30 June 2008
Amteus plc
("Amteus" or "the Company")
Interim Results for the six months ended 31 March 2008
Chairman's statement
Amteus, the provider of secure and identifiable instant messaging solutions,
announces its interim results for the six months ended 31 March 2008.
Results
Revenue in the six months to 31 March 2008 amounted to �69,289 (2007: �47,959)
and the loss before and after tax was �1,606,480 (2007: �1,595,155). Under the
Company's revenue recognition policy, there was �243,212 of deferred revenue
held at the balance sheet date.
On 23 April 2008, the company raised �1.5 million (after expenses) through a
placing of 12,000,200 new ordinary shares at 15p per share.
Related party transaction
On 29 May 2008, Amteus announced that it had entered into an agreement with The
Media Buzz Ltd ("The Media Buzz") to sell its relationship and acquisition
intelligent marketing services product to small and medium enterprise (`SME')
and corporate customers. As a result of this agreement, sales in the current
quarter to June 2008 have increased substantially compared with the same period
last year. In addition, the average order value has increased significantly
from less than �2,000 during March 2008 to approximately �12,000 during June
2008.
Outsourcing agreement
As already announced, the Company is working with a reseller partner to sell
into the education sector and certain other business sectors. The reseller
partner has now received its first substantial order for Amteus' products and
the Company is finalising arrangements to commence a roll-out programme as soon
as possible.
Amteus is also making progress in identifying similar partners and the
Directors are confident that further agreements will be signed in the next 12
months.
Product development
We have continued to invest in our secure communication product with particular
emphasis on new interactive functionality. The Company will also be seeking to
combine this functionality with a Web 2.0 website jointly developed with The
Media Buzz.
International Financial Reporting Standards ("IFRS")
As an AIM listed company, Amteus has had to comply with IFRS for the first time
when preparing these interim results. Consequently, the interim statement has
been prepared using these new accounting standards and the comparative numbers
from prior periods have been restated where necessary.
People
Amteus now employs 54 people, of which 19 have been recruited since March 2008,
with the majority of them working in sales and marketing.
Outlook
The Board is confident that, by developing its relationship with The Media Buzz
further, the significant sales growth achieved in the third quarter to 30 June
2008 will be maintained for the full year. The directors also believe that the
Company's new reseller agreement, combined with the exciting and innovative Web
2.0 developments, will enable Amteus to achieve further growth and increase
shareholder value in the future.
Michael Abrahams CBE DL
Chairman
30 June 2008
Condensed Consolidated Income Statement
For the six month ended 31 March 2008
Note Unaudited Unaudited Audited
31 March 31 March 30 September
2008 2007 2007
(6 months) (6 months) (12 months)
� � �
Continuing operations
Revenue 2 69,289 47,959 131,668
Cost of sales (55,365) (6,656) (56,275)
Gross profit 13,924 41,303 75,393
Operating expenses (1,593,152) (1,623,180) (3,209,526)
OPERATING LOSS (1,579,228) (1,581,877) (3,134,133)
Investment revenue 4,377 12,736 48,708
Finance costs (31,629) (26,014) (33,369)
LOSS BEFORE TAXATION (1,606,480) (1,595,155) (3,118,794)
Tax on loss on ordinary activities 3 - - -
LOSS FOR THE PERIOD FROM CONTINUING (1,606,480) (1,595,155) (3,118,794)
OPERATIONS ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY
Loss per share 4 (4.0p) (4.6p) (8.3p)
* basic and diluted
STATEMENT OF RECOGNISED INCOME AND EXPENSE
There is no recognised income or expense for the financial period other than
those shown in the condensed consolidated income statement above and
consequently no separate statement of recognised income and expense has been
presented.
