TIDMFMJ
RNS Number : 3615X
Formjet PLC
13 August 2009
FORMJET PLC
("FORMJET", OR "THE COMPANY")
(AIM:FMJ)
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30th JUNE 2009
Formjet, the AIM listed alternative software vendor, announces today half-yearly
results for the six month period ended 30th June 2009.
HIGHLIGHTS
Trading:
* Six months sales ended 30 June 2009 GBP1,449,659, (2008: GBP1,747,421)
* Decline in total sales mainly due to reduced sales in Panda, now sold, and
non-core activities now discontinued
* Sales of ASI Ability branded products increased by GBP220,000 in six months
ended 30 June 2009, compared with the same period in 2008
* Operating loss before exceptionals GBP113,897 (2008: GBP74,323 loss)
* Loss for period GBP186,162 (2008: 83,539)
* Gross margin 60.3%, reduction in overheads of 12% due to savings achieved in Q2,
further savings targeted in Q3
* Strong credit control reduces debtor balances by 36.8%
Post Period Events:
* Panda Software subsidiary sold on 8 July 2009 for a consideration of
GBP1,200,000 payable by instalments, with a further GBP200,000 subject to
certain performance criteria.
* Discontinuance of non-core trading activities, main ongoing trading focus on ASI
Ability and a significantly reduced overhead structure.
* Mr Tony Lee steps down as CEO and continues as FD. Mr David Hennell steps down
from board to focus on ASI Ability.
* Mr Andrew Monk appointed as CEO with effect from 1 September 2009. Mr Monk
acquires 24% of enlarged share capital out of a placing in July 2009 which
raised GBP250,000 before expenses.
* Ongoing strategy: increased scale through expansion of remaining business plus
suitable acquisitions.
Commenting on today's results, Lyndon Chapman, Executive Chairman of Formjet,
said :
"The Company has weathered a serious storm. The restructuring of the Formjet plc
Group has not been easy, but recent actions enable it to grow with positive cash
balances, a strong balance sheet, reduced costs and a new determined CEO. The
board looks forward to working closely with him and delivering shareholders
results for their continued support."
Finance Director, Tony Lee added :
"Losses before exceptional items for the first 6 months of the period increased
from GBP74,323 in 2008 to GBP113,897, although losses slowed considerably in Q2
to GBP23,000 due to reduced costs."
ENQUIRIES:
Formjet plc
Tel: 01293 848 860
Lyndon Chapman, Executive Chairman
Tony Lee, Finance Director
www.formjetplc.com
Dowgate Capital Advisers Ltd
Tel: 020 7492 4777
Liam Murray or Jo Turner
www.dowgatecapitaladvisers.co.uk
Dowgate Capital Stockbrokers Ltd Tel:
01293 517 744
Neil Badger, Broker
www.dowgatecapitalstockbrokers.co.uk
Notes to Editors:
Formjet plc
Formjet plc is a UK-based company with a highly distinctive business model. It
acquires territorial rights to 'alternative' software products, and markets,
sells, distributes and supports these products in place of the vendor in
worldwide markets. The strategy has at its heart the proposition that the
Company can acquire product lines in territories of at least one country without
the expense of either product development or the creation of IPR.
Alternative Products
* Ability Software International (ASI) distributes a powerful suite of office
products which, as well as being sold under their own branding, form an integral
part of the white label opportunities that Formjet is creating. Ability Software
International has also developed the ASI Business Software range. This comprises
nine titles, which include fully comprehensive office and graphics suites, a
business plan development application, small business accounting, staff records
management and a remote access tool called BeAnywhere.
* EdAlive edutainment software has opened up a new and growing market for Formjet
and now covers a wide range of core subjects including maths, word skills and
spelling.
* Formjet Innovations operates a distribution agreement for the sale of Panda
Security consumer products in the UK.
Alternative Routes to Market
* Formjet Innovations is the specialist distribution arm of the Formjet Group
focusing on its alternative product range and associated alternative routes to
market. The focus here is on creating "white label" software, targeting retail
and brand leaders
Chairman's Statement
The Board is pleased to announce the half-yearly results for 2009. During the
period, management's main priorities have been to stabilise the business and
provide a platform for future growth.
