TIDMDXR
RNS Number : 4745T
Directex Realisations Plc
29 September 2010
+-----------------------------------+----------------------------------+
| Press Release | 29 September 2010 |
+-----------------------------------+----------------------------------+
Directex Realisations plc
("DXR" or the "Group")
Interim Results for the six months ended 30 June 2010
Directex Realisations plc (AIM:DXR) announces its interim results for the six
months ended 30 June 2010.
Highlights
* Net assets at period end were GBP1.40 million representing 2.77 pence per
share
* Cost base reduced significantly following change of management
For further information:
+-----------------------------------+-----------------------------------+
| Directex Realisations plc | |
+-----------------------------------+-----------------------------------+
| Jonathan Lander, Chairman | Tel: +44 (0) 20 7634 9700 |
+-----------------------------------+-----------------------------------+
| | www.directex.co.uk |
+-----------------------------------+-----------------------------------+
+-----------------------------------+-----------------------------------+
| Libertas Capital Corporate | |
| Finance Limited | |
+-----------------------------------+-----------------------------------+
| Sandy Jamieson, Director | Tel: +44 (0) 207 569 9695 |
| Corporate Finance | |
+-----------------------------------+-----------------------------------+
| sj@libertaspartnersllp.com | www.libertaspartnersllp.com |
+-----------------------------------+-----------------------------------+
Directex Realisations plc
Unaudited interim results for the period ended 30 June 2010
Chairman's Statement
We have settled the dispute with Bisnode AB over the final level of
consideration due following the sale to them of Directinet SA and Netcollections
SAS agreed in December 2009. As a result we received two payments in June and
September 2010 totalling EUR0.56 million. This brings the total consideration
received for the sale to EUR7.56 million.
The Company had an obligation of over GBP60,000 to purchase match tickets at
Wembley stadium because of the purchase of a debenture made some time ago. I am
pleased to report that we managed to dispose of this debenture (for a small
positive sum) and so the Company no longer has this liability.
Our only remaining assets are cash and a 12.2% stake in Web-clubs Ltd
("Web-clubs"). Web-clubs is a marketing services business based in the UK. For
the year to 30 April 2010, the unaudited turnover and post-tax profit were
GBP1.35 million and GBP0.426 million respectively and its net assets were
GBP1.27 million.
We have paid GBP140,000 to HMRC on account of an under-payment of PAYE and
national insurance contributions on unapproved share options. The Company is
likely to receive penalties and incur interest because of this under-payment
although we may recover some of the unpaid taxes from HMRC to the extent that
they were paid by the individuals who exercised the options. Until such time as
more information is known and our discussions with HMRC have been concluded, we
have provided in full for the sum paid.
Net assets at period end were GBP1.40 million representing 2.77 pence per
share. This reflects the treatment of the HMRC payment above but not any value
for the Web-clubs stake.
The investment strategy of investing in low-risk bonds and equities, approved by
shareholders at the meeting in January 2010, does not, in my opinion represent a
very attractive investment opportunity. We are actively considering other
investment opportunities and will present them to shareholders if they have
merit.
Although we have significantly reduced operating expenses since our appointment
to the Board, the Company continues to have considerable cost in maintaining its
operations, particularly in relation to the French branch.
Outlook
The administrative burden inherited by us is now mostly discharged and I look
forward to more profitable opportunities ahead.
