In the Interim Report for the six months ended 31 October 2014,
the Group announced its intention to discontinue its Management
services business. The Group initiated an orderly wind-down of the
Management services business during the financial year which was
completed by the end of the financial year apart from some residual
payables and receivables, nearly all of which have been settled
since the year-end. The Group also disposed of Geomerics Limited
(Note 8) in the prior year and the subsequent residual transactions
from this have been treated as a discontinued operation. In
accordance with IFRS 5 Non-current assets held for sale and
discontinued operations these businesses have been classified as
discontinued operations and the prior periods have been restated to
show these discontinued operations separately from continuing
operations. A summary of the results is set out below:
Results of discontinued operations
2015 2014
GBP'000 GBP'000
Revenue 586 801
Operating costs (639) (1,273)
Share based payments - (1)
Change in fair value 35 1,334
Finance income - 99
----------- -----------
Profit/(loss) for the year (18) 960
=========== ===========
The Consolidated Statement of Cash Flows shows the net cash used
in the operating and investing activities of the discontinued
operations. The impact of the discontinued operations on the
Statement of Financial Position is minimal.
6 Earnings/(loss) per share
The basic and diluted earnings/(loss) per share is calculated on
the loss for the year from continuing and discontinued operations
of GBP3.9 million (2014: GBP1.2 million).
In accordance with IAS 33 Earnings per share 1) the "basic"
weighted average number of ordinary shares calculation excludes
shares held by the Employee Share Ownership Trust (ESOT) as these
are treated as treasury shares and 2) the "diluted" weighted
average number of ordinary shares calculation excludes potentially
dilutive ordinary shares from instruments that could be converted.
Share options are potentially dilutive where the exercise price is
less than the average market price during the period. Due to the
losses in 2015 and 2014, share options are non-dilutive for those
years and therefore the diluted loss per share is equal to the
basic loss per share.
The basic and diluted earnings/(loss) per share are based on a
weighted average of 47,625,033 ordinary 10p shares (2014:
45,129,800).
7 Intangible assets
Intellectual Computer Goodwill Product Total
property software development
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost or deemed cost
At 1 May 2013 524 12 98 973 1,607
Additions 30 1 - 217 248
Reclassification 62 - - (62) -
Disposals (400) (2) (98) - (500)
Exchange movements (10) - - (83) (93)
At 30 April
2014 206 11 - 1,045 1,262
Additions 66 1 - 37 104
Exchange movements 14 - - 109 123
At 30 April
2015 286 12 - 1,191 1,489
============= ========= ========= ============ ========
Amortisation and impairment
At 1 May 2013 400 10 98 19 527
Charge for
the year - 1 - 98 99
Disposals (400) (2) (98) - (500)
Exchange movements - - - (6) (6)
At 30 April
2014 - 9 - 111 120
Charge for
the year - 1 - 109 110
Impairment 94 - - - 94
Exchange movements - - - 16 16
At 30 April
2015 94 10 - 236 340
============= ========= ========= ============ ========
Net book value
At 30 April
2015 192 2 - 955 1,149
============= ========= ========= ============ ========
At 30 April
2014 206 2 - 934 1,142
============= ========= ========= ============ ========
The carrying value of intangible assets is reviewed for
impairment annually or whenever events or changes in circumstances
indicate that the carrying value may not be recoverable. The
recoverable amount is assessed on the basis of "value in use". The
key assumptions to assess value in use are the estimated useful
economic life, future revenues, cash flows and the discount rate to
determine the net present value of these cash flows. Where value in
use exceeds the carrying value then no impairment is made. Where
value in use is less than the carrying value then an impairment
charge is made.
Amortisation and impairment charges are charged to operating
costs in the Consolidated Statement of Comprehensive Income.
"Product development" relates to internally generated assets
that were capitalised in accordance with IAS 38 Intangible Assets.
Capitalised product development costs are directly attributable
costs comprising cost of materials, specialist contractor costs,
labour and overheads. Product development costs are amortised over
their estimated useful lives commencing when the related new
product is in commercial production. Development costs not meeting
the IAS 38 criteria for capitalisation continue to be expensed
through the Statement of Comprehensive Income as incurred.
8 Trade and other receivables
2015 2014
GBP'000 GBP'000
Current assets:
Trade receivables 4 126
Other receivables - investments 636 -
Other receivables 124 55
Prepayments and accrued income 244 147
----------- -----------
1,008 328
=========== ===========
"Other receivables - investments" relates to the Group's
investment in Geomerics (computer games middleware and computer
graphics) which was sold in December 2013. There is a retention
payment of GBP0.7 million due to be received in December 2015 which
has been designated at fair value (discounted for the time value of
money). As the retention payment is due within 12 months this has
been reclassified from "Non-current assets - Other receivables" to
"Current assets - Trade and other receivables".
9 Share capital
The Company has one class of ordinary shares which carry no
right to fixed income and at 30 April 2015 had 58,974,338 ordinary
shares of 10p each allotted, called up and fully paid (2014:
45,243,059).
The Company issued 13,481,279 new ordinary shares with a nominal
value of GBP0.10 at an issue price of GBP0.65 per share in a
placing, subscription and offer of shares, realising proceeds of
GBP8.2 million, net of costs. Shares were admitted to trading on
AIM as to 11,173,587 in February 2015 for the placing and
subscription and 2,307,692 in March 2015 for the offer.
The Company issued 250,000 new ordinary shares with a nominal
value of GBP0.10 at an exercise price of GBP0.2575 per share as a
result of the exercise of share options by employees. Shares were
admitted to trading on AIM as to 166,667 in March 2015 and 83,333
in April 2015.
10 Shareholder communications
Copies of this announcement are posted on the Company's website
www.ANGLEplc.com.
The Annual General Meeting of the Company will be held at 2:00pm
on Wednesday 30 September 2015 at the Surrey Technology Centre, 40
Occam Road, the Surrey Research Park, Guildford, GU2 7YG. Notice of
the meeting will be enclosed with the audited Statutory Financial
Statements.
The audited Statutory Financial Statements for the year ended 30
April 2015 are expected to be distributed to shareholders by 5
September 2015 and will subsequently be available on the Company's
website or from the registered office, 3 Frederick Sanger Road,
Surrey Research Park, Guildford, GU2 7YD.
This preliminary announcement was approved by the Board on 22
July 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PKBDDBBKBKOB
Angle (LSE:AGL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Angle (LSE:AGL)
Historical Stock Chart
From Apr 2023 to Apr 2024
