TIDMIPH
RNS Number : 6842E
Interactive Prospect TargetingHdgs
23 December 2009
Interactive Prospect Targeting Holdings plc
("IPTH", "the Company" or "the Group")
(AIM: "IPH")
Unaudited Interim Results for the six months to 30 June 2009 and application for
resumption in trading
Following the publication earlier today of the Group's 2008 Accounts and the
Notice and Circular convening the 2009 Annual General Meeting on Thursday, 14
January 2010, IPTH now announces its Unaudited Interim Results for the six
months to 30 June 2009.
The Unaudited Interim Results are appended hereto. They should be read in
conjunction with the Chairman's Statement included in the Group Accounts for the
year ended 31 December 2008 published earlier today, which covered the events up
to December 2009 and which included an update on 2009 trading.
Now that the 2008 Group Accounts have been posted to Shareholders and the 2009
Unaudited Interim Results have been published, application has been made to the
London Stock Exchange for resumption of trading in the Ordinary Shares on AIM
and dealings in the Company's shares will be reinstated from 7.00am on 24
December 2009.
For further information:
+-------------------------------------------+----------------------------+
| IPT Holdings plc | |
+-------------------------------------------+----------------------------+
| Nicholas Ward, Executive Chairman | Tel: +44 (0) 20 7932 4410 |
+-------------------------------------------+----------------------------+
| Martin Purvis | |
+-------------------------------------------+----------------------------+
| | |
+-------------------------------------------+----------------------------+
| Canaccord Adams | Tel: +44 (0) 20 7050 6500 |
+-------------------------------------------+----------------------------+
| Mark Williams, Corporate Finance | |
+-------------------------------------------+----------------------------+
| Bhavesh Patel | |
+-------------------------------------------+----------------------------+
| | |
+-------------------------------------------+----------------------------+
| College Hill | Tel: +44 (0) 20 7457 2020 |
+-------------------------------------------+----------------------------+
| Mark Garraway, Media Enquiries | |
+-------------------------------------------+----------------------------+
| Adam Aljewicz | |
+-------------------------------------------+----------------------------+
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+--------------------------------------+-------+------------+-----------+-----------+
| | | 6 months | 6 months | Year |
| | | ended | ended | ended |
| | | 30 June | 30 June | 31 |
| | | 2009 | 2008 | December |
| | | | | 2008 |
+--------------------------------------+-------+------------+-----------+-----------+
| |Notes | Unaudited | Unaudited | Audited |
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-------+------------+-----------+-----------+
| Continuing operations | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Revenue | | - | - | - |
+--------------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Cost of sales | | - | - | - |
+--------------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Gross profit | | - | - | - |
+--------------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Administrative expenses | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Share-based payment credit / | | 219 | (18) | (256) |
| (charge) | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Goodwill impairment charges | | - | (5,142) | (27,485) |
+--------------------------------------+-------+------------+-----------+-----------+
| Other administrative expenses | | (1,335) | (1,384) | (1,182) |
+--------------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Total administrative expenses | | (1,116) | (6,544) | (28,923) |
+--------------------------------------+-------+------------+-----------+-----------+
| Operating loss | | (1,116) | (6,544) | (28,923) |
+--------------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Investment revenue | | - | 33 | 76 |
+--------------------------------------+-------+------------+-----------+-----------+
| Finance costs | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| - Interest on bank overdraft | | (226) | (152) | (428) |
| and loans | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| - Foreign exchange gain / (loss) on | | 102 | (346) | (379) |
| loan payable | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| - Changes to deferred | | - | (733) | (1,330) |
| consideration payable | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| - Restructuring fee | | - | - | (515) |
+--------------------------------------+-------+------------+-----------+-----------+
| Loss before tax | | (1,240) | (7,742) | (31,499) |
+--------------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Tax | 3 | - | - | - |
+--------------------------------------+-------+------------+-----------+-----------+
| Loss from continuing | | (1,240) | (7,742) | (31,499) |
