TIDMOLEE
RNS Number : 4719X
Oleeo PLC
30 April 2019
OLEEO PLC
Interim statement for the six months to 31 January 2019
Chairman's statement
Dear Shareholder
I am pleased to announce the interim results of Oleeo Plc ("Oleeo")
for the half year to 31 January 2019.
Financial Review
Half year revenues were marginally higher at GBP5.14m compared to
GBP5.06m in the first half of 2017-18 whilst administrative expenses
- principally employment costs - were GBP270k higher at GBP4.95m.
As a consequence, operating profits for the six months decreased from
GBP389k to GBP194k.
Outlook
Whilst we expect to see some improvement in sales in the second half
year these will be accompanied by an increase in costs as we continue
to invest in product enhancement and put client success at the heart
of Oleeo's business.
A competitive market place, known reductions in client subscriptions,
and economic uncertainty provide continued pressure on sales and profits
and a highly challenging and uncertain outlook for the foreseeable
future.
I would like to thank the Oleeo team for their dedication to our clients
and their ongoing support.
Charles Hipps
Chairman, Oleeo Plc
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OLEEO PLC
consolidated income statement
For the 6 Months Ended 31 January 2019
Unaudited Unaudited Audited
6 months ended 6 months ended Year to
31 Jan 2019 31 Jan 2018 31 Jul 2018
GBP GBP GBP
Revenue 5,139,096 5,063,331 9,981,563
Total administrative expenses (4,945,337) (4,674,072) (9,508,835)
_________ _________ _________
Operating Profit 193,759 389,259 472,728
Finance income 40,854 5,363 17,776
_________ _________ _________
Profit on ordinary activities
before taxation 234,613 394,622 490,504
Income tax (47,500) (80,000) (98,233)
_________ _________ _________
Profit for the Period 187,113 314,622 392,271
_________ _________ _________
Earnings per share
Basic 2.45p 4.15p 5.16p
_________ _________ _________
Diluted 2.43p 4.10p 5.10p
_________ _________ _________
OLEEO PLC
Consolidated Statement of Financial Position
As at 31 January 2019
Unaudited Unaudited Audited
31 January 31 January 31 July 2018
2019 2018
GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 192,156 173,279 200,619
Current assets
Trade and other receivables 2,627,859 2,294,334 1,712,532
Short term Investments 2,750,000 - 7,750,000
Cash and cash equivalents 8,121,655 10,951,314 3,503,758
Total current assets 13,499,514 13,245,648 12,966,290
Total assets 13,691,670 13,418,927 13,166,909
Equity
Issued capital 7,628 7,610 7,620
Share premium 1,713,256 1,679,930 1,690,158
Capital redemption reserve 725 708 708
Translation reserve 6,643 (3,369) 6,409
Retained earnings 8,316,213 8,330,603 8,414,702
Total equity 10,044,465 10,015,482 10,119,597
Non-current liabilities
Deferred tax 30,148 21,822 30,148
Current liabilities
Trade and other payables 3,587,128 3,295,919 2,977,024
Income tax __29,929 __85,704 __40,140
Total current liabilities 3,617,057 3,381,623 3,017,164
Total liabilities 3,647,205 3,403,445 3,047,312
Total equity and liabilities 13,691,670 13,418,927 13,166,909
OLEEO PLC
Consolidated statement of cash flows
For the 6 Months Ended 31 January 2019
Unaudited Unaudited Audited
6 months ended 6 months ended Year to
31 Jan 2019 31 Jan 2018 31 July 2018
GBP GBP GBP
Cash flows from operating activities
Operating profit 193,759 389,259 472,728
Depreciation 61,269 54,686 112,570
Exchange difference on translation
of foreign operations 234 (2,181) 7,598
Loss on disposal of fixed assets - - 10,637
Share based payments 7,500 7,500 13,951
(Increase)/decrease in receivables (915,327) (840,226) (258,425)
Increase/(decrease) in payables 610,104 112,352 (206,543)
_________ _________ _________
(42,461) (278,610) 152,516
Taxation (57,711) (115,030) (170,501)
_________ _________ _________
Net cash (outflow)/inflow from
operating activities (100,172) (393,640) (17,985)
_________ _________ _________
Cash flows from investing activities
Interest received 40,854 5,363 17,776
Purchase of property, plant and
equipment (52,806) (57,116) (152,978)
Short term investments 5,000,000 - (7,750,000)
_________ _________ _________
Net cash inflow/(outflow) from
investing activities 4,988,048 (51,753) (7,885,202)
_________ _________ _________
Cash flows from financing activities
Proceeds from issue of shares 23,123 30,930 41,168
Purchase of own shares (26,400) - -
Equity dividends paid (266,702) (265,510) (265,510)
_________ _________ _________
Net cash outflow from financing
activities (269,979) (234,580) (224,342)
_________ _________ _________
Increase/(decrease) in cash in
the year 4,617,897 (679,973) (8,127,529)
Cash and cash equivalents at beginning
of year 3,503,758 11,631,287 11,631,287
_________ _________ _________
Cash and cash equivalents at end
of year 8,121,655 10,951,314 3,503,758
_________ _________ _________
OLEEO PLC
Notes to the interim financial statements
1 a) The basic earnings per share has been calculated by dividing
the profit by the weighted average number of shares in issue
during the relevant periods.
b) The diluted earnings per share takes into account the potential
issue of further shares as a result of the exercise of share
options.
2 This interim report was approved by the board of directors on
29 April 2019.
The financial information contained in this interim report does
not comprise statutory accounts as defined by the Companies Act
2006.
The interim financial information has been prepared using accounting
polices consistent with those adopted by Oleeo Plc in its financial
statements for the year ended 31 July 2018.
The financial information for the year ended 31 July 2018 is
an extract from the latest company accounts. These accounts received
an unqualified auditor's report and have been filed with the
Registrar of Companies.
The financial information for the periods ended 31 January 2018
and 2019 is unaudited and has not been reviewed by the company's
auditors.
Enquiries:
Oleeo Plc
Charles Hipps, Chief Executive Officer,
Telephone: +44 (0)20 8946 9876 Email: chipps@wcn.co.uk.
Panmure Gordon (UK) Limited
Nominated advisor
Alina Vaskina
Telephone: +44 (0)20 7886 2956
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END
IR VKLFLKZFLBBD
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