TIDMONEV
RNS Number : 3913A
OneView Group PLC
28 December 2017
28 December 2017
OneView Group plc
("OneView" or the "Company" or the "Group")
Unaudited Interim Statement for the Six Months to 30 September
2017
OneView Group (AIM: ONEV), one of the retail industry's leading
digital transformation software providers for in store customer
sales and service, presents its results for the six months ended 30
September 2017.
Financial Highlights
-- Revenue up 75% to $1.8m (H116: $1.0m)
-- Recurring revenue increased by 359% to $0.9m (H116: $0.2m)
-- Loss from operations before exceptional items $2.1m (H116: $2.3m)
-- Loss before tax of $2.7m (H116: $2.4m)
-- Basic loss per share of $0.01 (H116: $0.01)
-- Debt free post June conversion (debt at 30 Sept 2016 $2.8m)
-- Cash and cash equivalents of $0.6m at period end ($0.2m at 30 Sept 2016)
Operational Highlights
-- Signed five-year SaaS agreement with Carhartt, Inc. for Store and Promotions solutions
-- The Company continues to make good progress in Australia and
expects to sign a major customer early in the New Year
-- Board strengthened with appointment of Michael Jackson as Non-Executive Chairman
-- Adopted Scrum development framework greatly accelerating customer project development
-- GBP3.9 million raised before expenses through the issue of 260 million new ordinary shares
-- $4.0 million debt converted into equity leaving Company debt free
Stuart Mitchell, CEO of OneView, commented:
The Company is now debt free and well positioned with solutions
that allow retailers to respond to the digital revolution within
their industry. The pipeline of new opportunities is solid although
the precise timing of closure of new business remains difficult to
forecast owing to the characteristically long sales cycles of the
market in which we operate.
Whilst the Company has limited working capital and remains
reliant on continued support from its shareholders the Board views
the future with cautious optimism.
Further Details:
OneView Group plc Tel: 01634 673172
Stuart Mitchell, CEO
Linda Palanza, COO
Mark Wilson, Finance
Director
finnCap Limited Tel: 0207 220
0500
Geoff Nash
Kate Bannatyne
Turner Pope Investments
Ben Turner Tel: 020 3621
James Pope 4120
Newgate Communications Tel: 07469 154806
Bob Huxford
Lydia Thompson
Chairman's Statement
I joined the Board as Chairman following July's fund raising and
have since been pleased with the progress made. In the marketplace
we continue to make good progress in Australia and expect to sign a
major customer early in the New Year. This will add another marquee
retailer to the customer list and is further validation of the
market's acceptance of the Company's innovative technology
solutions.
Development productivity has improved over recent months with
the adoption of a new framework for collaboration on complex
projects. This is called the Scrum framework for software
development and is helping us drive the business forward. This will
also benefit our customers by speeding up time to delivery for key
business features, support future sales activities, and will
differentiate us in the enterprise software market.
The financial results, as described in the CEO report, are lower
than we would like them to be due to the long lead times in winning
new contracts. However, the Company is confident that improvements
will follow as further new business is won.
Strategy
OneView's technology is focused on taking the bricks and mortar
store into the digital age and allowing the retailer untethered
access to customer, inventory, and order information to better
service shoppers in the store. This is enabled through the
Company's software platform including point of sale (POS),
enterprise inventory and the promotions engine, fully integrated
with the retailer's e-commerce solution and all built on the most
modern technologies.
The product is cloud based and hosted by OneView with Amazon Web
Services. The cloud services offered are either Software as a
Solution (SaaS) for mid-sized retailers or a private cloud for
larger retailers. OneView hosted agreements are generally a
five-year term. OneView has invested a great deal into its cloud
service platform and sees the cloud infrastructure and continuous
product delivery model as a key differentiator in the market. This
model has the additional benefit of driving rapid growth in
recurring revenues, as further described in the CEO report.