| operations | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Profit / (loss) from | 6 | 1,472 | (2,132) | (9,830) |
| discontinued operations | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Profit / (loss) for the period | | 232 | (9,874) | (41,329) |
+--------------------------------------+-------+------------+-----------+-----------+
| Profit / (loss) attributable to | | 232 | (9,874) | (41,329) |
| equity holders of the parent | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| (Loss) / earnings per share | 4 | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Basic and diluted (pence) - | | (2.8) | (19.6) | (67.3) |
| continuing operations | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
| Basic and diluted (pence) - | | 0.5 | (1.3) | (84.6) |
| total | | | | |
+--------------------------------------+-------+------------+-----------+-----------+
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (EXPENSE)
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+--------------------------------------------+---+-----------+-----------+-----------+
| | | 6 months | 6 months | Year |
| | | ended | ended | ended |
| | | 30 June | 30 June | 31 |
| | | 2009 | 2008 | December |
| | | | | 2008 |
+--------------------------------------------+---+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------+---+-----------+-----------+-----------+
| | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| Profit / (loss) for the period | | 232 | (9,874) | (41,329) |
+--------------------------------------------+---+-----------+-----------+-----------+
| Other comprehensive (expense) / | | | | |
| income: | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| Exchange (loss) / gain on | | (1,642) | 2,405 | 7,725 |
| translation of foreign operations | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| Tax taken directly to equity - | | 6 | (184) | (528) |
| share based payments | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| Net other comprehensive (expense) / income | | (1,636) | 2,221 | 7,197 |
| recognised directly in equity | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| Total comprehensive (expense) / | | (1,404) | (7,653) | (34,132) |
| income for the period | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| Total comprehensive (expense) / | | | | |
| income attributable to: | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
| Equity holders of the parent | | (1,404) | (7,653) | (34,132) |
+--------------------------------------------+---+-----------+-----------+-----------+
| | | | | |
+--------------------------------------------+---+-----------+-----------+-----------+
CONSOLIDATED STATEMENT OF Changes in Equity
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | Called up | Share | Own | Share | Other | Profit | Total |
| | share | premium | shares | option | reserve | and loss | Unaudited |
| | capital | account | Unaudited | reserve | Unaudited | account | GBP'000 |
| | Unaudited | Unaudited | GBP'000 | Unaudited | GBP'000 | Unaudited | |
| | GBP'000 | GBP'000 | | GBP'000 | | GBP'000 | |
+------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| At 1 January 2009 | 202 | 26,680 | - | 535 | 2,372 | (27,142) | 2,647 |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| Profit for the period | - | - | - | - | - | 227 | 227 |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| Other comprehensive | - | - | - | - | - | (1,636) | (1,636) |
| income | | | | | | | |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| Total comprehensive | 202 | 26,680 | - | 535 | 2,372 | (28,551) | 1,238 |
| (expense) / income for | | | | | | | |
| the year ended 31 | | | | | | | |
| December 2008 | | | | | | | |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| Transactions with | | | | | | | |
| owners: | | | | | | | |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| Share based payment | - | - | - | (225) | - | - | (225) |
| transaction | | | | | | | |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| Balance as at 30 June | 202 | 26,680 | - | 310 | 2,372 | (28,551) | 1,013 |
| 2009 | | | | | | | |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
| | | | | | | | |
+------------------------+-----------+-----------+-----------+-----------+----------+-----------+----------+
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | Called up | Share | Own | Share | Other | Profit | Total |
| | share | premium | shares | option | reserve | and loss | Unaudited |
| | capital | account | Unaudited | reserve | Unaudited | account | GBP'000 |
| | Unaudited | Unaudited | GBP'000 | Unaudited | GBP'000 | Unaudited | |
| | GBP'000 | GBP'000 | | GBP'000 | | GBP'000 | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| At 1 January 2008 | 179 | 24,475 | (529) | 279 | 2,372 | 6,990 | 33,766 |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Loss for the period | - | - | - | - | - | (9,874) | (9,874) |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Other comprehensive | - | - | - | - | - | 2,221 | 2,221 |
| income | | | | | | | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Total comprehensive | 179 | 24,475 | (529) | 279 | 2,372 | (663) | 26,113 |
