AMO.L Regulatory News (AMO)

RNS Number : 9577P

Amino Technologies PLC

27 July 2010

 

27 July 2010

 

Amino Technologies plc

 

Interim Results for the six months ended 31 May 2010

 

Amino Technologies plc ('Amino' or the 'Company') (LSE: AMO), the Cambridge-based leader in digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, announces its unaudited consolidated results for the period ended 31 May 2010.

 

Financial overview 

·; 41.7% increase in revenue to £18.14m (H1 2009: £12.80m)

·; 18.5% increase in gross profit to £5.38m (H1 2009: £4.54m)

·; Order book of 250k units (H1 2009: 8k units) representing revenue of c.£21m giving strong revenue visibility into H2 2010

·; As previously announced, gross margin reduced by 5.78 percentage points to 29.69% (H1 2009: 35.47%) reflecting increased sales to higher volume, lower margin tier 2 customers and foreign exchange movements

·; Operating costs reduced by £1.78m to £6.35m (H1 2009: £8.13m)

·; Operating loss after exceptional costs reduced by £2.63m to £0.97m (H1 2009: loss of £3.60m)

·; Excluding exceptional costs of £Nil (H1 2009: £0.49m) and provision for "mark-to-market" and other foreign exchange losses of £0.89m (H109: gain £0.46m) in relation to H2 2010 sales, operating loss reduced by £3.50m to £0.07m (H1 2009: loss of £3.57m)

·; Net cash balances of £13.13m (30 Nov 2009: £9.05m)

 

Operational overview

·; First Western European tier one operator contract win for Amino Freedom hybrid/OTT set top box with initial units now shipped

·; Tier two contract wins in Eastern Europe and South America

·; New Amino Freedom media centre successfully launched

·; New IPTV product portfolio launched

·; Logistics and supply chain management improvements continuing to be made

·; Total shipments up 47% to 243,000 with MPEG-4 shipments up 325% compared to H1 2009, representing 79% (H1 2009: 36%) of shipments in the period

·; Milestone reached marking 3m set-top boxes sold and shipped

 

Commenting on the results, Keith Todd, Non-Executive Chairman, said: "This has been an encouraging H1 performance, with record booked unit sales, that builds on the momentum from the second half of the previous year. Profitability has been impacted by foreign exchange movements, higher component prices and the adjustment of margins as the company scales into tier 1 and tier 2 markets, where important new contracts have been secured during the period.

 

"An order book of 250k units - representing £21m in revenues - provides strong revenue visibility for the remainder of the year. The company remains focused on managing production costs and supply chain efficiencies, with the main benefits expected to arise in 2011. The combination of a healthy H2 order book, improving market conditions and a new product portfolio provide confidence we are in line with management forecasts for the full year."

 

For further information please contact:

 

Amino Technologies:	+44 (0)1954 234100
Keith Todd, Non Executive Chairman	www.aminocom.com
Andrew Burke, Chief Executive Officer
Stuart Darling, Chief Financial Officer
Financial Dynamics:	+44 (0)20 7831 3113
James Melville-Ross / Matt Dixon / Nicola Biles

finnCap Limited: +44 (0) 207 600 1658

Marc Young/Charlotte Stranner - Corporate Finance

Brian Patient/Tom Jenkins - Corporate Broking

 

About Amino

 

Amino specialises in digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution. Amino's range of software and set-top box systems can be tailored for telecom, broadcast and hospitality firms to offer highly scalable and targeted services. The award-winning AmiNET™ and Mood range is used by leading service operators in over 80 countries.

 

Amino's 'AssetHouse' technology enables content producers, telecoms companies, broadcasters and web TV firms to maximise opportunities through better services, targeted content and greater choice. Listed on the London Stock Exchange AIM, symbol AMO. Amino's HQ is based near Cambridge, UK, with offices in the US, China and Sweden. For more information, please visit www.aminocom.com

 

Chairman's statement

Introduction

This has been an encouraging half year for Amino. The record booked unit sales and revenues in the period - together with a healthy order book - are a major step change in performance compared to the corresponding period last year. The changes in foreign exchange rates and our hedging policy, including the accounting for "mark-to-market" committed forward contracts, impacted profitability. At the period end, the company's cash position was strong with net cash balances of £13.13m (30 Nov 2009: £9.05m).