In order to achieve this, it has been necessary to make difficult decisions to
deliver the desired cost savings. All aspects of the business have been reviewed
resulting in the closure or disposal of loss making activities whilst retaining
the basic infrastructures to continue to grow the Company. Staffing levels have
been reduced in all non-sales areas and head office costs have been cut
including directors' salaries.
An important development in the first six months, but completed immediately post
period was the disposal of Panda Software (UK) Ltd. Panda was the main focus of
the business for many years but our ASI Ability range was developed to provide
an alternative strand for the ongoing business in the event of termination of
the UK Panda franchise. Fortunately this never happened although it became
apparent that the IPR holder, Panda Security S.L., intended to take franchises
in important markets into direct ownership. With the UK licence due to expire in
December 2010 it was deemed appropriate to commence negotiations for the
disposal of the business early and I am pleased to report that a successful sale
was achieved on 8 July 2009.
Unconnected with the disposal of Panda, Mr Andrew Monk has taken an important
stake in the business with a view to engaging an investment and acquisition
strategy. He has been appointment as CEO at a nominal salary of GBP1,200 per
annum until the Company returns to profitability. Mr Monk takes up his position
on the 1 September 2009.
The Company continues to grow its alternative software product range and entry
points into new markets. We have significantly expanded our ASI product
offering, which now consists of nine titles including a completely new version
of our Ability Office Suite and a new innovative product ASI BeAnywhere, both of
which are receiving encouraging reviews. Recent successes include the products
being sold through DABs and DSGI, whose brands include Dixons, Currys and PC
World amongst others, with continued sales through Tesco, Asda and other leading
retailers.
The Group's expanding product range is now being considered as pre-install
software by major computer manufacturers. The recent launch of the Intel Atom
processor and its adoption into the new breed of cost-effective sub-notebooks
has resulted in Ability Office being supplied with thousands of machines,
significantly improving the brand awareness and providing further credibility to
the entire product range.
Our EdAlive edutainment software range is expected to boost sales as the Company
further strengthens its relationships with major retailers and, under the terms
of the Panda disposal, Formjet Innovations Limited retains the rights to
distribute the Panda retail product range.
The next 12 months will be a defining period for the Group with a more focused
product range supporting our existing business model and potential acquisition
activity.
Management remains mindful that, given the current market conditions, bad debts
are an issue that need to be considered by all companies and we continue to
deliver strong credit control and debtor collections.
The Company has weathered a serious storm. The restructuring of the Formjet plc
Group has not been easy, but recent actions enable it to grow with positive cash
balances, reduced costs and a new and determined CEO. The board looks forward to
working closely with him and delivering shareholders results for their continued
support.
Lyndon Douglas Chapman
Executive Chairman
Formjet plc
Finance Director's Statement
Although Group sales were up year-on-year in 4 of the first 5 months of 2009, a
particularly strong June in 2008 was not repeated and sales for the first six
months of 2009 fell 17% on the previous year. Losses before exceptional items
for the six month period to 30 June 2009 increased from GBP74,323 to GBP113,897.
Gross margins were improved to 60.3% from the 54% achieved over the 12 months
ended 31 December 2008.
Our cost reduction programme, begun in March 2009 delivered just under
GBP200,000 of like-for-like overhead reductions on the six months ended 30 June
2008 with an expected GBP500,000 saving for the full year. The restructuring
costs are included under exceptional items in the Income Statement. Trading
losses before exceptional items were reduced substantially in the second quarter
of 2009 as a result from a GBP91,000 loss in the first quarter to a GBP23,000
loss in the second quarter.
Despite the difficult economic environment, our focus on credit control
delivered strong debtor collections in the period reducing trade and other
receivables by 36.8% from GBP1,250,528 to GBP790,086.
Net overdrawn cash balances increased from GBP92,000 to GBP167,000 with the
Group replacing its invoice discounting facilities with an overdraft during the
period. With the cost savings achieved from our restructure, together with the
proceeds from the Panda disposal and the share placing in July, the Group has
adequate cash to meet its obligations.