| (expense) / income for | | | | | | | |
| the year ended 31 | | | | | | | |
| December 2008 | | | | | | | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Transactions with owners: | | | | | | | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Issue of shares | 23 | 2,205 | - | - | - | - | 2,228 |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Share options exercised | - | | 2 | - | - | - | 2 |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Share based payment | - | - | - | 18 | - | - | 18 |
| transaction | | | | | | | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Balance as at 30 June | 202 | 26,680 | (527) | 297 | 2,372 | (663) | 28,361 |
| 2008 | | | | | | | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | |
+---------------------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| | Called up | Share | Own | Share | Other | Profit | Total |
| | share | premium | shares | option | reserve | and | Audited |
| | capital | account | Audited | reserve | Audited | loss | GBP'000 |
| | Audited | Audited | GBP'000 | Audited | GBP'000 | account | |
| | GBP'000 | GBP'000 | | GBP'000 | | Audited | |
| | | | | | | GBP'000 | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| At 1 January 2008 | 179 | 24,475 | (529) | 279 | 2,372 | 6,990 | 33,766 |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| Loss for the period | - | - | - | - | - | (41,329) | (41,329) |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| Other comprehensive | - | - | - | - | - | 7,197 | 7,197 |
| income | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| Total comprehensive | 179 | 24,475 | (529) | 279 | 2,372 | (27,142) | (366) |
| (expense) / income for | | | | | | | |
| the year ended 31 | | | | | | | |
| December 2008 | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| Transactions with | | | | | | | |
| owners: | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| Issue of shares | 23 | 2,205 | - | - | - | - | 2,228 |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| Impairment of own | - | - | 527 | - | - | - | 527 |
| shares | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| Share options | - | - | 2 | - | - | - | 2 |
| exercised | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| Share based payment | - | - | - | 256 | - | - | 256 |
| transaction | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| Balance as at 31 | 202 | 26,680 | - | 535 | 2,372 | (27,142) | 2,647 |
| December 2008 | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+----------+----------+
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2009
+-------------------------------------+----------+----------+-----------+-----------+
| | | | 30 June | 31 |
| | | | 2009 | December |
| | | | | 2008 |
+-------------------------------------+----------+----------+-----------+-----------+
| | Notes | | Unaudited | Audited |
| | | | GBP'000 | GBP'000 |
+-------------------------------------+----------+----------+-----------+-----------+
| Non-current assets | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Goodwill | | | - | 6,612 |
+-------------------------------------+----------+----------+-----------+-----------+
| Other intangible assets | | | - | 2,797 |
+-------------------------------------+----------+----------+-----------+-----------+
| Property, plant and | | | - | 241 |
| equipment | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Deferred tax asset | | | - | - |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | - | 9,650 |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Current assets | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Trade and other receivables | | | 802 | 10,194 |
+-------------------------------------+----------+----------+-----------+-----------+
| Cash and cash equivalents | | | 953 | 3,704 |
+-------------------------------------+----------+----------+-----------+-----------+
| Current tax asset | | | - | 572 |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | 1,755 | 14,470 |
+-------------------------------------+----------+----------+-----------+-----------+
| Assets held for sale | 6 | | 11,678 | - |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Total assets | | | 13,433 | 24,120 |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Current liabilities | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Trade and other payables | | | (3,965) | (9,381) |
+-------------------------------------+----------+----------+-----------+-----------+
| Current tax liabilities | | | - | (526) |
+-------------------------------------+----------+----------+-----------+-----------+
| Obligations under finance | | | (6) | (37) |
| leases | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Bank loans and overdrafts | | | (3,750) | (6,961) |
+-------------------------------------+----------+----------+-----------+-----------+
| Deferred consideration | | | - | (2,489) |
| payable | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | (7,721) | (19,394) |