 

Revenues at £18.14m increased 42% year on year (H1 2009: £12.80m). However, gross margins were affected by a combination of reduced margins on higher volume sales to tier 2 operators, the impacts of foreign exchange rate movements and higher component prices that have been felt across the industry. These factors lead to an operating loss of £0.97m for the period, albeit this is a significant reduction year on year (H1 2009: loss before exceptional costs of £3.1m, loss after exceptional items of £3.6m).

 

The improved sales performance has been driven by the core IPTV business where the transition to MPEG-4 devices is almost complete. MPEG-4 shipments increased 325% compared to H1 2009 and represent 79% (H1 2009: 36%) of shipments in the period. The launch of new products has helped the company gain increasing traction in both Amino's traditional IPTV and the emerging hybrid/OTT markets. Important contract wins in the tier 2 IPTV market in Europe and South America are evidence of the company's ability to scale its operations to meet the demands of major operators. Early in the period, the company announced a significant contract win - to supply a major Western European tier 1 operator with its Intel-based hybrid/OTT technology to support a significant broadband TV rollout. Initial products have been designed, produced and shipped to support this important deployment within five months of order.

 

The company enters the second half of the year with a strong backlog of sales and a fresh confidence that its products are now closely aligned with current and future market demand. Market conditions have improved during the period and there are encouraging signs that emerging markets, such as South America, are beginning to develop more strongly.

 

Supply chain management remains a clear focus to improve gross margins with specialist logistics support engaged at the start of the year beginning to deliver cost savings. The appointment of Donald McGarva, Senior Vice President, Asia Pacific for DHL Supply Chain, as a Non-executive Director during the period has also enhanced the company's capabilities in this critical part of the business.

 

The Board felt that it was necessary to increase investment in the development of its hybrid DVB-T/OTT offering to support the important tier 1 win and to fully exploit the market potential for the Amino Freedom product more broadly. As a result, the company's cost base - at £5.46m (H1 2009: £8.11m before exceptional items and foreign exchange) - while comparing favourably with the same period last year, is ahead of the company's expectations. The cost base for the full year is also likely to be proportionately higher than management originally planned.

 

Overall, Amino's financial position remains robust with the company's cash balance standing at £13.13m (30 Nov 2009: £9.05m).

 

Profit and Loss 

Revenue increased by 41.70% from £12.80m to £18.14m, in line with the increase in unit shipments of 47.27% from 165k to 243k during the period. Customer support fees increased to £0.37m (H1 2009: £0.31m) whilst the combined fees from expert services and licensing reduced to £0.08m from £0.35m.

 

Gross margins at 29.69% (H1 2009: 35.47%) were affected by a combination of factors. Principally, this was due to expected lower margin sales as the company moves into higher volume tier 2 markets, maintenance of component prices as a result of industry-wide shortages and foreign exchange losses on sales in the period. Gross profit in the period increased 18.5% to £5.38m compared with £4.54m in H1 2009.

 

As compared to H1 2009, operating costs decreased by £1.78m to £6.35m (H1 2009: £8.13m). After adjustment for "mark-to-market" and other foreign exchange losses and exceptional items, operating costs decreased by £2.65m to £5.46m (H1 2009: £8.11m). "Mark-to-market" and other foreign exchange losses in relation to H2 2010 sales were £0.89m (H1 2009: gain £0.46m) and exceptional costs were £Nil (H1 2009: £0.49m).

 

Operating loss after exceptional costs for the period reduced by £2.63m to £0.97m (H1 2009: loss of £3.60m). Excluding exceptional costs and provision for "mark-to-market" and other foreign exchange losses, operating loss reduced by £3.50m to £0.07m (H1 2009: loss of £3.57m)

 

Net finance income of £0.02m (H1 2009: £0.04m) reflected reduced net cash balances. Net loss after tax is £0.93m (H1 2009: loss £3.56m) with a loss per share of 1.70p (H1 2009: loss per share of 6.53p).

 

Balance Sheet 

The balance sheet remains strong with net cash balances of £13.13m (30 Nov 2009: £9.05m) and this was delivered from improved debt collection and better inventory management.

