+------------+
| Deferred tax asset | | 162 | - | 197 |
+--------------------------------+------+------------+------------+------------+
| Trade receivables | | - | 54 | - |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Total non-current assets | | 3,325 | 4,553 | 3,377 |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Current assets | | | | |
+--------------------------------+------+------------+------------+------------+
| Inventories | | 240 | 357 | 268 |
+--------------------------------+------+------------+------------+------------+
| Trade and other receivables | | 1,767 | 1,345 | 1,455 |
+--------------------------------+------+------------+------------+------------+
| Cash and cash equivalents | | 715 | 557 | 763 |
+--------------------------------+------+------------+------------+------------+
| | | 2,722 | 2,259 | 2,486 |
+--------------------------------+------+------------+------------+------------+
| Assets classified as held for | 6 | - | 44 | - |
| resale | | | | |
+--------------------------------+------+------------+------------+------------+
| Total current assets | | 2,722 | 2,303 | 2,486 |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Total assets | | 6,047 | 6,856 | 5,863 |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Current liabilities | | | | |
+--------------------------------+------+------------+------------+------------+
| Other interest-bearing | | 25 | 13 | 2 |
| loans and borrowings | | | | |
+--------------------------------+------+------------+------------+------------+
| Trade and other payables | | 731 | 428 | 614 |
+--------------------------------+------+------------+------------+------------+
| Accruals and deferred income | | 1,314 | 1,010 | 1,577 |
+--------------------------------+------+------------+------------+------------+
| Other liabilities | | 333 | 181 | 258 |
+--------------------------------+------+------------+------------+------------+
| | | 2,403 | 1,632 | 2,451 |
+--------------------------------+------+------------+------------+------------+
| Liabilities classified as held | 6 | - | 30 | - |
| for resale | | | | |
+--------------------------------+------+------------+------------+------------+
| Total current liabilities | | 2,403 | 1,662 | 2,451 |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Non-current liabilities | | | | |
+--------------------------------+------+------------+------------+------------+
| Other interest-bearing loans | | - | - | 52 |
| and borrowings | | | | |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Total non-current liabilities | | - | - | 52 |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Total liabilities | | 2,403 | 1,662 | 2,503 |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Net assets | | 3,644 | 5,194 | 3,360 |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Equity | | | | |
+--------------------------------+------+------------+------------+------------+
| Share capital | | 797 | 549 | 779 |
+--------------------------------+------+------------+------------+------------+
| Share premium | | 8,955 | 7,906 | 8,873 |
+--------------------------------+------+------------+------------+------------+
| Capital redemption reserve | | 191 | 178 | 191 |
+--------------------------------+------+------------+------------+------------+
| Retained earnings | | (6,299) | (3,439) | (6,483) |
+--------------------------------+------+------------+------------+------------+
| | | | | |
+--------------------------------+------+------------+------------+------------+
| Total equity attributable to | | 3,644 | 5,194 | 3,360 |
| equity shareholders | | | | |
+--------------------------------+------+------------+------------+------------+
Access Intelligence Plc
Consolidated Cash Flow Statement
for the six months ended 31 May 2009
+------------------------------------------+-----------+-----------+-----------+
| | Unaudited | Restated | Audited |
| | | Unaudited | |
+------------------------------------------+-----------+-----------+-----------+
| | 6 months | 6 months | Year |
| | ended 31 | ended 31 | ended 30 |
| | May 2009 | May 2008 | November |
| | | | 2008 |
+------------------------------------------+-----------+-----------+-----------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------------+-----------+-----------+-----------+
| Cash flows from continuing operating | | | |
| activities | | | |
+------------------------------------------+-----------+-----------+-----------+
| (Loss)/profit for the year attributable | 184 | (2845) | (5876) |
| to equity shareholders of the parent | | | |
+------------------------------------------+-----------+-----------+-----------+
| Adjustments for: | | | |
+------------------------------------------+-----------+-----------+-----------+
| Depreciation | 41 | 76 | 81 |
| Loss attributable to | - | 1705 | 1751 |
| Disposal of Subsidiary | | | |
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Impairment of intangible assets | - | 993 | 3482 |
+------------------------------------------+-----------+-----------+-----------+
| Financial income | (2) | (6) | (17) |
+------------------------------------------+-----------+-----------+-----------+
| Financial expense | 2 | 2 | 7 |
+------------------------------------------+-----------+-----------+-----------+
| Taxation | 15 | (22) | (258) |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Operating (loss)/profit before changes | 240 | (97) | (830) |
