TIDMIEN
RNS Number : 0741K
Intelligent Environments Group PLC
13 April 2010
IEN.L
Intelligent Environments Group PLC
("IE" or "the Group")
Intelligent Environments Group plc (AIM Ticker: IEN), the online software
provider for financial services, today announces its full year results for the
year ended 31 December 2009.
Summary
· Revenues of GBP6.42 million (2008: GBP6.41 million)
· Recurring revenues up 3% to GBP1.92 million
· Operating profit of GBP0.86 million as a result of project
cancellations (2008: GBP1.15 million)
· Net cash position improves to GBP1.08 million (2008: GBP0.99m)
· 4 New customer wins in 2009 compared to 2 in 2008
· Development expenditure up 45% to GBP1.04 million (2008: GBP0.72
million)
· First 3 NetFinance V4 customer projects completed
· Launch of IE mobile banking platform with lead customer
Outlook
· New customer win secured in the consumer finance market
· Online banking and mobile banking set for strong growth in 2010
· Launch of Orange credit card in January 2010 supports the
expected growth in transactional revenues
· Successful fundraising to provide the funds to accelerate the
market penetration of the Mobile banking solution
Clive Richards, Chairman, Commented:
"2009 has been a challenging year for the financial services sector as a whole
with the Group in particular suffering a major project cancellation post the
merger of the Chelsea Building Society and the Yorkshire Building Society in
addition to the Royal Bank of Scotland's decision to pull out of the European
Consumer finance market.
Despite these disappointments, IE won major contracts with Home Retail Group,
Vanquis Bank, Stroud and Swindon Building Society as well as completing 3
NetFinance V4 customer projects.
During the period, cash generation remained strong and was up 10% on prior year
to GBP1.08 million. This was underpinned by growing recurring revenues, which
are now 30% of total revenues, up 3% on 2008, and driven by our NS&I saving
solution.
Post period end, we successfully raised new money which has enabled the Group to
complete its new mobile banking platform which, I am pleased to announce has
already been sold to a high profile financial services customer with several
discussions currently underway with other major financial institutions. This is
a significant opportunity for the Group with the Mobile banking market expected
to grow from 20 million users in 2008 to 913 million in 2014*. (*Berg Insight)
The Board therefore remains confident of future prospects with a significant
upside expected as the economy and consumer finance sector recovers. I look
forward to updating shareholders with further progress in due course."
For further information:
+-----------------------------------------------+----------------+
| Intelligent Environments Group plc | |
+-----------------------------------------------+----------------+
| Phillip Blundell, Chief Executive | Tel: 020 8614 |
| | 9800 |
+-----------------------------------------------+----------------+
| www.ie.com | |
+-----------------------------------------------+----------------+
| Canaccord Adams | |
+-----------------------------------------------+----------------+
| Simon Bridges / Henry Fitzgerald-O'Connor | Tel: 020 7050 |
| | 6500 |
+-----------------------------------------------+----------------+
| Biddicks | |
+-----------------------------------------------+----------------+
| Shane Dolan | Tel: 020 7448 |
| | 1000 |
+-----------------------------------------------+----------------+
Chairman's statement and CEO review
Introduction
It has been a significant year for IE as our vision of a multi channel banking
platform took a major step forward with the development of our mobile banking
solution. It will allow customers to engage with their bank at a time and
location that is convenient to them. This is a fast growing segment of the
market and with our first customer already engaged, this is an exciting
opportunity for the company.
Our core Internet banking solution saw a key milestone for 2009 achieved with
the first NetFinance V4 projects being completed at Permanent TSB of Ireland,
National Savings & Investments and HBOS. These new installations provide
excellent reference sites for the enhanced NetFinance V4 platform as well as
underpin our long-term transaction based recurring revenue streams.
Despite the well publicised difficulties in the retail banking sector, resulting
in a substantial drop in consumer finance volumes and the forced merger of a
number of building societies, our revenues for the full year matched 2008 at
GBP6.4 million, and our net cash balance improved by 10% to GBP1.1 million.
