TIDMACG
RNS Number : 1997Z
Accuma Group PLC
17 September 2009
?
Accuma Group plc
('Accuma' or 'the Group')
Unaudited interim results for the six months to 30 June 2009
Chairman's statement
As reported to the market on 8 June 2009, Accuma's insolvency division,
comprising Wilson Phillips Limited and Accuma Insolvency Practitioners Limited
completed the disposal of their Individual Voluntary Arrangement ("IVA") books
for an aggregate consideration of GBP5.6m. As a result of these disposals, and
in accordance with IFRS, these businesses are shown as discontinued operations
in the financial statements. Revenue for the year for these two subsidiaries on
this basis was GBP7.1m with EBITDA of GBP3.4m.
In accordance with IFRS, continuing operations in the Group's accounts comprise
Byrom & Keeley Financial Services Limited, and Group overheads. Revenue and
gross profit, on this basis, for the six months ended 30 June is GBP1.435m and
GBP0.74m respectively.
The EBITDA loss for the period was GBP0.19m comprising GBP0.51m profit in Byrom
& Keeley Financial Services Limited together with Group overheads of GBP0.7m.
As a result of the IVA sale, the net cash inflow for the six months to 30 June
2009, was GBP4.79m. (12 months 31 December 2008: net outflow GBP1.79m).
Following a review of the carrying value of intangible assets, the Board has
further written down the carrying value of the goodwill relating to Byrom &
Keeley Financial Services Limited in the Group's balance sheet to GBP2m and as a
result of the IVA disposal has also written off in full the carrying value of
the IVA division of GBP5.06m. As a result the Group has incurred a total
impairment charge of GBP6.56m in its results for the six months ended 30 June
2009. This has resulted in a loss after tax for the six months of GBP4.69m. (12
months to 31 December 2008: GBP7.5m)
Insolvency Division
We have previously commented in detail on the impact of significant changes to
the IVA sector over the past eighteen months. Thomas Charles & Co Limited, as
part of our IVA division was impacted by those changes as its primary income was
received from marketing services and set-up costs of new IVAs. In line with
Group strategy to withdraw from the IVA market and to reduce direct marketing
expenditure, Thomas Charles & Co Limited ceased to trade in the first quarter of
2009, thus stemming any continuing losses in this division. The comparative
figures in the accounts for 2008 have been restated to reflect this.
Debt management division
Byrom & Keeley Financial Services Limited, the informal debt management
solutions business, produced an EBITDA of GBP0.51m (12 months to 31 December
2008: GBP1.09m).
Strategic changes that were made within the Insolvency business have impacted on
this division, primarily as a result of the material reduction in direct
marketing expenditure from which Byrom & Keeley Financial Services Limited had
historically derived considerable benefit. In addition, following deterioration
in the number of enquiries generated from a major lead supplier towards the end
of 2008, alternative lead arrangements were made.
Post Balance Sheet Event
Earlier in the year we stated that following a strategic review and the disposal
of the assets of our IVA division, a restructuring in the lease commitments of
the Group would be completed. The Group has now surrendered the lease of its
central Manchester premises and has relocated to the outskirts of the City. As a
result of this, and other closure costs the net cash balance has been reduced
from GBP6.4m at 30 June to a current balance of GBP4.5m. The Group remains debt
free. Whilst Byrom & Keeley Financial Services Limited continues to be cash
generative at the operating level, as stated in the circular of 14 May 2009, the
Group still has certain liabilities outstanding arising from the sale of the IVA
books in respect of the now vacant premises of Wilson Phillips and the
corporation tax due on the sale of the IVA books.
Outlook
As announced to the market on 14 August 2009, the Company is currently in an
offer period, and will update the market as required.
