Pci-pal Regulatory News (PCIP)

6 Feb 2006 09:29

County Contact Centres PLC06 February 2006 COUNTY CONTACT CENTRES PLC INTERIM STATEMENT OF RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2005 Highlights 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2005 2004 2005 (unaudited) (unaudited) (audited) £ £ £ Turnover 1,313,410 1,367,307 2,619,343 Profit/(loss) on ordinary activities before tax 30,485 2,543 (114,757) • A profit before tax for the six-month period to December 2005 of £30,485 compared to a profit before tax of £2,543 for the corresponding prior year period. • Operating Profit of £35,397 compared with an Operating Loss of £2,137 for the corresponding prior year period • Positive cash flow in the period • First ever Cash Inflow from Operating Activities of £45,815 • Record billable minutes achieved in November 2005 • New Ansaback contracts signed for launch early 2006 • CallScripter Version 3.5 sold in America and Australia Further enquiries: William Catchpole Managing Director Stuart Gordon Financial Director Telephone 01473 321 800 Chairman's statement I am delighted to report that, in line with management's expectations, ourresults show a return to profit for the first six months. This follows theRomanian office closure, which adversely affected the first half of 2005. Boththe Ansaback and CallScripter divisions have performed well over the period andthe Board would like to congratulate the executives and staff who contributed. Ansaback The six month's trading saw an August dip in call minute activity followed by asignificant up swing, which led to a new record high in billable minutes inNovember. With the contracts signed in December expected to further lift thesebillable minutes, this division is in a strong position for 2006. CallScripter CallScripter has continued to make steady progress, and prospects for thesoftware remain good on both a domestic and global market basis, includingfurther integration with soft telephone switch manufacturers. The ININ OEMcollaboration, reported in the June 2005 accounts, has started to bear fruit andthe EasyScripter product is planned for roll out into the US market in February2006. There will, however, be a subsequent time lag before this produces salesin terms of installed seats. Two other international contracts were alsosecured, including our first sale into Australia, both of which could produceadditional sales during 2006. September saw the launch of our new CallScripter 3.5 product at the UK's premiercall centre showcase held at the Birmingham NEC. We were very pleased with thehigh level of interest shown in the product, especially since we hadrationalised the size of the stand to minimise our cost without detriment to ourimage. CallScripter 3.5 has been enhanced to include a host of new functionalityincluding a diary booking system, a real-time credit card checking module, acontrol integration tool and cross script reporting. It remains at the forefrontof the scripting tools available to both bureau call centres and largerdedicated call centres that require a comprehensive scripting feature. County Contact Centres Cash continues to be a key factor in our business and I am pleased to reportthat the company made its first Cash Inflow from Operating Activities of£45,815, generating a net cash increase of £18,135 in the period, after repayingbank loans. The Board is satisfied that our existing facilities are adequate forthe current business needs. As highlighted in the June accounts, Philip Dayer joined the board as anon-executive director in October and having worked in the advisory divisions ofa number of investment banks is well placed to assist us in the development ofthe business. We are delighted to welcome him to further strengthen the Board. Finally, as a number of shareholders have expressed concern that our Share Priceis not quoted in the Financial Times, the Board have decided to re-instate thelisting but will keep the cost under review. This listing appears as 'CCC' underthe AIM Companies - Industrials category. The Directors remain confident about the Group's future prospects. Peter M BrownChairman 6 February 2006 CONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE 6 MONTHS ENDED 31 DECEMBER 2005 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2005 2004 2005 Note (unaudited) (unaudited) (audited) £ £ £ Turnover 1,313,410 1,367,307 2,619,343 Cost of sales (686,215) (764,493) (1,635,366) ----- ----- ----- Gross profit 627,195 602,814 983,977 Administrative expenses (591,798) (604,951) (1,098,070) ----- ----- ----- Operating profit/(loss) 35,397 (2,137) (114,093) Other interest receivable and similar income 4 593 11,018 12,090 Interest payable and similar charges (5,505) (6,338) (12,754) ----- ----- ----- Profit/(loss) on ordinary activities before taxation 30,485 2,543 (114,757) Tax on loss on ordinary activities 