TIDMONEV
RNS Number : 3205J
OneView Group PLC
27 June 2017
27 June 2017
OneView Group plc
("OneView" or the "Company")
Unaudited Results Statement for the Year ended 31 March 2017 and
Directorate Change
OneView Group (AIM: ONEV), one of the retail industry's leading
digital transformation software providers for in-store customer
service, presents its results for the year ended 31 March 2017.
Financial Highlights
-- Revenue of $3.13m (FY16: $8.11m)
-- Loss before tax of $3.4m (FY16: loss of $3.17m)
-- Basic loss per share of $0.01 (FY16: $0.01)
-- Cash and cash equivalents of $0.53m at 31 March 2017 ($2.67m at 31 March 2016)
Operational Highlights including post year end
-- Digital store point of sale live in first Wickes store
-- Launched cloud hosting service during year closing three
customers including multi-million dollar cloud-based hosting
agreement with Discount Tire
-- Integrated Inventory Management solution with IBM's Watson Commerce Insights
-- Growing pipeline
-- Appointment of Michael Jackson as Non-Executive Chairman
Fundraising and Debt Restructuring
-- Fundraising of GBP3.9m at a share price of 1.5p, announced separately today
-- The current debt holders have agreed to convert the full
$4.00m of debt into Ordinary Shares at a placing price of 1.5p,
also announced today.
Directorate Change
The Company also announces that Richard Abraham will be stepping
down from his role as Non-Executive Chairman with effect from the
successful completion of the fundraising following Company's
General Meeting to approve the placing. Richard will remain on the
board as Non-Executive Director. The Board would like to thank
Richard for his valued contribution as Non-Executive Chairman, and
looks forward to continue this relationship with him in his
capacity as Non-Executive Director.
The Company is pleased to announce the appointment of Michael
Jackson as Non-Executive Chairman at the time Richard steps down as
Chairman. Michael has over 35 years' experience in investing in the
public markets and working with public companies. Previously he was
Director and Chairman of The Sage Group plc and also Chairman of
PartyGaming plc, both FTSE 100 companies. Michael founded
Elderstreet, the venture capital firm specializing in early stage
technology funding.
Disclosures required regarding Michael's appointment pursuant to
Schedule Two paragraph (g) of the AIM Rules for Companies can be
found in Note 11 of the preliminary results below.
Stuart Mitchell, CEO of OneView, commented:
"We released our solutions to the market in January 2014 and in
three and a half years have made great strides with the product and
gained market acceptance by winning business from a number of
important retailers globally. Consequently, we are seeing a lot of
market interest in our offering and our pipeline is growing. We
believe this positions us well to deliver improved returns to our
shareholders in the coming years and view the future with
confidence."
For further information please contact:
OneView Group Tel: 01634
plc 673172
Stuart Mitchell,
CEO
Linda Palanza,
COO
Mark Wilson, Finance
Director
finnCap Limited Tel: 0207
220 0500
Geoff Nash
Kate Bannatyne
Newgate Communications Tel: 020 7653
9848
Bob Huxford
Lydia Thompson
CHIEF EXECUTIVE'S REPORT
Our first year on the AIM market has seen good progress in a
number of areas but it has not been without its challenges. We made
great strides with the product going live at Wickes and have
developed a new business stream with our cloud hosting solutions
that we have already sold to three customers. However, our
financial results were disappointing, principally as the result of
order intake being below expectations. I am pleased to say that,
despite this, revenues in the second half of the financial year
were considerably improved over the first half and our pipeline of
new business is much stronger than it was this time last year. We
are therefore anticipating a better performance in the year to
March 2018.
When we started developing our digital store platform back in
2012 our vision was to provide retailers with disruptive
cloud-based technology to deliver a modern, engaging shopping
experience in the store. Online channels were growing rapidly and
if bricks and mortar didn't adapt, the retailer was likely to fail.
It was our view that the new platform must deliver an omni-channel
experience, treating customers the same across all shopping
channels, it had to be mobile allowing the store associate to
engage with customers using either a hand-held device but could
also support the fixed register in the store and it must be
delivered in the cloud.
