Half Yearly Report
11 Marzo 2009 - 8:30AM
UK Regulatory
TIDMALP
RNS Number : 6472O
ALL IPO PLC
11 March 2009
ALL IPO PLC
('ALL IPO' or 'the Company')
Unaudited Interim Results for the Six Months Ended 31 December 2008
ALL IPO today announces unaudited interim results for the six
months ended 31December 2008.
Chief Executive's Statement
All IPO continues to work to broaden its business offering in what are
challenging market conditions. We have made progress and while it is still very
early days we are pleased that our efforts are stabilising the
company prospects. If we can successfully continue this process through such a
harsh climate, when market conditions change, and at some point they will, we
will have a solid platform from which to profit.
Clem Chambers
Chief Executive
11th March 2009
Contacts:
+---------------------------+---------------------------+---------------------------+
| Clem Chambers | clemc@advfn.com | |
+---------------------------+---------------------------+---------------------------+
| Francesca De Franco, PR | francescad@advfn.com | 020 7070 0932 |
+---------------------------+---------------------------+---------------------------+
| Fiona Kindness, Grant Thornton UK LLP (Nominated | 020 7728 3414 |
| Adviser) | |
+---------------------------+---------------------------+---------------------------+
ALL IPO PLC
Profit and Loss Account
for the six months ended 31 December 2008
+------------------------------+----------------+------------------+----------------+
| | Six months | Six months | Year ended |
| | ended | ended | |
+------------------------------+----------------+------------------+----------------+
| | 31 December | 31 December | 30 June 2008 |
| | 2008 | 2007 | |
+------------------------------+----------------+------------------+----------------+
| | Unaudited | Unaudited | Audited |
+------------------------------+----------------+------------------+----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| Turnover | 83 | 105 | 181 |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| Administrative expenses | (348) | (373) | (729) |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| Operating loss | (265) | (268) | (548) |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| Net interest | - | 3 | 4 |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| Loss on ordinary activities | (265) | (265) | (544) |
| before taxation | | | |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| Tax on loss on ordinary | - | - | 21 |
| activities | | | |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| Loss on ordinary activities | (265) | (265) | (523) |
| after taxation | | | |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
| Loss per ordinary share | (0.95p) | (0.95p) | (1.88p) |
+------------------------------+----------------+------------------+----------------+
| | | | |
+------------------------------+----------------+------------------+----------------+
There were no recognised gains or losses other than the loss for the financial
period.
ALL IPO PLC
Balance Sheets
at 31 December 2008
+------------------------------+------------------+------------------+------------------+
| | | As restated | |
+------------------------------+------------------+------------------+------------------+
| | 31 December | 31 December | 30 June 2008 |
| | 2008 | 2007 | |
+------------------------------+------------------+------------------+------------------+
| | Unaudited | Unaudited | Audited |
+------------------------------+------------------+------------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+------------------+------------------+------------------+
| Fixed Assets | | | |
+------------------------------+------------------+------------------+------------------+
| Tangible fixed assets | 2,684 | 3,087 | 2,879 |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
| Current Assets | | | |
+------------------------------+------------------+------------------+------------------+
| Debtors | 66 | 83 | 61 |
+------------------------------+------------------+------------------+------------------+
| Cash at bank and in hand | 19 | 109 | 95 |
+------------------------------+------------------+------------------+------------------+
| | 85 | 192 | 156 |
+------------------------------+------------------+------------------+------------------+
| Creditors: amounts falling | | | |
| due within | | | |
+------------------------------+------------------+------------------+------------------+
| one year | (81) | (91) | (95) |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
| Net current assets | 4 | 101 | 61 |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
| Total assets less current | 2,688 | 3,188 | 2,940 |
| liabilities | | | |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
| Capital and Reserves | | | |
+------------------------------+------------------+------------------+------------------+
| Called up share capital | 725 | 725 | 725 |
+------------------------------+------------------+------------------+------------------+
| Share premium account | 3,145 | 3,145 | 3,145 |
+------------------------------+------------------+------------------+------------------+
| Merger reserve | 3,600 | 3,600 | 3,600 |
+------------------------------+------------------+------------------+------------------+
| Option valuation reserve | 329 | 306 | 316 |
+------------------------------+------------------+------------------+------------------+
| Profit and loss account | (5,111) | (4,588) | (4,846) |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
| Shareholders' funds | 2,688 | 3,188 | 2,940 |
+------------------------------+------------------+------------------+------------------+
ALL IPO PLC
Cash Flow Statements
for the six months ended 31 December 2008
+------------------------------+---------------+----------------+----------------+
| | Six months | Six months | Year ended |
| | ended | ended | |
+------------------------------+---------------+----------------+----------------+
| | 31 December | 31 December | 30 June 2008 |
| | 2008 | 2007 | |
+------------------------------+---------------+----------------+----------------+
| | Unaudited | Unaudited | Audited |
+------------------------------+---------------+----------------+----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+---------------+----------------+----------------+
| | | | |
+------------------------------+---------------+----------------+----------------+
| | | | |
+------------------------------+---------------+----------------+----------------+
| Net cash outflow from | (32) | (186) | (226) |
| operating activities | | | |
+------------------------------+---------------+----------------+----------------+
