Final Results
24 Septiembre 2010 - 1:00AM
UK Regulatory
TIDMCIG
RNS Number : 2362T
Critical Information Group
24 September 2010
CRITICAL INFORMATION GROUP PLC
FINAL RESULTS FOR THE PERIOD FROM 18 MAY 2009 to 20 JUNE 2010
CHAIRMAN'S STATEMENT
Operating review for period from incorporation on 18 May 2009 to 30 June 2010.
Chairman's statement
It continues to be an interesting period for Critical Information Group plc
("CIG" or "the Company"). The primary focus has been to acquire a business or
businesses of sufficient size to act as a platform from which to profitably
develop and integrate further acquisitions.
Review of operations
CIG was established to acquire public or private business to business (B2B)
media companies and businesses which in our Board's opinion have the potential
for operational improvement and would benefit from consolidation. The positive
response to our flotation combined with the calibre of CIG's financial backers
has opened a number of potential opportunities for the Company. As previously
stated in our half year report we approached three businesses and made
conditional offers or non binding approaches on two of them. Since then we have
made non-binding indicative approaches to two further targets but were unable to
take these further. CIG continues to be active and is in early stage discussions
regarding three additional businesses.
CIG offers a clear strategy and an experienced management team to implement this
strategy. Our experience includes restructuring target companies, buying and
building businesses and delivering the benefits associated with integrating
assets into a larger entity. All targets are financially assessed using two
cashflow based evaluation methods; NPV of future cashflows and simple payback.
Our first acquisitions will ideally offer good market positions, brand franchise
and a spread of operations to provide broad market access together with the
necessary infrastructure to allow timely integration of acquisitions and scale
to support strong organic growth.
Although we have been very active over the period we have continued to maintain
a strong focus on cost control. This has kept our administrative expenses,
before exceptional costs, to less than GBP100,000 in the period, the bulk of
which relate to professional and compliance costs. The executive directors will
not draw a salary until completion of our first acquisition, and they are not
entitled to any benefits in kind. The approach to Centaur Media plc in 2009 is
shown separately, cost GBP119,500 and is disclosed in note 3. The direct costs
on issues of shares were GBP155,200 and were charged against the Share Premium
Account.
As reported in the 31 December 2009 half yearly financial report whilst many
companies are reporting that conditions have stabilised in our target markets in
recent months, they still face many of the same concerns we identified at the
time of our IPO last June; challenging market conditions, over leverage, lack of
liquidity for smaller listed companies, limited M&A activity and restricted
access to debt finance. The biggest change that this stabilisation has presented
us has been potential targets factoring a return to growth into their price
expectations for their businesses. In many cases this forecast return to growth
has not yet been demonstrated. We are still confident that a number of
opportunities remain and will continue to pursue them with the support of our
shareholders. As demonstrated by our actions during this period, we will not
overpay for assets and we will invest only where we see an opportunity for value
creation for all of our shareholders.
The future
At the time of our IPO we undertook to consult with shareholders and to seek
their consent to continue with our investment policy if we have not invested in
a business or have not substantially implemented that investment policy within
18 months of our IPO. As CIG has not, at the date of this report, implemented
its stated investing policy we will therefore commence this consultation process
with our shareholders beginning next month with the objective of tabling a
suitable ordinary resolution at the Annual General Meeting to be convened on 18
November 2010.
As reported above, we continue to be active and are currently working on three
projects, however as they are at an early state there can be no certainty that
these may lead to formal acceptable offers or indeed successful outcomes. We
continue to believe there are opportunities available to the Company with many
B2B businesses still reporting an uncertain economic outlook for 2010/11. We
have ample cash to support our business activities,(with an net asset balance of
GBP2.6m at the end of June equivalent to 87.8p per share), a supportive investor
base, potential access to debt finance and a low underlying operational cost
base.