Charles Taylor
For further information please contact:
+--------------------+--------------------+--------------------+--------------------+
| Accuma Group plc | +44 (0)161 751 6787 |
| Charles Howson, Chief Executive | |
| | |
+-----------------------------------------+-----------------------------------------+
| FinnCap (Nominated Adviser and Broker) | +44 (0)20 7600 1658 |
| Marc Young / Geoff Nash | |
| | |
+-----------------------------------------+-----------------------------------------+
| Bankside Consultants | +44 (0) 207 367 8888 |
| Simon Rothschild/Oliver Winters | |
| | |
+--------------------+--------------------+--------------------+--------------------+
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Consolidated Income Statement | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Period ended 30th June 2009 | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | 6 Months | | 12 Months | | 6 Months |
| | | ended | | ended | | ended |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | 30-Jun-09 | | 31-Dec-08 | | 30-Jun-08 |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | Unaudited | | Restated | | Restated |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | Unaudited |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | GBP | | GBP | | GBP |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Revenue - Existing operations | | 1,435,824 | | 3,294,353 | | 1,744,538 |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Cost of sales | | (696,634) | | (1,592,054) | | (884,773) |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Gross profit | | 739,190 | | 1,702,299 | | 859,765 |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Administrative expenses | | (934,794) | | (1,849,224) | | (914,675) |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Earnings before interest, tax, | | (195,604) | | (146,925) | | (54,910) |
| depreciation, amortisation and impairment | | | | | | |
| losses | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Depreciation | | (38,041) | | (49,388) | | (18,596) |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Amortisation | | (5,964) | | (11,985) | | (6,021) |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Provision for impairment losses | | (1,500,000) | | (6,580,289) | | - |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Loss from operations | | (1,739,609) | | (6,788,587) | | (79,527) |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Finance income | | 155 | | 57,454 | | 52,301 |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Finance costs | | (2,032) | | (27,624) | | (26,386) |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Loss before tax | | (1,741,486) | | (6,758,757) | | (53,612) |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Taxation | | - | | 169,350 | | - |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Loss for the period from continuing | | (1,741,486) | | (6,589,407) | | (53,612) |
| operations | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| Discontinued operations and non-current | | (2,953,845) | | (904,811) | | 66,698 |
| assets held for sale | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| (Loss) / Profit for the period | | (4,695,331) | | (7,494,218) | | 13,086 |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| (Loss) / Earnings per share basic and | | | | | | |
| diluted | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| from continuing operations | | (5.33)p | | (20.15)p | | (0.16)p |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| from discontinued operations | | (9.03)p | | (2.77)p | | 0.20p |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| from continuing and discontinued | | (14.36)p | | (22.92)p | | 0.04p |
| operations | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
| | | | | | | |
+-------------------------------------------+--+--------------+--+-------------+--+-------------+
Consolidated Balance Sheet
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| As at 30th June 2009 | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | 30 June 2009 | | 31 December 2008 | | 30 June 2008 |
+------------------------+--+--------------------------+--+---------------------------+--+---------------------------+
| | | | | | | Restated | | Restated |
+------------------------+--+--------------+-----------+--+--------------+------------+--+---------------------------+
| | | Unaudited | | | | Unaudited |
+------------------------+--+--------------------------+--+---------------------------+--+---------------------------+
| | | GBP | GBP | | GBP | GBP | | GBP | GBP |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Assets | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Non-current assets | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Intangible assets | | | 2,060,632 | | | 8,627,251 | | | 15,822,980 |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Property, plant and | | | 200,369 | | | 443,956 | | | 636,146 |
| equipment | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Deferred tax asset | | | 24,107 | | | 561,847 | | | 309,807 |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Total non-current | | | 2,285,108 | | | 9,633,054 | | | 16,768,933 |
| assets | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Current Assets | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Trade and other | | 1,045,138 | | | 788,164 | | | 3,330,582 | |
