TIDMATL
Press Release 29 September 2011
Atlantic Global Plc
("Atlantic Global" or "the Group")
Interim Results
Atlantic Global Plc (AIM: ATL), the specialist provider of integrated business
and resource management software applications, today announces its Interim
Results for the six months ended 30 June 2011.
Financial and Operational Summary
· Turnover of GBP703,000 (2010: GBP728,000)
· Profit before tax of GBP33,000 (2010: GBP21,000)
· Cash balance decrease of GBP3,000 since the Group's financial year end of
31 December 2010 to GBP2,033,000
· Earnings per share of 0.15p for six month period (H1 2010: of 0.1p)
· Continued investment in research and development of GBP191,000 (2010: GBP198,000)
focused at refining the Group's SaaS proposition
· New SaaS customers include FriendsLife, The Lewis Group, Happy Customer, TAH
Limited, Jalios with further OnPremise implementations at Specsavers and Serco
Transport
· Baker Tilly to commence marketing the Atlantic Global Solution to existing
professional services customers
Adrian Bradshaw, Chairman of Atlantic Global commented:
"I am pleased to report the Group's results for the six months to 30 June 2011.
Despite difficult economic conditions continuing in the period under review,
the Group was profitable and secured several significant new customer wins
during the first half of 2011. The number of Atlantic Global customers has
risen to 120, with over one third now using our SaaS customer platform."
"Current trading is challenging and the sales pipeline continues to be
vulnerable to slippage due to customers either delaying implementations or
putting them on hold. However, the Directors believe that various business
development initiatives will prove successful, and remain confident about the
full year outcome."
- Ends -
For further information please contact:
Atlantic Global Plc
Eugene Blaine, Managing Director Tel: +44 (0) 1274 863 300
Rupert Hutton, Finance Director
eugene.blaine@atlantic-global.com
rupert.hutton@atlantic-global.com www.atlantic-global.co.uk
Daniel Stewart & Company plc
Paul Shackleton / Noelle Greenaway Tel: +44 (0) 207 776 6550
Media enquiries:
Abchurch Communications
Sarah Hollins / Quincy Allan Tel: +44 (0) 20 7398 7710
quincy.allan@abchurch-group.com www.abchurch-group.com
Chairman's Statement
Introduction
Despite difficult economic conditions continuing in the period under review, the
Group was profitable and secured several significant new customer wins during
the first half of 2011. The number of Atlantic Global customers has risen to
120, with over one third now using our SaaS customer platform.
Commencement of Formal Sale Process
The Board of Atlantic Global has received two confidential preliminary
expressions of interest to acquire the Group. While the Directors believe that
the Group has a secure future as an independent business, it recognises that
there may be other organisations with global relationships, established sales
and marketing operations together with established channels to market who are
better placed to build on our successes. We believe this could significantly
accelerate the growth of the business to take advantage of the opportunities in
the market.
The Board has therefore commenced a formal sale process in order to seek to
unlock and crystallise shareholder value, through which the Group might also be
able to offer better terms for customers and more opportunities for employees.
More details of this process are available in the separate announcement released
today.
Financial Review
Atlantic Global's profit before taxation for the six months to 30 June 2011 was
GBP33,000, compared to a profit of GBP22,000 in the first six months of 2010.
Revenue was GBP703,000 compared to GBP728,000 in the same period of 2010. Earnings
per share were 0.15p for the six month period (2010: 0.10p). As at 30 June
2011, the Group had cash balances of GBP2,033,000 (2010: GBP2,110,000).
The Group continued to maintain its investment in research and development of
GBP191,000 (2010: GBP198,000) which has been focussed at refining our SaaS
proposition.
Atlantic Global has grown its SaaS revenues and now hosts 41 SaaS
implementations for a wide range of customers that include GlaxoSmithKline,
FriendsLife and Pendoley Environmental (Australia). New SaaS customers added
during the period include The Lewis Group, Happy Customer, TAH Limited, Jalios
with further OnPremise implementations at Specsavers and Serco Transport. The
Group expects SaaS revenues to increase further during the second half of 2011.
Two new SaaS customers have been added through our middle east partner.
Operating Review
Atlantic Global introduced new 'videos' during the period to improve the
customer experience with continuous enhancements to the user interface, along
with the introduction of a suite of role based video tutorials and user guides
designed to explain to customers how to get the best value out of the products.
The video's tutorials are embedded in the product as a form of help, and these
can be accessed through the product or directly via the Group's YouTube channel.