The trend toward modernisation is not limited to any specific
retail sector or geographic area. OneView customers have a global
reach and service numerous retail sectors including DIY, apparel,
luxury goods, the automotive aftermarket and postal services. This
aligns with market research that bricks and mortar stores across
all sectors must upgrade their technology to better communicate
with the other more modern channels that the customer uses, such as
online and customer service. While the industry groups we support
appear diverse they have one important similarity, they all have
retail models embracing strong customer engagement.
OneView is well positioned to penetrate this market through
continued expansion of the sales force in its main territories and
through building strong partnerships to support a larger global
reach.
The benefits to the retailer of OneView's solutions and delivery
approach are significant. It is agile and will allow the retailer
to respond to changes in its operating environment quickly. It also
enables the retailer to focus on its brands and customers,
eliminating the non-core task of software development and
application maintenance.
Michael Jackson
Chairman
Chief Executive Officer's Statement
The last six months have been a busy period for the business. We
refinanced the Company through an issue of new equity accompanied
by the conversion of debt into equity followed by a share
consolidation. We have made great strides with the product and our
customers and have won new business.
Changes in Capital structure
Following shareholder approval at a General Meeting on 17 July
2017 the Company raised GBP3.9 million before expenses through the
issue of 260 million new ordinary shares at 1.5p and the holders of
the $4.0 million convertible debt converted their loans into 209.4
million shares at the same price leaving the Company debt free.
These share issues resulted in the Company having over 825
million shares in issue, which the Board felt excessive for a
company of OneView's size and a 1 for 10 share consolidation was
approved by shareholders at the Annual General Meeting in
September. Today there are 82,558,129 shares in issue.
Products and Existing Customers
Over the summer, we reorganised our development organisation
embracing the Scrum framework for software development. The
increase in productivity from Scrum has been dramatic with output
doubling since August. As a result, we expect three of our
customers to be development complete by early January and to move
to the pilot / extended pilot stage of their projects before the
end of our financial year.
New Business
We announced the signing of a five-year SaaS agreement with
Carhartt, Inc. for our Store and Promotions solutions with the
implementation now underway. We have good progress in the
Australian market and expect to be able to announce further new
business early in the New Year.
Financial
Revenues increased 75% to $1.79 million in the six months to 30
September 2017 from $1.02 million in the previous year. The
increase was principally attributable to recurring revenues,
increasing from $201k in the six months last year to $922k in the
current period driven by the hosting business won from Travis
Perkins, Molton Brown, Discount Tire and Carhartt over the past 18
months.
The revenue increase enabled losses before interest, taxes,
depreciation and amortisation, exceptional items and foreign
exchange translation movements to reduce from $2.20 million to
$1.64 million. Depreciation and amortization expense increased from
$135k (September 2016) to $481k reflecting higher capitalised
development costs. Higher debt balances resulted in an increase in
interest of $131k to $225k in the six months to September 2017.
Exceptional costs of $395k were incurred (2016- $nil) being fees
and commissions associated with the fundraising and a gain of $145k
(2016- $20k loss) on the translation of foreign operations
recorded, all producing a total comprehensive loss for the period
of $2.59 million. (2016 - loss $2.44 million).
There was a net cash outflow from operating activities of $3.30
million (2016- $2.14 million outflow) which reflects losses in the
period and working capital movements totalling $1.3 million,
principally in accrued and deferred income, with the majority of
customers being invoiced for their annual hosting in the six months
to 31 March 2017. Net cash used in investing activities was $1.61
million (2016- $1.83 million) being principally the capitalisation
of software development costs. Cash at period end was $591k (31
March 2017- $525k).
Shareholders' equity increased by $6.50 million in the six-month
period to $4.99 million at 30 September 2017. The share issue and
capitalised debt contributed $9.1 million offset by the
comprehensive loss of $2.6 million.
Board Changes
Contemporaneous with the July fundraising, Michael Jackson
joined the Board as Chairman. Michael was on the Board of Sage plc
from 1983 and Chairman from 1997 to 2006. He is now the Executive
Chairman of Elderstreet Investments Limited, specialising in
raising finance and investing in smaller companies, both quoted and
unquoted. We are delighted to have Michael on board with his wealth
of experience both in the technology and capital markets.