Tony Lee
Finance Director
+------------------------------------+------------------------------------+-------------+-------------+
| CONSOLIDATED INCOME STATEMENT |
+-----------------------------------------------------------------------------------------------------+
| For the period to 30 June 2009 | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | | | 31-Dec-08 |
+ +------------------------------------+-------------+ +
| | 30-Jun-09 | 30-Jun-08 | |
+ +------------------------------------+-------------+ +
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| | (Unaudited) |(Unaudited) | (Audited) |
+------------------------------------+------------------------------------+-------------+-------------+
| | GBP | GBP | GBP |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Group Revenue - continuing | 1,449,659 | 1,747,421 | 3,592,144 |
| operations | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Cost of sales | (575,490) | (645,565) | (1,652,428) |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| Gross profit | 874,169 | 1,101,856 | 1,939,716 |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Administrative expenses | (1,034,904) | (1,176,179) | (2,751,772) |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Operating loss | (160,735) | (74,323) | (812,056) |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Analysed as: | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Operating loss before exceptional | (113,897) | (74,323) | (292,457) |
| items | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Exceptional items | (46,838) | - | (519,599) |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| Operating loss | (160,735) | (74,323) | (812,056) |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Finance income | 713 | 3,304 | 6,514 |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Finance expenses | (26,140) | (12,520) | (39,513) |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| Loss for the period | (186,162) | (83,539) | (845,055) |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Basic and diluted loss per share | | | |
| from continuing and total | | | |
| operations (note 2) | | | |
+ +------------------------------------+-------------+-------------+
| | (0.07p) | (0.06p) | (0.47p) |
+------------------------------------+------------------------------------+-------------+-------------+
| | ______ | ______ | ______ |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
+------------------------------------+------------------------------------+-------------+------------+
| STATEMENT OF CHANGES IN EQUITY |
+----------------------------------------------------------------------------------------------------+
| For the period to 30 June 2009 | | | |
+------------------------------------+------------------------------------+-------------+------------+
| | | | |
+------------------------------------+------------------------------------+-------------+------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | | | 31-Dec-08 |
+ +------------------------------------+-------------+ +
| | 30-Jun-09 | 30-Jun-08 | |
+------------------------------------+------------------------------------+-------------+------------+
| | (Unaudited) |(Unaudited) | (Audited) |
+------------------------------------+------------------------------------+-------------+------------+
| | GBP | GBP | GBP |
+------------------------------------+------------------------------------+-------------+------------+
| | | | |
+------------------------------------+------------------------------------+-------------+------------+
| Loss for the financial period | (186,162) | (83,539) | (845,055) |
+------------------------------------+------------------------------------+-------------+------------+
| | | | |
+------------------------------------+------------------------------------+-------------+------------+
| Issue of share capital | - | - | 823,706 |
+------------------------------------+------------------------------------+-------------+------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+------------+
| Net decrease in shareholders' | (186,162) | (83,539) | (21,349) |
| equity | | | |
+------------------------------------+------------------------------------+-------------+------------+
| | | | |
+------------------------------------+------------------------------------+-------------+------------+
| Equity at the start of the period | 2,452,276 | 2,473,625 | 2,473,625 |
+------------------------------------+------------------------------------+-------------+------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+------------+
| Equity at the end of the period | 2,266,114 | 2,390,086 | 2,452,276 |
+------------------------------------+------------------------------------+-------------+------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+------------+
+------------------------------------+------------------------------------+-------------+-------------+
| CONSOLIDATED BALANCE SHEET |
+-----------------------------------------------------------------------------------------------------+
| As at 30 June 2009 | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| | As at | As at | As at |
+ +------------------------------------+-------------+-------------+
| | 30-Jun-09 | 30-Jun-08 | 31-Dec-08 |
+------------------------------------+------------------------------------+-------------+-------------+
| | (Unaudited) |(Unaudited) | (Audited) |
+------------------------------------+------------------------------------+-------------+-------------+
| | GBP | GBP | GBP |