+-------------------------------------+----------+----------+-----------+-----------+
| Liabilities held for sale | 6 | | (4,699) | - |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | (12,420) | (19,394) |
+-------------------------------------+----------+----------+-----------+-----------+
| Non-current liabilities | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Provisions | | | - | (1,246) |
+-------------------------------------+----------+----------+-----------+-----------+
| Deferred tax liability | | | - | (833) |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | - | (2,079) |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Total liabilities | | | (12,420) | (21,473) |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Net assets | | | 1,013 | 2,647 |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Equity | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Share capital | | | 202 | 202 |
+-------------------------------------+----------+----------+-----------+-----------+
| Share premium account | | | 26,680 | 26,680 |
+-------------------------------------+----------+----------+-----------+-----------+
| Share option reserve | | | 310 | 535 |
+-------------------------------------+----------+----------+-----------+-----------+
| Other reserves | | | 2,372 | 2,372 |
+-------------------------------------+----------+----------+-----------+-----------+
| Retained deficit | | | (28,551) | (27,142) |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
| Total equity | | | 1,013 | 2,647 |
+-------------------------------------+----------+----------+-----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+-----------+-----------+
This interim report was approved by the Board of Directors on 23 December 2009.
Signed on behalf of the Board
Director
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+-----------------------------------------+-------+------------+------------+------------+
| | Notes | 6 months | 6 months | Year ended |
| | | ended | ended | |
| | | 30 June | 30 June | 31 |
| | | 2009 | 2008 | December |
| | | | | 2008 |
+-----------------------------------------+-------+------------+------------+------------+
| | | Unaudited | Unaudited | Audited |
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Net cash (outflow) / inflow from | 5 | (1,174) | 1,336 | 1,745 |
| operating activities | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Investing activities | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Continuing operations: | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Interest received | | 4 | 33 | 76 |
+-----------------------------------------+-------+------------+------------+------------+
| Deferred consideration on | | - | (2,337) | (3,212) |
| acquisitions | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Discontinued operations | | - | (974) | 61 |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Net cash flow from investing | | 4 | (3,278) | (3,075) |
| activities | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Financing activities | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Continuing operations: | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Interest paid | | (220) | (149) | (426) |
+-----------------------------------------+-------+------------+------------+------------+
| Proceeds from sale of NP6 | | 2955 | | |
+-----------------------------------------+-------+------------+------------+------------+
| Repayment of borrowings | | (2,918) | - | - |
+-----------------------------------------+-------+------------+------------+------------+
| Finance lease obligations | | 5 | 69 | - |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Net cash from financing | | (178) | (80) | (426) |
| activities | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Net decrease increase in cash | | (1,348) | (2,022) | (1,756) |
| and cash equivalents | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Cash and cash equivalents at the | | 3,704 | 4,710 | 4,710 |
| beginning of the period | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Effect of foreign exchange rate | | 49 | 212 | 750 |
| changes | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| Cash and cash equivalents at the | | 2,405 | 2,900 | 3,704 |
| end of the period | | | | |
+-----------------------------------------+-------+------------+------------+------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+------------+
NOTES TO THE CONSOLIDATED INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
1. Accounting policies
Basis of preparation
The Group prepares consolidated financial statements in accordance with the
measurement and recognition criteria of International Financial Reporting
Standards ('IFRS') including International Accounting Standards ('IAS') and
interpretations issued by the International Accounting Standards Board ('IASB')
and its committees, and as interpreted by any regulatory bodies applicable to
the Group, as adopted for use in the European Union and in compliance with
Article 4 of the EU IAS Regulation.