I am delighted to say that our platform and the solutions we
have developed today have achieved all these objectives. We have a
point of sale (POS) solution that is integrated out of the box with
the retailer's e-commerce site and the POS can run on hand-held
devices or fixed tills. However, to be truly omni-channel the
retailer needs a real-time view of inventory across the store
estate. OneView has developed a first of its kind real-time
cloud-based Enterprise Store Inventory solution giving us a
competitive edge against the legacy offerings of our peers.
Cloud delivery gives us the opportunity to host our customer's
solutions and sell into smaller store estates with a Software as a
Service ("SaaS") model. Two of our early on premise licence
customers, Discount Tire and Travis Perkins, contracted with us to
host their solutions this year and a new customer, Molton Brown
demonstrates the appeal and relevance of our offering to smaller
store estates. The cloud delivery feature and full functionality of
the solutions today enables us to get such retailers live in just a
few months. Hosting is an important new and incremental revenue
stream and accelerates the growth of total recurring revenues,
which are today $2.9m annually (31 March 2016: $0.4m).
We operate within a very large global marketplace, presenting
enormous opportunity. Retail consultancy IHL Group in a report
issued last November stated that the POS software market is
forecast to eclipse $4bn in annual sales by 2020 as retailers race
to update store applications to serve the technology driven
consumer. We are confident that we are well placed to win a
meaningful share of this business with our modern and agile
platform that enables the retailer to respond quickly to changes in
the market and deliver a high-level shopping experience to
consumers.
Operations
Our 2017 focus was on further developing our products. This
involved both building out features and functions and the
infrastructure environment to support hosting, and our customer
implementations.
Good progress was made during the period and we are operating
live at Wickes now with the plan to extend the rollout to all
stores before the end of our financial year. Molton Brown, signed
in October 2016, is expected to be a very quick implementation with
a plan to go live in its full store estate by the end of this
summer, a testament to the market readiness of the product. We
intend Discount Tire to pilot by the end of 2017 and roll out to
its over 900 store estate in calendar 2018.
Financial
Revenues declined from $8.11m in the year to 31 March 31 2016 to
$3.13m in the current year. This was principally due to order
intake during the year being below our internal targets. Our
prospects have historically tended to be large retailers that have
long sales cycles and forecasting the timing of their purchase
decisions is difficult. As the product has matured we have been
able to include mid-size retailers in our target market and during
the second half of the year we began to gain momentum in that space
with Molton Brown and others now in the pipeline.
The revenue decline resulted in a total loss from continuing
operations of $3.08m (2016: Loss $2.99m) and interest expense on
higher borrowings increased to $0.32m (2016: $0.18m) leading to a
loss before taxation of $3.40m (2016: Loss $3.17m). A tax credit of
$0.01m and an exchange loss on translation of foreign subsidiaries
of $0.01m were recognized (2016: tax credit $0.03m) producing a
total loss for the year of $3.40m. (2016: Loss $3.14m).
There was a net cash outflow from operating activities of $1.36m
(2016: $2.79m outflow) and net cash used in investing activities
was $3.41m (2016: Nil) being principally the capitalisation of
software development costs. No software development costs were
capitalised in 2016 as the capitalisation criteria in IAS 38 were
not met.
These cash outflows were funded by a decrease in cash of $2.14m
with the balance at 31 March 2017 being $0.53m (2016: Cash $2.67m)
and an increase in debt of $2.76m from $1.24m at 31 March 2016 to
$4.00m at this year-end.
Fund raising
The Company has long been undercapitalised which has held back
growth as the business is underinvested in a number of areas but
particularly sales and marketing. As a consequence we announced, at
the end of February, the intention to embark upon an equity fund
raising and contingent on the success of the fundraise the holders
of the $4.0m debt have agreed to convert their loans into ordinary
shares at the same share price as the equity fund raise.
We have today separately announced a a proposed fundraising of
GBP3.9m to be satisfied by the issue of new ordinary shares.
GBP2.82 million of the new equity raised will require approval at a
General Meeting of shareholders. The company has received
irrevocable undertakings to vote in favour of the resolution from
the beneficial owners of 65.5% of the current ordinary share
capital. Contingent on the finalisation of the fundraising, the
debt providers have agreed to convert the and the $4.0m of debt
loans outstanding at 31 March 2017 into Ordinary Shares at the
placing price of1.5p per new Ordinary Share.
