24/04/2014 21:03:24 Free Membership Login

Final Results

Date : 06/27/2011 @ 2:00AM
Source : UK Regulatory (RNS & others)
Stock : Totally (TLY)
Quote : 0.725  0.0 (0.00%) @ 2:59AM
Totally share price Chart

Final Results


 
TIDMTLY 
 
27 June 2011 
 
                                  Totally PLC 
 
                         ("Totally" or "the Company") 
 
               Final results for the year ended 31 December 2010 
 
Performance highlights 
 
  * Revenues from continuing operations GBP1.88m +7 per cent. yr/yr (2009: GBP 
    1.76m). 
 
  * Gross Profit from continuing operations GBP0.145m + 5 per cent yr/yr (2009: GBP 
    0.138m) 
 
  * Operating Profit from continuing operations before tax GBP0.10m (2009: GBP 
    0.14m) 
 
  * Total EBITDA from continuing operations GBP0.15m (2009: GBP0.17m). 
 
  * Total operating profit from continuing operations before tax and head 
    office charges GBP0.39m (2009: GBP0.43m). 
 
  * Total EBITDA from continuing operations before head office charges was GBP 
    0.43m (2009: GBP0.46m). 
 
  * Cash generated from operating activities GBP0.08m (2009: GBP0.16m). 
 
  * Basic earnings per share 0.1p (2009: 0.2p per share) 
 
Chairman's Statement 
 
Despite the ongoing recessionary pressures I am pleased to be able to report a 
second consecutive year of profit in 2010 and an increase in revenues of 7 per 
cent and in Gross Profit of 5 per cent. 
 
The Group generated revenues from continuing operations of GBP1.88m (2009: GBP 
1.76m), EBITDA of GBP0.15m (2009: GBP0.17m) and an operating profit before tax from 
continuing operations of GBP0.11m (2009: GBP0.14m). 
 
I believe this is a positive achievement in a challenging marketplace and is 
testimony to the skills of our staff and to the leadership of our business. 
 
Board, Staff and Clients 
 
I would like to thank Totally's board and staff for their efforts over the 
period under review as well as our clients. 
 
Prospects 
 
Trading since the beginning of the current financial year has, despite the 
continuing weak market conditions, been stable and the Board looks forward to a 
positive outcome for the full year. 
 
Dr. Michael Sinclair 
 
Non-Executive Chairman 
 
Further enquiries: 
 
Totally Plc www.totallyplc.com 
 
Daniel Assor, CEO                                                 020 7692 6929 
 
Merchant Securities Limited 
 
Simon Clements                                                    020 7628 2200 
 
Virginia Bull 
 
Business review 
 
The Business Review should be read in conjunction with the Chairman's Statement 
on page 4 which includes information about the Group's business performance 
during the year and an indication of the Group's future prospects. A review of 
the Group's financial position is included in the Directors' report. 
 
Digital Marketing: "Totally Communications " 
 
2010 saw strong top lines sales growth of 15.2 per cent. despite an uncertain 
market with recessionary pressures. 
 
During the period under review, the division's three core units of website and 
bespoke software development; hosting maintenance & support and online 
marketing, delivered continued and sustainable revenue growth. 65 organisations 
are now secured on long-term hosting, maintenance and support contracts, which 
make up over 20 per cent. of revenues. 
 
Rise Digital, a dedicated Online Marketing division, was launched. Rise 
specialises in the delivery of Search Engine Optimisation, Pay per Click and 
Social Media campaigns. Rise Digital revenues represented c.10 per cent. of 
annual revenues and long-term contracts for SME's and corporate organisations 
were secured. 
 
Particularly strong growth was achieved developing websites and bespoke 
web-enabled software for clients in both the private and Not for Profit 
sectors. One contributing factor was the completion of an enterprise website 
management system, Pelorous, which enables development and subsequent 
implementation of large scale web-based propositions expediently without 
compromising quality or robustness. Pelorous is a result of a number of years 
of development and reduces the requirement for client testing of new websites 
and online propositions by approximately 30 per cent. 
 