 

Operational performance

The internal re-structuring undertaken during the latter part of 2009 is now delivering results. The re-focused sales, marketing and customer support efforts - together with a clearer market proposition around our new product offering - has successfully re-positioned the company in its key markets.

 

The encouraging sales performance and order book is testimony to this structural and cultural change within the company. However, entering new tier 1 and tier 2 markets brings new challenges in terms of scaling the business to adapt to higher volume sales and demanding deployment schedules.

 

More focused technical and sales account management - together with the appointment of a senior level project manager - has been introduced to better align the company with these new demands. External expertise has also been introduced since the start of the year to drive out inefficiencies and cost in the supply chain and improve the speed with which products come to market.

 

Amino - our strategy, our markets and our positioning

The company strategy remains unchanged; to enhance the product line, drive scale and extend across the value chain.

The specific focus for the first half of the year was to improve the product offering - both for the traditional IPTV market and the growing demand for high performance hybrid media centres from the tier 1 network operator market. Underpinning this were clear objectives in terms of re-building the company brand, improving market perception and customer support.

The industry launch of the new Amino Freedom Intel-based media centre was successfully executed. Securing a contract with a major Western European tier 1 operator is a significant breakthrough for the company and products have already been shipped for this deployment. Winning a major industry award in March further underlined the growing profile of this product, which continues to attract considerable attention from operators and retailers. Investment in this key development was stepped up during the period to enable the company to exploit this market opportunity.

Our next generation IPTV STBs, based on STi7105 MPEG4-HD decoder, were also launched during the period and should, after the normal period of trial and certification, form the substantial majority of IPTV sales in FY2011.

The markets for these products are steadily improving compared to this time last year. Eastern Europe is showing strengthening demand and North America is slowly improving with a number of contract wins announced including Mahaska Communications Group and CDE Lightband. Encouragingly, South America is emerging as a potential new market for Amino's IPTV offering. Securing a major contract with Costa Rican tier 2 operator ICE is an important landmark contract in developing Amino's profile in the region.

At the end of the period, the company reached an important milestone as it announced that three million set top boxes had been sold and shipped.

Outlook

The company has emerged from a difficult trading year in 2009 and is progressing well in terms of its streamlined structure, strategy and market offering. Profitability would have returned but for the impact of foreign exchanges losses and the increased investment in new products to support the significant Western European tier 1 operator win during the period and the wider opportunity for hybrid/OTT devices.

 

The encouraging first half results, sales order book into the second half and improving market conditions give the Board confidence that the company's performance is in line with management forecasts for the full year.

 

Ends

 

 

Consolidated income statement For the six months ended 31 May 2010	Notes	Six months ended 31 May 2010  Unaudited	Six months ended 31 May 2009  Unaudited	Year to 30 November 2009 Audited
		£	£	£
Revenue	3	18,141,321	12,795,375	25,290,903
Cost of sales		(12,755,973)	(8,257,057)	(16,917,248)
		__________	__________	__________
Gross profit		5,385,348	4,538,318	8,373,655
Selling, general and administrative expenses		(2,888,505)	(5,791,125)	(11,302,196)
Research and development expenses		(2,567,302)	(2,807,298)	(5,917,883)
Foreign exchange (losses) / gains		(894,792)	463,538	59,017
		__________	__________	__________
Operating loss		(965,251)	(3,596,567)	(8,787,407)
		__________	__________	__________
Analysed as:
Operating loss before restructuring, impairment and foreign exchange (losses) / gains		(70,459)	(3,569,303)	(5,991,343)
Restructuring costs		-	(490,802)	(1,160,573)
Impairment costs Foreign exchange (losses) / gains		- (894,792)	- 463,538	(1,694,508) 59,017
		__________	__________	__________
Operating loss		(965,251)	(3,596,567)	(8,787,407)
Finance income		21,050	35,302	56,849
Finance expenses		-	-	-
		__________	__________	__________
Loss before taxation		(944,201)	(3,561,265)	(8,730,558)
Corporation tax (charge)/credit		15,881	(1,341)	11,939
		__________	__________	__________
Loss for the period attributable to equity holders		(928,320)	(3,562,606)	(8,718,619)
		__________	__________	__________
Basic and diluted loss per 1p ordinary share	6	(1.70p)	(6.53p)	(15.97p)

All amounts relate to continuing activities.