Richard Abraham who has served as Chairman from the inception of
the business in 2011 remains on the Board as a Non-Executive
Director and we are very grateful for his considerable contribution
over the years.
Outlook
The Company is now debt free and well positioned with solutions
that allow retailers to respond to the digital revolution within
their industry. The pipeline of new opportunities is solid although
the precise timing of closure of new business remains difficult to
forecast owing to the characteristically long sales cycles of the
market in which we operate.
The Company has limited working capital. The Board continues to
monitor its cash position closely and the business remains reliant
on the continued support of its shareholders.
Against this background the Board views the future with cautious
optimism.
Stuart Mitchell
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months to 30 September 2017
Six months Six months Twelve months
to to to
30 September 30 September 31 March
2017 2016 2017
Notes (unaudited) (unaudited)
$000 $000 $000
--------------------------------------- ------- -------------- -------------- --------------
Revenue 2 1,789 1,021 3.125
Cost of sales (425) (634) (66)
Employee benefits costs (1,727) (1,529) (3,185)
Depreciation and amortisation
expense (481) (135) (450)
Other expenses (1,274) (1,056) (2,507)
--------------------------------------- ------- -------------- -------------- --------------
Total Expenses (3,907) (3,354) (6.208)
--------------------------------------- ------- -------------- -------------- --------------
Loss from continuing operations
before exceptional items 2 (2,118) (2,333) (3,083)
Exceptional Items 3 (395) - -
--------------------------------------- ------- -------------- -------------- --------------
Total loss from continuing operations (2,513) (2,333) (3,083)
Finance income - 3 3
Finance expense (225) (94) (317)
Loss before taxation (2,738) (2,424) (3,397)
Taxation credit 4 - - 14
--------------------------------------- ------- -------------- -------------- --------------
Loss from continuing operations (2,738) (2,424) (3,383)
--------------------------------------- ------- -------------- -------------- --------------
Other comprehensive income
Exchange gain/(loss) arising
on translation of foreign operations 145 (20) (15)
--------------------------------------- ------- -------------- -------------- --------------
Total comprehensive loss for
the period/year (2,593) (2,444) (3,398)
--------------------------------------- ------- -------------- -------------- --------------
Loss per ordinary share 5
Basic (0.01) (0.01) (0.01)
Diluted (0.01) (0.01) (0.01)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2017
30 September 30 September 31 March
2016
2017 (unaudited) 2017
(unaudited) $000
$000 $000
-------------------------------- ---- ------------- ------------- ---------
Non-current assets
Property, plant and equipment 48 74 44
Other intangible assets 4,150 1,726 3,023
Deferred taxation asset 49 35 49
Total non-current assets 4,247 1,835 3,116
-------------------------------------- ------------- ------------- ---------
Current assets
Trade and other receivables 1,882 2,317 1,468
Cash and cash equivalents 591 217 525
-------------------------------------- ------------- ------------- ---------
Total current assets 2,473 2,534 1,993
-------------------------------------- ------------- ------------- ---------
Total assets 6,720 4,369 5,109
-------------------------------------- ------------- ------------- ---------
Current liabilities
Trade and other payables (1,732) (2,107) (2,617)
Borrowings - - (1,000)
Total current liabilities (1,732) (2,107) (3,617)
-------------------------------------- ------------- ------------- ---------
Non-current liabilities
Borrowings - (2,842) (3,000)
Total non-current liabilities - (2,842) (3,000)
-------------------------------------- ------------- ------------- ---------
Total liabilities (1,732) (4,949) (6,617)
-------------------------------------- ------------- ------------- ---------
Total net assets/(liabilities) 4,988 (580) (1,508)
-------------------------------------- ------------- ------------- ---------
Equity
Share capital 11,090 5,056 5,056
Share premium 3,024 2 2
Merger reserve 15,888 15,888 15,888
Capital redemption reserve 322 322 322
Other reserves (10,957) (10,957) (10,957)
Retained earnings (13,687) (10,049) (10,982)
Translation reserve 130 (20) (15)
Share trust reserve (822) (822) (822)
-------------------------------------- ------------- ------------- ---------
Total equity 4,988 (580) (1,508)
-------------------------------------- ------------- ------------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the six months to 30 September 2017 (unaudited)
Capital Share
Share Share Merger Other redemption Retained Translation trust Total
capital premium reserve reserves reserve earnings reserve reserve equity