Appointment of Chairman and Board Changes
The appointment of Michael Jackson as Non-Executive Chairman of
OneView has also been announced separately today. Michael has
substantial experience both in technology and capital markets
having, among other roles, been Chairman of The Sage Group plc from
1987 until 2006. Michael succeeds Richard Abraham who has served as
Non-Executive Chairman of OneView since 2011. Richard remains with
OneView as a Non-Executive director.
Thanks
I would like to thank all our staff for their passion, hard
work, and dedication. My thanks also go to the Board and the two
debt providers, Lane Capital and Hawk Investments for all their
support.
Outlook
We released our solutions to the market in January 2014 and in
three and a half years have made great strides with the product and
gained market acceptance by winning business from a number of
important retailers globally. Consequently, we are seeing a lot of
market interest in our offering and the pipeline is growing. We
believe this positions us well to deliver improved returns to
shareholders in the coming years and view the future with
confidence.
ONEVIEW GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2017
31 March 31 March
2017 2016
Note $000 $000
--------------------------------- ----- --------- ---------
Revenue 2 3,125 8,113
Cost of sales (66) (1,480)
Employee benefits costs (3,185) (4,743)
Depreciation and amortisation
expense (450) (61)
Other expenses (2,507) (3,034)
--------------------------------- ----- --------- ---------
Total expenses (6,208) (9,318)
--------------------------------- ----- --------- ---------
Loss from continuing operations
before exceptional items
before share-based payment
arising on reverse transaction
and exceptional items (3,083) (1,205)
Share-based payment arising
on reverse transaction - (1,490)
Exceptional items 3 - (296)
--------------------------------- ----- --------- ---------
Total loss from continuing
operations (3,083) (2,991)
Finance expense (317) (181)
Finance income 3 -
Loss before taxation (3,397) (3,172)
Taxation credit 5 14 35
--------------------------------- ----- --------- ---------
Loss for the year (3,383) (3,137)
Other Comprehensive Income
Exchange losses on translation
of foreign operations (15) -
--------------------------------- ----- --------- ---------
Total Other Comprehensive
expense (15) -
--------------------------------- ----- --------- ---------
Total comprehensive loss
for the year (3,398) (3,137)
--------------------------------- ----- --------- ---------
Loss per ordinary share
from continuing operations 6
Basic (0.01) (0.01)
Diluted (0.01) (0.01)
ONEVIEW GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 March 2017
31 March 31 March
Note 2017 2016
$000 $000
-------------------------------- ------ ---------- ----------
Non-current assets
Intangible assets 3,023 -
Property, plant and equipment 44 102
Deferred taxation asset 49 35
Total non-current assets 3,116 137
-------------------------------- ------ ---------- ----------
Current assets
Trade and other receivables 1,468 2,767
Cash and cash equivalents 10 525 2,669
-------------------------------- ------ ---------- ----------
Total current assets 1,993 5,436
-------------------------------- ------ ---------- ----------
Total assets 2 5,109 5,573
-------------------------------- ------ ---------- ----------
Current liabilities
Trade and other payables (2,617) (2,513)
Borrowings (1,000) -
Total current liabilities (3,617) (2,513)
-------------------------------- ------ ---------- ----------
Non-current liabilities
Borrowings (3,000) (1,242)
-------------------------------- ------ ---------- ----------
Total non-current liabilities (3,000) (1,242)
-------------------------------- ------ ---------- ----------
Total liabilities (6,617) (3,755)
-------------------------------- ------ ---------- ----------
Total net (liabilities)/assets 2 (1,508) 1,818
-------------------------------- ------ ---------- ----------
Equity
Share capital 8 5,056 5,045
Share premium 2 -
Merger reserve 15,888 15,888
Capital redemption reserve 322 322
Other reserve (10,957) (10,957)
Retained earnings (10,982) (7,658)
Translation reserve (15) -
Share trust reserve (822) (822)
Total equity (1,508) 1,818
-------------------------------- ------ ---------- ----------
ONEVIEW GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the year ended 31 March 2017
Additional
Share Share Merger paid in Other Capital Retained Translation Share Total