Jonathan Lander
Chairman
29 September 2010
Consolidated income statement
+----------------------------------------+------+---------+---------+----------+
| | | 6 | 6 | Year |
| | | months | months | ended |
| | | to | to | 31 |
| |Note | 30 | 30 | December |
| | | June | June | 2009 |
| | | 2010 | 2009 | |
+----------------------------------------+------+---------+---------+----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+------+---------+---------+----------+
| Continuing operations | | | | |
+----------------------------------------+------+---------+---------+----------+
| Revenue | | - | - | - |
+----------------------------------------+------+---------+---------+----------+
| Cost of sales | | - | - | - |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Gross profit | | - | - | - |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Administrative expenses | | (307) | (1,116) | (1,337) |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Operating loss | | (307) | (1,116) | (1,337) |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Finance costs | | | | |
+----------------------------------------+------+---------+---------+----------+
| - Interest on bank overdraft and | 3 | (55) | (226) | (234) |
| loans | | | | |
+----------------------------------------+------+---------+---------+----------+
| - Foreign exchange gain on loan | | - | 102 | 308 |
| payable | | | | |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Loss before tax | | (362) | (1,240) | (1,263) |
+----------------------------------------+------+---------+---------+----------+
| Tax | | - | - | - |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Loss for the period from continuing | | (362) | (1,240) | (1,263) |
| operations | | | | |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Discontinued operations | | | | |
+----------------------------------------+------+---------+---------+----------+
| Profit for the period from | 4 | 1,667 | 1,472 | 440 |
| discontinued operations | | | | |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Profit/(loss) for the period | | 1,305 | 232 | (823) |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| (Loss)/earnings per share | 5 | | | |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Continuing operations | | | | |
+----------------------------------------+------+---------+---------+----------+
| - Basic (pence) | | (0.72) | (2.45) | (2.50) |
+----------------------------------------+------+---------+---------+----------+
| - Diluted (pence) | | (0.72) | (2.45) | (2.50) |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Discontinued operations | | | | |
+----------------------------------------+------+---------+---------+----------+
| - Basic (pence) | | 3.30 | 2.91 | 0.87 |
+----------------------------------------+------+---------+---------+----------+
| - Diluted (pence) | | 3.30 | 2.91 | 0.87 |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
| Total | | | | |
+----------------------------------------+------+---------+---------+----------+
| - Basic (pence) | | 2.58 | 0.46 | (1.63) |
+----------------------------------------+------+---------+---------+----------+
| - Diluted (pence) | | 2.58 | 0.46 | (1.63) |
+----------------------------------------+------+---------+---------+----------+
| | | | | |
+----------------------------------------+------+---------+---------+----------+
Consolidated statement of comprehensive income
+------------------------+---------------------+---------+---------+----------+
| | | 6 | 6 | Year |
| | | months | months | ended |
| | | to | to | 31 |
| | | 30 | 30 | December |
| | | June | June | 2009 |
| | | 2010 | 2009 | |
+------------------------+---------------------+---------+---------+----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+------------------------+---------------------+---------+---------+----------+
| | | | | |
+------------------------+---------------------+---------+---------+----------+
| Profit/(loss) for the | | 1,305 | 232 | (823) |
| period | | | | |
+------------------------+---------------------+---------+---------+----------+
| | | | | |
+------------------------+---------------------+---------+---------+----------+
| Other comprehensive | | | | |
| income/(expense) | | | | |
+------------------------+---------------------+---------+---------+----------+
| Exchange differences on translation of | - | (1,642) | (1,729) |
| foreign operations | | | |
+----------------------------------------------+---------+---------+----------+
| Tax taken directly to | | - | 6 | - |
| equity | | | | |
+------------------------+---------------------+---------+---------+----------+
| | | | | |
+------------------------+---------------------+---------+---------+----------+
| Other comprehensive income/(expense), net of | - | (1,636) | (1,729) |
| tax | | | |
+----------------------------------------------+---------+---------+----------+
| | | | | |
+------------------------+---------------------+---------+---------+----------+
| Total comprehensive income/(expense) for the | 1,305 | (1,404) | (2,552) |
| period | | | |
+----------------------------------------------+---------+---------+----------+
| | | | | |
+------------------------+---------------------+---------+---------+----------+
Consolidated statement of changes in equity
+---------------+---------+---------+---------+---------+----------+---------+
| | Share | Share | Share | Other | Retained | Total |
| | capital | premium | option | reserve | Earnings | GBP'000 |
| | GBP'000 | GBP'000 | reserve | GBP'000 | GBP'000 | |
| | | | GBP'000 | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Changes in | | | | | | |
| equity | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Profit for | - | - | - | - | 1,305 | 1,305 |
| the period | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Other | - | - | - | - | - | - |
| comprehensive | | | | | | |
| income for | | | | | | |
| the period | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Total | - | - | - | - | 1,305 | 1,305 |
| comprehensive | | | | | | |