$000 $000 $000 $000 $000 $000 $000 $000 $000
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
At 1 April
2017 5,056 2 15,888 (10,957) 322 (10,982) (15) (822) (1,508)
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
Loss for the
year - - - - - (2,738) - - (2,738)
Other
Comprehensive
income - - - - - - 145 - 145
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
Total
comprehensive
loss - - - - - (2,738) 145 - (2,593)
Placing 3,311 1,656 - - - - - - 4,967
Conversion of
loan 2,667 1,333 - - - - - - 4,000
Issue of
ordinary
shares 56 33 - - - - - - 89
Share-based
Payments - - - - - 33 - - 33
At 30
September
2017 11,090 3,024 15,888 (10,957) 322 (13,687) 130 (822) 4,988
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
For the six months to 30 September 2016 (unaudited)
Capital Share
Share Share Merger Other redemption Retained Translation trust Total
capital premium reserve reserves reserve earnings reserve reserve equity
$000 $000 $000 $000 $000 $000 $000 $000 $000
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
At 1 April
2016 5,045 - 15,888 (10,957) 322 (7,658) - (822) 1,818
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
Loss for the
year - - - - - (2,424) - - (2,424)
Other
Comprehensive
loss - - - - - - (20) - (20)
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
Total
comprehensive
loss - - - - - (2,424) (20) - (2,444)
Issue of
ordinary
shares 11 2 - - - - - - 13
Share-based
Payments - - - - - 33 - - 33
At 30
September
2016 5,056 2 15,888 (10,957) 322 (10,049) (20) (822) (580)
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
For the twelve months ended 31 March 2017
Capital Share
Share Share Merger Other redemption Retained Translation trust Total
capital premium reserve reserves reserve earnings reserve reserve equity
$000 $000 $000 $000 $000 $000 $000 $000 $000
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
At 1 April
2016 5,045 - 15,888 (10,957) 322 (7,658) - (822) 1,818
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
Loss for the
year - - - - - (3,383) - - (3,383)
Other
Comprehensive
loss - - - - - - (15) - (15)
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
Total
Comprehensive
loss for the
year - - - - - (3,383) (15) - (3,398)
Exercise of
options 11 2 - - - - - - 13
Share-based
Payments - - - - - 59 - - 59
At 31 March
2017 5,056 2 15,888 (10,957) 322 (10,982) (15) (822) (1,508)
--------------- --------- --------- --------- ---------- ----------- ---------- ------------- -------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months to 30 September 2017
Six months Six months Twelve months
to to to
30 September 30 September 31 March
2017 2016 2017
(Unaudited) (Unaudited)
Notes $000 $000 $000
---------------------------------------- ------- -------------- -------------- --------------
Cash flow from operating activities
Cash utilised in operations 7 (3,298) (2,139) (1,360)
Net cash outflow from operating
activities (3,298) (2,139) (1,360)
---------------------------------------- ------- -------------- -------------- --------------
Investing activities
Purchase of property, plant and
equipment (20) (4) (4)
Sale of property, plant and equipment - - 3
Expenditure on intangible assets (1,592) (1,831) (3,413)
Interest received - 3 3
---------------------------------------- ------- -------------- -------------- --------------
Net cash used in investing activities (1,612) (1,832) (3,411)
---------------------------------------- ------- -------------- -------------- --------------
Financing activities
Issue of common shares 5,056 13 13
New loans received - 2,842 4,300
Loans repaid - (1,242) (1,542)
Interest paid (225) (94) (128)
---------------------------------------- ------- -------------- -------------- --------------
Net cash arising from financing
activities 4,831 1,519 2,643
---------------------------------------- ------- -------------- -------------- --------------
Net decrease in cash, cash equivalents
and bank overdrafts (79) (2,452) (2,128)
Currency variations on cash,
cash equivalents and bank overdrafts 145 - (16)
Cash, cash equivalents and bank
overdrafts
at the start of the period 525 2,669 2,669
Cash, cash equivalents and bank
overdrafts at the end of the
period 591 217 525
---------------------------------------- ------- -------------- -------------- --------------
Notes to the Interim Financial Statements
1. Basis of Preparation
These interim financial statements have been prepared in
accordance with International Financial Reporting Standards,
International Accounting Standards ("IAS") and Interpretations
(collectively "IFRS") issued by the International Accounting
Standards Board as adopted by the European Union and with those
parts of the Companies Act 2006 applicable to companies preparing
their financial statements under IFRS. They have been prepared on
the historical cost basis.