capital premium reserve capital reserves redemption earnings reserve trust equity
reserve reserve reserve
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
------------- --------- --------- --------- ----------- ---------- ------------ ---------- ------------- --------- --------
At 1 April
2015 4 - - 3,300 - - (4,521) - - (1,217)
Share-based
payment
arising on
reverse
acquisition - - - - 1,490 - - - - 1,490
Issue of
warrants - - - 758 - - - - 758
Share-based
payments - - - 58 - - - - 58
Adjustments
in respect
of reverse
acquisition 5,041 - 15,888 (4,116) (12,447) 322 - - (822) 3,866
------------- --------- --------- --------- ----------- ---------- ------------ ---------- ------------- --------- --------
At 31 March
2016 5,045 - 15,888 - (10,957) 322 (7,658) - (822) 1,818
------------- --------- --------- --------- ----------- ---------- ------------ ---------- ------------- --------- --------
Loss for the
year - - - - - - (3,383) (15) - (3,398)
Share-based
payments - - - - - - 59 - - 59
Exercise of
options 11 2 - - - - - - - 13
At 31 March
2017 5,056 2 15,888 - (10,957) 322 (10,982) (15) (822) (1,508)
------------- --------- --------- --------- ----------- ---------- ------------ ---------- ------------- --------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2017
31 March 31 March
Note 2017 2016
$000 $000
----------------------------------- ------ --------- ---------
Cash flow from operating
activities
Cash utilised in operations 9 (1,360) (2,789)
Net cash outflow from operating
activities (1,360) (2,789)
----------------------------------- ------ --------- ---------
Investing activities
Purchase of property, plant
and equipment (4) (28)
Sale of property, plant and 3 -
equipment
Expenditure on intangible (3,413) -
assets
Interest received 3 -
Net cash used in investing
activities (3,411) (28)
----------------------------------- ------ --------- ---------
Financing activities
Cash acquired on reverse
acquisition 4 - 3,835
Issue of common shares 13 -
New loans received 4,300 1,850
Loans repaid (1,542) (250)
Interest paid (128) (98)
----------------------------------- ------ --------- ---------
Net cash generated from financing
activities 2,643 5,337
----------------------------------- ------ --------- ---------
Net (decrease)/increase in
cash, cash equivalents and
bank overdrafts (2,128) 2,520
Currency variations on cash,
cash equivalents and bank
overdrafts (16)
Cash, cash equivalents and
bank overdrafts at the start
of the year 2,669 149
----------------------------------- ------ --------- ---------
Cash, cash equivalents and
bank overdrafts at the end
of the year 525 2,669
----------------------------------- ------ --------- ---------
ONEVIEW GROUP PLC
Preliminary Announcement of the unaudited financial statements
for the year ended 31 March 2017
1. Accounting Policies
Basis of preparation
The Group's Consolidated Financial Statements have been prepared
in accordance with International Financial Reporting Standards,
International Accounting Standards (IAS) and Interpretations
(collectively "IFRS") issued by the International Accounting
Standards Board as adopted by the European Union and with those
parts of the Companies Act 2006 applicable to companies preparing
their financial statements under IFRS. They have been prepared on
the historical cost basis. The Group Financial Statements have been
prepared on a going concern basis which assumes that the placing
proceeds successfully and the outstanding loans are converted to
equity.
While the financial information included in this preliminary
announcement has been prepared in accordance with the recognition
and measurement criteria of IFRS, this announcement does not itself
contain sufficient information to comply with IFRS. The Group
expects to publish full financial statements that comply with IFRS
in August 2017.
Various new standards, interpretations and amendments have
become effective since 1 April 2016, but have had no material
effect on the financial statements.
2. Segment Information
During the year the Group operated in the following main
business segments:
OneView Commerce Licensing of software and providing the related
consulting, support and other services related to the software
sold; and
Unallocated central costs The provision of Group-wide support
services including finance to the other business segment within the
Group.
These segments were considered on the basis of different
products and services.