Strategy
The company's vision is to provide the best digital banking experience to
consumers, allowing them to interact with their bank at their convenience. It
also extends to supporting the banks in providing a flexible and dynamic
customer experience that can be updated without costly testing. The launch of
the NetFinance V4 platform, utilising the sitecore content management
technology, was a big step forward in this strategy and with 6 customers using
the solution it is already a market leader in the UK. The launch of the Mobile
banking platform is a further step to our vision and we are pleased to have
secured our first customer.
As well as strengthening our Intellectual Property assets, these two solutions
will drive long-term recurring revenue growth, a key focus for the Company. The
majority of new customers are signing up to our hosted solution that includes a
proportion of future revenues being on the transactional model. In 2009 this
revenue stream increased by 9%.
Our software development budget grew by 45% to GBP1.0 million in 2009 as we
expanded our development team to 24. They have focused on adding a new customer
management system, a web analytics suite and an eStatement solution. In addition
the first version of the mobile banking platform was developed. This allows bank
customers to download our banking application to their iPhone and to be able to
securely access their accounts to view statements, interrogate transactions,
make payments and take advantage of special marketing offers. In order to
capitalise on this product development and market opportunity, we concluded a
successful placing with our major shareholders of GBP0.7 million net, in
February 2010 and we look forward to revealing our progress on this initiative
at the half year.
During 2009, we secured shareholder approval to eliminate our share premium
account which paves the way to initiating the payment of dividends at some point
in the future.
Operations
The company has performed well in both its core markets despite challenging
economic conditions across our sector. We completed 3 major NetFinance V4
projects, most notably with NS&I, with our solution supporting all of their
significant savings products across their 27 million customer base.
In addition, our relationship with Barclaycard was very productive during the
period as we supported their move towards paperless statements and customer self
service. This included the launch of a new partner brand, Orange, which went
live in January 2010.
These transaction revenue based client wins underpin the Group's recurring
revenue stream model and we expect significant long term growth in this area.
As announced, IE secured a number of Building Societies contract wins during the
period but unfortunately the sector was also hit hard due to a number of forced
mergers coupled with the obstacles for other entities to enter the market. The
direct impact of these developments was the cancellation of a large IE contract
at Chelsea Building Society. In addition, the consumer finance market as a whole
witnessed a significant drop in volumes as banks shrunk their balance sheets and
consumers reduced their appetite for credit. This impacted upon the volume of
new applications received on our partner platforms and also limited the number
of new brands launched in the year.
Despite these pressures, the Company won two new contracts within the consumer
finance market with Home Retail Group and Vanquis Bank. Both are focused on
moving their customers online and replacing costly paper statements with
eStatements. This reflects the accelerating trend across financial institutions
to reduce costs via the introduction of eStatements.
People
Overall headcount increased from 50 to 57 during the year and we have 10 people
under our management in India. The increase in headcount supported our
investment in new products and also our market awareness via increased sales and
marketing expenditure. Our achievements in a difficult market are attributable
to the continued commitment and loyalty of our staff. The Board extends its
gratitude for their contribution and continued dedication.
Outlook
Our expectations for 2010 are influenced by market conditions in retail banking
which we do not see recovering in the near term. However, two of the four key
themes for banking highlighted by Banking Times are an explosion in online
banking and the emergence of mobile banking becoming mainstream, both of which
play to our core strengths.
We expect as a result of these trends and the solid foundation developed in
2009 that our financial performance will improve in 2010. The year has started
well with two new Internet customers choosing our software for their
self-servicing projects and our existing customers placing additional work in
line with 2009. HRG and Vanquis Bank have gone live in Quarter 1 2010, which
means we are now generating recurring revenues from both clients.
The foundations are in place to exploit the growing opportunities for our
solutions and the Board remains confident that the future prospects of the
business remain positive.
+--------------------------------------------+-------------------+
| Clive Richards | Phillip Blundell |
+--------------------------------------------+-------------------+
| Chairman | Chief Executive |
+--------------------------------------------+-------------------+
Financial Review
2009 was planned as a year of modest expansion with revenues, costs, profit and
cash flow all expected to improve on 2008, despite the depressed banking sector.