During this reporting period, Totally Communications has continued to work with 
a number of its long-term clients, delivering consultancy and web-enabled 
solutions, however as recessionary pressures in the market place have 
continued, a number of additional organisations have secured Totally 
Communications expertise and experience to deliver efficiencies by leveraging 
the power of the Internet. 
 
During the reporting period, Totally Communications commercial and corporate 
clients included Barclays Capital, Solar Century (leading solar energy 
company), and The Clear Company (specialist recruiter for companies such as 
E.O.N and B.T.), BSB Law & Volcanoes Safaris. However Totally Communications 
made significant progress in its position as a specialist in the third sector. 
Highlights for the reporting period include: 
 
Health Foundation (a not for profit organisation dedicated to clinical 
excellence in the UK); Totally Communications constructed a large website 
proposition containing an online network and online resources. This was a multi 
agency pitch. 
 
Employers Forum on Disability; Totally Communications secured a large project 
to bring online an updated version of the clients scorecard system which is a 
self-help tool to allow organisations to monitor their compliance with their 
legal requirements covering disability. 
 
WJR; the leading UK Jewish international agency responding to the needs of 
Jewish communities at risk or in crisis, outside the UK; Totally Communications 
was retained for a third time to upgrade their substantial website proposition 
which includes an ethical giving micro-site. 
 
Philanthropy Bridge Foundation; an organisation which works to connect giving 
from emerging economy countries with charities around the world; Totally 
Communications was secured to construct a modest initial website for this new 
organisation working with high-profile individuals to target giving in the 
third world. 
 
The Holocaust Explained; an educational portal dedicated to Key Stage 3 of the 
national curriculum, sponsored by Deutsche Bank and the London Grid, resulting 
in a high profile launch at the Foreign Office by Secretary of State for 
Education, Michael Gove. 
 
Totally Communications' ongoing support for the third sector saw significant 
work on its proprietary product, "Totally Giving", a new donor acquisition tool 
for charities. The initial prototype was launched prior to this reporting 
period for a charity which resulted in "54 per cent. of all donations via the 
portal being from new donors". During the period under review the system was 
sold to a second charity and developed into a generic fundraising support tool 
to be rolled out as Totally Communications' first stand -alone product. The 
product has significant potential in the third sector market, as it focuses on 
the acquisition of data which subsequently drives new donor acquisition which 
continues to be a significant growth area for charities that are all facing 
fundraising pressures. 
 
Post Reporting Period Events 
 
Q1 & Q2 2011 have seen a continuation of the strategy for aggressive organic 
growth, and have shown a significant increase of 25 per cent. (unaudited) in 
revenues in this division compared to the same period in 2010, whilst cash 
collection has shown an increase of nearly 50 per cent. (unaudited) in this 
division. 
 
As a result, Totally Communications has moved into a substantially larger 
office, and is currently recruiting a number of additional employees. 
 
During the first few months of 2011, following a multi-agency pitch, Totally 
Communications, was delighted to be awarded a contract with the charity Crisis 
to construct an extensive web-enabled volunteer management system. Totally 
Communications reach into the third sector continued with contract wins with 
Parenting UK and Kusuma Trust along with ongoing work with The Health 
Foundation. Other notable project wins since the start of 2011 included for 
Linked In, Le Cordon Bleu and Katie Price. Notable contract wins for Rise 
Digital included Ingersoll Rand (international commercial manufacturer), 
Homesun (solar power), Art You Grew Up With, Celebrity Group and Paulie 
Clothing. 
 
Andy Margolis 
 
Managing Director Totally Communications Limited 
 
Niche Community Publishing 
 
The Jewish News & Media Group is the umbrella brand for the group's publishing 
businesses which include two trading subsidiaries, the Jewish News Limited and 
TotallyJewish.com Limited. 
 