| receivables | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Cash and cash | | 6,366,517 | | | 1,577,135 | | | 1,656,244 | |
| equivalents | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Current assets held | | - | | | 1,387,550 | | | - | |
| for resale | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Total current assets | | | 7,411,655 | | | 3,752,849 | | | 4,986,826 |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Total assets | | | 9,696,763 | | | 13,385,903 | | | 21,755,759 |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Equity and liabilities | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Current liabilities | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Trade and other | | 1,512,899 | | | 1,605,090 | | | 2,640,107 | |
| payables | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Financial liabilities | | 66,512 | | | 89,215 | | | 75,596 | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Provision for onerous | 1,500,000 | | | 750,000 | | | 530,486 | |
| lease commitment | | | | | | | | |
+---------------------------+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Current tax | | 459,940 | | | 111,965 | | | 154,341 | |
| liabilities | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Total current | | | 3,539,351 | | | 2,556,270 | | | 3,400,530 |
| liabilities | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Non-current | | | | | | | | | |
| liabilities | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Trade and other | | - | | | - | | | - | |
| payables | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Financial and other | | 15,947 | | | 26,725 | | | 53,717 | |
| liabilities | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Total non-current | | | 15,947 | | | 26,725 | | | 53,717 |
| liabilities | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Total liabilities | | | 3,555,298 | | | 2,582,995 | | | 3,454,247 |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Capital and reserves - | | | | | | | | | |
| equity | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Share capital | | 3,269,673 | | | 3,269,673 | | | 3,269,673 | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Share premium account | | 28,407,877 | | | 28,407,877 | | | 28,407,877 | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Share option reserve | | 451,782 | | | 417,894 | | | 409,194 | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Retained earnings | | (24,725,272) | | | (20,029,941) | | | (12,522,637) | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Other reserve | | (1,262,595) | | | (1,262,595) | | | (1,262,595) | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Total equity | | | 6,141,465 | | | 10,802,908 | | | 18,301,512 |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| Total equity and | | | 9,696,763 | | | 13,385,903 | | | 21,755,759 |
| liabilities | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
| | | | | | | | | | |
+------------------------+--+--------------+-----------+--+--------------+------------+--+--------------+------------+
Consolidated Cash Flow Statement
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Period ended 30th June 2009 | | | | | | | | |
+----------------------------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | 6 Months | | 12 | | 6 Months |
| | | | | | | ended | | Months | | ended |
| | | | | | | | | ended | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | 30-Jun-09 | | 31-Dec-08 | | 30-Jun-08 |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | Restated | | Restated |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | Unaudited | | | | Unaudited |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | GBP | | GBP | | GBP |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Operating | | | | | | | | | |
| activities | | | | | | | | | |
+-------------------+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Loss from continuing activities | | | | (1,739,609) | | (6,788,587) | | (79,527) |
+----------------------------------+--+--------+--+-------------+--+-----------------+--+-------------+
| (Loss) / Profit from discontinued | | | (2,953,845) | | (904,811) | | 66,698 |
| activities | | | | | | | |
+-------------------------------------+--------+--+-------------+--+-----------------+--+-------------+
| Impairment | Continuing | | | | 1,500,000 | | 6,580,289 | | - |
| provision | | | | | | | | | |
+-------------------+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | Discontinued | | | 5,060,655 | | - | | - |
+----------------+--+-----------------+--------+--+-------------+--+-----------------+--+-------------+
| Depreciation | Continuing | | | | 38,041 | | 49,388 | | 18,596 |
+-------------------+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| | | Discontinued | | | 210,783 | | 535,794 | | 173,633 |
+----------------+--+-----------------+--------+--+-------------+--+-----------------+--+-------------+
| Amortisation | | | | | 5,964 | | 11,985 | | 6,021 |
+-------------------+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Decrease / (Increase) in trade and other | | 1,662,686 | | 4,552,499 | | 3,474,566 |
| receivables | | | | | | |
+----------------------------------------------+--+-------------+--+-----------------+--+-------------+
| Increase / (Decrease) in trade and | | | 1,011,415 | | (1,281,103) | | (3,312,270) |
| other payables | | | | | | | |