Consolidated statement of comprehensive income for the six months ended 31 May 2010

	Notes	Six months ended 31 May 2010 Unaudited	Six months ended 31 May 2009 Unaudited	Year to 30 November 2009 Audited
		£	£	£
Foreign exchange difference arising on consolidation	12	264,836	(25,878)	(97,120)
		__________	__________	__________
Net comprehensive income/(expense) recognised directly in equity		264,836	(25,878)	(97,120)
		__________	__________	__________
Loss for the period		(928,320)	(3,562,606)	(8,718,619)
		__________	__________	__________
Total comprehensive expense for the period		(663,484)	(3,588,484)	(8,815,739)
		__________	__________	__________

The accompanying notes are an integral part of these interim financial statements.

Consolidated Balance Sheet As at 31 May 2010	Notes	As at 31 May 2010 Unaudited	As at 31 May 2009  Unaudited	30 November 2009 Audited
Assets		£	£	£
Non-current assets
Intangible assets	7	5,630,462	6,756,588	4,952,320
Property, plant and equipment	8	1,202,487	1,207,210	1,192,639
Deferred income tax assets		695,634	1,575,027	671,149
Trade and other receivables	9	173,345	204,927	172,696
		_________	_________	_________
		7,701,928	9,743,752	6,988,804
		_________	_________	_________
Current assets
Inventories		5,475,194	6,068,064	3,691,257
Trade and other receivables	9	8,182,578	8,347,472	10,245,842
Derivative financial instruments		-	452,676	48,155
Cash at bank and in hand		13,132,850	8,935,255	9,047,378
		_________	_________	_________
		26,790,622	23,803,467	23,032,632
		_________	_________	_________
Total assets		34,492,550	33,547,219	30,021,436
		_________	_________	_________
Capital and reserves attributable to equity holders of the business
Called-up share capital	11	578,930	578,930	578,930
Share premium		126,375	126,375	126,375
Capital redemption reserve		6,200	6,200	6,200
Other reserves		16,388,755	16,388,755	16,388,755
Retained earnings		4,223,513	10,021,902	4,842,104
		_________	_________	_________
Total equity	12	21,323,773	27,122,162	21,942,364
		_________	_________	_________
Current liabilities
Borrowings		-	12,502	12,502
Trade and other payables	10	12,622,140	6,412,555	7,694,407
Provisions for other liabilities		-	-	372,163
Derivative financial instruments		546,637	-	-
		_________	_________	_________
Total liabilities		13,168,777	6,425,057	8,079,072
		_________	_________	_________
		_________	_________	_________
Total equity and liabilities		34,492,550	33,547,219	30,021,436
		_________	_________	_________

 

The interim financial statements on pages 5 to 16 were approved by the Board of directors on 23 July 2010 and were

signed on its behalf by:

 

 

Andrew Burke	Stuart Darling
Director	Director

Consolidated Cash Flow Statement As at 31 May 2010	Notes	Six months ended 31 May 2010 Unaudited	Six months ended 31 May 2009 Unaudited	Year to November 2009 Audited
		£	£	£
Cash flows from operating activities
Cash generated from/(used in) operations	13	4,530,868	(1,405,284)	(200,301)
Corporation tax received/(paid)		950,818	(1,341)	32,416
		__________	__________	__________
Net cash generated from/(used in) operating activities		5,481,686	(1,406,625)	(167,885)
		__________	__________	__________
Cash flows from investing activities
Acquisition of subsidiary - net of cash acquired		-	(2,472,696)	(2,761,361)
Purchase of intangible assets		(1,257,490)	(1,234,325)	(1,845,681)
Purchase of property, plant and equipment (PPE)		(232,026)	(368,550)	(595,625)
Interest received		18,550	36,337	56,139
		__________	__________	__________
Net cash used in investing activities		(1,470,966)	(4,039,234)	(5,146,528)
		__________	__________	__________
Cash flows from financing activities
Proceeds from exercise of employee share options		-	-	1,920
		__________	__________	__________
Net cash from financing activities		-	-	1,920
		__________	__________	__________
Net increase/(decrease) in cash and cash equivalents		4,010,720	(5,445,859)	(5,312,493)
Cash and cash equivalents at start of the period		9,047,378	14,443,582	14,443,582
Effects of exchange rate fluctuations on cash held		74,752	(62,468)	(83,711)
		__________	__________	__________
Cash and cash equivalents at end of period		13,132,850	8,935,255	9,047,378
		__________	__________	__________

Notes to the interim financial statements

Six months ended 31 May 2010

 

1 General information

Amino Technologies plc ('the Company') and its subsidiaries (together 'the Group') specialises in IPTV software technologies and hardware platforms that enable delivery of digital programming and interactivity over IP networks, including the internet.