The group publishes on and offline media for the UKs Jewish community 
including: 
 
* A weekly newspaper, `Jewish News' 
 
* A quarterly lifestyle magazine, `Pulse' 
 
* An annual Celebrations magazine, `TotallyJewishSimchas' 
 
* A community portal, `www.TotallyJewish.com' 
 
* An annual Wedding exhibition, www'TotallyJewishSimchas Live!' 
 
www.thejngroup.com 
 
Performance Highlights 
 
* Revenues of GBP1,146,000, (2009: GBP1,130,000) 
 
* EBITDA of GBP204,000 (2009: GBP252,000) 
 
* Operating Profit of GBP177,000 (2009: GBP228,000) 
 
Post Reporting Period Events 
 
In May 2011 the business announced plans to hold a significant new community 
exhibition at Wembley Stadium on 18 March 2012. Jewish Living Expo is a 
consumer event where visitors will be invited to browse, eat, shop and engage 
with 175+ quality brands from across an array of industries including food, 
travel, education, fashion, community, lifestyle and the home. In addition live 
performances and educational workshops will be held throughout the day. 
Revenues will be derived from entrance tickets, stand sales and sponsorship. 
 
www.jewishlivingexpo.com 
 
Dan Assor 
 
CEO & Managing Director Jewish News & Media Group 
 
Consolidated Income Statement for the year ended 31 December 2010 
 
                                                      Note       2010      2009 
 
                                                                 GBP000      GBP000 
 
Continuing operations 
 
Revenue                                                         1,882     1,758 
 
Cost of Sales                                                   (427)     (381) 
 
Gross profit                                                    1,455     1,377 
 
Administrative expenses                                       (1,308)   (1,204) 
 
Profit before interest, tax, depreciation and                     147       173 
amortisation 
 
Depreciation                                                      (1)       (5) 
 
Amortisation                                                     (40)      (24) 
 
Operating profit                                                  106       144 
 
Finance costs                                                    (20)      (19) 
 
Profit before taxation                                             86       125 
 
Income tax                                             3           10        16 
 
Profit for the year attributable to the equity                     96       141 
shareholders of the parent company 
 
All comprehensive income for the current and prior 
year is included in the income statement above. 
 
Earnings per share                                               2010      2009 
 
                                                                Pence     Pence 
 
Basic 
 
Continuing operations                                            0.1p      0.2p 
 
Diluted 
 
Continuing operations                                            0.1p      0.2p 
 
Consolidated statement of changes in equity for the year ended 31 December 2010 
 
                           Share     Share Translation Profit and        Equity 
                                               Reserve 
                         capital   premium                   loss shareholders' 
 
                                   account                account       deficit 
 
                            GBP000      GBP000        GBP000       GBP000          GBP000 
 
At 1 January 2009          1,124     3,353           -    (5,062)         (585) 
 
Profit for the year            -         -           -        141           141 
 
Credit on issue of             -         -                      5             5 
share options 
 
Credit on issue of             -         -           -          7             7 
warrants 
 
At 1 January 2010          1,124     3,353           -    (4,909)         (432) 
 
Profit for the year            -         -           -         96            96 
 
Credit on issue of             -         -           -          2             2 
share options 
 
Credit on issue of             -         -           -         13            13 
warrants 
 
At 31 December 2010        1,124     3,353           -    (4,798)         (321) 
 
Consolidated statement of financial position as at 31 December 2010 
 
                                        Note         2010            2009 
 
                                                  GBP000     GBP000    GBP000    GBP000 
 
Non current assets 
 
Intangible fixed assets                             38               60 
 
Property, plant and equipment                        4                4 
 
                                                             42              64 
 
Current assets 
 
Trade and other receivables               4        374              266 
 
Cash and cash equivalents                            -                - 
 
                                                            374             266 
 
Current liabilities 
 
Trade and other payables                                  (335)           (321) 
 
Financial liabilities                                     (402)           (441) 
 
                                                          (737)           (762) 
 
