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ACCESS INTELLIGENCE PLC ("Access Intelligence" or "the Group") UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 31 MAY 2012 Unaudited 6 months to 31 May 2012 Unaudited 6 months to 31 May 2011 (£'000) (£'000) #Restated Continuing operations Revenue 3,930 3,572 Adjusted EBITDA 127 382 Exceptional re-organisation and centralisation costs (224) (202) Share Based Payments (25) (10) EBITDA (122) 170 Loss before and after tax (216) (31) Profit for the period from discontinued operations net of tax - 52 Total (loss)/profit for period after tax (216) 21 Continuing and discontinued operations Basic (loss)/profit per share (pence) (0.09) 0.01 Diluted (loss)/profit per share (pence) (0.09) 0.01 Continuing operations Basic loss per share (pence) (0.09) (0.01) Diluted loss per share (pence) (0.09) (0.01) # Restated - prior period comparatives have been restated to disclose Solcara as a discontinued activity Financial highlights: § Revenue up 10% year on year to £3.9m (H1 2011: £3.6m) § Contracted revenue not yet invoiced up 63% to £4.4m; up from £2.7m at the year end (November 2011) § AI Talent (formerly known as Cobent) lost £70k (H1 2011: loss £230k) excluding exceptional re-organisation and centralisation costs of £139k (H1 2011: £202k) § Loss after taxation was £216k (H1 2011: profit £21k) § Cash balance at 31 May 2012 £3.2m (H1 2011: £2.7m) § £250k received July 2012 from Solcara sale escrow § Recurring revenue of £2.7m (H1 2011: £2.4m), being 68% (H1 2011: 65%) of total revenue Operation highlights: § Significant investment in Group functions including a development centre in York § Rebranding - the Group rebranded under the "AI" banner - Cobent and MS2M became AI Talent and AI TrackRecord respectively; Due North's private sector offering is branded AI Procurement and Willow Starcom's south of England offering is AI Cloud § Appointment of Kole Dhoot to the Board, as CFO, on 6 March 2012 Michael Jackson, Executive Chairman, commented: "2012 is a year of investment to accelerate the Group's topline growth, product innovation and integrated Governance, Risk and Compliance GRC offering. Whilst AI Talent has suffered some set backs with personnel, the product is continually improving and sales in its target regulated markets are gaining momentum. The Group is already benefitting from the initial phases of the investment planned over the next six months, with revenue yet to be recognised now £7.1m up from £5.4m at the year end. Since the half year, we are also delighted that AI ControlPoint has signed new deals with a total contract value of £260k. The Board believes 2012 will be transformational, with significa