Preliminary Statement
30 Settembre 2008 - 5:30PM
UK Regulatory
RNS Number : 7334E
ALL IPO PLC
30 September 2008
ALL IPO PLC
('ALL IPO' or 'the Company')
Preliminary Results for the Year Ended 30 June 2008
ALL IPO today announces preliminary results for the year ended 30 June 2008.
Chief Executive's Statement
Over the past year there have been few IPOs and even fewer available to private investors.
Consequently, we have looked to other areas to grow our business while continuing to develop the ALL IPO platform. This has started to
show results with a 235% growth in sales and a 46% drop in losses after tax. With the creation of Throgmorton Street Capital we see further
potential for growth.
Financial review
ALL IPO has continued to make steady progress during the past year. Whilst actual numbers remain small, our turnover has increased
considerably - over 235% from the previous year, we have reduced our loss after tax by 46% and have reduced our loss per share by 46%, as
detailed below:
Year to Year to Change
30 June 30 June Change
2008 2007
�'000 �'000 �'000 %
Turnover 181 54 127 235
Loss after tax 523 978 455 46
Loss per share 1.88p 3.5p 1.62p 46
Strategy
In my last statement I mentioned that ALL IPO was now a member firm of The London Stock Exchange. Since the year end we have created
Throgmorton Street Capital, a corporate broker. AIM listed companies appoint brokers on retainer to advise them. We are currently
approaching AIM companies detailing our services and are receiving an encouraging response. Whilst this is in its early stages we expect it
to develop into a solid revenue stream with plenty of opportunities for growth.
Operating costs
We have low operating costs but we do have to bear depreciation, which amounts to �476,000, for the year which represented more than 65%
of our total administrative expenses of �729,000.
Research and development
This is an important part of our business and we continue to invest in new technologies which will follow through into the quality and
design of our products. We believe continued investment in our research and development is fundamental to the growth of the business.
Environmental policy
We are a small team and our products can help other organisations reduce the amount of paperwork required to carry out their business
and thus their environmental impact. The Board hopes that this will be recognised and will continue to look for ways to develop the
Company's environmental policy during the year. It is our objective to persistently improve our performance in this area.
Summary of key performance indicators
The directors have monitored the progress of the overall company strategy and the individual strategic elements by reference to certain
financial and non-financial key performance indicators, as outlined below:
2008 2008 2007 2007
Actual Target Actual Target
Increase in registered users 18% 20% 58% 50%
IPO's made available 38 40 66 50
Future developments for the business/future outlook
As a small company with low overheads we feel well placed to ride out the current market volatility with the potential of being in a
good position to benefit from the recovery that must at some point arrive. We will continue to respond opportunistically to situations that
leverage our status and technology. We have high hopes for both our market platform and our broker services and feel that we have
repositioned the business for future growth.
Principal risks and uncertainties
The management of the business and the nature of the Company's strategy are subject to a number of risks. The directors are of the
opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where
possible, processes are in place to monitor and mitigate such risks. We have set out below the principal risks facing the business.
Economic downturn
The world's stock markets are going through one of the worst down turns for many years. This could affect the business as can many
factors that impact a stock market from war to human error. This in turn can affect consumer spending power and the desire to invest in new
businesses. In response to this risk, senior management aim to keep abreast of economic conditions around the world. Not only should senior
management be aware of it likewise so should our customers and members. In cases of severe economic downturn, marketing and pricing
strategies will be modified to reflect the new market conditions and as noted above new product lines which are less dependent on IPOs are
being developed.
High proportion of fixed overheads and variable revenues
A large proportion of the Company's overheads are reasonably fixed. There is the risk that any significant reductions in revenue may
lead to the inability to cover such costs. Management closely monitors fixed overheads against budget on a monthly basis and cost-saving
exercises are implemented when there is an anticipated decline in revenues.
Product obsolescence
Due to the nature of the market in which the Company operates, products are subject to technological advances and as a result
obsolescence. The directors are committed to the Research and Development strategy in place and are confident that the Company is able to
react effectively to the developments within the market.
The Company's staff are a very important part of the business and without their hard work we would not have achieved what we have so far
today. We have a small team of very committed people who are all dedicated to building ALL IPO. I would like to thank our staff for their
extremely hard work over the course of the year ended 30 June 2008. We have made progress in a tough trading environment and I am grateful
to them and to our shareholders for their support.
Clem Chambers
Chief Executive
30 September 2008
Further information
Francesca De Franco, 020 7070 0932 or francesca@allipo.com
Fiona Kindness, Director, Grant Thornton UK LLP (Nominated Adviser) 020 7728 3414
ALL IPO PLC
Profit and Loss Account
for the year ended 30 June 2008
2008 2007
Notes �'000 �'000
Turnover 181 54
Administrative expenses (729) (1,104)
Operating loss (548) (1,050)
Net interest 4 15
Loss on ordinary activities before taxation (544) (1,035)
Tax on loss on ordinary activities 21 57
Loss on ordinary activities after taxation (523) (978)
Basic and diluted loss per ordinary share 2 (1.88p) (3.5p)
from total and continuing operations
All operations are continuing.