The principal accounting policies used in preparing these
interim financial statements are those expected to apply to the
Group's Consolidated Financial Statements for the year ending 31
March 2018 and are unchanged from those disclosed in the Group's
Annual Report for the year ended 31 March 2017. The financial
information for the six months ended 30 September 2016 and 30
September 2017 is unaudited and does not constitute statutory
financial statements for those periods.
The comparative financial information for the twelve months
ended 31 March 2017 has been derived from the audited statutory
financial statements for that year. These financial statements were
approved by shareholders at the Annual General Meeting and have
been delivered to the Registrar of Companies. The Auditors' Report
on those financial statements was unqualified, did not include a
reference to any matters to which the Auditors drew attention by
way of emphasis without qualifying their report and did not include
a statement under section 498(2) or 498(3) of the Companies Act
2006.
IFRS15 - The Group earns the majority of its revenues, from
hosting its cloud based digital platform on behalf of its
customers, and from implementation consultation and related
support. Hosting and support agreements are an annual fee and
revenue is apportioned on a time basis. Implementation consultation
contracts are supported by a statement of works which details
specific milestones and performance obligations which need to be
met before payment for that milestone can be received. The Group
currently recognises revenue on a percentage-of-completion basis
against the total cost of the statement of works. The Group has
commenced its review of the implementation of IFRS15 and is working
to conclude whether this will have any material impact on the
revenue recognised.
The Board of Directors approved this interim report on 27
December 2017.
2. Business Segments
During the period the Group operated in the following main
business segments:
OneView Commerce Licensing of software and providing the related
consulting, support and other services related to the software
sold; and
Unallocated central costs The provision of Group-wide support
services including finance to the other business segment within the
Group.
Unallocated central costs Total
For the six months ended 30 September 2017 OneView Commerce $000 $000 $000
---------------------------------------------- --------------------- ------------------------- -------
Revenue
Software licences 127 - 127
Consulting 740 - 740
Hosting 860 - 860
Support and other 62 - 62
---------------------------------------------- --------------------- ------------------------- -------
1,789 - 1,789
---------------------------------------------- --------------------- ------------------------- -------
Loss from operations before exceptional items (1,745) (373) (2,118)
---------------------------------------------- --------------------- ------------------------- -------
Exceptional items (Detail provided in Note 3) - (395) (395)
Finance expense (225) - (225)
---------------------------------------------- --------------------- ------------------------- -------
Loss before taxation (1,970) (768) (2,738)
---------------------------------------------- --------------------- ------------------------- -------
Balance sheet
Assets 6,386 334 6,720
Liabilities (13,243) 11,511 (1,732)
---------------------------------------------- --------------------- ------------------------- -------
Net assets/(liabilities) (6,857) 11,845 4,988
---------------------------------------------- --------------------- ------------------------- -------
Unallocated central costs Total
For the six months ended 30 September 2016 OneView Commerce $000 $000 $000
------------------------------------------- --------------------- ------------------------- --------
Revenue
Software licences 335 - 335
Consulting 485 - 485
Hosting 191 - 191
Support and other 10 - 10
------------------------------------------- --------------------- ------------------------- --------
1,021 - 1,021
------------------------------------------- --------------------- ------------------------- --------
Loss from operations (2,066) (267) (2,333)
------------------------------------------- --------------------- ------------------------- --------