OneView Commerce Unallocated central costs
Year ended 31 March 2017 $000 $000 Total
$000
---------------------------- ----------------- -------------------------- --------
Revenue
Software licences 399 - 399
Consulting 1,755 - 1,755
Hosting 604 - 604
Support and other 367 - 367
---------------------------- ----------------- -------------------------- --------
3,125 - 3,125
---------------------------- ----------------- -------------------------- --------
Loss from operations (2,572) (511) (3,083)
---------------------------- ----------------- -------------------------- --------
Finance expense (314) (3) (317)
Finance expense - 3 3
---------------------------- ----------------- -------------------------- --------
Loss before taxation (2,886) (511) (3,397)
---------------------------- ----------------- -------------------------- --------
Balance sheet
Assets 4,914 181 5,095
Liabilities (9,842) 3,225 (6,617)
---------------------------- ----------------- -------------------------- --------
Net (liabilities)/assets (4,928) 3,406 (1,522)
---------------------------- ----------------- -------------------------- --------
OneView Commerce Unallocated central costs
Year ended 31 March 2016 $000 $000 Total
$000
---------------------------------------------------- ----------------- -------------------------- --------
Revenue
Software licences 1,502 - 1,502
Consulting 6,201 - 6,201
Hosting 50 - 50
Support and other 360 - 360
---------------------------------------------------- ----------------- -------------------------- --------
8,113 - 8,113
---------------------------------------------------- ----------------- -------------------------- --------
Loss from operations (1,195) (10) (1,205)
---------------------------------------------------- ----------------- -------------------------- --------
Share-based payment arising on reverse transaction - (1,490) (1,490)
Exceptional items (296) - (296)
Finance expense (181) - (181)
---------------------------------------------------- ----------------- -------------------------- --------
Loss before taxation (1,672) (1,500) (3,172)
---------------------------------------------------- ----------------- -------------------------- --------
Balance sheet
Assets 2.828 2,745 5,573
Liabilities (3,600) (155) (3,755)
---------------------------------------------------- ----------------- -------------------------- --------
Net (liabilities)/assets (772) 2,590 1,818
---------------------------------------------------- ----------------- -------------------------- --------
Other
Finance expense (181) - (181)
---------------------------------------------------- ----------------- -------------------------- --------
Geographical information
Revenue by location Total non-current assets by location
of customers
2017 2016 2017 2016
$000 $000 $000 $000
----------------- ---------- ---------- ------------------- ------------------
North America 2,159 3,267 3,067 102
United Kingdom 885 3,798 - -
Netherlands 81 948 - -
Germany - 78 - -
Other countries - 22 - -
----------------- ---------- ---------- ------------------- ------------------
3,125 8,113 3,067 102
----------------- ---------- ---------- ------------------- ------------------
3. Exceptional items
Exceptional items arising in the prior year are for the
professional fees incurred relating to the reverse takeover. The
exceptional costs incurred are shown below:
31 31 March
March
2017 2016
$000 GBP000
------------------------- -------- ---------
Professional fees - 296
Total exceptional items - 296
------------------------- -------- ---------
4. Taxation
31 March 31 March
2017 2016
$000 $000
--------------------------------------------------- --------- ---------
Current taxation charge/(credit)
UK corporation tax on result for the year - -
Overseas tax - -
Total current taxation charge/(credit) - -
--------------------------------------------------- --------- ---------
Deferred taxation credit
Origination and reversal of temporary differences (13) (7)
Effect of tax rate change on opening balance (1) 1
Adjustment in respect of prior years - (29)
--------------------------------------------------- --------- ---------
Total deferred taxation credit (14) (35)
--------------------------------------------------- --------- ---------
Total taxation credit (14) (35)
--------------------------------------------------- --------- ---------
The reasons for the difference between the actual tax charge for
the year and the standard rate of corporation tax in the United
Kingdom applied to the result for the year are as follows:
31 March 31 March
2017 2016
$000 $000
---------------------------------------------------------------------- --------- ---------
Loss before taxation (3,397) (3,172)
Loss multiplied by the rate of UK corporation tax of 20% (2016: 20%) (679) (635)
Effects of:
Depreciation on assets not qualifying for capital allowances - 6
Expenses not deductible for taxation purposes 12 375
Effect of tax rate changes 4 13
Losses on which deferred tax has not been recognised 1,340 236
Adjustments to prior period - deferred tax - (13)
Effect of tax rate on foreign jurisdictions (691) (17)
---------------------------------------------------------------------- --------- ---------
Total taxation credit (14) (35)
---------------------------------------------------------------------- --------- ---------
5. Loss per ordinary share
Basic loss per ordinary share is calculated using the weighted
average number of ordinary shares in issue during the financial
year of 348,329,592 (31 March 2016: 250,701,971). Diluted loss per
ordinary share is calculated with reference to 348,329,592 (31
March 2016: 250,701,971) ordinary shares. The weighted average
number of ordinary shares in the prior year has been calculated
using the share exchange ratio (74.82), further details are shown
in Note 7. The effect of the exercise of options on the weighted
average number of ordinary shares in issue is 748,211 (31 March
2016: nil).