The Company is a public limited company which is listed on the Alternative Investment Market (AIM) of the London Stock Exchange and is incorporated and domiciled in the UK.

2 Basis of preparation

The financial information has been prepared in accordance with all International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretations Committee ("IFRIC") interpretations that had been published by 31 May 2010 as endorsed by the European Union (EU). The accounting policies adopted are consistent with those of the financial statements for the year ended 30 November 2009, as described in those financial statements, except for the adoption of the following new interpretations, revisions and amendments to IFRS which are relevant to and effective for the Group's financial statements for the annual period beginning 1 December 2009.

·; IAS1 (Revised 2007) Presentation of financial statements (effective 1 January 2009)

·; IFRS8 Operating segments (effective 1 January 2009)

 

The adoption of IAS1 (revised 2007) does not affect the financial policies of the Group or the Group's profits or losses but does impact presentation of the financial statements.

 

The adoption of IFRS8 is not expected to change the segments that are disclosed in the financial statements for the year ended 30 November 2010.

 

Exceptional items are disclosed and described separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Group. They are material items of income or expense that have been shown separately due to the significance of their nature or amount.

In preparing these interim financial statements the Board has not sought to adopt IAS 34 "Interim financial reporting".

The figures for the six-month periods ended 31 May 2010 and 31 May 2009 have not been audited. The figures for the year ended 30 November 2009 have been extracted from, but do not constitute, the consolidated financial statements of Amino Technologies plc for that year. Those financial statements have been delivered to the Registrar of Companies and included an auditors' report, which was unqualified and did not contain a statement under Section 498(2) or Section 498(3) Companies Act 2006.

3 Revenue

The Group has only one operating segment, being the development and sale of broadband network software and systems (which has been analysed into four revenue streams as shown in the second table below). All revenues, costs, assets and liabilities relate to this segment.

 

The geographical analysis of revenue is as follows:

		Six months ended 31 May 2010 Unaudited	Six months ended 31 May 2009 Unaudited	Year to 30 November 2009 Audited
		£	£	£
United Kingdom, Europe and Africa		12,889,863	10,457,760	18,476,668
North America		3,158,557	1,809,340	5,617,734
South America		1,426,670	37,065	(56,770)
Asia Pacific		666,231	491,210	1,253,271
		__________	__________	__________
		18,141,321	12,795,375	25,290,903
		__________	__________	__________,
Further analysis of revenue by stream is given below.
		Six months ended 31 May 2010 Unaudited	Six months ended 31 May 2009 Unaudited	Year to 30 November 2009 Audited
		£	£	£
Product		17,710,519	12,119,788	24,181,542
License		46,205	279,328	370,806
Support		348,248	305,961	548,176
Expert services		36,349	90,298	190,379
		__________	__________	__________
		18,141,321	12,795,375	25,290,903
		__________	__________	__________,

4 Financial risk management

The Group had the following current assets and liabilities denominated in currencies other than sterling.

	Six months ended 31 May 2010 Unaudited	Six months ended 31 May 2009 Unaudited	Year to 30 November 2009 Audited
	$	$	$
Dollar
Trade & other receivables denominated in foreign currency	8,014,624	6,792,059	8,883,688
Cash balances denominated in foreign currency Trade & other payables denominated in foreign currency	1,067,793 (12,483,266)	1,157,304 (2,133,800)	977,456 (6,605,052)
	_________	_________	_________
Net current (liabilities) / assets denominated in foreign currency	(3,400,849)	5,815,563	3,256,092
Outstanding forward contracts	7,000,000	4,940,193	17,000,000
Percentage of current assets not matched by forward contracts	0%	15%	0%
	Six months ended 31 May 2010 Unaudited	Six months ended 31 May 2009 Unaudited	Year to 30 November 2009 Audited
	€	€	€
Euro
Trade & other receivables denominated in foreign currency	1,443,292	461,771	2,575,008
Cash balances denominated in foreign currency Trade & other payables denominated in foreign currency	1,277,038 (462,953)	536,002 (109,692)	168,864 (57,444)
	_________	_________	_________
Net current (liabilities) / assets denominated in foreign currency	2,257,377	888,081	2,686,428
Outstanding forward contracts	-	-	-
Percentage of current assets not matched by forward contracts	100%	100%	100%

