Chesterfield Sp Regulatory News (CSC)

31 Mar 2009 07:00



31 March 2009

Netb2b2 plc

Interim results for the six months ended 31 December 2008

Netb2b2 plc ("Netb2b2" or "the Group"), the digital communications business, today announces its unaudited interim results for the six months ended 31 December 2008.

Enquiries, please contact:

Geoffrey Griggs

Finance Director 

Netb2b2 PLC

020 7689 8800

Azhic Basirov/ Siobhan Sergeant

Smith & Williamson Corporate Finance Limited

020 7131 4000

Chairman's statement

Financial and operational review 

During the six months ended 31 December 2008, the Group has continued to reduce overhead costs although this restructuring has resulted in some non-recurring costs in the period.

cScape has continued to build up a broad base of clients including big corporations, government bodies and membership organisations. Trading has continued at an acceptable level in the government and membership organisation sectors. 

However in the autumn of 2008 many large corporations took precautionary measures in the face of the recession. This included cutting back or postponing some of their digital plans which adversely affected cScape's business. In response cScape cut staff costs and is currently trading profitably and working at close to full capacity. 

Blue Sky's business has remained stable and recorded a reasonable result for the period. The business is currently looking for additional opportunities in cloud computing and related services.

Fernhart recorded a loss during the period and ITM encountered some difficult market conditions with the current reduction in print advertising.

The Group was comfortably within its overdraft facilities at the period end.

Outlook 

The Group continues to explore ways of reducing its cost base and maximising its revenue.

Keith Young

Chairman 

31 March 2009

CONSOLIDATED INCOME STATEMENT

For the 6 months ended 31 December 2008

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the 6 months ended 31 December 2008

CONSOLIDATED BALANCE SHEET

As at 31 December 2008

CONSOLIDATED CASH FLOW STATEMENT

For the 6 months ended 31 December 2008

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the 6 months ended 31 December 2008

1.  FINANCIAL INFORMATION

The financial information is for the six months ended 31 December 2008 and is neither audited nor reviewed as defined by APB Bulletin 1999/4.

The results for the year ended 30 June 2008 have been audited whilst the results for the six months ended 31 December 2007 and 31 December 2008 are unaudited. The financial information contained in this interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The statutory accounts for the year ended 30 June 2008, which were prepared under IFRS, have been filed with the registrar of Companies.The auditors' opinion on those accounts was unqualified.

2.  INTERNATIONAL FINANCIAL REPORTING STANDARDS

The consolidated financial information has been prepared using accounting policies consistent with International Financial Reporting Standards ('IFRS') as adopted by the European Union applied in accordance with the provisions of the Companies Act 1985.

3. SEGMENTAL INFORMATION

The Group operates in the UK and the whole of its turnover and profit relate to continuing activities and to the UK market.

4. GOODWILL

The board has assessed each subsidiary with reference to its durability, ability to sustain future long term profitability and assessed ability to maintain market position. Based on this assessment the board is of the opinion that the one goodwill element has an indefinite economic life. The board has carried out impairment reviews on this goodwill element and has concluded that its current recoverable amount is in excess of its carrying value.

5. TAXATION

No liability to UK Corporation tax arose on ordinary activities for the period owing to trade losses brought forward from previous periods.

6. LOSS PER ORDINARY SHARE

Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares during the year. The diluted loss per share is the same as the actual loss per share.

7. ANALYSIS OF CHANGES IN NET (DEBT)/ FUNDS

8. COPIES OF THE INTERIM REPORT

Copies of the interim report are available from www.netb2b2.com or the company secretary at Netb2b2 Plc, Central House, 142 Central Street, London, EC1V 8AR.