At the half year stage this looked to be achievable with revenues up 8% and
profit up 36%. In addition, we had closed orders with three new customers which
were ahead of our internal forecast. On that evidence, we continued our
investment in R&D and sales and marketing, assumed that no setbacks would be
forthcoming and that our financial goals would be met. We had not planned on the
order cancellation at Chelsea Building Society, which had a negative impact of
GBP0.5 million on the 2009 operating profit.
The financial objectives of the business remain as stated last year, which are
to grow our recurring revenues, increase the number of transactional revenue
contracts, improve the operating margins and increase our net cash position, as
well as the standard financial measures of performance.
Revenue
In 2009, revenues were flat to 2008 with the total being GBP6.42 million (2008:
GBP6.41 million). This performance was not better because upfront licences fell
12% in the year due to the Chelsea contract being cancelled. Recurring revenue
increased by 3% to GBP1.92 million due to the NS&I contract going live in Q4
2009 on the transactional revenue model. This now makes up 30% of total
revenues, up from 29% in 2008. Furthermore, consultancy revenues increased by 5%
in the year as a result of four new customer projects and its percentage of
total revenues increased from 47% to 49%.
Cost of sales
Expenses included in cost of sales have decreased by 10% between 2008 and 2009,
due to a further reduction in the use of third party contractor costs to assist
in delivering customer projects in the year. All of the above costs were
recharged to customers.
Staff costs
Total staff costs, which represent 66% of operating expenses, increased by 3.5%
in the year to GBP3.0 million. The average headcount rose from 50 to 57
(includes R&D staff) in the year.
Software and development expenditure
Our software development expenditure in the year rose to GBP1.0 million compared
to GBP0.7 million in 2008. The increase in expenditure reflects the company's
confidence in the future and the requirement to provide a market leading
solution. This expenditure relates to the discrete investment to build our next
generation financial services platform, incorporating the latest Microsoft
technology and providing a richer personalisation suite, and has been
capitalised in accordance with International Financial Reporting Standards
(IFRS). Given the historic life of our previous NetFinance platforms that had
average lives of three years, we are amortising this investment which primarily
represents staff costs of developing the product to profit and loss over three
years. The amortisation charge for the year, which is included in operating
expenses, is GBP0.4 million (2008: GBP0.1 million).
Operating profit
Operating profit represents the gross profit less the net operating expenses.
The Group's operating profit decreased by 25% to GBP0.86 million for the year,
as a result of the previously highlighted contract cancellation. Our operating
margins decreased from 18% to 13% in the year, driven by the revenue mix, the
increased amortisation of development costs and a small increase in marketing
costs.
Taxation
Following on from the policy adopted in 2006, the Group has increased the
deferred tax asset to recognise the short-term recoverability of the Group's
trading losses. This increase of GBP0.04 million means that the deferred tax
asset now totals GBP0.38 million. The Group still has accumulated trading losses
in excess of GBP6 million available to offset future trading profits.
Cash flow and net funds
The cash position improved slightly in 2009 to GBP1.08 million, primarily as the
operating profit exceeded the net expenditure on software development. Current
assets at GBP3.11 million exceed current liabilities by GBP1.70 million, a
record surplus for the Group.
