Intercede Group PLC Half Yearly Report -3-
06 November 2014 - 8:00AM
UK Regulatory
For the period ended 30 September 2014
Share Share Other Retained
capital premium reserves earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 March 2014 487 232 1,508 3,972 6,199
Purchase of own shares - - - (379) (379)
Employee share option plan
charge - - - 62 62
Employee share incentive
plan charge - - - 60 60
Total comprehensive expense - - - (705) (705)
------- ------- -------- -------- -------
At 30 September 2014 487 232 1,508 3,010 5,237
------- ------- -------- -------- -------
At 31 March 2013 487 232 1,508 3,530 5,757
Employee share option plan
charge - - - 68 68
Total comprehensive income - - - 652 652
--- --- ----- ----- -----
At 30 September 2013 487 232 1,508 4,250 6,477
--- --- ----- ----- -----
At 31 March 2013 487 232 1,508 3,530 5,757
Purchase of own shares - - - (475) (475)
Employee share option plan
charge - - - 136 136
Employee share incentive
plan charge - - - 1 1
Total comprehensive income - - - 780 780
--- --- ----- ----- -----
At 31 March 2014 487 232 1,508 3,972 6,199
--- --- ----- ----- -----
Consolidated Cash Flow Statement
For the period ended 30 September 2014
6 months 6 months
ended ended Year ended
30 September 30 September 31 March
2014 2013 2013
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Operating (loss)/profit (1,119) 220 318
Depreciation 72 55 116
Employee share option plan charge 62 68 136
Employee share incentive plan charge 60 - 1
Decrease/(increase) in trade and other
receivables 41 (584) (795)
(Decrease)/increase in trade and other
payables (323) 227 721
Increase in deferred revenue 327 310 221
Interest received 31 36 78
------------ ------------ ----------
Cash (used)/generated from operations (849) 332 796
Taxation 383 396 385
------------ ------------ ----------
Net cash (used)/generated from operating
activities (466) 728 1,181
------------ ------------ ----------
Investing activities
Purchases of property, plant and equipment (101) (69) (229)
------------ ------------ ----------
Cash used in investing activities (101) (69) (229)
------------ ------------ ----------
Financing activities
Purchase of own shares (379) - (475)
------------ ------------ ----------
Cash used in financing activities (379) - (475)
------------ ------------ ----------
Net (decrease)/increase in cash and
cash equivalents (946) 659 477
Cash and cash equivalents at the beginning
of the period 7,247 6,770 6,770
------------ ------------ ----------
Cash and cash equivalents at the end
of the period 6,301 7,429 7,247
------------ ------------ ----------
Notes to the Accounts
For the period ended 30 September 2012
1 Preparation of the interim financial statements
These interim financial statements have been prepared under IFRS
as adopted by the European Union and on the basis of the accounting
policies set out in the Group's Annual Report for the year ended 31
March 2014.
The Group is not required to apply IAS 34 Interim Financial
Reporting at this time.
These interim financial statements have not been audited and do
not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. Statutory accounts for the year ended 31 March
2014 have been delivered to the Registrar of Companies. The
Auditors' Report on those accounts was unqualified and did not
contain any statement under Section 498 (2) or (3) of the Companies
Act 2006.
The Interim Report will be mailed to shareholders within the
next few weeks and copies will be available on the website
(www.intercede.com) and at the registered office: Intercede Group
plc, Lutterworth Hall, St Mary's Road, Lutterworth, Leicestershire,
LE17 4PS.
2 Revenue
All of the Group's revenue, operating profits and net assets
originate from operations in the UK. The Directors consider that
the activities of the Group constitute a single business
segment.
The split of revenue by geographical destination of the end
customer can be analysed as follows:
6 months
6 months ended ended Year ended
30 September 30 September 31 March
2014 2013 2014
GBP'000 GBP'000 GBP'000
UK 746 353 928
Rest of Europe 815 1,319 2,195
North America 1,628 2,812 5,990
Rest of World 856 130 670
-------------- ------------ ----------
4,045 4,614 9,783
-------------- ------------ ----------
3 Taxation
Taxation represents the net effect of amounts receivable from
HMRC in respect of research and development claims and US
corporation tax payable. There is no charge for UK corporation tax
due to the availability of losses brought forward from prior
years.
4 (Loss)/earnings per share
The calculations of the (loss)/earnings per ordinary share are
based on the (loss)/profit for the period and the weighted average
number of ordinary shares in issue during each period. The basic
and diluted loss per share are the same as potential dilution
cannot be applied to a loss making period.
6 months 6 months
ended ended Year ended
30 September 30 September 31 March
2014 2013 2014
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (705) 652 780
------------ ------------ ----------
Number Number Number
Weighted average number of shares
- basic 48,571,005 48,677,030 48,661,716
- diluted 50,228,664 50,228,664 50,228,664
------------ ------------ ----------
Pence Pence Pence
(Loss)/earnings per share -
basic (1.4)p 1.3p 1.6p
- diluted (1.4)p 1.3p 1.6p
------------ ------------ ----------
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