The Group also launched a number of pre-configured solutions which depending on
the customer's initial interest, will 'ship' the most appropriate system for the
customer to trial. These new methods of marketing and trialling our system will
increase the number of new product trials. We believe these initiatives will
improve the Group's sales conversion ratio and will also reduce delays in the
sales pipeline.
During the first half of the year we secured our largest SaaS customer,
FriendsLife. The additional licences were purchased as a result of the Friends
Provident AXA merger. Harvey Nash, an existing customer, has also started to
deploy our solutions in Vietnam, with over 700 licences currently supported.
Atlantic Global has also recruited a senior business development resource to
develop a business proposition that can be proactively targeted at customers and
consulting organisations that operate in the business transformation and
business change market.
Baker Tilly is also looking to commence marketing the Atlantic Global Solution
to its existing professional services customers and will also be looking to
target new customers with this proposition during the last quarter of 2011.
Dividend
The Directors are not proposing an interim dividend this year (2010: 0.1pence
per share).
Current Trading and Outlook
Current trading is challenging and the sales pipeline continues to be vulnerable
to slippage due to customers either delaying implementations or putting them on
hold. However, the Directors believe that various business development
initiatives will prove successful, and remain confident about the full year
outcome.
On behalf of the Board, I would like to thank the staff who have demonstrated
great levels of skill, commitment and patience.
Adrian Bradshaw
Chairman
29 September 2011
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2011
notes Unaudited Unaudited Audited
Six Six Year
months to months to ended
30 June 30 June 31 December
2011 2010 2010
GBP 000 GBP 000 GBP 000
Revenue 703 728 1,166
Cost of sales (410) (436) (853)
----------- ----------- ------------
Gross profit 293 292 313
----------- ----------- ------------
Administration and other
operating expenses (272) (278) (547)
----------- ----------- ------------
Operating profit / (loss) 21 14 (234)
Finance income 12 7 14
----------- ----------- ------------
Profit / (loss) before tax 33 21 (220)
Income tax credit 2 - 1 30
----------- ----------- ------------
Profit and total comprehensive
income for the period attributable
to owners of the parent 33 22 (190)
Earnings/(loss) per share
Basic & diluted (pence) 3 0.15p 0.1p (0.85)p
----------- ----------- ------------
Consolidated Balance Sheet
as at 30 June 2011
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2011 2010 2010
GBP 000 GBP 000 GBP 000
Assets
Non-current assets
Intangible assets 2,792 2,792 2,792
Property, plant and equipment 7 9 8
Deferred tax asset 52 52 52
----------- ----------- -------------
Total non-current assets 2,851 2,853 2,852
Current assets
Trade and other receivables 438 485 359
Income tax receivable - 16
Cash and cash equivalents 2,033 2,110 2,036
-----------------------------------------
2,471 2,595 2,411
-----------------------------------------
Total assets 5,322 5,448 5,263
Equity and liabilities
Liabilities
Current liabilities
Trade and other payables 577 497 551
----------- ----------- -------------
Total liabilities 577 497 551
Equity attributable to owners of the
parent
Share capital 1,121 1,123 1,121
Share premium account 1,578 1,578 1,578
Merger reserve 2,538 2,538 2,538
Retained earnings (516) (310) (549)
Capital redemption reserve 24 22 24
----------- ----------- -------------
Total equity 4,745 4,951 4,712
----------- ----------- -------------
-----------------------------------------
Total equity and liabilities 5,322 5,448 5,263
Summarised Consolidated Cash Flow Statement
for the six months ended 30 June 2011
Unaudited Audited
Six months Unaudited Year ended 31
to 30 June Six months to 30 December
2011 June 2010 2010
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit/(loss) after tax for
the period 33 22 (190)
Adjustments for
Interest income (12) (7) (14)
Income tax (credit) - (1) (30)
Depreciation 3 4 7
------------ ------------------- -----------------
Operating profit/(loss)
before changes in working
capital and provisions 24 18 (227)
Change in trade and other
receivables (79) 22 148
Change in trade and other
payables 26 18 72
Income tax received 16 13 26
------------ ------------------- -----------------
------------ ------------------- -----------------
Net cash from operating
activities (13) 71 19
------------ ------------------- -----------------
Cash flows from investing
activities
Net interest received 12 7 14
Acquisition of plant and
equipment (2) - (2)
------------ ------------------- -----------------
Net cash from investing
activities 10 7 12
------------ ------------------- -----------------
Cash flows from financing
activities
Purchase of own shares - - (5)
Dividends paid - - (22)
------------ ------------------- -----------------
Net cash used in financing
activities - - (27)
------------ ------------------- -----------------
Net (decrease)/increase in
cash and cash equivalents (3) 78 4
Cash and cash equivalents at
the beginning of the period 2,036 2,032 2,032
------------ ------------------- -----------------
Cash and cash equivalents at
the end of the period 2,033 2,110 2,036
------------ ------------------- -----------------