+-------------------------------------+--------+--+-------------+--+-----------------+--+-------------+
| Provision for share options | | | | 33,888 | | 21,666 | | 12,966 |
+----------------------------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Cash inflow from operations | | | | 4,829,978 | | 2,777,120 | | 360,683 |
+----------------------------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Interest paid | | | | | | - | | (26,387) | | (26,386) |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Income taxes paid | | | | | - | | - | | - |
+-------------------+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Interest element of finance | | | | (2,032) | | (1,237) | | - |
| leases | | | | | | | | |
+----------------------------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Net cash inflow from operating | | | 4,827,946 | | 2,749,496 | | 334,297 |
| activities | | | | | | | |
+-------------------------------------+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Payments to acquire property, plant | | | (5,238) | | (201,946) | | (38,742) |
| and equipment | | | | | | | |
+-------------------------------------+--------+--+-------------+--+-----------------+--+-------------+
| Deferred consideration in respect | | | - | | (2,133,034) | | (2,004,530) |
| of acquisitions | | | | | | | |
+-------------------------------------+--------+--+-------------+--+-----------------+--+-------------+
| Interest received | | | | | 155 | | 57,454 | | 52,301 |
+-------------------+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Net cash used in investing | | | (5,083) | | (2,277,526) | | (1,990,971) |
| activities | | | | | | | |
+-------------------------------------+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Cash flow from financing activities | | | | | | | |
+-------------------------------------+--------+--+-------------+--+-----------------+--+-------------+
| Capital element of finance lease | | | (33,481) | | (107,972) | | (54,422) |
| agreements | | | | | | | |
+-------------------------------------+--------+--+-------------+--+-----------------+--+-------------+
| Repayment of loan | | | | | - | | (2,154,203) | | - |
| notes | | | | | | | | | |
+-------------------+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Proceeds of issue of ordinary | | | | - | | - | | 0 |
| shares | | | | | | | | |
+----------------------------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Share issue costs | | | | | - | | - | | 0 |
+-------------------+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Net cash (used in) / received from financing | | (33,481) | | (2,262,175) | | (54,422) |
| activities | | | | | | |
+----------------------------------------------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Net change in cash equivalents | | | | 4,789,382 | | (1,790,205) | | (1,711,096) |
+----------------------------------+--+--------+--+-------------+--+-----------------+--+-------------+
| Cash and cash equivalents at the beginning | | 1,577,135 | | 3,367,340 | | 3,367,340 |
| of the period | | | | | | |
+----------------------------------------------+--+-------------+--+-----------------+--+-------------+
| Cash and cash equivalents at the | | | 6,366,517 | | 1,577,135 | | 1,656,244 |
| end of the period | | | | | | | |
+-------------------------------------+--------+--+-------------+--+-----------------+--+-------------+
| | | | | | | | | | | |
+----------------+--+--------------+--+--------+--+-------------+--+-----------------+--+-------------+
Notes to the Interim Accounts
1. Basis of Preparation of Interim Accounts
The unaudited interim accounts have been prepared in accordance with
International Financial Reporting Standards and International Accounting
Standards (collectively IFRS) as adopted by the EU and the accounting policies
set out in Accuma Group PLC's Annual Report for the year ended 31 December 2008.
These interim accounts have been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting" they do not include all the
statements required for full annual accounts, and should be read in conjunction
with the consolidated accounts of the Group as at 31 December 2008.
The interim accounts have been prepared on the going concern basis, which
assumes that the Group will continue in operational existence for the
foreseeable future.
The financial information contained in these interim accounts are unaudited and
do not constitute statutory accounts as defined in section 240 of the Companies
Act 1985. The financial information for the year ended 31 December 2008 has been
extracted from the Group's published accounts for that year. Those accounts,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.
2. Earnings Per Share
Earnings per share has been calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of shares in issue during
the period. For diluted earnings per share, the weighted average number of
ordinary shares is adjusted to take account of the dilutive effect of share
options at that date.
3. Distribution of the Interim Report
Copies of the Interim Report will be sent to shareholders shortly. Further
copies of the Interim Report and Accounts may be obtained from the Company's
Registered Office, Trafford Plaza, 73 Seymour Grove, Old Trafford, Manchester,
M16 0LD. In addition, an electronic version will be available on the Company's
website, www.accumair.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UNRWRKWRKAAR
|