26 Aug 2010 07:00
Embargoed release: 07:00hrs Thursday 26 August 2010
SOPHEON PLC ("Sopheon", the "Company" or the "Group") RESULTS FOR THE 6 MONTHS TO 30 JUNE 2010 BUSINESS REVIEW AND OUTLOOK
Sopheon plc ("Sopheon") the international provider of software and servicesthat improve the return from innovation and product development investments,announces its unaudited interim results for the six months ended 30 June 2010(the "period") together with a business review and outlook.
Highlights:
* Revenue: £4.7m (2009: £4.1m) * EBITDA profit: £0.6m (2009: EBITDA loss £0.3m) * Loss before tax: £0.1m (2009: Loss £1.0m) * Twenty-four license transactions completed including extension sales.
* Revenue visibility for full-year 2010 now stands at £8.2m. This is up from
£6.0m reported in mid-June at the Company's Annual General Meeting and
almost equals Sopheon's total revenues for the full year 2009 which was £
8.3m. * The licensee base now stands at 178. * Cash at 30 June stood at £1.7m. * Launched www.isustain.com in partnership with Cytec Industries and the Beyond Benign Foundation, a site that enables users to assess the
sustainability of product formulations through an iSUSTAIN Green Chemistry
Index rating.
Sopheon's Chairman, Barry Mence said: "We are delighted to report much-improvedresults with revenues up and costs down. After some very tough spendingadjustments taken in 2009, it is also gratifying to see a return to growth andsuch strong improvement in our bottom line performance. Our expanded solutionintroduced in 2009 is generating increased sales both from our client base andnew clients. Revenue visibility for the full year is already close to lastyear's total revenues with four months of selling to go."
For further information contact:
Barry Mence, Chairman Sopheon plc Tel: +44 (0)1483 685 735 Arif Karimjee, CFO Sopheon plc Tel: +44 (0)1483 685 735 Justine James / Kirsty Hansard Communications Tel: +44 (0)20 7245 1100 Corcoran Floor van Maaren Citigate First Financial Tel: +31 (0)205 754 010 Catherine Leftley / Seymour Pierce Corporate Tel: +44 (0)20 7107 8000 Jonathan Wright Finance Richard Redmayne Seymour Pierce Corporate Tel: +44 (0)20 7107 8000 Broking About SopheonSopheon is an international provider of software and services thathelp organisations improve the business impact of product innovation. Sopheon'ssolutions automate and govern the innovation process, enabling companies toincrease revenue and profits from new products. Sopheon's solutions are used byindustry leaders throughout the world, including BASF, Cadbury, Corning,Electrolux, Honeywell, Motorola and SABMiller. Sopheon is listed on the AIMMarket of the London Stock Exchange and on the Euronext in the Netherlands. Formore information, please visit www.sopheon.com.
CHAIRMAN'S STATEMENT
Trading Performance
After a tough year in 2009 consolidated revenues for the first half of 2010were £4.7m, compared to £4.1m for the same period last year and £4.3m in thefirst half of 2008. Both new and existing customers made material licensecommitments. This resulted in an overall revenue mix among license, servicesand maintenance amounting to 36:27:37 respectively, compared to 30:26:44 duringthe first half of 2009.Sales performance during the six-month period included 24 new and extensionlicense orders, up from 17 the year before. The Company also added a number ofconsultancy and services contracts. In 2009, market conditions contributed tocustomer terminations of some maintenance, hosting and rental contracts. As aresult, we entered 2010 with a recurring revenue base of £3.7m. At mid-yearpoint, our recurring base has increased to £3.9m as new sales offset a smallnumber of terminations. Revenue visibility has improved to £8.2m compared to £6.0m at the time of our Annual General Meeting in June.The level of continued commercial activity is very encouraging. Our salespipelines for the third quarter and beyond are healthy and are expected todrive additional increases in revenue visibility between now and the end of theyear. Nevertheless, wider market conditions are still uncertain. As we havenoted in our previous announcements, predicting the timing and value ofindividual sales is challenging, and this can consequently impact on revenueperformance in a particular period.Approximately 60% of revenues during the first half of the year were generatedby US operations, with the balance predominantly from Europe. This distributionis generally consistent with prior periods. The Alignent solution acquired inJune 2007 accounted for 9% of total revenues recorded in the first half of 2010compared to 11% in 2009 as a whole. Gross profit, which is arrived at aftercharging direct costs such as payroll for client services staff, was £3.5m.That compares to £2.8m for the same period in 2009, representing a rise ingross margin percentage from 67% to 75%. We expect the gross margin percentageto continue to fluctuate from period to period, in line with variation in ourrevenue mix.Operating Costs and Results