Phillip Blundell
Chief Executive and Finance Director
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2009
+------------------------------------------------------------------------------+--------+-------------+------------------+
| | Notes | Unaudited | Audited |
| | | 2009 | 2008 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| | | GBP | GBP |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Revenue | | 6,415,487 | 6,405,054 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Cost of sales | | (1,006,098) | (1,120,612) |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Gross profit | | 5,409,389 | 5,284,442 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Operating expenses | | (4,609,890) | (4,195,235) |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Other operating income | | 60,800 | 63,184 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Operating profit | | 860,299 | 1,152,391 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Investment income | | 2,152 | 27,108 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Profit before tax | | 862,451 | 1,179,499 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Income tax credit | 4 | 38,850 | 36,000 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Profit for the year attributable to owners of the parent | | 901,301 | 1,215,499 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Other comprehensive income | | | |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Exchange translation differences on foreign operations | | - | 17,486 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Total comprehensive income for the year attributable to owners of the parent | | 901,301 | 1,232,985 |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Earnings per share | | | |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Basic earnings per share | 2 | 0.54p | 0.74p |
+------------------------------------------------------------------------------+--------+-------------+------------------+
| Diluted earnings per share | 2 | 0.53p | 0.72p |
+------------------------------------------------------------------------------+--------+-------------+------------------+
Statement of Financial Position
as at 31 December 2009
+----------------------+-------------+------------------+------------------+
| Assets | Group |
+ +---------------------------------------------------+
| | Notes | Unaudited | Audited |
| | | 2009 | 2008 |
+ +----------------------+-------------+------------------+
| | | GBP | GBP |
+----------------------+----------------------+-------------+------------------+
| Non-current assets | | | |
+----------------------+-------------+------------------+------------------+
| | | | 131,992 |
| Property, plant and | | 208,992 | |
| equipment | | | |
+----------------------+-------------+------------------+------------------+
| Intangible assets | | 1,636,714 | 947,395 |
+----------------------+-------------+------------------+------------------+
| Trade and other | | 824,833 | 671,333 |
| receivables | | | |
+----------------------+-------------+------------------+------------------+
| Deferred tax assets | | 374,850 | 336,000 |
+----------------------+-------------+------------------+------------------+
| Total non-current | | 3,045,389 | 2,086,720 |
| assets | | | |
+----------------------+-------------+------------------+------------------+
| | | | |
+----------------------+-------------+------------------+------------------+
| Current assets | | | |
+----------------------+-------------+------------------+------------------+
| Trade and other | | 2,028,500 | 2,093,275 |
| receivables | | | |
+----------------------+-------------+------------------+------------------+
| Cash and cash | | 1,084,169 | 985,317 |
| equivalents | | | |
+----------------------+-------------+------------------+------------------+
| | | | |
+----------------------+-------------+------------------+------------------+
| Total current assets | | 3,112,669 | 3,078,592 |
+----------------------+-------------+------------------+------------------+
| | | | |
+----------------------+-------------+------------------+------------------+
| Total assets | | 6,158,058 | 5,165,312 |
+----------------------+-------------+------------------+------------------+
| | | | |
+----------------------+-------------+------------------+------------------+
| Current liabilities | | | |
+----------------------+-------------+------------------+------------------+
| Trade and other | | (1,415,702) | (1,408,145) |
| payables | | | |
+----------------------+-------------+------------------+------------------+
| | | | |
+----------------------+-------------+------------------+------------------+
| Total current | | (1,415,702) | (1,408,145) |
| liabilities | | | |
+----------------------+-------------+------------------+------------------+
| | | | |
+----------------------+-------------+------------------+------------------+
| Total liabilities | | (1,415,702) | (1,408,145) |
+----------------------+-------------+------------------+------------------+
| | | | |
+----------------------+-------------+------------------+------------------+
| Net assets | | 4,742,356 | 3,757,167 |
+----------------------+-------------+------------------+------------------+
| | | | |
+----------------------+-------------+------------------+------------------+
| Equity attributable | | | |
| to owners of the | | | |
| parent | | | |
+----------------------+-------------+------------------+------------------+
| Called up share | | 1,668,174 | 1,645,824 |
| capital | | | |
+----------------------+-------------+------------------+------------------+
| Share premium | | 61,538 | 21,823,185 |
| account | | | |
+----------------------+-------------+------------------+------------------+
| Share option reserve | | 152,125 | 152,125 |
+----------------------+-------------+------------------+------------------+
| Cumulative | | 14,776 | 14,776 |