| in working capital and provisions | | | |
+------------------------------------------+-----------+-----------+-----------+
| (Increase)/Decrease in trade and other | (278) | (263) | 145 |
| receivables | 24 | (6) | 83 |
| (Increase)/Decrease in Inventories | | | |
+------------------------------------------+-----------+-----------+-----------+
| Increase in trade and other payables | 117 | 76 | 168 |
+------------------------------------------+-----------+-----------+-----------+
| (Decrease)/ increase in provisions | (188) | 27 | 27 |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Cash generated from /(utilised by) the | (85) | (263) | (407) |
| continuing operations | | | |
+------------------------------------------+-----------+-----------+-----------+
| Tax received | 0 | 30 | 51 |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Net cash inflow/ (outflow) from | (85) | (233) | (356) |
| continuing operating activities | | | |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Cash flows from investing in continuing | | | |
| activities | | | |
+------------------------------------------+-----------+-----------+-----------+
| Interest received | 2 | 7 | 17 |
+------------------------------------------+-----------+-----------+-----------+
| Expenditure on business acquisition | - | - | (830) |
| Cash acquired with acquisition | - | - | 15 |
+------------------------------------------+-----------+-----------+-----------+
| Acquisition of property, plant and | (34) | (61) | (67) |
| equipment | | | |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Net cash outflow from investing in | (32) | (54) | (865) |
| continuing activities | | | |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Cash flows from financing continuing | | | |
| activities | | | |
+------------------------------------------+-----------+-----------+-----------+
| Interest paid | (2) | (2) | (7) |
| Issue of equity share capital | 100 | - | 1265 |
| Cost of share issue | - | - | (68) |
+------------------------------------------+-----------+-----------+-----------+
| Repayment of borrowings | (29) | (26) | (45) |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Net cash inflow from financing | 69 | (28) | 1145 |
| continuing activities | | | |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Net decrease in cash and cash | (48) | (315) | (76) |
| equivalents | | | |
+------------------------------------------+-----------+-----------+-----------+
| Cash (utilised by)/from discontinued | - | - | (33) |
| operations 6 | | | |
+------------------------------------------+-----------+-----------+-----------+
| Opening cash and cash equivalents | 763 | 872 | 872 |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
| Closing cash and cash equivalents | 715 | 557 | 763 |
+------------------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------------------+-----------+-----------+-----------+
Access Intelligence Plc
Statement of Changes in Shareholders' Equity
+-----------------------------+----------+----------+------------+-----------+----------+
| | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Unaudited 31 May 2009 | Share | Share | Capital | Retained | Total |
| | capital | premium | redemption | earnings | |
+-----------------------------+----------+----------+------------+-----------+----------+
| | GBP000 | GBP000 | GBP'000 | GBP000 | GBP000 |
+-----------------------------+----------+----------+------------+-----------+----------+
| Net income recognised | | | | | |
| directly in equity | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Profit for the period | - | - | - | 184 | 184 |
+-----------------------------+----------+----------+------------+-----------+----------+
| | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Total recognised income and | - | - | - | 184 | 184 |
| expense | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Issue of new equity shares | 18 | 82 | - | - | 100 |
+-----------------------------+----------+----------+------------+-----------+----------+
| Opening shareholders' funds | 779 | 8873 | 191 | (6483) | 3,360 |
| at 1 December 2008 | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Closing shareholders' funds | 797 | 8,955 | 191 | (6299) | 3644 |
| at 31 May 2009 | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
+-----------------------------+----------+----------+------------+-----------+----------+
| Unaudited 31 May 2008 | Share | Share | Capital | Retained | Total |
| | capital | premium | redemption | earnings | |
+-----------------------------+----------+----------+------------+-----------+----------+
| | GBP000 | GBP000 | GBP'000 | GBP000 | GBP000 |
+-----------------------------+----------+----------+------------+-----------+----------+
| Net income recognised | | | | | |
| directly in equity | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Loss for the period | - | - | - | (2,845) | (2,845) |
+-----------------------------+----------+----------+------------+-----------+----------+
| | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Total recognised income and | - | - | - | (2,845) | (2,845) |
| expense | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Redemption value of | - | - | 18 | (18) | - |
| preference shares | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Opening shareholders' funds | 549 | 7,906 | 160 | (576) | 8,039 |
| at 1 December 2007 | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Closing shareholders' funds | 549 | 7,906 | 178 | (3,439) | 5,194 |
