AVI13 Oct 2010 13:41
Highlights
· Turnover increased to £6,054,000 (6 months 2009: £1,726,000)
· Adjusted* EBITA of £14,000 (6 months 2009: £204,000)
· Loss for the period before tax of £6,273,000, (6 months 2009: Profit of £196,000)
· The loss for the period before tax includes an impairment charge of £4,500,000 in relation to the acquisition of Xploite plc ("Xploite")
· 70 new contracts signed during the period with an aggregate value in excess of £3,200,000
· More than £1,000,000 of annualised cost savings achieved since the acquisition of Xploite in April 2010
· Disposed of loss making South African operations resulting in a gain on disposal of £381,000
· Since the completion of the six month period the Board has successfully reached an agreement to settle a claim received by Xploite, prior to the acquisition, for an immediate payment of only £300,000 against an original claim amount of £4,500,000. The maximum potential settlement has been capped at £600,000