+------------------------------------+------------------------------------+-------------+-------------+
| ASSETS | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Non-current assets | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Property, plant and equipment | 913,418 | 949,036 | 925,062 |
+------------------------------------+------------------------------------+-------------+-------------+
| Goodwill | 562,207 | 562,207 | 562,207 |
+------------------------------------+------------------------------------+-------------+-------------+
| Investment held to maturity | 342,852 | - | 208,085 |
+------------------------------------+------------------------------------+-------------+-------------+
| Other intangible assets | 403,813 | 391,408 | 446,308 |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| | 2,222,289 | 1,902,651 | 2,141,662 |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| Current assets | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Inventories | 226,256 | 195,428 | 273,408 |
+------------------------------------+------------------------------------+-------------+-------------+
| Trade and other receivables | 790,086 | 1,646,286 | 1,250,528 |
+------------------------------------+------------------------------------+-------------+-------------+
| Cash and cash equivalents | 32,097 | 296,399 | 298,345 |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| | 1,048,438 | 2,138,113 | 1,822,281 |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| Total assets | 3,270,728 | 4,040,764 | 3,963,943 |
+------------------------------------+------------------------------------+-------------+-------------+
| | ________ | ________ | ________ |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+ + + +
| EQUITY AND LIABILITIES | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Equity attributable to equity | | | |
| holders of the parent | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Share capital | 500,306 | 259,546 | 500,306 |
+------------------------------------+------------------------------------+-------------+-------------+
| Share premium | 3,901,973 | 3,319,027 | 3,901,973 |
+------------------------------------+------------------------------------+-------------+-------------+
| Share to be issued reserve | - | - | - |
+------------------------------------+------------------------------------+-------------+-------------+
| Retained earnings | (2,136,165) | (1,188,487) | (1,950,003) |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| Total equity | 2,266,114 | 2,390,086 | 2,452,276 |
+------------------------------------+------------------------------------+-------------+-------------+
| | ________ | ________ | ________ |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Non-current liabilities | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Long-term borrowings | 285,201 | 333,991 | 314,536 |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
| Total non-current liabilities | 285,201 | 333,991 | 314,536 |
+------------------------------------+------------------------------------+-------------+-------------+
| | ________ | ________ | ________ |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Current liabilities | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Trade and other payables | 678,690 | 1,274,629 | 1,156,042 |
+------------------------------------+------------------------------------+-------------+-------------+
| Short term borrowings | - | - | |
+------------------------------------+------------------------------------+-------------+-------------+
| Current portion of long-term | 40,722 | 42,058 | 41,089 |
| borrowings | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| | ________ | ________ | ________ |
+------------------------------------+------------------------------------+-------------+-------------+
| Total current liabilities | 719,412 | 1,316,687 | 1,197,131 |
+------------------------------------+------------------------------------+-------------+-------------+
| | ________ | ________ | ________ |
+------------------------------------+------------------------------------+-------------+-------------+
| | | | |
+------------------------------------+------------------------------------+-------------+-------------+
| Total liabilities | 1,004,614 | 1,650,678 | 1,511,667 |
+------------------------------------+------------------------------------+-------------+-------------+
| | ________ | ________ | ________ |
+------------------------------------+------------------------------------+-------------+-------------+
| Total equity and liabilities | 3,270,728 | 4,040,764 | 3,963,943 |
+------------------------------------+------------------------------------+-------------+-------------+
| | _______ | _______ | _______ |
+------------------------------------+------------------------------------+-------------+-------------+
+------------+------------+--------------------------------+-------------+-------------+------------+
| | | | | |
+-------------------------+--------------------------------+-------------+-------------+------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | | | 31-Dec-08 |
+ +-------------+-------------+ +
| | 30-Jun-09 | 30-Jun-08 | |
+----------------------------------------------------------+-------------+-------------+------------+
| |(Unaudited) |(Unaudited) | (Audited) |
+----------------------------------------------------------+-------------+-------------+------------+
| | GBP | GBP | GBP |
+----------------------------------------------------------+-------------+-------------+------------+