At 31 March 2017, the Armour Employees' Share Trust held
3,424,000 ordinary shares. The weighted average number of ordinary
shares held by the Armour Employees' Share Trust during the year of
3,424,000 is not included in either the weighted average, or
diluted weighted average, ordinary shares in issue during the
financial year.
Underlying loss per ordinary share is also shown calculated by
reference to loss before exceptional items. The Directors consider
that this gives a useful additional indication of underlying
performance. It should be noted that the term "underlying" is not
defined under IFRS and may not therefore be comparable with
similarly titled profit measures reported by other entities.
31 March 2017 31 March 2016
Basic Diluted Basic Diluted
$000 $0.01 $0.01 $000 $0.01 $0.01
--------------------------------- -------- ------- -------- -------- ------- --------
Loss for the year (3,383) (0.01) (0.01) (3,137) (0.01) (0.01)
Share-based payments 59 0.00 0.00 58 0.00 0.00
Share-based payment transaction - 0.00 0.00 1,490 0.00 0.00
--------------------------------- -------- ------- -------- -------- ------- --------
Loss before exceptional items (3,324) (0.01) (0.01) (1,589) (0.01) (0.01)
Exceptional items, net of tax - 0.00 0.00 296 0.00 0.00
-------- ------- -------- -------- ------- --------
Underlying loss (3,324) (0.01) (0.01) (1,293) (0.01) (0.01)
--------------------------------- -------- ------- -------- -------- ------- --------
6. Dividend
The Board did not recommend a dividend for the year ended 31
March 2016 and has not recommended a final dividend for the year
ended 31 March 2017.
7. Share capital
Nominal value Number
--------------------------------------------- -----------------------------------------------
Ordinary shares Ordinary shares
Ordinary shares of Ordinary shares of
of 1p each Total of $0.001each 1p each Total
$.01 each $000 $000 $000 '000 '000 '000
------------------ ----------------- ------------------ ------ ----------------- ------------------ --------
Allotted, called
up and fully
paid:
At 1 April 2015 4 - 4 3,314 - 3,314
Issuance of
Warrants - - - 379 - 379
Consideration
shares (4) 5,045 5,041 (3,693) 351,005 347,312
------------------ ----------------- ------------------ ------ ----------------- ------------------ --------
At 31 March 2016 - 5,045 5,045 - 351,005 351,005
------------------ ----------------- ------------------ ------ ----------------- ------------------ --------
At 1 April 2016 - 5,045 5,045 - 351,005 351,005
Exercise of
options - 11 11 - 749 749
At 31 March 2017 - 5,056 5,056 - 351,754 351,754
------------------ ----------------- ------------------ ------ ----------------- ------------------ --------
The above analysis of the movements in share capital in the
prior period reflects the initial share capital of OneView Commerce
Inc. subsequently adjusted for the reverse transaction and the
issue of shares. At the date of the acquisition there were
74,658,621 ordinary shares in issue, 276,346,760 ordinary shares
were issued in consideration for the full share capital of OneView
Commerce Inc. The share exchange ratio used was 74.82. Prior to the
acquisition, the Company proposed a tender offer to repurchase
22,392,875 ordinary shares at 5p. This was fully subscribed and the
shares were repurchased and subsequently cancelled.
The holders of ordinary shares of 1p each are entitled to
receive dividends as declared from time to time and are entitled to
one vote per share at meetings of the Company. All the ordinary
shares of 1p each rank equally with regard to the Company's
residual assets.