On 29 July 2009 the Company changed its accounting reference date from 31
December to 30 December. On 27 October, the Company changed its accounting
reference date to 29 December. As permitted by the Companies Act 2006, the
Company will continue to prepare its financial statements to 31 December.
This interim report is unaudited and, except as described below, has been
prepared on the basis of the accounting policies set out in the financial
statements for the year ended 31 December 2008. As permitted by the AIM Rules,
these interim statements have not been prepared in accordance with IAS 34
"Interim reporting".
The financial information for the six months ended 30 June 2009 and 30 June 2008
has not been audited and does not constitute full financial statements within
the meaning of Section 240 of the Companies Act 1985. The financial information
for the six months ended 30 June 2009 has not been reviewed by the Company's
auditors.
The financial information relating to year ended 31 December 2008 does not
constitute full financial statements within the meaning of Section 240 of the
Companies Act 1985. This information is an extract of the Group's statutory
accounts for that period which have been filed with the Registrar of Companies.
Those statutory accounts which were prepared in accordance with International
Financial Reporting Standards, received an unqualified report and did not
contain statements under section 237(2) or (3) of the Companies Act 1985. The
audit report included an emphasis of matter paragraph in relation to going
concern.
Going Concern
The Directors have prepared the Interim Results for the half year to 30 June
2009 on a going concern basis.
However, the ability of the Group to continue as a going concern depends upon
three key issues:
* The approval by Shareholders of the proposed sale of Directinet and
Netcollections, and the subsequent completion of the Sale and Purchase Agreement
following satisfaction of the other conditions precedent.
* The continued support of Barclays Bank until completion and the repayment of
their debt at completion.
* The surrender of the Vincent Square leases on the basis negotiated with the
landlord, settlement of which will be made from the proceeds of sale of
Directinet and Netcollections.
* The Directors have no reason to believe that the three key issues above will not
be achieved and are therefore satisfied that the Company remains a going concern
and has prepared these accounts on that basis
New accounting standards
The following new standards and amendments to standards are applicable to the
Group for the first time for the year ending 31 December 2009:
i) IAS 1 (revised), 'Presentation of financial statements'. The revised standard
prohibits the presentation of items of income and expenses (that is 'non-owner
changes in equity') in the statement of changes in equity, requiring 'non-owner
changes in equity' to be presented separately from owner changes in equity. All
'non-owner changes in equity' are required to be shown in a performance
statement.
As permitted, the Group has elected to present two statements: an income
statement and a statement of comprehensive income. The interim financial
statements have been prepared under the revised disclosure requirements.
ii) IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'.
It requires a 'management approach' to segmental reporting under which segment
information is presented on the same basis as that used for internal reporting
purposes.
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker has been identified as the Group Board of Directors. As the Board
manages the business on a geographical basis, there has been no change to the
reported segments as a consequence of the adoption of IFRS 8.
There has been no impact on the measurement of the Company's assets and
liabilities.
2. Segmental reporting
Business segments
The chief operating decision maker has been identified as the Board of
Directors. The Board makes strategic and operating decisions based on internal
reporting and the Group's operating segments have been determined on this basis.
The Board considers the business primarily from a strategic operational
perspective.