Condensed Consolidated Balance Sheet
31 March 2008
Unaudited Unaudited Audited
31 March 31 March 30 September
2008 2007 2007
� � �
NON-CURRENT ASSETS
Intangible assets 52,903 15,184 23,349
Property, plant and equipment 132,162 168,817 178,855
185,065 184,001 202,204
CURRENT ASSETS
Inventories 400,334 105,581 480,096
Trade and other receivables 211,942 183,239 267,720
Cash and cash equivalents 63 2,534,795 626,360
612,339 2,823,615 1,374,176
TOTAL ASSETS 797,404 3,007,616 1,576,380
CURRENT LIABILITIES
Trade and other payables (1,829,429) (1,711,373) (1,067,127)
Obligations under finance leases (25,677) (29,158) (37,129)
(1,855,106) (1,740,531) (1,104,256)
NET CURRENT (LIABILITIES)/ASSETS (1,242,767) 1,083,084 269,920
NON-CURRENT LIABILITIES
Obligations under finance leases (27,249) (25,541) (44,736)
TOTAL LIABILITIES (1,882,355) (1,766,072) (1,148,992)
NET (LIABILITIES)/ASSETS (1,084,951) 1,241,544 427,388
EQUITY
Share capital 4,045,328 3,948,709 4,045,328
Share premium 5,937,455 5,347,789 5,937,455
Share options reserve 394,365 277,026 300,224
Retained earnings (11,462,099) (8,331,980) (9,855,619)
TOTAL EQUITY (1,084,951) 1,241,544 427,388
Condensed Consolidated Cash Flow Statement
For the six months ended 31 March 2008
Note Unaudited Unaudited Audited
31 March 31 March 30 September
2008 2007 2007
(6 months) (6 months) (12 months)
� � �
Net cash from operating activities 5 (922,656) (1,430,399) (3,301,754)
INVESTING ACTIVITIES
Interest received 4,377 14,574 48,708
Proceeds on disposal of property, 43,950 25,651 54,902
plant and equipment
Purchase of property, plant and (68,968) (44,946) (87,133)
equipment
Net cash used in investing (20,641) (4,721) 16,477
activities
FINANCING ACTIVITIES
Finance cost (31,629) (2,510) (57,853)
Proceeds on issue of shares - 3,269,579 3,163,865
Repayments of obligations under (28,939) (17,679) (45,700)
finance leases
Receipt/(Repayment) of related party 377,568 (199,433) (68,633)
loans
Net cash used in financing 317,000 3,049,957 2,991,679
activities
Net (decrease)/increase in cash and (626,297) 1,614,837 (293,598)
cash equivalents
Cash and cash equivalents at 626,360 919,958 919,958
beginning of year
Cash and cash equivalents at end of 63 2,534,795 626,360
year
1. BASIS OF PREPARATION
The interim results for the six months ended 31 March 2008, which are
unaudited, do not constitute statutory accounts within the meaning of the
Companies Act 1985 and have not been delivered to the Registrar of Companies.
The results for the six months ended 31 March 2008 and 31 March 2007 have been
reviewed, but not audited, by the auditors.
As Amteus plc is listed on the AIM Market ("AIM") the consolidated financial
statements for the year ended 30 September 2008 are required to be presented in
accordance with International Financial Reporting Standards ("IFRS"). The
interim financial statements have been prepared in accordance with IFRS and
comparative information has been restated accordingly. Further details are set
out in note 7.
The interim financial information has been prepared in accordance with IFRS and
comparative information has been restated accordingly.
Amteus plc has adopted revised accounting policies in accordance with IFRS and
the interim financial statements have been prepared in accordance with these
accounting policies, which have been published on the group's website
www.amteus.com.
The financial information for the period ended 30 September 2007 is an abridged
version of Amteus plc's published statutory financial statements which received
an unqualified auditors' report, contained no statement under section 237(2) or
(3) of the Companies Act 1985 and which have been filed with the Registrar of
Companies.
The auditors have included an emphasis of matter paragraph in their audit
report, for the year ended 30 September 2007, to draw attention to the material
uncertainties associated with the Company's reliance on the adequate continued
financial support of its majority shareholder and the shareholder approval of
the placing.
The existence of these material uncertainties may cast significant doubt about
the Company's ability to continue as a going concern.
Going Concern
The interim financial statements have been prepared on the going concern basis,
which assumes that the group will continue in operational existence for the
foreseeable future.
A placing of ordinary shares has been concluded and has resulted in a cash
injection of �1.5m net of issue costs. The Directors as part of the placing
process, have prepared detailed forecasts that indicate the requirement for the
continuing adequate financial support from the major shareholder.