Due to the headcount adjustments made last year, our cost base has changed.Total staff count at the start of 2009 was 105. During the year, we reducedstaffing to 100 at the end of June, and then again to 84 by the end ofDecember. This has remained the same for the first half of 2010. All areas ofthe business were affected, but as noted in previous announcements, we did notmake reductions in product development until late 2009 in order to continueinvestment in expanding the breadth and reach of our solutions, as describedlater in this report. Looking ahead, if market conditions continue to improve,we will consider modest new recruitment and subcontracting activity in ourproduct development and professional services teams before the end of the year.The overall operating result for the business during the period was a profit of£36,000 (2009: loss of £892,000). After net finance costs, which includeinterest on debt taken on to finance the Alignent acquisition, the final lossbefore tax reported for the period is £96,000 (2009: loss of £990,000). Thisresult includes interest, depreciation and amortisation costs amounting to £679,000 (2009: £658,000). The EBITDA result for the first half of 2010, whichdoes not include these elements, was a profit of £583,000 (2009: loss of £330,000).Corporate and Balance sheet
Net assets at the end of the period stood at £2.7m (2009: £3.1m). Cash resources at 30 June 2010 amounted to £1.7m (2009: £1.6m). Approximately £0.5m was held in US dollars, £0.8m in Euros and £0.4m in Sterling.
Intangible assets at 30 June 2010 stood at £4.1m (2009: £4.2m). This includes(i) £2.5m being the net book value of capitalised research and development(2008: £2.3m) and (ii) £1.6m (2008: £1.9m) being the net book value of Alignentintangible assets acquired in 2007.As part of the funding raised for the Alignent acquisition, Sopheon secured$3.5m of medium-term debt from BlueCrest Capital Finance LLC ("BlueCrest"). Thedebt is being repaid in 48 equal monthly instalments and is secured by adebenture and guarantee from Sopheon plc. BlueCrest also offered the enlargedGroup an additional revolving credit facility secured on accounts receivable.This has been renewed through June 2011 with a facility limit of $1.25m. At 30June 2010, the balances outstanding on the medium-term debt and revolvingcredit facility were $1.1m (2009: $2.0m) and $1.0m respectively (2009: $0.7m).The equivalent figures in Sterling are £0.7m (2009: £1.2m) and £0.7m (2009: £0.4m) respectively.Market and ProductMajor analyst organisations such as Forrester and Gartner see deepeningtraction and expanding opportunity particularly in Sopheon's segment of the PPMmarket. In December 2009, Forrester noted increasing interest and investment inproject and portfolio management tools for product development (PPM) and in thesame month Gartner noted that software that supports product strategy andplanning is gaining attention from prospective manufacturing end-users.Forrester also identified Sopheon as one of the clear market share leaders inthe PPM space. From a vertical market standpoint, we continued to see goodresults during the period in our original key markets of chemicals, food andbeverage, and consumer products. Activity during the period also providedfurther evidence that we are making significant inroads into the aerospace,defence and high technology markets.We entered 2010 having devoted considerable investment and effort to productdevelopment during the preceding year. Tangible results included: the launch ofAccolade® Idea Labâ„¢, the first integrated solution that both facilitatesgeneration and development of ideas, and enables those ideas to be movedseamlessly into product development; the release of a major new version of ourAccolade Vision Strategistâ„¢ strategic product planning software; significantchanges to our core Accolade Process Managerâ„¢ software that deepen itsdifferentiation and value proposition; and most recently, the launch of thewww.isustain.com green chemistry website in partnership with Cytec IndustriesInc and the Beyond Benign Foundation. The site enables users to assess thesustainability of product formulations through an iSUSTAIN Green ChemistryIndex rating. Users that wish to migrate beyond a basic level of interactionwith the site are required to enter into paid-for subscriptions. In conjunctionwith these product and service advancements, we invested in new marketingcapabilities that leverage emerging channels such as social media. We have alsobeen working hard to improve the strength of our partner relationships, both atthe reseller level and at the strategic level.