 

 

5 Exceptional items

		Six months ended 31 May 2010  Unaudited	Six months ended 31 May 2009 Unaudited	Year to 30 November 2009 Audited
		£	£	£
Restructuring costs Impairment costs		- -	490,802 -	1,160,573 1,694,508
		_________	_________	_________
		-	490,802	2,855,081
		_________	_________	_________

 

The exceptional costs in the prior periods are in relation to restructuring within the group and primarily comprise redundancy costs. In the year to 30 November 2009 the Company also recognised impairment costs of £1,694,508 in relation to the goodwill arising on the acquisitions of SJ Consulting Limited and AssetHouse Technology Limited.

6 Loss per share

	Six months ended 31 May 2010 Unaudited	Six months ended 31 May 2009 Unaudited	Year to 30 November  2009 Audited
	£	£	£
(Loss)/earnings attributable to shareholders	(928,320)	(3,562,606)	(8,718,619)
	_________	_________	_________
Weighted average number of shares (Basic)	54,617,961	54,578,067	54,588,041
	_________	_________	_________

 

The calculation of basic earnings per share is based on (loss)/profit after taxation and the weighted average number of ordinary shares of 1p each in issue during the period, as adjusted for shares held by an Employee Benefit Trust.

For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary share options. The group has only one category of dilutive potential ordinary share options: those share options where the exercise price is less than the average market price of the company's ordinary shares during the period. There is no dilutive effect in respect of the period ended 31 May 2010 as the Group was loss making.

 

7 Intangible assets

Net book value	As at 31 May 2010 Unaudited £	As at 31 May 2009 Unaudited £	As at 30 November 2009 Audited £
Goodwill:
Goodwill relating to SJ Consulting Limited	-	273,612	-
Goodwill relating to AssetHouse Technology Limited Goodwill relating to Tilgin IPTV AB	- 2,206,544	1,420,895 1,932,679	- 2,206,544
	_________	_________	_________
Total goodwill	2,206,544	3,627,186	2,206,544
Software licences	445,702	587,787	511,205
Development costs	2,796,448	2,091,700	2,016,448
Acquired intellectual property	181,768	449,915	218,123
	_________	_________	_________
	5,630,462	6,756,588	4,952,320
	_________	_________	_________

 

8 Property, plant and equipment

	As at 31 May 2010 Unaudited	As at 31 May 2009 Unaudited	As at 30 November 2009 Audited
	£	£	£
Computer software and equipment	568,494	461,439	519,091
Office and other equipment	54,126	125,281	70,439
Leasehold improvement	579,867	620,490	603,109
	_________	_________	_________
Net book amount	1,202,487	1,207,210	1,192,639
	_________	_________	_________

 

9 Trade and other receivables

	As at 31 May 2010 Unaudited	As at 31 May 2009 Unaudited	As at 30 November 2009 Audited
	£	£	£
Current assets:
Trade receivables	6,680,469	6,887,866	8,353,234
Less: provision for impairment of receivables	(3,215)	(43,215)	(73,215)
	_________	_________	_________
Trade receivables (net)	6,677,254	6,844,651	8,280,019
Other receivables	179,495	323,927	90,981
Corporation tax receivable	-	54,038	951,170
Prepayments	1,325,829	1,124,856	923,672
	_________	_________	_________
	8,182,578	8,347,472	10,245,842
	_________	_________	_________
Non current assets:
Other receivables	173,345	204,927	172,696
	_________	_________	_________

Other receivables comprise rent deposits.