| income for | | | | | | |
| the period | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Balance at 1 | 202 | 26,680 | - | 2,372 | (29,159) | 95 |
| January 2010 | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Balance at | 202 | 26,680 | - | 2,372 | (27,854) | 1,400 |
| 30 June 2010 | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
+---------------+---------+---------+---------+---------+----------+---------+
| | Share | Share | Share | Other | Retained | Total |
| | capital | premium | option | reserve | Earnings | GBP'000 |
| | GBP'000 | GBP'000 | reserve | GBP'000 | GBP'000 | |
| | | | GBP'000 | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Changes in | | | | | | |
| equity | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Profit for | - | - | - | - | 227 | 227 |
| the period | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Other | - | - | - | - | (1,636) | (1,636) |
| comprehensive | | | | | | |
| loss for the | | | | | | |
| period | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Total | - | - | - | - | (1,409) | (1,409) |
| comprehensive | | | | | | |
| loss for the | | | | | | |
| period | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Balance at 1 | 202 | 26,680 | 535 | 2,372 | (27,142) | 2,647 |
| January 2009 | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Share based | - | - | (225) | - | - | (225) |
| payment | | | | | | |
| transaction | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Balance at | 202 | 26,680 | 310 | 2,372 | (28,551) | 1,013 |
| 30 June 2009 | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
+---------------+---------+---------+---------+---------+----------+---------+
| | Share | Share | Share | Other | Retained | Total |
| | capital | premium | option | reserve | Earnings | GBP'000 |
| | GBP'000 | GBP'000 | reserve | GBP'000 | GBP'000 | |
| | | | GBP'000 | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Changes in | | | | | | |
| equity | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Loss for the | - | - | - | - | (823) | (823) |
| year | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Other | - | - | - | - | (1,729) | (1,729) |
| comprehensive | | | | | | |
| loss for the | | | | | | |
| year | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Total | - | - | - | - | (2,552) | (2,552) |
| comprehensive | | | | | | |
| loss for the | | | | | | |
| year | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Balance at 1 | 202 | 26,680 | - | 2,372 | (26,607) | 2,647 |
| January 2009 | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| Balance at | 202 | 26,680 | - | 2,372 | (29,159) | 95 |
| 31 December | | | | | | |
| 2009 | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
| | | | | | | |
+---------------+---------+---------+---------+---------+----------+---------+
Consolidated statement of financial position
+---------------------------------------+------+----------+----------+----------+
| | | 30 | 30 | 31 |
| | | June | June | December |
| | | 2010 | 2009 | 2009 |
+---------------------------------------+------+----------+----------+----------+
| | Note | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+------+----------+----------+----------+
| Assets | | | | |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| Current assets | | | | |
+---------------------------------------+------+----------+----------+----------+
| Trade and other receivables | | 837 | 802 | 84 |
+---------------------------------------+------+----------+----------+----------+
| Cash and cash equivalents | | 992 | 953 | 488 |
+---------------------------------------+------+----------+----------+----------+
| Assets held for sale | | - | 11,678 | 11,019 |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| Total current assets | | 1,829 | 13,433 | 11,591 |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| Total assets | | 1,829 | 13,433 | 11,591 |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| Liabilities | | | | |
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| Current liabilities | | | | |
+---------------------------------------+------+----------+----------+----------+
| Trade and other payables | | (429) | (3,965) | (1,114) |
+---------------------------------------+------+----------+----------+----------+
| Provisions | | - | - | (965) |
+---------------------------------------+------+----------+----------+----------+
| Obligations under finance leases | | - | (6) | - |
+---------------------------------------+------+----------+----------+----------+
| Bank loans and overdrafts | 3 | - | (3,750) | (3,509) |
+---------------------------------------+------+----------+----------+----------+
| Liabilities directly associated with | | - | (4,699) | (5,908) |
| assets classified as held for sale | | | | |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| Total current liabilities | | (429) | (12,420) | (11,496) |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| Total liabilities | | (429) | (12,420) | (11,496) |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| TOTAL NET ASSETS | | 1,400 | 1,013 | 95 |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| Equity | | | | |
+---------------------------------------+------+----------+----------+----------+
| Share capital | | 202 | 202 | 202 |
+---------------------------------------+------+----------+----------+----------+
| Share premium account | | 26,680 | 26,680 | 26,680 |
+---------------------------------------+------+----------+----------+----------+
| Share option reserve | | - | 310 | - |
+---------------------------------------+------+----------+----------+----------+
| Other reserves | | 2,372 | 2,372 | 2,372 |
+---------------------------------------+------+----------+----------+----------+
| Retained deficit | | (27,854) | (28,551) | (29,159) |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
| TOTAL EQUITY | | 1,400 | 1,013 | 95 |
+---------------------------------------+------+----------+----------+----------+
| | | | | |
+---------------------------------------+------+----------+----------+----------+