This dependency on continued adequate support of the majority shareholder
indicates the existence of material uncertainties, which may cast significant
doubt about the company's ability to continue as a going concern and,
therefore, that it may be unable to realise its assets and discharge its
liabilities in the normal course of business.
In forming their opinion the Directors have taken into account the proceeds
from the placing of ordinary shares and the commitment by the majority
shareholder to continue to provide adequate financial support.
If the going concern basis was inappropriate, adjustments, which it is not
practicable to quantify, would be required, including those to write down
assets to their recoverable value, to reclassify fixed assets as current assets
and to provide for any further liabilities that may arise.
2. segment information
Analysis between activities is not presented as the group's operations comprise
a single class of business, which is the provision of secure and private
communications over the internet for business. The group's operations are
located in Great Britain.
3. tax on loss on ordinary activities
There is no tax charge for the period.
4. LOSS PER SHARE
Loss per share is calculated by dividing the loss after taxation by the
weighted average number of ordinary shares in issue of 40,453,278 (31 March
2007: 34,970,320 shares and 30 September 2007: 37,631,140 shares).
5. NET CASH FROM OPERATING ACTIVITIES
Unaudited Unaudited Audited
31 March 31 March 30 September
2008 2007 2007
(6 months) (6 months) (12 months)
� � �
Loss for the period (1,606,480) (1,595,155) (3,118,794)
Adjustments for:
Investment revenue (4,377) (12,736) (48,708)
Finance costs 31,629 26,014 33,369
(Profit)/Loss on disposal of property, (852) 860 6,649
plant and equipment
Amortisation of intangible assets 1,922 397 790
Depreciation of property, plant and 41,087 43,839 87,577
equipment
Employee share based payment 94,141 111,530 134,728
Operating cash flows before movements in (1,442,930) (1,425,251) (2,904,389)
working capital
Decrease/(Increase) in inventories 79,762 (20,456) (394,971)
Decrease/(Increase) in receivables 55,778 (128,575) (199,447)
Increase in payables 384,734 143,883 197,053
Net cash from operating activities (922,656) (1,430,399) (3,301,754)
6. DIVIDENDS
No dividends are proposed for the six months ended 31 March 2008 (six months
ended 31 March 2007: �nil, year ended 30 September 2007: �nil).
7. FIRST TIME ADOPTION OF IFRS
The year ending 30 September 2008 is the first year that the group will present
its consolidated financial statements under IFRS. The last consolidated
financial statements under UK GAAP were for the year ended 30 September 2007.
The group's date of transition to IFRS was therefore 1 October 2006. The
adoption of IFRS does not affect the cash flows of the group. The disclosures
required in the period of transition are given below:
Reconciliation of equity at 31 March 2007
UK GAAP Effect of Restated
31 March transition under IFRS
2007 to IFRS
� � �
NON-CURRENT ASSETS
Intangible assets - 15,184 15,184
Property, plant and equipment 184,001 (15,184) 168,817
184,001 - 184,001
CURRENT ASSETS
Inventories 105,581 - 105,581
Trade and other receivables 183,239 - 183,239
Cash and cash equivalents 2,534,795 - 2,534,795
2,823,615 - 2,823,615
TOTAL ASSETS 3,007,616 - 3,007,616
CURRENT LIABILITIES
Trade and other payables (1,711,373) - (1,711,373)
Obligations under finance leases (29,158) - (29,158)
(1,740,531) - (1,740,531)
NET CURRENT ASSETS 1,083,084 - 1,083,084
NON-CURRENT LIABILITIES
Obligations under finance leases (25,541) - (25,541)
TOTAL LIABILITIES (1,766,072) - (1,766,072)
NET ASSETS 1,241,544 - 1,241,544
EQUITY
Share capital 3,948,709 - 3,948,709
Share premium 5,347,789 - 5,347,789
Share options reserve 277,026 - 277,026
Retained earnings (8,331,980) - (8,331,980)
TOTAL EQUITY 1,241,544 - 1,241,544
The adoption of IAS 38 requires computer software to be recognised as an
intangible asset. Computer software under UK GAAP was capitalised and recorded
as property, plant and equipment.