| Cash flows from operating activities | | | |
+----------------------------------------------------------+-------------+-------------+------------+
| Operating loss | (160,735) | (74,323) | (812,056) |
+----------------------------------------------------------+-------------+-------------+------------+
| Adjustments for: | | | |
+----------------------------------------------------------+-------------+-------------+------------+
| | Depreciation | 23,056 | 35,000 | 66,924 |
+------------+---------------------------------------------+-------------+-------------+------------+
| | Amortisation | 42,495 | 31,800 | 143,850 |
+------------+---------------------------------------------+-------------+-------------+------------+
| | Equity-settled share-based payment expense | - | - | - |
+------------+---------------------------------------------+-------------+-------------+------------+
| | Inventories | 47,152 | 10,661 | (67,319) |
+------------+---------------------------------------------+-------------+-------------+------------+
| | Trade and other receivables | 460,442 | (216,170) | 179,588 |
+------------+---------------------------------------------+-------------+-------------+------------+
| | Trade and other payables | (477,352) | 183,836 | 65,249 |
+------------+---------------------------------------------+-------------+-------------+------------+
| | ______ | ______ | ______ |
+----------------------------------------------------------+-------------+-------------+------------+
| Net cash flows used in operating activities | (64,941) | (29,196) | (423,764) |
+----------------------------------------------------------+-------------+-------------+------------+
| | ______ | ______ | ______ |
+----------------------------------------------------------+-------------+-------------+------------+
| Cash flows from investing activities | | | |
+----------------------------------------------------------+-------------+-------------+------------+
| Investments held to maturity | (134,767) | - | (208,085) |
+----------------------------------------------------------+-------------+-------------+------------+
| Purchase of property, plant and equipment | (11,412) | (10,972) | (18,922) |
+----------------------------------------------------------+-------------+-------------+------------+
| Purchase of intangible fixed assets | - | (93,873) | (260,823) |
+----------------------------------------------------------+-------------+-------------+------------+
| Interest received | 713 | 3,304 | 6,514 |
+----------------------------------------------------------+-------------+-------------+------------+
| | ______ | ______ | ______ |
+----------------------------------------------------------+-------------+-------------+------------+
| Net cash used in investing activities | (145,465) | (101,541) | (481,316) |
+----------------------------------------------------------+-------------+-------------+------------+
| | ______ | ______ | ______ |
+----------------------------------------------------------+-------------+-------------+------------+
| | | | |
+----------------------------------------------------------+-------------+-------------+------------+
| Cash flows from financing activities | | | |
+----------------------------------------------------------+-------------+-------------+------------+
| Proceeds from issue of ordinary shares | - | - | 902,846 |
+----------------------------------------------------------+-------------+-------------+------------+
| Costs of issuing shares | - | - | (79,140) |
+----------------------------------------------------------+-------------+-------------+------------+
| Decrease in borrowings | (29,702) | (165,239) | (185,663) |
+----------------------------------------------------------+-------------+-------------+------------+
| Interest paid | (26,140) | (12,520) | (39,513) |
+----------------------------------------------------------+-------------+-------------+------------+
| | ______ | ______ | ______ |
+----------------------------------------------------------+-------------+-------------+------------+
| Net cash used in financing activities | (55,842) | (177,759) | 598,530 |
+----------------------------------------------------------+-------------+-------------+------------+
| | ______ | ______ | ______ |
+----------------------------------------------------------+-------------+-------------+------------+
| | | | |
+----------------------------------------------------------+-------------+-------------+------------+
| Net decrease in cash and cash equivalents | (266,248) | (308,496) | (306,550) |
+----------------------------------------------------------+-------------+-------------+------------+
| | | | |
+----------------------------------------------------------+-------------+-------------+------------+
| Cash and cash equivalents at beginning of period | 298,345 | 604,895 | 604,895 |
+----------------------------------------------------------+-------------+-------------+------------+
| | ______ | ______ | ______ |
+----------------------------------------------------------+-------------+-------------+------------+
| Cash and cash equivalents at end of period | 32,097 | 296,399 | 298,345 |
+----------------------------------------------------------+-------------+-------------+------------+
| | ______ | ______ | ______ |
+------------+------------+--------------------------------+-------------+-------------+------------+
Notes to the unaudited half-yearly report
+-----------+----------------+----------------+----------------+----------------+-------------+--------+