Finance Income - 3 3
Finance expense (27) (67) (94)
------------------------------------------- --------------------- ------------------------- --------
Loss before taxation (2,093) (331) (2,424)
------------------------------------------- --------------------- ------------------------- --------
Balance sheet
Assets 4,318 6,489 10,807
Liabilities (8,409) (2,978) (11,387)
------------------------------------------- --------------------- ------------------------- --------
Net (liabilities)/assets (4,091) 3,511 (580)
------------------------------------------- --------------------- ------------------------- --------
Unallocated central costs Total
For the twelve months ended 31 March 2017 OneView Commerce $000 $000 $000
------------------------------------------ --------------------- ------------------------- -------
Revenue
Software licences 399 - 399
Consulting 1,755 - 1,755
Hosting 604 - 604
Support and other 367 - 367
------------------------------------------ --------------------- ------------------------- -------
3,125 - 3,125
------------------------------------------ --------------------- ------------------------- -------
Loss from operations (2,572) (511) (3,083)
------------------------------------------ --------------------- ------------------------- -------
Finance expense - 3 3
Finance expense (314) (3) (317)
------------------------------------------ --------------------- ------------------------- -------
Loss before taxation (2,886) (511) (3,397)
------------------------------------------ --------------------- ------------------------- -------
Balance sheet
Assets 4,928 181 5,109
Liabilities (9,842) 3,225 (6,617)
------------------------------------------ --------------------- ------------------------- -------
Net (liabilities)/assets (4,928) 3,406 (1,508)
------------------------------------------ --------------------- ------------------------- -------
Six months Six months Twelve months
to to to
30 September 30 September 31 March
2017 2016 2017
(Unaudited) (Unaudited)
$000 $000 $000
---------------------------------- ---- -------------- -------------- --------------
Revenue by location of customers
North America 1,176 562 2,159
United Kingdom 571 378 885
Other countries 42 81 81
---------------------------------------- -------------- -------------- --------------
Total 1,789 1,021 3,125
---------------------------------------- -------------- -------------- --------------
Customers accounting for more than 10% of the total revenue are
as follows:
Six months Six months Twelve months
to to to
30 September 30 September 31 March
2017 2016 2017
(Unaudited) (Unaudited)
$000 $000 $000
------------ ---- -------------- -------------- --------------
Customer A 1,054 392 1,594
Customer B 363 378 749
Customer C 208 - -
Customer D - 170 565
Other 164 81 217
------------------ -------------- -------------- --------------
Total 1,789 1,021 3,125
------------------ -------------- -------------- --------------
3. Exceptional Items
Exceptional items in the period are for professional fees,
relating to the fundraising completed in July 2017.
Six months Six months Twelve months
to to to
30 September 30 September 31 March
2017 2016 2017
(Unaudited) (Unaudited)
$000 $000 $000
------------------ --- -------------- -------------- --------------
Professional Fees 395 - -
------------------ --- -------------- -------------- --------------
Total 395 - -
------------------ --- -------------- -------------- --------------
4. Taxation
No taxation charge/credit has been recognised for the six months
to 30 September 2017 (30 September 2016: Nil and 31 March 2017:
Taxation Credit $14,000), this will be assessed at the year end,
and will be based on the effective taxation rate, which is
estimated will apply for the year ending 31 March 2018.
5. Loss per Ordinary Share
The basic loss per ordinary share is calculated using the
weighted average number of 10p ordinary shares in issue during the
financial period of 55,141,426 (30 September 2016: 348,329,592 1p
ordinary shares and 31 March 2017: 348,329,592 1p ordinary shares).
The diluted loss per ordinary share is calculated using the
weighted average number of 10p ordinary shares in issue during the
financial period of 55,141,426 (30 September 2016: 348,329,592 1p
ordinary shares and 31 March 2017: 348,329,592 1p ordinary shares).