Reconciliation of equity at 30 September 2007
UK GAAP Effect of Restated
30 September transition under IFRS
2007 to IFRS
� � �
NON-CURRENT ASSETS
Intangible assets - 23,349 23,349
Property, plant and equipment 202,204 (23,349) 178,855
202,204 - 202,204
CURRENT ASSETS
Inventories 480,096 - 480,096
Trade and other receivables 267,720 - 267,720
Cash and cash equivalents 626,360 - 626,360
1,374,176 - 1,374,176
TOTAL ASSETS 1,576,380 - 1,576,380
CURRENT LIABILITIES
Trade and other payables (1,067,127) - (1,067,127)
Obligations under finance leases (37,129) - (37,129)
(1,104,256) - (1,104,256)
NET CURRENT ASSETS 269,920 - 269,920
NON-CURRENT LIABILITIES
Obligations under finance leases (44,736) - (44,736)
TOTAL LIABILITIES (1,148,992) - (1,148,992)
NET ASSETS 427,388 - 427,388
EQUITY
Share capital 4,045,328 - 4,045,328
Share premium 5,937,455 - 5,937,455
Share options reserve 300,224 - 300,224
Retained earnings (9,855,619) - (9,855,619)
TOTAL EQUITY 427,388 - 427,388
The adoption of IAS 38 requires computer software to be recognised as an
intangible asset. Computer software under UK GAAP was capitalised and recorded
as property, plant and equipment.
Reconciliation of equity at 1 October 2006
UK GAAP Effect of Restated
1 October transition under IFRS
2006 to IFRS
� � �
NON-CURRENT ASSETS
Intangible assets - 15,478 15,478
Property, plant and equipment 178,715 (15,478) 163,237
178,715 - 178,715
CURRENT ASSETS
Inventories 85,125 - 85,125
Trade and other receivables 59,774 - 59,774
Cash and cash equivalents 919,958 - 919,958
1,064,857 - 1,064,857
TOTAL ASSETS 1,243,572 - 1,243,572
CURRENT LIABILITIES
Trade and other payables (1,169,350) - (1,169,350)
Obligations under finance leases (25,547) - (25,547)
(1,194,897) - (1,194,897)
NET CURRENT LIABILITIES (130,040) - (130,040)
NON-CURRENT LIABILITIES
Trade and other payables (577,342) - (577,342)
Obligations under finance leases (15,744) - (15,744)
(593,086) - (593,086)
TOTAL LIABILITIES (1,787,983) - (1,787,983)
NET LIABILITIES (544,411) - (544,411)
EQUITY
Share capital 3,447,458 - 3,447,458
Share premium 2,579,460 - 2,579,460
Share options reserve 165,496 - 165,496
Retained earnings (6,736,825) - (6,736,825)
TOTAL EQUITY (544,411) - (544,411)
The adoption of IAS 38 requires computer software to be recognised as an
intangible asset. Computer software under UK GAAP was capitalised and recorded
as property, plant and equipment.
Reconciliation of profit for the year ended 30 September 2007 and the six month
period ended 31 March 2007
The reclassification of computer software from property, plant and equipment to
intangible assets required a corresponding reclassification of the related
depreciation charge to amortisation. This has no impact on the operating loss
recorded for these periods.
8. DISTRIBUTION OF INTERIM REPORT TO SHAREHOLDERS
The interim report will be available for inspection by the public at the
registered office of the company during normal business hours on any weekday
and from the Company's website www.amteus.com. Further copies are available on
request.
9. POST BALANCE SHEET EVENTS
The Company raised an additional �1.5 million net of expenses through a placing
of 12,000,200 new shares at 15p per share. These shares were admitted to
trading on AIM on 30 April 2008. The Company's founder and major shareholder,
JC Morris, has been providing financial support to the Company and will
continue to do so as required.
Further enquiries:
Amteus plc Tel: 01653 618016
Michael Abrahams (Chairman)
John East & Partners Limited Tel: 020 7628 2200
Simon Clements
Rawlings Financial Tel: 01653 618016
Catriona Valentine
END
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