Statement of changes in equity
for the six months ended 30 June 2011
6 months Share Capital Share Merger Profit Capital
ended 30 June premium reserve and loss redemption
2010 account account reserve
GBP000 GBP000 GBP000 GBP000 GBP000
Balance
brought
forward at 1
January 2010 1,123 1,578 2,538 (332) 22
Profit and
total
comprehensive
income for
the period - - - 22 -
---------------------------------------------------------------------------
Balance at
30 June 2010 1,123 1,578 2,538 (310) 22
12 months Share Share Merger Profit Capital
ended 31 Capital premium reserve and loss redemption
December 2010 account account reserve
GBP000 GBP000 GBP000 GBP000 GBP000
Balance
brought
forward at 1
January 2010 1,123 1,578 2,538 (332) 22
Dividends
Paid - - - (22) -
Share buy
back (2) - - (5) 2
---------------------------------------------------------------------------
Transactions
with owners (2) - - (27) 2
Loss and
total
comprehensive
income for
the period - - - (190) -
---------------------------------------------------------------------------
Balance at
31 December
2010 1,121 1,578 2,538 (549) 24
6 months Share Share Merger Profit Capital
ended 30 June Capital premium reserve and loss redemption
2011 account account reserve
GBP000 GBP000 GBP000 GBP000 GBP000
Balance
brought
forward at 1
January 2011 1,121 1,578 2,538 (549) 24
Profit and
total
comprehensive
income for
the period - - - 33 -
---------------------------------------------------------------------------
Balance at
30 June 2011 1,121 1,578 2,538 (516) 24
Notes to the interim report
Basis of preparation
1. The interim financial information has been prepared on the basis of the
recognition and measurement requirements of adopted IFRSs as at 30 June
2011 that are effective (or available for early adoption) at 31 December
2011. Based on these adopted IFRSs, the Directors have applied the
accounting policies, which they expect to apply when the annual IFRS
financial statements are prepared for the year ending 31 December 2011.
The group has chosen not to adopt IAS 34 (Interim Financial Statements) in
preparing these interim financial statements and therefore the interim financial
information is not in full compliance with International Financial Reporting
Standards.
The financial information set out in this interim report does not constitute
statutory accounts as defined in sections 434 and 435 of the Companies Act
2006. The figures for the year ended 31 December 2010 have been extracted from
the statutory financial statements which have been filed with the Registrar of
Companies. The auditor's report on those financial statements was unqualified
and did not contain a statement under section 498(2) and 498(3) of the Companies
Act 2006.
The group's accounting policies remain as stated in the group's full annual
accounts for the year ended 31 December 2010.
Tax and EPS
2. The tax for the period is based on the anticipated effective tax rate for
the year to 31 December
2011.
3. Basic loss or earnings per share are calculated on the profit for the
period of GBP33,000 (2010: profit of GBP22,000) and on 22,421,350 ordinary shares,
being the weighted average number of ordinary shares in issue in the period
(2010: 22,471,350 ordinary shares).
Independent review report to Atlantic Global Plc
Introduction
We have been engaged by the company to review the financial information in the
half-yearly financial report for the six months ended 30 June 2011 which
comprises the Consolidated Statement of Comprehensive Income, the Consolidated
Balance Sheet, the Summarised Consolidated Cash Flow Statement, the Consolidated
Statement of Changes in Equity and the related notes.
We have read the other information contained in the half yearly financial report
which comprises only the Chairman's Interim Statement and considered whether it
contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the company in accordance with guidance contained
in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information
performed by the Independent Auditor of the Entity'. Our review work has been
undertaken so that we might state to the company those matters we are required
to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company, for our review work, for this report, or for the
conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The AIM rules of the London Stock Exchange require that the
accounting policies and presentation applied to the financial information in the
half-yearly financial report are consistent with those which will be adopted in
the annual accounts having regard to the accounting standards applicable for
such accounts.
As disclosed in Note 1, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
financial information in the half-yearly financial report has been prepared in
accordance with the basis of preparation in Note 1.
Our responsibility
Our responsibility is to express to the company a conclusion on the financial
information in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of 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 to believe
that the financial information in the half-yearly financial report for the six
months ended 30 June 2011 is not prepared, in all material respects, in
accordance with the basis of accounting described in Note 1.
GRANT THORNTON UK LLP
AUDITOR
LEEDS
29 September 2011
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Atlantic Global Plc via Thomson Reuters ONE
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