The effect of the exercise of options on the weighted average
number of ordinary shares in issue is nil for all periods. On 7
September 2017, the company completed a share consolidation on a 1
for 10 basis.
At 30 September 2017, the Armour Employees' Share Trust held
342,400 10p ordinary shares. The weighted average number of
ordinary shares held by the Armour Employees' Share Trust during
the period of 342,400 is not included in either the weighted
average or diluted weighted average ordinary shares in issue during
the period or prior year.
Six months Six months Twelve months
to to to
30 September 30 September 31 March 2017
2017 2016
(Unaudited) (Unaudited)
$000 $0.01 $000 $0.01 $000 $0.01
------------------------------- -------- ------- -------- ------- -------- -------
Basic loss per ordinary share
Loss for the financial period
before exceptional items (2,118) (0.01) (2,333) (0.01) (3,083) (0.01)
------------------------------- -------- ------- -------- ------- -------- -------
Diluted loss per ordinary
share
Loss for the financial period
before exceptional items (2,118) (0.01) (2,333) (0.01) (3,083) (0.01)
------------------------------- -------- ------- -------- ------- -------- -------
6. Share Capital
Number Nominal value
'000 $000
---------------------------------------- -------- --------------
At 1 April 2016 351,005 5,045
Exercise of options 749 11
At 30 September 2016 and 31 March 2017 351,754 5,056
---------------------------------------- -------- --------------
Number Nominal value
'000 $000
----------------------------- -------- --------------
At 1 April 2017 351,754 5,056
Placing 260,000 3,311
Conversion of loan 209.389 2,667
Issue of equity 4,438 56
----------------------------- -------- --------------
825,581 11,090
Share conversion - 1 for 10 82,558 -
At 30 September 2017 82,558 11,090
----------------------------- -------- --------------
On 17 July 2017, the Company finalised a fundraising of GBP3.9
million, satisfied by the placing of 260,000,000 ordinary shares.
This consisted of a firm placing of 72,000,000 ordinary shares,
which was issued under the Company's existing authorities. These
were admitted to AIM on 3 July 2017. A conditional placing and
subscription of 188,000,000 ordinary shares received shareholder
approval at the General Meeting held on 17 July 2017 and were
admitted to AIM on 18 July 2017. In addition, following the General
Meeting, the Company's debt providers Hawk Investment Holdings
Limited and Lane Capital Group Limited converted the outstanding
debt of $4.0 million to 209,389,138 ordinary shares, being
104,694,569 shares each. On 7 September 2017, the Company completed
a share consolidation on a 1 for 10 basis.
7. Net Cash from Operations
Six months Six months Twelve months
to to to 31 March
30 September 30 September 2017
2017 2016
(Unaudited) (Unaudited) $000
$000 $000
------------------------------------- -------------- -------------- --------------
Loss for the period (2,738) (2,424) (3,383)
Depreciation of property, plant
and equipment 16 30 60
Share-based Payments 33 33 59
Amortisation of intangible assets 465 105 390
Finance income - (3) (3)
Finance expense 225 94 317
Income tax credit - - (14)
------------------------------------- -------------- -------------- --------------
EBITDA* (1,999) (2,165) (2,574)
------------------------------------- -------------- -------------- --------------
Gain on disposal of property, plant
and equipment - 2 (1)
(Increase)/decrease in trade and
other receivables (414) 435 1,299
Decrease in trade, other payables
and provisions (885) (411) (84)
------------------------------------- -------------- -------------- --------------
(1,299) 26 1,214
------------------------------------- -------------- -------------- --------------
Cash utilised in operations (3,298) (2,139) (1,360)
------------------------------------- -------------- -------------- --------------
*EBITDA is defined as profit/(loss) before interest, taxation,
depreciation and amortisation.
8. Copies of Interim Report
A copy of this interim report can be viewed on the Group's
website: www.oneviewcommerce.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKODNABDDOBB
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December 28, 2017 02:00 ET (07:00 GMT)
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