| translation reserve | | | |
+----------------------+-------------+------------------+------------------+
| Retained earnings | | 2,845,743 | (19,878,743) |
+----------------------+-------------+------------------+------------------+
| | | | |
+----------------------+-------------+------------------+------------------+
| Total equity | | 4,742,356 | 3,757,167 |
+----------------------+-------------+------------------+------------------+
Consolidated statement of cashflows
for the year ended 31 December 2009
+-----------------------------------+-------------+---------------+
| | Unaudited | Audited |
+-----------------------------------+-------------+---------------+
| | 2009 | 2008 |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| | GBP | GBP |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Cash flow from operating | | |
| activities | | |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Profit before tax | 862,451 | 1,179,499 |
+-----------------------------------+-------------+---------------+
| Investment income | (2,152) | (27,108) |
+-----------------------------------+-------------+---------------+
| Depreciation of property, plant | 89,004 | 71,469 |
| and equipment | | |
+-----------------------------------+-------------+---------------+
| Amortisation of intangible assets | 354,117 | 114,956 |
+-----------------------------------+-------------+---------------+
| Exchange differences | - | 17,486 |
+-----------------------------------+-------------+---------------+
| Increase in trade and other | (88,725) | (833,528) |
| receivables | | |
+-----------------------------------+-------------+---------------+
| Increase in trade and other | 7,557 | 160,278 |
| payables | | |
+-----------------------------------+-------------+---------------+
| Share based payments | - | 70,989 |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Net cash inflow from operating | 1,222,252 | 754,041 |
| activities | | |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Cash flow from investing | | |
| activities | | |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Investment income | 2,152 | 27,108 |
+-----------------------------------+-------------+---------------+
| Purchase of property, plant and | (166,004) | (85,469) |
| equipment | | |
+-----------------------------------+-------------+---------------+
| Purchase of intangible assets | (1,043,436) | (717,484) |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Net cash outflow from investing | (1,207,288) | (775,845) |
| activities | | |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Cash flow from financing | | |
| activities | | |
+-----------------------------------+-------------+---------------+
| Proceeds from the issue of share | 83,888 | 35,275 |
| capital | | |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Net cash generated from financing | 83,888 | 35,275 |
| activities | | |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Net increase in cash and cash | 98,852 | 13,471 |
| equivalents | | |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Cash and cash equivalents at | 985,317 | 971,846 |
| start of period | | |
+-----------------------------------+-------------+---------------+
| | | |
+-----------------------------------+-------------+---------------+
| Cash and cash equivalents at 31 | 1,084,169 | 985,317 |
| December | | |
+-----------------------------------+-------------+---------------+
Notes to the Consolidated Financial Statements
for the year ended 31 December 2009
1. Basis of preparation of the preliminary announcement
The financial information does not constitute statutory financial statements as
defined by section 435 of the Companies Act 2006 for the years ended 31 December
2009 or 2008.
The statutory financial statements for the year ended 31 December 2009 will be
finalised and signed on the basis of the financial information presented by the
directors in this preliminary announcement and will be delivered to the
Registrar of Companies following the Company's Annual General Meeting.
The financial information for the year ended 31 December 2008 is derived from
the statutory accounts for that year. The auditor reported on those statutory
accounts which have been delivered to the Registrar of Companies. The audit
report was unqualified, did not include references to matters to which the
auditors drew attention by way of emphasis without qualifying their report and
did not contain a statement under section 237(2) or (3) of the Companies Act
1985.
This announcement is prepared applying International Financial Reporting
Standards and IFRIC interpretations (`IFRS') as adopted by the European Union,
with those parts of the Companies Act 2006 applicable to companies reporting
under IFRS and using accounting policies that are consistent with those as
stated in the previous year's financial statements except those stated below.
New and amended standards and interpretations adopted by the Group
The Group has adopted the following new and amended IFRSs during the current
period.
- IFRS 7 'Financial instruments - Disclosures' (revised) - effective 1 January
2009. The amendment requires enhanced disclosures about fair value measurement
and liquidity risk. In particular, the amendment requires disclosure of fair
value measurement by level of a fair value measurement hierarchy. The change in
accounting policy only results in additional disclosures.
- IAS 1 'Presentation of Financial Statements' (as revised in 2007) - effective
1 January 2009. IAS 1 (2007) has introduced terminology changes (including
revised titles for the financial statement(s) and changes in the format and
content of the financial statements.
- IFRS 8 'Operating Segments' - effective 1 January 2009 states that segment
information should be based on management's internal reporting structure and
accounting principles.
This preliminary announcement was approved by the Board of directors on 12 April
2010.