5 - - - ----- ----- ----- Profit/(loss) on ordinary activities after taxation deducted from reserves 30,485 2,543 (114,757) Basic profit/(loss) per share 3 0.10p 0.01p (0.39p) There are no recognised gains or losses for the period other than the profit/(loss) disclosed above. CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2005 31 December 31 December 30 June 2005 2004 2005 (unaudited) (unaudited) (audited) £ £ £ Fixed assetsTangible assets 5,470 55,909 23,756 ----- ----- -----Current assetsDebtors 456,262 482,282 482,955Cash at bank and in hand 138,476 198,459 120,341 ----- ----- ----- 594,738 680,741 603,296Creditors: amounts falling due within oneyear (395,356) (394,987) (427,685) ----- ----- -----Net current assets 199,382 285,754 175,611 ----- ----- -----Creditors: amounts falling due after morethan one year (86,667) (136,663) (111,667) ----- ----- -----Total assets less liabilities 118,185 205,000 87,700 ----- ----- -----Capital and reservesShare capital 297,908 297,908 297,908Share premium account 6,045,563 6,045,563 6,045,563Merger reserve 18,396 18,396 18,396Profit and loss account (6,243,682) (6,156,867) (6,274,167) ----- ----- -----Shareholders' funds 118,185 205,000 87,700 ----- ----- ----- CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2005 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2005 2004 2005 (unaudited) (unaudited) (audited) £ £ £ Net cash inflow/(outflow) from 45,815 (2,103) (35,646)operating activities Returns on investments andservicing of financeInterest received 4 593 11,018 12,090Interest paid (5,505) (6,338) (12,754) ----- ----- -----Net cash (outflow)/inflow fromreturns on investments andservicing of finance (4,912) 4,680 (664) ----- ----- ----- Capital expenditure and financialinvestmentPurchase of fixed assets (3,118) (44,685) (63,166)Proceeds from sale of tangible 5,350 340 4,590fixed assets ----- ----- -----Net cash inflow/(outflow) fromcapital expenditure and financialinvestment 2,232 (44,345) (58,576) ----- ----- ----- FinancingRepayments of borrowings (25,000) (25,000) (50,000) ----- ----- -----Net cash outflow from financing (25,000) (25,000) (50,000) ----- ----- ----- Increase/(decrease) in cash 18,135 (66,768) (144,886) ----- ----- ----- Notes 1. Basis of preparation of financial information The financial information contained in this statement does not constitutestatutory accounts as defined in section 240 of the Companies Act 1985. Theunaudited financial information has been prepared on the basis of the accountingpolicies set out in the Group's statutory accounts for the year ended 30 June2005. The financial information relating to the 12 months ended 30 June 2005has been extracted from the audited financial statements, which have beendelivered to Companies House. 2. Ongoing business The directors have prepared forecasts, which reflect current performance, andthese show that the group will continue to operate within its availableresources for the foreseeable future. The directors therefore believe it isappropriate to prepare the financial statements on a going concern basis. 3. Profit/(loss) per ordinary share The calculation of the profit or loss per ordinary share is based on the profitor loss on ordinary activities after taxation deducted from reserves divided bythe weighted average number of ordinary shares in issue during the relevantperiod: 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2005 2004 2005 (unaudited) (unaudited) (audited) Profit/(loss) on ordinary activities after £taxation deducted from reserves £30,485 £2,543 (114,757) Weighted average number of ordinary shares In issue during the period 29,790,743 29,790,743 29,790,743 4. Interest received The terms of the ten-year Ipswich office lease, which had a five-year breakclause and rent review due in May 2005, were agreed and in August 2004 thisreview gave rise to the settlement and repayment of the cumulative interestarising on the deposit held by the landlord of £9,486. 5. Contingent liabilities In June 2004 the Inland Revenue raised a routine enquiry into certain aspects ofthe tax computation of the subsidiary, County Contact Centres (UK) Limited, forthe year ended 30th June 2002 including the Research and Development tax creditsof £51,499 received in respect of that year. This enquiry is still ongoing andwhilst the Directors remain confident of the basis upon which the Research andDevelopment tax credit claim was made, should the Inland Revenue not accept thisbasis the amount of £51,499 plus interest may be repayable. 6. Availability of interim statement Copies of this interim statement are being sent to the Company's shareholdersand will also be available from the Company's head office at Melford Court, TheHavens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ. This information is provided by RNS The company news service from the London Stock Exchange