Net current liabilities                                   (363)           (496) 
 
Net liabilities                                           (321)           (432) 
 
Shareholders' equity 
 
Called up share capital                                   1,124           1,124 
 
Share premium account                                     3,353           3,353 
 
Retained earnings                                       (4,798)         (4,909) 
 
Equity shareholders' deficit                              (321)           (432) 
 
Consolidated cash flow statement for the year ended 31 December 2010 
 
                                                          Note    2010     2009 
 
                                                                  GBP000     GBP000 
 
Operating activities 
 
Operating profit                                                   106      144 
 
Option and warrants charge                                          15       12 
 
Amortisation and depreciation                                       41       29 
 
(Increase)/decrease in trade and other receivables               (108)       24 
 
Increase/(decrease) in trade and other payables                     14     (65) 
 
Cash flow from operations                                           68      144 
 
Taxation 
 
R&D tax credit                                             3        10       16 
 
Net cash flows from operating activities                            78      160 
 
Investing activities 
 
Purchase of property, plant and equipment                         (19)     (35) 
 
Net cash flows from investing activities                          (19)     (35) 
 
Cash inflow before financing                                        59      125 
 
Financing activities 
 
Interest paid                                                     (20)     (19) 
 
Net increase in cash and cash equivalents                           39      106 
 
Cash and cash equivalents at beginning of year                   (441)    (547) 
 
Cash and cash equivalents at end of year                         (402)    (441) 
 
Cash and cash equivalents comprise:- 
 
Bank overdrafts                                                  (402)    (441) 
 
                                                                 (402)    (441) 
 
Notes to the financial statements for the year ended 31 December 2010 
 
 1. General information 
 
Totally Plc is a public limited company ("Company") incorporated in the United 
Kingdom under the Companies Act 2006 (registration number 3870101). The Company 
is domiciled in the United Kingdom and its registered address is Unit 611 
Highgate Studios, 53-79 Highgate Road, London NW5 1TL. The Company's Ordinary 
Shares are traded on the AlM Market of the London Stock Exchange ("AIM") 
 
The Group's principal activities have been niche community media and the 
provision of software development and digital marketing services. The Company's 
principal activity is to act as a holding company for its subsidiaries. 
 
 2. Basis of preparation 
 
The financial year represents the 365 days to 31 December 2010, and the prior 
financial year, 365 days to 31 December 2009. The financial statements are 
presented in sterling and all values are rounded to the nearest thousand pounds 
(GBP000) except when otherwise indicated. 
 
The accounting policies set out in note 4 have been applied consistently to all 
periods presented in these consolidated financial statements. 
 
The financial statements are prepared on a going concern basis which the 
Directors believe to be appropriate for the following reasons. The Group 
currently meets its day to day working capital requirements through two 
overdraft facilities which are repayable on demand. 
 
The Group has confirmed the availability of a facility of GBP700,000 with Bank 
Hapoalim which was renewed on until 30 June 2010. As security for the facility, 
the bank has obtained the unlimited Joint and Several Guarantees of Dr Michael 
Sinclair (non-executive Chairman), and Mr Leo Noe. Dr Sinclair and Mr Noe have 
confirmed to the Company that they will keep this guarantee in place until 31 
May 2012. 
 
In addition, a working capital facility of GBP50,000 has been agreed with NatWest 
which is secured on the Group's debtor book. This facility is due for renewal 
on 30 September 2011. 
 
The Directors have prepared projected cash flow information for the period 
ending 12 months from the date of their approval of these financial statements. 
 
On the basis of cash flow forecasts and discussions with the Group's bankers 
and guarantee holders, the Directors consider that the Group will be able to 
operate within the facilities currently agreed. 
 
Inherently, there can be no certainty in relation to these matters, but the 
Directors believe that the going concern basis of preparation continues to be 
appropriate. 
 
 3. Taxation 
 
 a. Taxation charge 
 
 b. 
 
