Last checked at 25 Sep 2012 15:55
25 September 2012 Totally Plc ("Totally", "the Group"or "the Company") Half-yearly results for the six month period ended 30 June 2012
Totally Plc, the AIM quoted (ticker" TLY) publisher and digital marketing services provider announces its half yearly results for the six month period ended 30 June 2012.
Summary
* Group turnover Increased by 33% to £1.19 million (2011: £0.89 million) * EBITDA of £91,000, an increase of £196,000 (2011: profit £15,000) * Operating profit of £68,000, an increase of £60,000 (2011: profit £8,000) * Profit Before Tax of £52,000, an increase of £57,000 (2011: Loss (£5,000) For further information:Totally Plc T: 020 7284 9730 Clare Thompson - Chief Executive Officer Merchant Securities Limited T: 020 7628 2200 Lindsay Mair / Richard Goldsmith
Chairman's Statement
I am pleased to present the results for the six months ended 30 June 2012. During the period the Group
made an operating profit of £68,000 (2011: £8,000) and a profit before taxation of £52,000 (2011: Loss
£5,000) on turnover of £1.19m (2011: £0.89 million).
Dr Michael SinclairNon-Executi ve Chairman25 September 2012Operational Review
Totally is entering a period of dynamic change, focusing on the digital innovation pioneered over the past two years by the subsidiary Totally Communications and furthered by the establishment of a new subsidiary Totally Health. Totally sold the Jewish News in May 2012 and is now focused solely on Digital growth.
Digital solutions to the healthcare sector (Totally Health)
Revenues of £203,000 were achieved during the period under review.
Totally Health was set up in 2012 to focus on digital solutions for the management of long-term conditions.
* In February 2012 NHS Midlands and East announced that Totally had won the Shared Decision Making contract, worth £1.6m * The company is in the process of successfully delivering the contract and began invoicing the health authority in May * Totally announced the `go live' for the shared Decision Making platform and associated health coaching service last week. The platform currently hosts five patient decision aids, with another 31 to follow by February 2013.
Software Developmen t and Digital Marketing Division (Totally Communicat ions)
Revenues of £410,000 (2011: £435,000) were achieved during the period under review.
The first half of 2012 saw Totally Communications focus on creating the extensive secure interactive website and back-end CRM system, delivered as part of the Totally Health NHS project.
During the period under review, Totally Communications continued to show strong growth in the charitable and voluntary sector.
During the period under review, there were notable projects delivered for:
British Group of the Inter-Parliamentary Union (BGIPU); Coram Children's Legal Centre; Halow Project, as well as a number of significant projects delivered for existing clients including mobile-friendly websites for Public Interest Law Alliance (PILA, based in Ireland) as well as for The Health Foundation.
Projects delivered for the commercial sector include extensive interactive websites for Teliqo (telecommunications company) and Noalot (a support and monitoring website for parents).
Totally Communications search marketing activities, has shown strong growth during the period under review, with notable contracts secured with: Oxford Business Group, Clini-Supplies, MC Saatchi Mobile, Autocue and Union Cash.
Clare ThompsonChief Executive Officer25 September 2012Consolidated Income Statement
For the six months ended 30 June 2012
Six months Six months Year ended ended ended 30 June 30 June 31 December 2012 2011 2011 (unaudited) (unaudited) (audited) £000 £000 £000 Group turnover 1,189 899 1,845 Cost of sales (783) (259) (378) Gross profit 406 640 1,467 Administrative expenses (421) (625) (1,573) Profit on Disposal of subsidiary 106 - - Profit before interest, tax, 91 15 (106)depreciation and amortisation Depreciation (23) (1) (9) Amortisation - (6) (18) Operating profit 68 8 (133) Finance costs (16) (13) (25) Profit/(loss) before taxation 52 (5) (158) Taxation - - 9 Profit/(loss) for the year 52 (5) (149)attributable to equity shareholders Earnings per share (pence) Basic and Diluted 0.1p 0 (0.1p)
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2012
Share Share Profit and Equity Premium loss shareholders Capital account account funds £000 £000 £000 £000 At 1 January 2012 1,124 3,353 (4,933) (456) Loss for the period - - 52 52 At 30 June 2012 1,124 3,353 (4,881) (404)
Consolidated Statement of Financial Position