+---------------------------------------+--+--+--------------+--------------+-----------+
| Six months ended 30 June 2009 | | | Discontinued | Continuing | Total |
| | | | operations | operations | Group |
| | | | (Note 6) | GBP'000 | GBP'000 |
| | | | GBP'000 | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| Revenue | | | 7,997 | - | 7,997 |
+---------------------------------------+--+--+--------------+--------------+-----------+
| | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| Profit / (loss) before tax | | | 1,654 | (1,240) | 408 |
+---------------------------------------+--+--+--------------+--------------+-----------+
| | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| Six months ended 30 June 2008 | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| Revenue | | | 16,314 | - | 16,314 |
+---------------------------------------+--+--+--------------+--------------+-----------+
| | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| Loss before tax | | | (568) | (8,501) | (9,069) |
+---------------------------------------+--+--+--------------+--------------+-----------+
| | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| Total assets / (liabilities) | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
| 30 June 2009 | | | 13,433 | (12,420) | 1,013 |
+---------------------------------------+--+--+--------------+--------------+-----------+
| 31 December 2008 | | | 24,120 | (21,473) | 2,647 |
+---------------------------------------+--+--+--------------+--------------+-----------+
| | | | | | |
+---------------------------------------+--+--+--------------+--------------+-----------+
3. Tax
The income tax expense is based on management's best estimate of the weighted
average annual income tax rate expected for the full year. The estimated average
annual tax rate is nil% (June 2008: nil%).
4. (Loss) / earnings per share
(Loss) / earnings per share attributable to the equity holders of the Company
arises from continuing and discontinued operations as follows:
+-------------------------------------------------+-----------+------------+------------+
| | | 6 months | 6 months |
| | | ended | ended |
| | | 30 June | 30 June |
| | | 2009 | 2008 |
| | | Unaudited | Unaudited |
| | | Pence | Pence |
+-------------------------------------------------+-----------+------------+------------+
| | | | |
+-------------------------------------------------+-----------+------------+------------+
| (Loss) / earnings per share for loss from | | | |
| continuing operations attributable to the | | | |
| equity holders of the Company: | | | |
+-------------------------------------------------+-----------+------------+------------+
| - basic | | (2.8) | (19.6) |
+-------------------------------------------------+-----------+------------+------------+
| - diluted | (19.6) | (2.8) | (19.6) |
+-------------------------------------------------+-----------+------------+------------+
| | (20.9) | | |
+-------------------------------------------------+-----------+------------+------------+
| (Loss) / earnings per share for loss from | | | |
| discontinued operations attributable to the | | | |
| equity holders of the Company: | | | |
+-------------------------------------------------+-----------+------------+------------+
| - basic | | 0.5 | (1.3) |
+-------------------------------------------------+-----------+------------+------------+
| - diluted | | 0.5 | (1.3) |
+-------------------------------------------------+-----------+------------+------------+
| | | | |
+-------------------------------------------------+-----------+------------+------------+
5. Reconciliation of operating (loss) / profit to net cash inflow / (outflow)
from operating activities
+-----------------------------------------+-------+------------+------------+-----------+
| | | 6 months | 6 months | Year |
| | | ended | ended | ended 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
+-----------------------------------------+-------+------------+------------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+-------+------------+------------+-----------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
| Operating loss - continuing activities | | (1,116) | (247) | (29,517) |
+-----------------------------------------+-------+------------+------------+-----------+
| Operating profit - discontinued | | 1,654 | (7,624) | (7,675) |
| activities | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
| Impairment of goodwill | | - | 5,142 | 31,835 |
+-----------------------------------------+-------+------------+------------+-----------+
| Impairment of other assets | | - | 1,751 | 2,835 |
+-----------------------------------------+-------+------------+------------+-----------+
| (Profit) / Loss on disposal of NP6 | | (1,102) | - | - |
+-----------------------------------------+-------+------------+------------+-----------+
| Depreciation and amortisation | | 99 | 1,376 | 2,016 |
+-----------------------------------------+-------+------------+------------+-----------+
| Share-based payment (credit) / charge | | (226) | 18 | 256 |
+-----------------------------------------+-------+------------+------------+-----------+
| Finance cost | | - | - | (348) |
+-----------------------------------------+-------+------------+------------+-----------+
| Increase / (decrease) in receivables | | 3,007 | 3,332 | 2,041 |
+-----------------------------------------+-------+------------+------------+-----------+
| (Decrease) / increase in payables | | (3,490) | (1,537) | 1,635 |
+-----------------------------------------+-------+------------+------------+-----------+
| Taxation paid | | - | (875) | (1,333) |
+-----------------------------------------+-------+------------+------------+-----------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
| Net cash (outflow) / inflow from | | (1,174) | 1,336 | 1,745 |
| operating activities | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
6. Discontinued operations
Core UK Businesses
On 29 September 2008, the Group announced that it had disposed of the Core UK
Businesses. The results of these businesses were classified as discontinued
operations in the accounts for the year ended 31 December 2008.