| at 31 May 2008 | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
+-----------------------------+----------+----------+------------+-----------+----------+
| Audited 30 November 2008 | Share | Share | Capital | Retained | Total |
| | capital | premium | redemption | earnings | |
+-----------------------------+----------+----------+------------+-----------+----------+
| | GBP000 | GBP000 | GBP'000 | GBP000 | GBP000 |
+-----------------------------+----------+----------+------------+-----------+----------+
| Net income recognised | | | | | |
| directly in equity | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Loss for the year | - | - | - | (5,876) | (5,876) |
+-----------------------------+----------+----------+------------+-----------+----------+
| | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Total recognised income and | - | - | - | (5,876) | (5,876) |
| expense | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Redemption value of | - | - | 31 | (31) | - |
| preference shares | 230 | 967 | - | - | 1,197 |
| Issue of new equity shares | | | | | |
| (net of costs) | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Opening shareholders' funds | 549 | 7,906 | 160 | (576) | 8,039 |
| at 1 December 2007 | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
| Closing shareholders' funds | 779 | 8873 | 191 | (6483) | 3360 |
| 30 November 2008 | | | | | |
+-----------------------------+----------+----------+------------+-----------+----------+
Notes
1. Basis of preparation
The consolidated interim financial statements of the Group for the period ended
31 May 2009 are unaudited and do not comprise statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
From 1 December 2007, Access Intelligence was required to prepare its
consolidated financial statements in accordance with adopted International
Financial Reporting Standards (IFRS) as adopted by the European Union ('adopted
IFRS). This consolidated interim financial information has been prepared on the
basis of the recognition and measurement requirements of endorsed IFRS and in
accordance with IFRS 1.
The comparative figures for 30th November 2008 have been abridged from the
statutory accounts for the period ended on that date. The auditors opinion on
those accounts was unqualified and did not contain any statements under Section
237 (2) or (3) of the Companies Act 1985. The statutory accounts for the period
ended 30th November 2008 have been filed with the Registrar of Companies.
2. Turnover
The Group operates from one geographical segment with its entire turnover being
within the United Kingdom. As our strategy evolves our business segmentation
also changes shape. The segment information for the 6 months ended May 2009 is
as follows: -
+-------------------------+--------------+--------------------+-------------------+-------------------+
| (GBP000s) | Compliance | Procurement | Media Relations | Willow Starcom |
+-------------------------+--------------+--------------------+-------------------+-------------------+
| Turnover | 141 | 631 | 758 | 1138 |
| 2009(H1) | | | | |
+-------------------------+--------------+--------------------+-------------------+-------------------+
| Turnover | 159 | 514 | 102 | 1125 |
| 2008(H1) | | | | |
+-------------------------+--------------+--------------------+-------------------+-------------------+
3. Taxation
The tax charge is based on a 20% tax rate for the year ended 30 November 2009.
4. Goodwill impairment
The Group has not undertaken a full impairment review on goodwill since 30th
November 2008 however the Board is of the opinion that goodwill is fairly
valued.
5. Earnings per share
The calculation of the basic earnings per share is based on the profit after
taxation divided by the weighted average number of shares in issue, being
157,831,302 (period ended 31 May 2008:109,800,999; year ended 30 November
2008:114,968,122).
The diluted earnings per share takes the weighted average number of ordinary
shares in issue during the period and adjusts this for dilutive share options
existing at the period end. The diluted weighted average number of shares in the
period ended 31 May 2009 was 190,331,645 (period ended 31 May 2008:114,150,999;
year ended 30 November 2008:145,028,987).
+--------------------------------+--------------------------------+--------------------------------+
| 6 months to | 30th May 2009 | 30th May 2008 |
+--------------------------------+--------------------------------+--------------------------------+
| Basic earnings per share | 0.12p | (2.59p) |
| (weighted) | | |
+--------------------------------+--------------------------------+--------------------------------+
| Diluted earnings per share | 0.10p | (2.48p) |
| (weighted) | | |
+--------------------------------+--------------------------------+--------------------------------+
Sale of subsidiary undertaking
The assets for resale reported in the half year comparatives in these financial
statements were those of The Marketing Guild Limited which was sold on 16
October 2008 for GBP1. The loss reported in the prior year resulting from this
sale was GBP1,751,000.
This statement is being sent to the shareholders of the Company and will also be
available at the Companys registered office at 32 Bedford Row, London WC2R 4HE
and on the website www. accessintelligence.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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