David J Smith, Chairman
STATEMENT OF COMPREHENSIVE INCOME
Period 18 May 2009 to 30 June 2010
+----------------------------+--------+--------+--------+--------+---------+
| | Note | | | | Period |
| | | | | | from |
| | | | | | 18 May |
| | | | | | 2009 |
| | | | | | to 30 |
| | | | | | June |
| | | | | | 2010 |
| | | | | | GBP000 |
+----------------------------+--------+--------+--------+--------+---------+
| | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| Administrative expenses | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| Exceptional costs | 3 | | | | 119.5 |
+----------------------------+--------+--------+--------+--------+---------+
| Other administration | | | | | 99.5 |
| expenses | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| OPERATING LOSS | | | | | (219.0) |
+----------------------------+--------+--------+--------+--------+---------+
| Finance income | 4 | | | | 9.9 |
+----------------------------+--------+--------+--------+--------+---------+
| | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| LOSS ON ORDINARY | | | | | |
| ACTIVITIES BEFORE TAXATION | 2 | | | | (209.1) |
+----------------------------+--------+--------+--------+--------+---------+
| Tax on loss on ordinary | 6 | | | | - |
| activities | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| TOTAL COMPREHENSIVE LOSS | | | | | |
| FOR THE FINANCIAL PERIOD | 12 | | | | (209.1) |
+----------------------------+--------+--------+--------+--------+---------+
| | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| EARNINGS PER SHARE | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| Basic loss per share | 7 | | | | (7p) |
+----------------------------+--------+--------+--------+--------+---------+
| | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
All results derive from continuing operations.
STATEMENT OF CHANGES IN EQUITY
Period 18 May 2009 to 30 June 2010
+----------------------------+--------+---------+---------+--------------+---------+
| | | | Share | | Total |
| | | Share | Premium | Accumulat-ed | GBP'000 |
| | | Capital | Account | Deficit | |
| | | GBP'000 | GBP'000 | GBP'000 | |
+----------------------------+--------+---------+---------+--------------+---------+
| | | | | | |
+----------------------------+--------+---------+---------+--------------+---------+
| Balance at 18 May 2009 | | - | - | - | - |
+----------------------------+--------+---------+---------+--------------+---------+
| Issues of shares | | 1,502.5 | 1,502.5 | - | 3,005.0 |
+----------------------------+--------+---------+---------+--------------+---------+
| Loss for the period | | - | - | (209.1) | (209.1) |
+----------------------------+--------+---------+---------+--------------+---------+
| Direct costs on issues of | | - | (155.2) | - | (155.2) |
| shares | | | | | |
+----------------------------+--------+---------+---------+--------------+---------+
| | | | | | |
+----------------------------+--------+---------+---------+--------------+---------+
| Balance at 30 June 2010 | | 1,502.5 | 1,347.3 | (209.1) | 2,640.7 |
+----------------------------+--------+---------+---------+--------------+---------+
| | | | | | |
+----------------------------+--------+---------+---------+--------------+---------+
STATEMENT OF FINANCIAL POSITION
30 June 2010
+------------------------------+-------+--------+--------+--------+---------+
| | Note | | | | 30 |
| | | | | | June |
| | | | | | 2010 |
| | | | | | GBP'000 |
+------------------------------+-------+--------+--------+--------+---------+
| | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| CURRENT ASSETS | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| Other receivables | 8 | | | | 17.9 |
+------------------------------+-------+--------+--------+--------+---------+
| Cash and cash equivalents | | | | | 2,646.1 |
+------------------------------+-------+--------+--------+--------+---------+
| | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| TOTAL ASSETS | | | | | 2,664.0 |
+------------------------------+-------+--------+--------+--------+---------+
| | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| CURRENT LIABILITIES | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| Trade creditors and accruals | 9 | | | | (23.3) |
+------------------------------+-------+--------+--------+--------+---------+
| | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| NET CURRENT ASSETS AND NET | | | | | 2,640.7 |
| ASSETS | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| EQUITY | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| Share capital | 10,11 | | | | 1,502.5 |
+------------------------------+-------+--------+--------+--------+---------+
| Share premium account | 11 | | | | 1,347.3 |
+------------------------------+-------+--------+--------+--------+---------+
| Accumulated deficit | 11 | | | | (209.1) |
+------------------------------+-------+--------+--------+--------+---------+
| | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
| Total equity | | | | | 2,640.7 |
+------------------------------+-------+--------+--------+--------+---------+
| | | | | | |
+------------------------------+-------+--------+--------+--------+---------+
The financial statements of Critical Information Group plc (registration number
06908911) were approved and authorised for issue by the Board of Directors on
24th September 2010
David Smith
Director
STATEMENT OF CASH FLOWS
Period 18 May 2009 to 30 June 2010
+--------+-------------------------------------------+-+----+-+---------+---------+
| | | | Period |
| | | | from |
| | | | 18 May |
| | | | 2009 |
| | | | to 30 |
| | | | June |
| | | | 2010 |
| | | | GBP000 |
+----------------------------------------------------+------+-----------+---------+
| | | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Operating activities | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Loss before tax for the period | | | (209.1) |
+--------+---------------------------------------------+------+---------+---------+
| | | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Adjusting for: | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Finance income | | | (9.9) |
+--------+---------------------------------------------+------+---------+---------+
| | | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Operating cash flows before movements in | | | (219.0) |
| | working capital | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Increase in receivables | | | (17.9) |
+--------+---------------------------------------------+------+---------+---------+
| | Increase in payables | | | 23.3 |
+--------+---------------------------------------------+------+---------+---------+
| | | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Cash used by operations | | | (213.6) |
+--------+---------------------------------------------+------+---------+---------+
| | Interest received | | | 9.9 |
+--------+---------------------------------------------+------+---------+---------+
| | | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Net cash used in operating activities | | | (203.7) |
+--------+---------------------------------------------+------+---------+---------+
| | | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Financing activities | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Proceeds on issue of shares | | | 3,005.0 |
+--------+---------------------------------------------+------+---------+---------+
| | Direct cost on issue of shares | | | (155.2) |
+--------+---------------------------------------------+------+---------+---------+
| | | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Net cash from financing activities | | | 2,849.8 |
+--------+---------------------------------------------+------+---------+---------+
| | | | | |
+--------+---------------------------------------------+------+---------+---------+
| | Net increase in cash and cash equivalents | | | 2,646.1 |
+--------+---------------------------------------------+------+---------+---------+
| | | | | |
+--------+---------------------------------------------+------+---------+---------+
| | | | | | | |
+--------+-------------------------------------------+-+----+-+---------+---------+
Cash and cash equivalents comprise bank balances with an original maturity of
three months or less. The carrying amount of these assets is approximately equal
to their fair value.
NOTES TO THE FINANCIAL STATEMENTS
Period 18 May 2009 to 30 June 2010
1. ACCOUNTING POLICIES
General information
Critical information Group plc is a public limited company incorporated in the
United Kingdom under the Companies Act 2006. The address of the registered
office is One Hanover Street, London, W1S 1YZ. The nature of the company's
operations and its principal activities are the identification, acquisition and
integration of B2B media companies.
The company has its primary listing on the Alternative Investment Market ('AIM')
of the London Stock Exchange.
These financial statements are presented in pounds sterling because that is the
currency of the primary economic environment in which the company operates.
The financial information set out above does not constitute the company's
statutory accounts for the period from incorporation on 18 May 2009 to 30 June
2010, but is derived from those accounts. Statutory accounts for 2010 will be
delivered following the company's annual general meeting. The auditors have
reported on those accounts; their report was unqualified, drew attention to
going concern by way of emphasis without qualifying their report and did not
contain statements under s498(2) or (3) Companies Act 2006.
Adoption of new and revised standards
At the date of authorisation of these financial statements, the following
Standards and Interpretations which have not been applied in these financial
statements were in issue but not yet effective:
+----------------------------------------------------------+-----------+
| | Effective |
| | date |
+----------------------------------------------------------+-----------+
| | |
+----------------------------------------------------------+-----------+
| IFRS 2* Share Based Payment (amendments) | 1 |
| | January |
| | 2010 |
+----------------------------------------------------------+-----------+
| IFRS 5 Non-current Assets held for Sale and Discontinued | 1 July |
| Operations (amendments) | 2010 |
+----------------------------------------------------------+-----------+
| IFRS 7 Financial Instrument Disclosures (amendments) | 1 |
| IAS 1* Presentation of financial statements (amendments) | January |
| | 2011 |
| | 1 |
| | January |
| | 2011 |
+----------------------------------------------------------+-----------+
| IAS 24 Related Parties Disclosures (revision) | 1 |
| | January |
| | 2011 |
+----------------------------------------------------------+-----------+
| IAS 27 Consolidated and Separate Financial Statements | 1 July |
| (amendments) | 2010 |
| IAS 34 Interim Financial Reporting (amendments) | 1 |
| | January |
| | 2011 |
+----------------------------------------------------------+-----------+
| IFRIC13 Customer Loyalty Programmes (amendments) | 1 |
| IFRIC14 Amendment - Prepayments of a minimum Funding | January |
| Requirement | 2011 |
| | 1 |
| | January |
| | 2011 |
+----------------------------------------------------------+-----------+
| IFRIC 19 Extinguishing Financial Liabilities with Equity | 1 July |
| Instruments | 2010 |
+----------------------------------------------------------+-----------+
| IFRS 9 Financial Instruments | 1 |
| | January |
| | 2013 |
+----------------------------------------------------------+-----------+
*endorsed by the EU
The directors do not expect that the adoption of these Standards and
Interpretations in future periods will have a material impact on the financial
statements of the company except for treatment of acquisition of subsidiaries
and associates when IFRS 3 (revised 2008), IAS 27 (revised 2008) and IAS 28
(revised 2008) comes into effect for business combinations for which the
acquisition date is on or after the beginning of the first annual period
beginning on or after 1 July 2009.