2. Basic and diluted earnings per share
+-----------------------------------------+--------------+--------------+
| | Unaudited | Audited |
| | 2009 | 2008 |
+-----------------------------------------+--------------+--------------+
| | GBP | GBP |
+-----------------------------------------+--------------+--------------+
| Basic and diluted earnings | 901,301 | 1,215,499 |
+-----------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------+--------------+--------------+
| Number of shares | 2009 | 2008 |
+-----------------------------------------+--------------+--------------+
| Basic and weighted average number of | 165,715,173 | 164,146,543 |
| shares | | |
+-----------------------------------------+--------------+--------------+
| Effect of dilutive share options | 4,094,525 | 4,063,855 |
+-----------------------------------------+--------------+--------------+
| Diluted weighted average number of | 169,809,698 | 168,210,398 |
| shares | | |
+-----------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------+--------------+--------------+
| Basic earnings per share | 0.54p | 0.74p |
+-----------------------------------------+--------------+--------------+
| Diluted earnings per share | 0.53p | 0.72p |
+-----------------------------------------+--------------+--------------+
3. Consolidated Statement of Changes in Equity
for the year ended 31 December 2009
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| | Called | Share | Share | Cumulative | Retained | Total |
| | up | premium | option | translation | earnings | equity |
| | share | | reserve | reserve | | |
| | capital | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Balance at 1 January | 1,636,816 | 21,796,918 | 81,136 | (2,710) | (21,094,242) | 2,417,918 |
| 2008 (audited) | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Profit for the year | - | - | - | - | 1,215,499 | 1,215,499 |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Other comprehensive | | | | | | |
| income | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Exchange translation | - | - | - | 17,486 | - | 17,486 |
| differences on | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| foreign operations | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Total comprehensive | - | - | - | 17,486 | 1,215,499 | 1,232,985 |
| income for the year | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Transactions with | - | - | 70,989 | - | - | 70,989 |
| owners | | | | | | |
| Share option charge | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Issue of share capital | 9,008 | 26,267 | - | - | - | 35,275 |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Balance at 31 December | 1,645,824 | 21,823,185 | 152,125 | 14,776 | (19,878,743) | 3,757,167 |
| 2008 (audited) | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Balance at 1 January | 1,645,824 | 21,823,185 | 152,125 | 14,776 | (19,878,743) | 3,757,167 |
| 2009 (audited) | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Profit for the year | - | - | - | - | 901,301 | 901,301 |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Other comprehensive | | | | | | |
| income | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Exchange translation | - | - | - | - | - | - |
| differences on foreign | | | | | | |
| operations | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Total comprehensive | - | - | - | - | 901,301 | 901,301 |
| income for the year | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Transactions with | | | | | | |
| owners | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Share option charge | - | - | - | - | - | - |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Issue of share capital | 22,350 | 61,538 | - | - | - | 83,888 |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Cancellation of the | - | (21,823,185) | - | - | 21,823,185 | - |
| share premium account | | | | | | |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
| Balance at 31 December | 1,668,174 | 61,538 | 152,125 | 14,776 | 2,845,743 | |
| 2009 (unaudited) | | | | | | 4,742,356 |
+-------------------------+-------------+---------------+-------------+-------------+--------------+--------------+
All amounts are attributable to owners of the parent Company.
Share premium account
On 29 April 2009 the Company received a high court approval for the cancellation
of its share premium account as the Company had an accumulated deficit on its
retained earnings. The absence of distributable profits meant that the Company
was unable to pay dividends. The Resolution, which was proposed as a special
resolution, approved the cancellation of the Company's share premium account,
which as at 29 April 2009 amounted to GBP21,823,185.
Accordingly the cancellation of the share premium account is now effective. This
now enables the Company to consider the payment of dividends in the future.
4. Tax
The calculation of the deferred tax asset relates to the Group trading losses
and their recoverability in the foreseeable future. The group has recognised a
deferred tax asset GBP374,850 (2008: GBP336,000) which has resulted in a
non-cash credit to the statement of comprehensive income of GBP38,850 (2008:
GBP36,000).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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