                                                       2010      2009 
 
                                                                 GBP000      GBP000 
 
Research and development tax credit                              (10)      (16) 
 
Total current income tax credit charged in the income       (10)      (16) 
statement 
 
 b. Taxation reconciliation 
 
The current income tax credit for the period is explained below: 
 
                                                                 2010      2009 
 
                                                                 GBP000      GBP000 
 
Profit before tax                                                  86       125 
 
Taxation at the standard UK income tax rate of 28 per cent         24        35 
(2009: 28 per cent) 
 
Research and Development tax credit                              (10)      (16) 
 
Utilisation of brought forward tax losses                        (24)      (35) 
 
Total income tax credited in the income statement           (10)      (16) 
 
 c. Deferred tax 
 
Estimated tax losses of approximately GBP3,600,000 (2009: GBP3,699,000) are 
available to relieve future profits of the Group. A deferred tax asset has not 
been recognised in respect of these losses due to uncertainty as to the timing 
and tax rate at which these losses will be utilised against future taxable 
profit streams. 
 
 4. Trade and other receivables 
 
                                                                 2010      2009 
 
                                                                 GBP000      GBP000 
 
Trade receivables                                                 283       200 
 
Less: provision for impairment on receivables                     (8)       (1) 
 
Trade receivables -net                                            275       199 
 
Amount due from group undertakings                                  -         - 
 
Other debtors                                                      10        10 
 
Prepayments and accrued income                                     89        57 
 
                                                                  374       266 
 
5. Related party transactions 
 
The Group has taken advantage of the exemption available under IAS 24, "Related 
Party Disclosures", not to disclose details of transactions between Group 
undertakings which are eliminated on consolidation. 
 
Included within current liabilities on the Company statement of financial 
position are amounts owed to 100% subsidiary undertakings of GBP1.26m (2009: GBP 
0.55m). The movement in the Company's balances with its subsidiaries reflects 
the group's banking facilities and arrangements operating during the year. 
 
The following related party transactions have been carried out at arm's length 
and are required to be disclosed in accordance with IAS24. 
 
As set out in note 3, Dr Michael Sinclair and Mr Leo Noe have provided 
guarantees in respect of the Group's current overdraft facility. 
 
The company charged East Kings Ltd GBP12,500 (2009: GBPnil) for technical services 
provided. Dr M J Sinclair is a director of East Kings Ltd. 
 
In 2010, purchases of GBPnil (2009: GBP2,000), on an arm's length basis were made 
from J Margolis, mother of A Margolis who is a director of both Totally 
Communications Limited and Totallyjewish.com Limited. A balance of GBPnil (2009: 
GBPnil) is included in trade creditors at the year end. 
 
During 2010, 32,424,153 warrants (2009: 9,080,633) and nil options (2009: 
5,450,000) have been granted to D Assor. The exercise price is 1 pence per 
option and 1 pence per warrant. 
 
During 2010, 17,500,000 warrants (2009: 7,671,905) and nil options (2009: 
5,125,000) have been granted to A Margolis. The exercise price is 1 pence per 
option and 1 pence per warrant. 
 
During 2010, 7,500,000 warrants (2009: Nil) have been granted to B Gritz, who 
is a director of Totally Communications Limited. The exercise price is 1 pence 
per warrant. 
 
6. Dividend 
 
The Directors do not propose the payment of a dividend. 
 
7. Copies of Report and Accounts 
 
Copies of the Report and Accounts have been posted to shareholders, are 
available from the Company's registered office Unit 611 Highgate Studios, 53-79 
Highgate Road, London NW5 1TL and are available from the Company's website 
www.totallyplc.com. 
 
 
 
END 
 

Totally (LSE:TLY)
Historical Stock Chart

1 Year : From Apr 2013 to Apr 2014

Click Here for more Totally Charts.

Totally (LSE:TLY)
Intraday Stock Chart

Today : Thursday 24 April 2014

Click Here for more Totally Charts.


NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 us 140424 21:03