Basis of accounting
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRSs). The financial statements have also been
prepared in accordance with IFRSs adopted by the European Union and therefore
the financial statements comply with Article 4 of the EU IAS Regulation.
The financial statements have been prepared on the historical cost basis.
Historical cost is generally based on the fair value of the consideration given
in exchange for the assets. The principal accounting policies adopted are set
out below.
Going concern
The directors have a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future. Thus
the directors continue to adopt the going concern basis in preparing these
financial statements. The company on its admission to AIM undertook to convene a
meeting of shareholders if no acquisition or investment had been made within 18
months of Admission. At this meeting should it be called, the shareholders will
be asked to consider whether or not to continue with the company's stated
investment policy. The outcome of this meeting may result in a process to wind
up the company and distribute any residual cash to shareholders or the sale of
the company as a going concern.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and are subject to an
insignificant risk of changes in value.
Receivables
Other receivables that have fixed or determinable payments that are not quoted
in an active market are classified as 'receivables'. Receivables are measured at
amortised cost using the effective interest method, less any impairment.
Interest income is recognised by applying the effective interest rate, except
for short-term receivables when the recognition of interest would be immaterial.
Financial liabilities and equity
Debt and equity instruments are classified as either financial liabilities or as
equity in accordance with the substance of the contractual arrangement
Financial liabilities are initially measured at fair value, net of transaction
costs. They are subsequently measured at amortised cost using the effective
interest method, with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a
financial liability and of allocating interest expense over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future
cash payments through the expected life of the financial liability, or, where
appropriate, a shorter period, to the net carrying amount on initial
recognition.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the
assets of the company after deducting all of its liabilities. Equity instruments
issued by the company are recorded at the proceeds received, net of direct issue
costs.
Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax.
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
company's liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the
temporary difference arises from the initial recognition of goodwill or from the
initial recognition (other than in a business combination) of other assets and
liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences
arising on investments in subsidiaries and associates, and interests in joint
ventures, except where the company is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each period end and
reduced to the extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the income statement, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also
dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation authority and
the company intends to settle its current tax assets and liabilities on a net
basis.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the company's accounting
policies. The directors currently believe that at the period end there are no
areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant.
2. LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
+-----------------------------------------------------+--------+---------+
| Loss on ordinary activities before taxation is | | Period |
| shown after charging: | | from |
| | | 18 May |
| | | 2009 |
| | | 30 |
| | | June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Auditors' remuneration | | 12.5 |
+-----------------------------------------------------+--------+---------+
| Staff costs (see note 5) | | 20.7 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
Fees payable to the company's auditor in respect of the Admission to AIM were
GBP20,000, and were charged to Share Premium.
3. Exceptional costs
+-----------------------------------------------------+--------+---------+
| Loss on ordinary activities before taxation is | | Period |
| shown after charging: | | from |
| | | 18 May |
| | | 2009 |
| | | 30 |
| | | June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Professional fees and other costs | | 119.5 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
The above represents costs incurred in the approach to Centaur Media plc.
4. finance income
+----------------------------+--------+--------+--------+--------+---------+
| | | | | | Period |
| | | | | | from |
| | | | | | 18 May |
| | | | | | 2009 |
| | | | | | 30 |
| | | | | | June |
| | | | | | 2010 |
| | | | | | GBP'000 |
+----------------------------+--------+--------+--------+--------+---------+
| | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
| Bank interest | | | | | 9.9 |
+----------------------------+--------+--------+--------+--------+---------+
| | | | | | |
+----------------------------+--------+--------+--------+--------+---------+
5. INFORMATION REGARDING DIRECTORS AND EMPLOYEES
+-----------------------------------------------------+--------+---------+
| | | Period |
| | | from 18 |
| | | May |
| | | 2009 30 |
| | | June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| Staff costs during the period (including | | |
| directors): | | |
+-----------------------------------------------------+--------+---------+
| Wages and salaries including National Insurance | | 20.7 |
| Contributions | | |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Directors' emoluments | | 20.0 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
The payments above relate to non-executive directors as the executive directors
currently are not entitled to any remuneration.