As at 30 June 2012 30 June 30 June 31 December 2012 2011 2011 (unaudited) (unaudited) (audited) £000 £000 £000 Assets Non-current assets Intangible fixed assets - 44 29 Tangible fixed assets 50 5 23 50 49 52 Current assets Trade and other receivables 269 563 606 Work in progress 83 - - Cash and cash equivalents 17 1 134 369 564 740 Total assets 419 613 792 Current liabilities Trade and other payables (563) (492) (658) Borrowings - financial liabilities (260) (447) (590) Total liabilities (823) (939) (1,248) Net liabilities (404) (326) (456) Shareholders' equity Called up share capital 1,124 1,124 1,124 Share premium account 3,353 3,353 3,353 Retained earnings (4,881) (4,803) (4,933) Equity Shareholders Deficit (404) (326) (456)
Consolidated Cash Flow Statement
For the six months ended 30 June 2012
Six months Six months Year ended ended ended 30 June 30 June 31 December 2012 2011 2011 (unaudited) (unaudited) (audited) £000 £000 £000 Net cash outflow from operating (43) (28) (1)activities (note 4) R&D tax credit - 10 9 Net cash (used in)/generated from (43) (18) 8operating activities Cash flows from investing activities Purchase of property, Plant and (67) (2) (37)Equipment Purchase of intangible assets - (12) - Net cash flow from disposal od 339 - -subsidiary (note 5) Net cash utilised by investing 272 (14) (37)activities Cash (outflow)/inflow before financing 229) (32) (29) Cash flows from financing activities Interest paid (16) (13) (25) Net cash utilised from financing (13) (13) (20)activities
Net (decrease)/increase in cash and cash 213 (45) (54) equivalents
Cash and cash equivalents at beginning (456) (402) (402) of period
Cash and cash equivalents at end of (243) (447) (456)period Notes to the Interim Results 1. Basis of preparation
The interim report and accounts for the six months ended 30 June 2012 have been prepared using the recognition and measurement principles of International accounting Standards. International Financial Reporting Standards and Interpretations as adopted for use in the European Union (collectively "Adopted IFRS").
The interim report and accounts should be read in conjunction with Group's 2011 Annual Report and Accounts which have been prepared in accordance with IFRSs as adopted by the European Union.
The interim report and accounts have been prepared on the basis of the accounting policies set out in the Group's 2011 Annual Report and Accounts. The interim report and accounts do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The interim accounts were approved by the Board of Directors on 24 September 2012. The results for the six months to 30 June 2012 and the comparative results for six months to 30 June 2011 are unaudited. The comparative figures for the year ended 31 December 2011 do not constitute the statutory financial statements for that year. The auditor's report on those financial statements was modified by the inclusion of an emphasis of matter and a disclaimer of opinion on the financial statements.
Change in Cost of Sales apportionment
Management have decided to include the costs relating to the development of the NHS website into direct costs, hence direct costs have increased substantially in relation to comparative numbers for the last financial year and 6 months to 30 June 2011, hence Administrative costs are lower in comparison.
Emphasis of Matter - Going Concern
As has been previously announced, pursuant to both the Company's entry into the Healthcare market and significant growth opportunities in providing IT services to the Charity Sector, Totally intends to raise additional capital over the coming months. In the meantime the Company continues to benefit from the financial support of its banks and major shareholders.
2. Earnings per share
The basic earnings per share has been calculated by dividing the retained profit for the period of £52,000 (2011: £5,000 Loss) by the weighted average number of ordinary shares of 91,947,934 (2011: 91,947,934) in issue during the period. None of the share options or warrants in issue had a dilutive effect in 2012 and 2011.
3. Dividends
No dividend is proposed for the 6 months ended 30 June 2012.
Notes to the Interim Results
(Continued)
4. Cash flows utilised in operating activities for the six months ended 30
June 2012 Six months Six months Year ended ended ended 30 June 30 June 31 December 2012 2011 2011 (unaudited) (unaudited) (audited) £000 £000 £000 Cash flow from operating activities Profit for the period 68 (5) (133) Adjustments for: Profit on disposal of subsidiary (note (106) - -5) Equity settled share based payment - 3 14 Depreciation, amortisation and 23 7 27impairment Operating cash flow prior to working (15) 5 (92)capital Increase in trade and other receivables 38 (189) (232) Increase/(Decrease) in trade and other (66) 156 323payables Cash (utilised by)/generated from (43) (28) (1)operating activities
5. Net cash flow on disposal of subsidiary
Six months ended 30 June 2012 (unaudited) £000 Net current assets over which control was lost 9 Non-current assets over which control was lost 46 Liabilities created due to disposal of subsidiary 178 Profit on disposal of subsidiary 106 Net cash flow on disposal of subsidiary 339