8. Net cash flow from operations
31 March 31 March
2017 2016
$000 $000
------------------------------------- --------- ---------
Loss for the year (3,383) (3,137)
Depreciation of property, plant and
equipment 60 61
Amortisation of intangible assets 390 -
Share-based payments 59 58
Share-based payment transaction - 1,490
Finance income (3) -
Finance expense 317 181
Income tax (credit)/charge (14) (35)
------------------------------------- --------- ---------
EBITDA* (2,574) (1,382)
------------------------------------- --------- ---------
Gain on sale of property, plant and (1) -
equipment
Decrease/(increase) in trade and
other receivables 1,299 (1,405)
Decrease in trade, other payables
and provisions (84) (2)
------------------------------------- --------- ---------
1,214 (1,407)
------------------------------------- --------- ---------
Cash utilised in operations (1,360) (2,789)
------------------------------------- --------- ---------
* EBITDA is defined as the (loss)/profit before interest,
taxation, depreciation, amortisation and share-based payments
9. Publication of non-statutory accounts
The financial information for the year ended 31 March 2017 is
unaudited and the auditors' report thereon will be finalised
subject to confirmation of the basis of preparation as detailed in
Note 1. The financial information for the year ended 31 March 2017
and the year ended 31 March 2016 does not constitute the Company's
accounts for those years.
Statutory accounts for the year ended 31 March 2016 have been
delivered to the Registrar of Companies. The auditors' report on
those accounts was unqualified, did not draw attention to any
matters by way of emphasis, and did not contain a statement under
498(2) or 498(3) of the Companies Act 2006. The financial
information for the year ended 31 March 2017 is unaudited. The
statutory accounts for that year will be delivered to the Registrar
of Companies following the Company's Annual General Meeting.
The full audited financial statements of OneView Group plc for
the period ended 31 March 2017 are expected to be posted to
shareholders by the 4 August 2017 and will be available to the
public at the Company's registered office, Suite 25, 6-8 Revenge
Road, Lordswood, Chatham, Kent, ME5 8UD and available to view on
the Company's website at www.oneviewcommerce.com from that
date.
10. Annual General Meeting
The Annual General Meeting will be held at the offices of
Newgate Communications Ltd, Sky Light City Tower, 50 Basinghall
Street, London, EC2V 5DE on Wednesday 6 September 2017 at 12.00
noon.
11. Regulatory Disclosures for Michael Jackson
The following disclosures are required regarding Michael's
appointment pursuant to Schedule Two paragraph (g) of the AIM Rules
for Companies:
Full Name: Michael Edward Wilson Jackson
Age: 67
Current directorships and Past directorships and
partnerships: partnerships held over
the last 5 years:
Access Intelligence Plc Elderstreet Ballater Limited
Access Intelligence Media Pelham Gardens Freehold
and Communications Ltd Limited
AI Mediadata Ltd AI Controlpoint Limited
AI Talent Limited Concorde Solutions Limited
AngloInfo Limited
AutoService Finance Limited
ASF Finance Limited
Backup and Running plc
Baldwin & Francis Limited
Contis Group London
Elderstreet Capital Partners
Nominees Limited
Elderstreet Nominees Limited
Elderstreet Holdings Limited
Elderstreet Investments Limited
Elderstreet Private Equity
Limited
Elderstreet VCT Plc
Fords Packaging Systems 1998
Limited
Fords Packaging Systems Limited
Fords Packaging TopCo Limited
Itim Group Ltd
Kellan Group Plc
Lyalvale Express Limited
Lyalvale Property Limited
Macranet Limited
NetCall plc
Old Vicarage Nominees Limited
Royal Albert Hall Developments
Limited
RAH Concerts Ltd
Uvenco UK Plc
Select Software Tools Plc
Syncissue Limited
Zoich Limited
In addition, the following companies have been liquidated within
12 months of Michael Jackson's ceasing to be a board member:
-- Wimbledon 123 Limited (Voluntary Liquidation)
-- Elderstreet Ballater Limited (Voluntary Liquidation)
-- E-Trader Group Limited (Creditors Voluntary Liquidation)
-- B & F Management Limited (Voluntary Liquidation)
Michael has no shareholding in the Company.
No further disclosure is required under AIM Rule 17 and Schedule
Two paragraph (g) of the AIM Rules for Companies with respect to
Michael Jackson.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BXGDLBGDBGRR
(END) Dow Jones Newswires
June 27, 2017 09:13 ET (13:13 GMT)
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