+-----------------------------------------------------+--------+---------+
| Average monthly number of persons employed | | 4 |
| (including directors) | | |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
6. Tax charge on loss on ordinary activities
+-----------------------------------------------------+--------+---------+
| | | Period |
| | | from |
| | | 18 May |
| | | 2009 |
| | | 30 |
| a) Analysis for the tax for the period | | June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| UK Corporation tax: | | |
+-----------------------------------------------------+--------+---------+
| Current tax on loss for the period | | - |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| | | Period |
| | | from |
| | | 18 May |
| | | 2009 |
| | | 30 |
| b) Factors affecting current period tax: | | June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Loss on activities before tax | | (209.1) |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Loss on ordinary activities multiplied by standard | | (58.5) |
| rate of corporation tax in UK of 28% | | |
+-----------------------------------------------------+--------+---------+
| Tax losses carried forward - not recognised | | 58.5 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Total current tax | | - |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
The unprovided deferred tax asset was GBP58,500. The deferred tax asset has not
been recognised as the directors consider that it is not probable that these
losses will be utilised in the foreseeable future.
7. earnings per share
+-----------------------------------------------------+--------+---------+
| | | Period |
| | | from |
| | | 18 May |
| | | 2009 |
| | | 30 |
| The calculation of the basic earnings per share is | | June |
| based on the following data: | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Earnings for the purpose of basic earnings per | | |
| share being net loss attributable to shareholders - | | (209.1) |
| based on the average number of shares in issue | | |
| during the period | | |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| | | No. |
+-----------------------------------------------------+--------+---------+
| Weighted average number of ordinary shares during | | 3,005 |
| the period for the purposes of basic earnings per | | |
| share | | |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
8. other receivables
+-----------------------------------------------------+--------+---------+
| | | 30 June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Other receivables | | 2.7 |
+-----------------------------------------------------+--------+---------+
| Prepayments | | 15.2 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| | | 17.9 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
The directors consider that the carrying amount of other receivables is
approximately equal to their fair value. There are no past due or impaired
receivable balances within the company.
9. Trade CREDITORS and ACCRUALS
+-----------------------------------------------------+--------+---------+
| | | 30 June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Trade creditors and accruals | | 23.3 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
Trade creditors and accruals principally comprise amounts outstanding for trade
purchases, and ongoing costs. The directors consider that the carrying amount of
trade payables approximates to their fair value.
10. CALLED UP SHARE CAPITAL
Share capital as at 31 December 2009 amounted to GBP1,502,500. During the
period, the company issued 3,005,000 shares of GBP0.50 each for GBP3,005,000.
+-----------------------------------------------------+--------+---------+
| | | 30 |
| | | June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| Authorised | | |
+-----------------------------------------------------+--------+---------+
| 5,000,000 ordinary shares of GBP0.50 each | | 2,500.0 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Called up, allotted and fully paid | | |
+-----------------------------------------------------+--------+---------+
| 3,005,000 ordinary shares of GBP0.50 each | | 1,502.5 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
The company has one class of ordinary shares which carries no fixed income.
11. share premium
+-----------------------------------------------------+--------+---------+
| | | 30 |
| | | June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Balance at 18 May 2009 | | - |
+-----------------------------------------------------+--------+---------+
| Issues of shares | | 1,502.5 |
+-----------------------------------------------------+--------+---------+
| Direct costs on issues of shares | | (155.2) |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Balance at 30 June 2010 | | 1,347.3 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
12. accumulated deficit
+-----------------------------------------------------+--------+---------+
| | | 30 |
| | | June |
| | | 2010 |
| | | GBP'000 |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
| Loss for the financial period | | (209.1) |
+-----------------------------------------------------+--------+---------+
| | | |
+-----------------------------------------------------+--------+---------+
13. financial instruments
Capital risk management
The company manages its capital to ensure that it will be able to continue as
going concern. The capital structure of the company consists of cash and cash
equivalents and equity attributable to shareholders, comprising issued capital
and share premium as disclosed in notes 10 to 11.
The board reviews and agrees policies on a regular basis for managing the risks
associated with its assets and its capital. It is, and has been throughout the
period under review, the company's policy that no trading in financial
instruments shall be undertaken and the company does not hold or issue
derivative financial instruments for speculative purposes.
The company is not subject to externally imposed capital requirements.
Credit risk
The company's principal financial asset is its bank balance.
The company's credit risk is primarily attributable to its bank balance. Cash
is placed in interest bearing accounts with institutions deemed to be of low
credit risk.
14. events after the reporting date
There were no significant events since the balance sheet date.
Enquiries:
+-------------------------------------+----------------------+
| Critical Information Group plc | +44 (0)20 8906 6707 |
| David Smith / Tony Foye | |
+-------------------------------------+----------------------+
| | |
+-------------------------------------+----------------------+
| Singer Capital Markets Limited | +44 (0)20 3205 7500 |
| (Nomad) | |
| James Maxwell | |
+-------------------------------------+----------------------+
| | |
+-------------------------------------+----------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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