Consolidated statement of cash flows
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | 6 | 6 | | |
| | | 6 | 6 | months | months | | |
| | | months | months | to 30 | to 30 | Year | Year |
| | | to 30 | to 30 | June | June | ended | ended |
| | | June | June | 2009 | 2009 | 31 | 31 |
| | | 2010 | 2010 | | | December | December |
| | | | | | | 2009 | 2009 |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| |Note | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Profit/(loss) for | | | | | | | |
| the period | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Continuing | | | (362) | | (1,240) | | (1,263) |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Discontinued | | | 1,667 | | 1,472 | | 440 |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Adjustments for: | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Finance expense | | 55 | | 226 | | 234 | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Gain arising on | | (1,667) | | (1,102) | | (273) | |
| disposal of | | | | | | | |
| discontinued | | | | | | | |
| operations | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Income tax expense | | - | | 182 | | 323 | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Depreciation and | | - | | 99 | | 530 | |
| amortisation | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Foreign exchange | | (2) | | (102) | | (308) | |
| revaluation | | | | | | | |
| loss/(gain) | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Share based payment | | - | | (226) | | - | |
| expenses | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Movement in | | - | | - | | (807) | |
| provisions | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | (1,614) | | (923) | | (301) |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Operating cash flows | | | (309) | | (691) | | (1,124) |
| before movements in | | | | | | | |
| working capital | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| (Increase)/decrease | | | (299) | | 3,007 | | 5,912 |
| in trade and other | | | | | | | |
| receivables | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Decrease in trade | | | (1,498) | | (3,490) | | (5,706) |
| and other payables | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Cash (used | | | (2,106) | | (1,174) | | (918) |
| in)/generated by | | | | | | | |
| operations | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Taxation received | | | - | | - | | 535 |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Interest paid | | | (55) | | (220) | | (477) |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Net cash from | | | (2,161) | | (1,394) | | (860) |
| operating activities | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Investing activities | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Disposal of | | 6,232 | | 2,955 | | 2,079 | |
| subsidiaries net of | | | | | | | |
| costs | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Interest received | | - | | 4 | | - | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Net cash generated | | | 6,232 | | 2,959 | | 2,079 |
| from investing | | | | | | | |
| activities | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Financing activities | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Repayment of | | (3,509) | | (2,918) | | (2,901) | |
| borrowings | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Finance lease | | - | | 5 | | - | |
| obligations | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Net cash used in | | | (3,509) | | (2,913) | | (2,901) |
| financing activities | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Net | | | 562 | | (1,348) | | (1,682) |
| increase/decrease | | | | | | | |
| in cash and cash | | | | | | | |
| equivalents | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Cash and cash | | | 488 | | 3,704 | | 3,704 |
| equivalents at | | | | | | | |
| beginning of period | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Effect of foreign | | | (58) | | 49 | | (535) |
| exchange rate | | | | | | | |
| changes | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Cash balance held | | | - | | - | | (999) |
| within assets held | | | | | | | |
| for sale | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| Cash and cash | | | 992 | | 2,405 | | 488 |
| equivalents at end | | | | | | | |
| of period | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+----------------------+------+---------+---------+---------+---------+----------+----------+
Directex Realisations plc
Notes forming part of the unaudited interim results for the period ended 30 June
2010
1 Financial information
The financial information for the period ended 30 June 2010 and the comparative
figures for the period ended 30 June 2009 have not been reviewed or audited by
the Group's auditors and have been prepared on the basis of the accounting
policies adopted by the Group under IFRS. The same accounting policies and
methods of computation are followed in the interim financial report as published
by the company on 29 June 2010 in its annual financial statements, which are
available on the Company's website at www.directex.co.uk.
The comparative figures for the year ended 31 December 2009 have been prepared
under IFRS. They do not constitute statutory accounts as defined by the
Companies Act 2006. The accounts for the year ended 31 December 2009 received
an unmodified auditor's report and have been filed with the Registrar of
Companies.
Copies of this statement will be available to members of the public at the
Company's registered office: c/o Dawnay, Day Lander Limited, York House, 74-82
Queen Victoria Street, London, EC4N 4SJ and on its website www.directex.co.uk.
2 Segment information
Segmental information is presented in respect of the Group's primary business
segments. Segmental results, assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on a reasonable
basis. Continuing operations comprise principally head office and investment
management expenses.
The Group's primary reporting format for reporting segment information is
business segments.