There were no recognised gains or losses other than the loss for the financial year.
ALL IPO PLC
Balance Sheet
at 30 June 2008
2008 2007
Notes �'000 �'000
As restated
Fixed assets
Tangible fixed assets 2,879 3,295
2,879 3,295
Current assets
Debtors 61 141
Cash at bank and in hand 95 320
156 461
Creditors: amounts falling due within one (95) (322)
year
Net current assets 61 139
Total assets less current liabilities 2,940 3,434
Capital and reserves
Called up share capital 725 725
Share premium account 3,145 3,145
Merger reserve 3,600 3,600
Option valuation reserve 316 287
Profit and loss account (4,846) (4,323)
Shareholders' funds 3 2,940 3,434
The financial statements were approved by the Board of Directors on 30 September 2008.
ALL IPO PLC
Cash Flow Statement
for the year ended 30 June 2008
2008 2007
Notes �'000 �'000
Net cash outflow from operating activities 4 (226) (577)
Returns on investment and servicing of finance
Net interest 4 15
Taxation 57 -
Capital expenditure and financial investment
Purchase of tangible fixed assets (60) (75)
Decrease in cash 5,6 (225) (637)
ALL IPO PLC
Notes for the year ended 30 June 2008
1. General
The financial information herein does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The
financial information has been extracted from the Company's 2008 statutory financial statements upon which the auditors reported on 30
September 2008. Their opinion does not include any statement under section 237 of the Companies Act 1985.
The financial statements have been prepared in accordance with applicable United Kingdom Accounting Standards and under the historical
cost convention. The principal accounting policies have remained unchanged since the previous year except for a change in accounting
presentation of the substance of the company's historic investment in it subsidiary undertaking to website development costs. The company
has invoked the true and fair override in relation to the presentation of these assets, details of which are set out below.
True and fair override on substance of subsidiary undertaking and change in accounting policy relating to presentation
On 1 July 2005 the trade and assets of Primary Platform Limited were transferred to the company at their book value of �nil. These trade
and assets consisted solely of website development costs relating to the current ALLIPO platform. The cost of the company's investment in
Primary Platform Limited reflected the underlying fair value of those website development costs originally acquired. As a result of the hive
up, the carrying value of the investment in the company was not supported by adequate assets in the subsidiary. As the company did not
suffer a loss in respect of this transaction, in the opinion of the directors, it was not true and fair to make an impairment provision
against the cost of investment in Primary Platform Limited. Accordingly, in prior years the investment was treated as goodwill on
consolidation and was amortised over its useful economic life of 10 years.
During the year ended 30 June 2008, the company applied to strike Primary Platform Limited from the register. The directors continue to
consider that no loss has been suffered in respect of the website development costs originally acquired within Primary Platform Limited.
However, in considering the most appropriate form of presentation for the investment value they consider that, in substance, the investment
represents the fair value of the capitalised website development costs originally acquired. Accordingly, the company has reclassified the
investment value to tangible fixed assets. As this change in presentation is a change in accounting policy a prior period adjustment has
been made to reclassify the investment as a tangible fixed asset. The effect of this prior period adjustment on the balance sheet at 30 June
2007 was to increase tangible fixed assets by �3m and to reduce investments by an equal amount.
The website development costs acquired within Primary Platform Limited are depreciated over their useful economic life of ten years.
Copies of the annual report are being posted to shareholders and copies will be available from the company's registered office at Suite
27, Essex Technology Centre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA and from the Company's website www.allipo.com.
2. Loss per ordinary share
2008 2007
Loss Number Loss Loss Number Loss
of per of per
shares share shares share
As As
resta
restated ted
�'000 '000 p �'000 '000 p
Loss for the year (523) (978)
Weighted average number of 27,846 27,846
shares
Loss per share (1.88) (3.5)
The options are anti-dilutive for both years due to the losses incurred.
3. Reconciliation of movements in shareholders' funds
2008 2007
�'000 �'000
Loss for the financial year (523) (978)
Recognition of equity-settled share based payments in the
year (FRS20) 29 (21)
Net (decrease) /increase in shareholders' funds (494) (999)
Shareholders' funds at 1 July 2007 3,434 4,433
Shareholders' funds at 30 June 2008 2,940 3,434
4. Reconciliation of operating loss to net cash outflow from operating activities
2008 2007
�'000 �'000
Operating loss (548) (1,050)
Depreciation 476 88
Recognition of equity-settled share based payments in the
year (FSR20) 29 (21)
Amount written off investment - 375
Decrease / (increase) in debtors 44 (53)
(Decrease) / increase in creditors (227) 84
Net cash outflow from operating activities (226) (577)
5. Reconciliation of net cash flow to movement in net funds
2008 2007
�'000 �'000
Decrease in cash for the year (225) (637)
Net funds at 1 July 2007 320 957
Net funds at 30 June 2008 95 320
6. Analysis of movements in net funds
At 1 July 2007 Cash flow At 30 June 2008
�'000 �'000 �'000
Cash in hand and at bank 320 (225) 95
This information is provided by RNS
The company news service from the London Stock Exchange
END
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