| | | | |
+------------------------------+---------------+----------------+----------------+
| Returns on investment and | | | |
| servicing of finance | | | |
+------------------------------+---------------+----------------+----------------+
| Net interest | - | 3 | 4 |
+------------------------------+---------------+----------------+----------------+
| | | | |
+------------------------------+---------------+----------------+----------------+
| Taxation | - | - | 57 |
| Capital expenditure | | | |
+------------------------------+---------------+----------------+----------------+
| Purchase of tangible fixed | (44) | (28) | (60) |
| assets | | | |
+------------------------------+---------------+----------------+----------------+
| | | | |
+------------------------------+---------------+----------------+----------------+
| | | | |
+------------------------------+---------------+----------------+----------------+
| Decrease in cash | (76) | (211) | (225) |
+------------------------------+---------------+----------------+----------------+
ALL IPO PLC
Notes to the interim statement
for the six months ended 31 December 2008
1. Loss per ordinary share
+---------------------------+---------+---------------+---------------+--------------+
| | | Six months | Six months | Year ended |
| | | ended | ended | |
+---------------------------+---------+---------------+---------------+--------------+
| | | 31 December | 31 December | 30 June 2008 |
| | | 2008 | 2007 | |
+---------------------------+---------+---------------+---------------+--------------+
| | | | | |
+---------------------------+---------+---------------+---------------+--------------+
| Loss for the period | GBP'000 | (265) | (265) | (523) |
+---------------------------+---------+---------------+---------------+--------------+
| | | | | |
+---------------------------+---------+---------------+---------------+--------------+
| Weighted average number | '000 | 27,846 | 27,846 | 27,846 |
| of shares | | | | |
+---------------------------+---------+---------------+---------------+--------------+
| | | | | |
+---------------------------+---------+---------------+---------------+--------------+
| Loss per share | p | (0.95p) | (0.95p) | (1.88p) |
+---------------------------+---------+---------------+---------------+--------------+
2. Reserves
+---------------------------+------------------+--------------+--------------+--------------+
| | Profit and | Option | Merger | Share |
| | loss | valuation | reserve | premium |
| | account | reserve | | account |
+---------------------------+------------------+--------------+--------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+------------------+--------------+--------------+--------------+
| | | | | |
+---------------------------+------------------+--------------+--------------+--------------+
| At 1 July 2008 | (4,846) | 316 | 3,600 | 3,145 |
+---------------------------+------------------+--------------+--------------+--------------+
| Recognition of equity | - | 13 | - | - |
| settled share | | | | |
| based payments in the | | | | |
| year (FRS20) | | | | |
+---------------------------+------------------+--------------+--------------+--------------+
| Loss retained for the | (265) | - | - | - |
| period | | | | |
+---------------------------+------------------+--------------+--------------+--------------+
| | | | | |
+---------------------------+------------------+--------------+--------------+--------------+
| At 31 December 2008 | (5,111) | 329 | 3,600 | 3,145 |
+---------------------------+------------------+--------------+--------------+--------------+
3. Reconciliation of operating loss to net cash outflow from operating
activities
+------------------------------------+---------------+----------------+--------------+
| | Six months | Six months | Year ended |
| | ended | ended | |
+------------------------------------+---------------+----------------+--------------+
| | 31 December | 31 December | 30 June 2008 |
| | 2008 | 2007 | |
+------------------------------------+---------------+----------------+--------------+
| | | | |
+------------------------------------+---------------+----------------+--------------+
| Operating loss | (265) | (268) | (548) |
+------------------------------------+---------------+----------------+--------------+
| Depreciation | 239 | 236 | 476 |
+------------------------------------+---------------+----------------+--------------+
| Recognition of equity settled | 13 | 19 | 29 |
| share based payments in the year | | | |
| (FRS20) | | | |
+------------------------------------+---------------+----------------+--------------+
| Decrease / (increase )in debtors | (5) | 58 | 44 |
+------------------------------------+---------------+----------------+--------------+
| Increase / (decrease) in creditors | (14) | (231) | (227) |
+------------------------------------+---------------+----------------+--------------+
| | | | |
+------------------------------------+---------------+----------------+--------------+
| Net cash outflow from operating | | | (226) |
| activities | (32) | (186) | |
+------------------------------------+---------------+----------------+--------------+
4. The directors do not recommend the payment of a dividend.
5. The financial information contained in this document does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The financial information for the year ended 30 June 2008 is extracted from the
audited financial statements for that period on which the auditors gave an
unqualified report. A copy of those financial statements has been filed with the
Registrar of Companies
6. The interim financial information has been prepared in accordance with
applicable accounting standards and under the historical cost convention. The
principal accounting policies of the Company have remained unchanged from those
set out in the Company's June 2008 Annual Report and Financial Statements.
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 GBPnil. These trade and assets consisted
solely of website development costs relating to the current ALL IPO 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 31 December 2008 was to increase
tangible fixed assets by GBP3.1m 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.
7. Copies of this statement are being posted to shareholders shortly and will be
available from the company's registered office at Suite 27, Essex Technology
Centre, The Gables, Fyfield Road, Ongar, CM5 0GA and in electronic form from the
Company's website, http://www.allipo.com/investors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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