Outlook
Our decision to maintain investment in product development during the difficultmonths of early 2009 has yielded important competitive advantages and businessbenefits. We have also continued to invest in marketing and partner initiativeswhich, along with the product investments, have contributed to furtherstrengthening our strategic position. Sopheon offers the only software suite inthe industry to provide all-in-one support that encompasses innovationstrategy, ideation and execution. This highly differentiated value propositionhas been affirmed by our customers and by the business analyst community.The market is responding favorably to new enhancements to our products. Oursales pipeline continues to show encouraging levels of activity that we believeindicate a resurgent focus amongst large corporations on product innovation asa strategic priority. As always, the challenge is to convert this activity intosigned contracts. Nevertheless, full year revenue visibility for 2010 at £8.2malready stands close to the 2009 full year performance of £8.3m. A return togrowth will also drive the need for additional resources to deliver oursolutions and services. As noted earlier in this report, we will considercareful expansion in resources to meet this requirement, during the second halfof the year.After a difficult time in 2009, including some very tough spending adjustments,it is gratifying to see a return to growth and such a strong improvement in ourbottom line performance. We look to the future with renewed confidence.Barry Mence 26 August 2010Chairman Visibility
Visibility at any point in time comprises revenue expected from (i) closedlicense orders, including those which are contracted but conditional onacceptance decisions scheduled later in the year; (ii) contracted servicesbusiness delivered or expected to be delivered in the year; and (iii) recurringmaintenance, hosting and rental streams. The visibility calculation does notinclude revenues from new sales opportunities expected to close during theremainder of 2010.
Trademarks
Accolade®, Idea Labâ„¢ and Vision Strategistâ„¢are trademarks of Sopheon plc.iSUSTAINâ„¢ is a trademark of Cytec Industries Inc. All other trademarks are thesole property of their respective owners.
Cautionary Statement
This Interim Management Report has been prepared solely to provide additionalinformation to shareholders to assess the Group's strategies and the potentialfor these strategies to succeed. The Interim Management Report should not berelied on by any other party or for any other purpose. The Interim ManagementReport contains certain forward-looking statements with respect to thefinancial condition, results of operations and businesses of Sopheon plc. Thesestatements are made by the directors in good faith based on the informationavailable to them up to the time of their approval of this report. However,such statements should be treated with caution as they involve risk anduncertainty because they relate to events and depend upon circumstances thatwill occur in the future. There are a number of factors that could cause actualresults or developments to differ materially from those expressed or implied bythese forward-looking statements. The continuing uncertainty in global economicoutlook inevitably increases the economic and business risks to which the Groupis exposed. Nothing in this announcement should be construed as a profitforecast. CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2010 (UNAUDITED) 2010 2009 £'000 £'000 Revenue 4,659 4,111 Cost of sales (1,151) (1,339) Gross profit 3,508 2,772 Sales and marketing expense (1,524) (1,826) Research and development expense (1,175) (1,081) Administrative expense (773) (757) Operating profit / (loss) 36 (892) Finance income 1 13 Finance expense (133) (111) Loss before and after taxation (96) (990) Loss for the period (96) (990) Loss per share - basic and diluted in pence (0.07p)
(0.68p)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2010 (UNAUDITED) 2010 2009 £'000 £'000 Loss for the period (96) (990) Other comprehensive income Exchange differences on translation of foreign 93 (261)operations Total comprehensive loss for the period, net of tax (3) (1,251) CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2010 (UNAUDITED) 30 June 31 Dec 30 June 2010 2009 2009 £'000 £'000 £'000 Assets Non-current assets Property, plant and 153 151 189equipment Intangible assets 4,117 3,993 4,167 Other receivable 13 12 10 4,283 4,156 4,366 Current assets
Trade and other receivables 3,125 2,905 2,052