Results - Six months ended 30 June 2010
+-----------------------------------------+------------+--------------+
| | Continuing | Discontinued |
| | operations | operations |
| | GBP'000 | GBP'000 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Revenue | - | - |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Operating loss | (307) | - |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Gain on disposal | - | 1,667 |
+-----------------------------------------+------------+--------------+
| Finance expense | (55) | - |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| (Loss)/profit for the period before | (362) | 1,667 |
| taxation | | |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Taxation | - | - |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| (Loss)/profit for the period | (362) | 1,667 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
2Segment information (continued)
Results - Six months ended 30 June 2009
+-----------------------------------------+------------+--------------+
| | Continuing | Discontinued |
| | operations | operations |
| | GBP'000 | GBP'000 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Revenue | - | 7,997 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Operating (loss)/profit from operations | (1,116) | 1,654 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Finance expense | (226) | - |
+-----------------------------------------+------------+--------------+
| Foreign exchange gain on loan payable | 102 | - |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| (Loss)/profit for the period before | (1,240) | 1,654 |
| taxation | | |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Taxation | - | (182) |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| (Loss)/profit for the period | (1,240) | 1,472 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
Results - Year ended 31 December 2009
+-----------------------------------------+------------+--------------+
| | Continuing | Discontinued |
| | operations | operations |
| | GBP'000 | GBP'000 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Revenue | - | 14,997 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Operating (loss)/profit from operations | (1,337) | 490 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Gain on disposal | - | 273 |
+-----------------------------------------+------------+--------------+
| Finance income | 74 | - |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| (Loss)/profit for the year before | (1,263) | 763 |
| taxation | | |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| Taxation | - | (323) |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
| (Loss)/profit for the year | (1,263) | 440 |
+-----------------------------------------+------------+--------------+
| | | |
+-----------------------------------------+------------+--------------+
3 Finance expense and bank debt
The finance expense of GBP55,000 relates to interest on the Group's loans with
Barclays Bank, which were repaid in full in January 2010. The Group had no bank
debt outstanding at the period end.
4 Discontinued operations
Discontinued operations relate to the activities of Netcollections and
Directinet (and in 2009 also NP6, which was sold in April 2009). Netcollections
and Directinet were sold in January 2010 for an initial consideration of
EUR7,350,000, which was subject to a net assets adjustment. Following some
negotiation with the buyer in relation to the treatment of certain items
included in the buyer's proposed net assets determination, the final
consideration has been agreed as EUR7,560,000, all of which has now been received.
5 Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
+--------------------------------------+---------+---------+----------+
| | 6 | 6 | Year |
| | months | months | ended |
| | to | to | 31 |
| | 30 | 30 | December |
| | June | June | 2009 |
| | 2010 | 2009 | GBP'000 |
| | GBP'000 | GBP'000 | |
+--------------------------------------+---------+---------+----------+
| Including discontinued operations | | | |
+--------------------------------------+---------+---------+----------+
| | | | |
| Earnings | | | |
+--------------------------------------+---------+---------+----------+
| Earnings/(loss) for the purposes of | | | |
| basic and diluted earnings/(loss) | 1,305 | 232 | (823) |
| per share | | | |
+--------------------------------------+---------+---------+----------+
| | | | |
+--------------------------------------+---------+---------+----------+
| | No.'000 | No.'000 | No.'000 |
+--------------------------------------+---------+---------+----------+
| Number of shares | | | |
+--------------------------------------+---------+---------+----------+
| Weighted average number of ordinary | | | |
| shares for the purposes of basic and | 50,518 | 50,518 | 50,518 |
| diluted earnings/(loss) per share | | | |
+--------------------------------------+---------+---------+----------+
| | | | |
+--------------------------------------+---------+---------+----------+
+--------------------------------------+---------+---------+----------+
| From continuing operations | 6 | 6 | Year |
| | months | months | ended |
| | to | to | 31 |
| | 30 | 30 | December |
| | June | June | 2009 |
| | 2010 | 2009 | GBP'000 |
| | GBP'000 | GBP'000 | |
+--------------------------------------+---------+---------+----------+
| | | | |
+--------------------------------------+---------+---------+----------+
| Earnings/(loss) for the purposes of | | | |
| basic and diluted earnings/(loss) | 1,305 | 232 | (823) |
| per share | | | |
+--------------------------------------+---------+---------+----------+
| Adjustment to exclude profit for the | (1,667) | (1,472) | (440) |
| period from discontinued operations | | | |
+--------------------------------------+---------+---------+----------+
| | | | |
+--------------------------------------+---------+---------+----------+
| Loss from continuing operations for | | | |
| the purposes of basic and diluted | (362) | (1,240) | (1,263) |
| earnings per share excluding | | | |
| discontinued operations | | | |
+--------------------------------------+---------+---------+----------+
| | | | |
+--------------------------------------+---------+---------+----------+
| | | | |
+--------------------------------------+---------+---------+----------+
The company has in issue warrants to subscribe for up to 3 million ordinary
shares at 0.4 pence per share. There is no dilutive effect from the warrants in
issue in view of the loss from continuing operations.
6 Dividend
The Board is not recommending the payment of an interim dividend for the period
ended 30 June 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUWPBUPUGBR
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