 

10 Trade and other payables

	As at 31 May 2010 Unaudited	As at 31 May 2009 Unaudited	As at 30 November 2009 Audited
	£	£	£
Trade payables	8,967,662	3,111,920	5,001,020
Social security and other taxes	161,902	267,499	225,129
Other payables	81,305	158,747	267,082
Accruals	2,733,631	2,659,421	2,094,829
Deferred income	677,640	214,968	106,347
	_________	_________	_________
	12,622,140	6,412,555	7,694,407
	_________	_________	_________

 

 

 

11 Called-up share capital

Ordinary shares of 1p each	As at  31 May 2010 Unaudited	As at  31 May 2009 Unaudited	As at 30 November 2009 Audited
	£	£	£
Authorised
Nominal value	1,000,000	1,000,000	1,000,000
	_________	_________	_________
Number	100,000,000	100,000,000	100,000,000
	_________	_________	_________
Allotted, called-up and fully-paid
Nominal value	578,930	578,930	578,930
	_________	_________	_________
Number	57,893,052	57,893,052	57,893,052
	_________	_________	_________

 

 

12 Statement of changes in equity

 

	Share Capital   £	Share premium   £	Shares to be issued   £	Other reserves   £	Capital redemption reserve £	Profit and loss account £	Total     £
At 1 December 2008 (audited)	578,430	104,249	27,751	16,388,755	6,200	13,555,105	30,660,490
Comprehensive income
Loss for the period	-	-	-	-	-	(3,562,606)	(3,562,606)
Other comprehensive income
Foreign exchange on consolidation	-	-	-	-	-	(25,878)	(25,878)
Total comprehensive income	-	-	-	-	-	(3,588,484)	(3,588,484)
Issue of ordinary shares - shares to be issued	500	22,126	(27,751)	-	-	-	(5,125)
Exercise of employee share options	-	-	-	-	-	1,920	1,920
Share option compensation charge	-	-	-	-	-	53,361	53,361
Transactions with owners	500	22,126	(27,751)	-	-	55,281	50,156
At 31 May 2009 (Unaudited)	578,930	126,375	-	16,388,755	6,200	10,021,902	27,122,162
Comprehensive income
Loss for the period	-	-	-	-	-	(5,156,013)	(5,156,013)
Other comprehensive income
Foreign exchange on consolidation	-	-	-	-	-	(71,242)	(71,242)
Total comprehensive income	-	-	-	-	-	(5,227,255)	(5,227,255)
Share option compensation charge	-	-	-	-	-	47,457	47,457
Transactions with owners	-	-	-	-	-	47,457	47,457
At 30 November 2009 (audited)	578,930	126,375	-	16,388,755	6,200	4,842,104	21,942,364
Comprehensive income
Loss for the period	-	-	-	-	-	(928,320)	(928,320)
Other comprehensive income
Foreign exchange on consolidation	-	-	-	-	-	264,836	264,836
Total comprehensive income	-	-	-	-	-	(663,484)	(663,484)
Share option compensation charge	-	-	-	-	-	44,893	44,893
Transactions with owners	-	-	-	-	-	44,893	44,893
At 31 May 2010 (Unaudited)	578,930	126,375	-	16,388,755	6,200	4,223,513	21,323,773

13 Cash (used in)/generated from operations

	Six months ended 31 May 2010 Unaudited		Six months ended 31 May 2009 Unaudited		Year to 30 November 2009 Audited
	£		£		£
Loss before corporation tax	(944,201)		(3,561,265)		(8,730,558)
Adjustments for:
Amortisation charge	579,281		349,301		939,846
Depreciation charge	222,205		233,500		485,344
Goodwill impairment charge	-		-		1,867,959
Loss on disposal of intangible fixed assets	-		-		9,052
Share-based payment charge	44,893		53,361		100,818
Fair value loss / (gain) on derivative financial instruments	594,792		(463,538)		(59,017)
Financial income - net	(18,550)		(36,337)		(56,849)
Exchange differences	169,373		106,519		(38,481)
(Increase) / decrease in inventories	(1,783,937)		(1,008,437)		2,172,923
Decrease in trade and other receivables	1,111,443		5,240,131		4,578,968
(Decrease) / increase in provisions	(372,163)		-		372,163
Increase / (decrease) in trade and other payables	4,927,732		(2,318,519)		(1,842,467)
	_________		_________		_________
Cash generated / (used in) from operations	4,530,868		(1,405,284)		(200,301)
	_________		_________		_________

 

 

 

 

 

This information is provided by RNS

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