Cash and cash equivalents 1,714 1,624 1,590 4,839 4,529 3,642 Total assets 9,122 8,685 8,008 Liabilities Current liabilities Borrowings 1,362 1,340 968 Deferred revenue 2,478 2,250 2,201 Trade and other payables 1,640 1,188 1,107 5,480 4,778 4,276 Non-current liabilities Borrowings 60 372 654 Convertible loan stock 850 850 - 910 1,222 654 Total liabilities 6,390 6,000 4,930 Net assets 2,732 2,685 3,078 Equity Share capital 7,279 7,279 7,279 Capital reserves 73,683 73,633 73,688 Translation reserve 474 381 326 Retained losses (78,704) (78,608) (78,215) Total equity 2,732 2,685 3,078 CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2010 (UNAUDITED) 2010 2009 £'000 £'000 Operating Activities Loss before and after taxation (96)
(990)
Adjustments for non-cash and financial items 722 721 Movements in working capital 359 408 Net cash from operating activities 985 139 Investing Activities Finance income 1 13 Purchases of property, plant and equipment (45)
(43)
Capitalisation of development costs (306)
(570)
Net cash used in investing activities (350) (600) Financing Activities Repayment of borrowings (301) (293) Movement in bank overdrafts and lines of (117) (33) credit Finance expense (133) (111) Net cash from financing activities (551)
(437)
Net increase/(decrease)in cash and cash 84 (898) equivalents CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2010 (UNAUDITED) Share Capital Translation Retained Capital Reserves Reserve Losses Total £'000 £'000 £'000 £'000 £'000 At 1 January 2009 7,279 73,627 587 (77,225) 4,268 Share based payments - 61 - - 61 Comprehensive income - - (261) (990) (1,251) At 30 June 2009 7,279 73,688 326 (78,215) 3,078 At 1 January 2010 7,279 73,633 381 (78,608) 2,685 Share based payments - 50 - - 50 Comprehensive income - - 93 (96) (3) At 30 June 2010 7,279 73,683 474 (78,704) 2,732
NOTES TO THE FINANCIAL STATEMENTS
1. General information
Sopheon Plc (the "Company") is a company domiciled in England. The condensedconsolidated interim financial statements of the Company for the six monthsended 30 June 2010 comprise the Company and its subsidiaries (together referredto as the "Group").2. Accounting policiesBasis of preparationThese condensed consolidated financial statements have been prepared inaccordance with IAS 34 "Interim Financial Reporting", as adopted by theEuropean Union. They do not include all disclosures that would otherwise berequired in a complete set of financial statements and should be read inconjunction with the 2009 Annual Report. The financial information for the halfyears ended 30 June 2010 and 30 June 2009 does not constitute statutoryaccounts within the meaning of Section 434(3) of the Companies Act 2006 and isunaudited.The annual financial statements of Sopheon Plc are prepared in accordance withIFRSs as adopted by the European Union. The comparative financial informationfor the year ended 31 December 2009 included within this report does notconstitute the full statutory accounts for that period. The statutory AnnualReport and Financial Statements for 2009 have been filed with the Registrar ofCompanies. The Independent Auditors' Report on that Annual Report and FinancialStatement for 2009 was unqualified, but consistent with prior years, drewattention to an emphasis of matter due to uncertainty over going concern anddid not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
Going concern
The half year financial information has been prepared on a going concern basis.In reaching their assessment, the directors have considered a period extendingat least 12 months from the date of approval of this information and haveconsidered both the forecast performance for the next 12 months and the cashand financing facilities available to the Group.In the first half of 2010, the Group achieved revenues of £4.7m and incurred aloss of £0.1m. This represents a much improved performance compared to theprevious year. The Group's sales pipeline remains very active, and accordingly,the directors remain positive about the prospects for the business. However,the time-to-close and the order value of individual sales can varyconsiderably, factors which constrain the ability to accurately predict shortterm revenue performance. There is also continued evidence of customers takinglonger to pay amounts owed to the Group.The Group has a loan note from BlueCrest Capital Finance ("BlueCrest") which isrepayable in equal monthly instalments of $91,000 through July 2011. Thebalance remaining due on the note at 30 June 2010 was $1,104,000 (£738,000).The Group also has access to a $1,250,000 revolving line of credit withBlueCrest which is secured against the trade receivables of Sopheon's NorthAmerican business. This was renewed for an additional 12 month period through30 June 2011. At 30 June 2010, $1,040,000 (£695,000) was drawn against thisrevolving facility. In addition, the Group has received a convertible loan of £850,000, repayable or convertible by 30 September 2011. At 30 June 2010, theGroup reported net assets of £2.7m and cash resources of £1.7m.