| 1. Basis of | | |
| preparation | | |
+----------------------------+---------------------------------+------------------------------+
| | | |
+----------------------------+---------------------------------+------------------------------+
| This announcement was approved by the Board of directors on 12 August 2009. The |
| financial information set out in this interim statement has been prepared under |
| IFRSs as adopted by the European Union and on the basis of the accounting policies |
| set out in the statutory accounts of Formjet plc for the year ended 31 December |
| 2008, with the exception of the adoption of IAS 1 (revised). This report is not |
| prepared in accordance with IAS 34 which is currently not mandatory. This interim |
| statement has not been audited. |
| The financial information does not constitute statutory accounts within the meaning |
| of section 434 of the |
| Companies Act 2006. Statutory accounts for Formjet Group plc for the year ended 31 |
| December 2008 |
| reported under IFRS, on which the auditors gave an unqualified opinion, have been |
| delivered to the |
| Registrar of Companies. |
+---------------------------------------------------------------------------------------------+
| | | |
+----------------------------+---------------------------------+------------------------------+
| 2. Earnings per | | |
| ordinary share | | |
+----------------------------+---------------------------------+------------------------------+
| | | |
+----------------------------+---------------------------------+------------------------------+
| The calculation of basic earnings per ordinary share is based on the result for the |
| period, for continuing |
| operations as well as total acquisitions, and the weighted average number of shares |
| in issue during the |
| period. |
+---------------------------------------------------------------------------------------------+
| | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| Weighted | 250,153,145 | 129,773,025 |180,153,145 |
| average | | | |
| number | | | |
| of | | | |
| ordinary | | | |
| shares | | | |
| in issue | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| Dilutive | 21,534,997 | 16,476,393 | 23,612,992 |
| potential | | | |
| ordinary | | | |
| shares: | | | |
| Employee | | | |
| share | | | |
| options | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| Loss | (186,162) | (83,539) | (845,055) |
| after | | | |
| tax | | | |
| (GBP) | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| Basic | (0.07p) | (0.06p) | (0.47p) |
| earnings | | | |
| per | | | |
| share - | | | |
| pence | | | |
| per | | | |
| share | | | |
| (p) | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| Diluted | (0.07p) | (0.06p) | (0.47p) |
| earnings | | | |
| per | | | |
| share - | | | |
| pence | | | |
| per | | | |
| share | | | |
| (p) | | | |
+ + + + +
| | | | | |
+-----------+---------------------------------+---------------------------------+-------------+--------+
| | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| 3. | | | |
| Segmental | | | |
| Reporting | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| | | | |
+-----------+---------------------------------+---------------------------------+-------------+
| In the opinion of the directors the Group's core activities are the sales and |
| distribution of computer |
| software, hardware and consumables as carried out by the subsidiary companies |
| within the United |
| Kingdom. The primary segmental information relating to business segments and the |
| secondary |
| segmental geographical information is considered immaterial. |
+---------------------------------------------------------------------------------------------+
| | | |
+----------------------------+---------------------------------+------------------------------+
| 4. Due to the Company's | | |
| losses, no taxation | | |
| charge has arisen for | | |
| the period. | | |
+----------------------------+---------------------------------+------------------------------+
| | | |
+----------------------------+---------------------------------+------------------------------+
| 5. The Directors have | | |
| not declared an interim | | |
| dividend. | | |
+----------------------------+---------------------------------+------------------------------+
| | | |
+----------------------------+---------------------------------+------------------------------+
| 6. The financial statements for the six months ended 30 June 2009 were approved by |
| the Board of |
| Directors on 12 August 2009. |
+---------------------------------------------------------------------------------------------+
| | | |
+----------------------------+---------------------------------+------------------------------+
| These financial statements do not constitute statutory accounts within the meaning |
| of the Companies |
| Act 2006 and are neither reviewed nor audited. |
+---------------------------------------------------------------------------------------------+
| | | |
+----------------------------+---------------------------------+------------------------------+
| 7. Copies of this statement are available to shareholders and members of the |
| public, free of charge, |
| from the Company's registered office at Innovation House, Windsor Place, Faraday |
| Road, Crawley, |
| West Sussex, RH10 9TF. |
+-----------+----------------+----------------+----------------+----------------+-------------+--------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EANPAFFFNEFE
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