NP6 SAS ("NP6")
On 17 April 2009, the Group announced that it had entered into an agreement to
sell its French subsidiary NP6 to Lerinardh SAS. Further details on this
transaction are included in the Chairman's Statement with the 2008 Annual Report
and Accounts.
The NP6 business represented a significant line of business for the Group and
its result for the period up to the date of the agreement has therefore been
included within discontinued operations in the Consolidated Income Statement.
Directinet SA ("Directinet") and Netcollections SAS ("Netcollections")
The Board announced on 11 December 2009 that it has reached a conditional
agreement with Bisnode AB for the sale of Directinet and Netcollections. Further
details on this transaction are included in the Chairman's Statement with the
2008 Annual Report and Accounts.
The assets and liabilities of these companies constitute a disposal group under
IFRS 5 "Non-current assets held for sale and discontinued operations", and their
assets and liabilities have accordingly been presented as held for sale in the
Consolidated Balance Sheet.
Assets and liabilities of the disposal group
+-------------------------------------+----------+----------+----------+-----------+
| | | | | 30 June |
| | | | | 2009 |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | Unaudited |
| | | | | GBP'000 |
+-------------------------------------+----------+----------+----------+-----------+
| Non-current assets | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| Intangible assets | | | | 6,032 |
+-------------------------------------+----------+----------+----------+-----------+
| Property, plant and | | | | 192 |
| equipment | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | 6,224 |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| Current assets | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| Trade and other receivables | | | | 4,002 |
+-------------------------------------+----------+----------+----------+-----------+
| Cash and cash equivalents | | | | 1,452 |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | 5,454 |
+-------------------------------------+----------+----------+----------+-----------+
| Total assets of disposal | | | | 11,678 |
| group | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| Current liabilities | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| Trade and other payables | | | | (4,279) |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| Non-current liabilities | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| Deferred tax liability | | | | (420) |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| Total liabilities of | | | | (4,699) |
| disposal group | | | | |
+-------------------------------------+----------+----------+----------+-----------+
| | | | | |
+-------------------------------------+----------+----------+----------+-----------+
These businesses have been classified as discontinued operations in the
Consolidated Income Statement.
Loss on discontinued operations
The loss on discontinued operations is analysed below:
+-----------------------------------------+-------+------------+------------+-----------+
| | | 6 months | 6 months | Year |
| | | ended | ended | ended 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
+-----------------------------------------+-------+------------+------------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+-------+------------+------------+-----------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
| Revenue | | 7,997 | 16,314 | 32,522 |
+-----------------------------------------+-------+------------+------------+-----------+
| Expenses | | (6,343) | (17,640) | (41,743) |
+-----------------------------------------+-------+------------+------------+-----------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
| Profit / (loss) before tax | | 1,654 | (1,326) | (9,221) |
+-----------------------------------------+-------+------------+------------+-----------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
| Tax on profit / (loss) | | (182) | (806) | (609) |
+-----------------------------------------+-------+------------+------------+-----------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
| Profit / (loss) on discontinued | | 1,472 | (2,132) | (9,830) |
| operations | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-----------+
7. Events after the balance sheet date
On the 11 December 2009 the Board announced that conditional agreement has been
reached for the sale of Directinet and Netcollections and that an agreement has
also had been reached in relation to the Group's offices at Vincent Square
London. Further details on these transactions are included in the Chairman's
Statement with the 2008 Annual Reports and Accounts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DXLFLKLBLFBQ
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