NOTES TO THE FINANCIAL STATEMENTS
If sales fall short of expectations, or if the Group's existing facilitiesprove insufficient, the Group may need to raise additional finance. The Groupcontinues to have access to the debt and equity markets, and the directors havedemonstrated the ability to raise funds during the previous year. In addition,the Group has access to an equity line of credit facility from GEM Global YieldFund Limited ("GEM") for an aggregate of €10m, the current term of whichexpires in December 2011. GEM's obligation to subscribe for shares is subjectto certain conditions linked to the prevailing trading volumes and prices ofSopheon shares on the Euronext stock exchange. To date Sopheon has made onecall on the equity line of credit facility in March 2004, leaving a maximum €9mpotentially available.The directors have concluded that the circumstances set forth above representmaterial uncertainties, however they believe that taken as a whole, the factorsdescribed above enable the Group to continue as a going concern for theforeseeable future. The financial information does not include the adjustmentsthat would be required if the Company or Group were unable to continue as agoing concern.
Changes in accounting policies
The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the Group's latest annual audited financial statements.
A number of IFRS and IFRIC amendments or interpretations have become effectivesince the last annual report but none of these have had a material impact onthe Group's reporting.3. Segmental AnalysisAll of the Group's revenues in respect of the six month periods ended 30 June2010 and 2009 derived from the design, development and marketing of softwareproducts with associated implementation and consultancy services. Formanagement purposes, the Group is organised across two principal operatingsegments, which can be expressed geographically. This basis is the same as thatused in the Company's last annual financial statements. The first segment isNorth America, and the second EMEA (Europe, Middle East and Africa).Information relating to these two segments is given below. All informationprovides analysis by location of operations.Six months to 30 June 2010 N America EMEA Total £'000 £'000 £'000 External revenues 3,032 1,627 4,659 Net profit / (loss) before (187) 91 (96)tax Total assets 6,580 2,542 9,122Six months to 30 June 2009 N America EMEA Total £'000 £'000 £'000 External revenues 3,034 1,077 4,111 Net profit / (loss) before (474) (516) (990)tax Total assets 6,106 1,902 8,008
NOTES TO THE FINANCIAL STATEMENTS
4. Earnings per share
The calculation of basic earnings per ordinary share is based on a loss of £96,000 (2009 - loss of £990,000) and on 145,579,027 ordinary shares (2009 -145,579,027) being the weighted average number of ordinary shares in issueduring the year. The diluted loss per ordinary share for both 2010 and 2009 arethe same as the basic loss per ordinary share in each year, because theexercise of share options would have the effect of reducing the loss perordinary share and was therefore not dilutive.
5. Intangible Assets
In accordance with IAS 38 Intangible Assets, certain development expendituremust be capitalised and amortised based on detailed technical criteria, ratherthan automatically charging such costs in the income statement as they arise.This has led to the capitalisation of £306,000 (2009: £570,000), andamortisation of £363,000 (2009: £330,000) during the period. In addition,amortisation of £130,000 (2009: £170,000) has been charged during the periodagainst the intangible assets originally acquired with Alignent, in June 2007.
