bad luck doom meister fab results8 Aug 2011 08:08
Final Results
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TIDMIHP
For immediate release
8 August 2011
Intellego Holdings Plc ("Intellego" or "the Company")
Financial statements for the year ended 31 March 2011
The Company today announces that its audited financial statements for the year
ended 31 March 2011, extracts from which are set out below, are being posted to
shareholders, and will be available on the websitewww.intellego.co.uk
Chairman's Statement
Overview
Intellego Holdings plc ("Intellego") saw positive changes in its position during
the year under review, as the business turn-around realised key milestones,
making its first ever profit of GBP146,000, improving gross margins to 71% and
reducing current liabilities by GBP974,000.
Results for the year
In the first quarter of the year we sold the main learning management system
customer base to NetDimensions which resulted in us generating cash to:
* reduce our creditor backlog materially and
* finance the transition from being a software distributor to a digital
content creator.
At the beginning of the second quarter we agreed Company Voluntary Arrangements
(CVAs) for Intellego Holdings Plc and its subsidiary Intellego Group Limited.
These agreements both strengthened the balance sheet.
In parallel we have refocused and are investing in the business. This has
included developing new products, updating our existing portfolio and the
recruitment of new people and advisers. These changes have already started to
impact the business and are beginning to make the step-change in contribution we
aim to achieve. Much of that benefit will be felt in the current and subsequent
years. But as we can see from the 2011 results we are already making progress.
There are several measurements and indicators which demonstrate our progress
cementing Intellego's turnaround and growth prospects:
* Improvement in financial performance of each segment of the business - this
is due to structured day to day management, reduction of costs, and focusing
the team on putting in place processes that achieve higher margins.
* The company showed its first ever net profit of GBP146,000 (2010 loss
GBP1,043,000)
* Gross margin improved by 27% to 71% (2010 44%)
* Sales increasing 8% to GBP2,006,000 (2010 GBP1,853,000)
* Current liabilities fell by GBP974,000 to GBP809,000 (2010 GBP1,783,000)
* Intellego continues to build closer relationships with its customers. This
is generating more repeat business and larger sales per client. All our
key customers increased their spend with Intellego, some by more than 50%
compared with the previous year.
* Attraction of high quality people and advisers to join us and work with us
to help us execute our growth strategy.
* Three award