6.Related party transactions
There were no related party transactions required to be disclosed in any period. Transactions between the company and its subsidiary undertakings, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
7. Principal Risks and Uncertainties
There are a number of potential risks and uncertainties which could have amaterial impact on the Group's performance over the remaining six months of thefinancial year and could cause actual results to differ materially fromexpected and historical results. The directors do not consider that theprincipal risks and uncertainties have changed since the publication of theannual report for the year ended 31 December 2009. The continuing uncertaintyin the global economic outlook inevitably increases the trading and balancesheet risks to which the Group is exposed. Other principal risks anduncertainties of the Group for the remaining six months of the currentfinancial year are disclosed in the Chairman's Statement and the notes to thecondensed set of financial statements included in this half yearly report. Amore detailed explanation of the risks relevant to the group is on page 18 ofthe annual report which is available at www.sopheon.com.
8. Statement of Directors Responsibilities
The Directors confirm to the best of their knowledge:
• The unaudited condensed set of financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU; and
• The interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R of the Disclosure and Transparency Rules of the UK Financial Services Authority.
On behalf of the Board 26 August 2010
Barry Mence Andy Michuda Arif Karimjee
Chairman Chief Executive OfficerChief Financial Officer
Introduction
We have been engaged by the Company to review the condensed set of financialstatements in the half-yearly financial report for the six months ended 30 June2010 which comprises the condensed consolidated income statement; condensedconsolidated statement of comprehensive income; condensed consolidatedstatement of financial position; condensed consolidated cash flow statement;condensed consolidated statement of changes in equity; and associated notes. Wehave read the other information contained in the half-yearly financial reportand considered whether it contains any apparent misstatements or materialinconsistencies with the information in the condensed set of financialstatements.
Directors' responsibilities
The interim report, including the financial information contained therein, isthe responsibility of and has been approved by the directors. The directors areresponsible for preparing the interim report in accordance with the rules ofboth the London Stock Exchange for companies trading securities on theAlternative Investment Market and Euronext Amsterdam which require that thehalf-yearly report be presented and prepared in a form consistent with thatwhich will be adopted in the Company's annual accounts having regard to theaccounting standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensedset of financial statements in the half-yearly financial report based on ourreview. Our report has been prepared in accordance with the terms of ourengagement to assist the Company in meeting the requirements of the rules ofboth the London Stock Exchange for companies trading securities on theAlternative Investment Market and Euronext Amsterdam and for no other purpose.No person is entitled to rely on this report unless such a person is a personentitled to rely upon this report by virtue of and for the purpose of our termsof engagement or has been expressly authorised to do so by our prior writtenconsent. Save as above, we do not accept responsibility for this report to anyother person or for any other purpose and we hereby expressly disclaim any
andall such liability.Scope of review
We conducted our review in accordance with International Standard on ReviewEngagements (UK and Ireland) 2410, ``Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity'', issued by the AuditingPractices Board for use in the United Kingdom. A review of interim financialinformation consists of making enquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and other reviewprocedures. A review is substantially less in scope than an audit conducted inaccordance with International Standards on Auditing (UK and Ireland) andconsequently does not enable us to obtain assurance that we would become awareof all significant matters that might be identified in an audit. Accordingly,we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us tobelieve that the condensed set of financial statements in the half-yearlyfinancial report for the six months ended 30 June 2010 is not prepared, in allmaterial respects, in accordance with the rules of the London Stock Exchangefor companies trading securities on the Alternative Investment Market and forthe rules governing listed securities on Euronext Amsterdam.
Emphasis of Matter - Going concern
In arriving at our review conclusion, we have considered the adequacy of thedisclosures made in Note 2 regarding the Group's ability to continue as a goingconcern. As in prior periods, these disclosures identify certain factors thatindicate the existence of material uncertainties which may cast a significantdoubt over the Group's ability to continue as a going concern. As discussed inNote 2, the appropriateness of the going concern basis remains reliant on theGroup achieving an adequate level of sales in order to maintain sufficientworking capital to support its activities, or if this objective is not met,being able to raise sufficient additional finance. The financial statements donot include the adjustments that would result if the group were unable tocontinue as a going concern.
BDO LLP 26 August 2010
Chartered Accountants & Registered Auditors, London
vendor