TIDMOCR
RNS Number : 5762P
OneClickHR PLC
27 March 2009
Embargoed Release: 07:00hrs Friday 27 March 2009
OneClickHR plc
("OneClickHR" the "Group")
Preliminary Results for the year ended 31 December 2008
OneClickHR, the AIM quoted HR software, training services and solutions
provider, is pleased to announce its preliminary results for the year ended 31st
December 2009 (the 'period').
Highlights:
* Pre-tax profits of GBP304,000, ahead of market expectation (2007: pre-tax loss
of GBP46,000).
* Earnings per share (both basic and diluted) at 0.19p (2007: loss per share
0.03p)
* Cash balances strengthened to GBP861,000 (2007:GBP422,000)
* 73 new HR.net clients added in 2008 (2007: 48)
* New blue chip clients including: Hilton Hotels, Savills, Foster Wheeler, EMI
Music, Rentokil Initial
Frank Beechinor, OneClickHR's chief executive officer, commented:
"In 2008, we achieved our goals of profitability and cash generation. Our HR
software solution HR.net is attracting new multinational corporations and
its SaaS offering maintains strong appeal. We remain careful with our costs and
combined with our strengthened cash balances and debt-free position, we believe
we can continue to grow successfully in 2009."
Enquiries:
OneClickHR plc www.oneclickhrplc.com +44 (0)
844 7700 250
Frank Beechinor, CEO / Stephen Oliver, CFO
KBC Peel Hunt Ltd, Nominated Adviser and Broker +44 (0)20 7418
8900
Oliver Scott / Oliver Stratton
Hansard Group
+44 (0) 207 245 1100
Adam Reynolds / Vikki Krause
About HR.net
Designed and developed by OneClickHR plc the software was designed for rapid
deployment in a standard web enabled environment, all users need is an internet
browser.
Available as a traditional licence purchase or as a SaaS (Software as a Service)
solution HR.net provides total flexibility to enable clients to configure their
entire HR processes to meet local, national, international and company specific
requirements. Annual Appraisals, Employee Self Service, E-Recruitment,
Performance Management, Talent Management and Salary Reviews can all be swiftly
implemented with the confidence of using up to date and accurate data .
Chairman's statement
Financial review
I am delighted to report that in 2008 the Group delivered its stated financial
objectives of profitability and cash generation whilst simultaneously developing
and expanding the market for both HR.net, our flagship enterprise level HR
solution, and the underlying HR.net technology.
During the period, the Group recorded a pre-tax profit of GBP304,000 compared to
a loss of GBP46,000 in 2007. The Figure represents a siginificant improvement
and the turnaround was driven by ensuring our cost base was commensurate with
our revenues. This re-alignment was carefully undertaken to enable the
maintenance of an operational infrastructure that will support progress and
growth in the future.
Our commitment to the future growth of the business is evident in our continued
spending on software development. At 13% of total revenue (2007:14%) we believe
that investing in this level of innovation and development is important to our
customers and highlights our commitment to work and grow in partnership with
them.
In total terms, revenues decreased to GBP5,851,000 for the year (2007:
GBP6,338,000). However the decrease was partly anticipated; 2007 revenues
included a one-off licence sale to a large payroll provider. On a like-for-like
basis, excluding this exceptional item, revenues advanced by 7%. The initial
sale of a software licence leads to additional revenues from implementation
consultancy services and annual support fees. Both our Professional Service and
Support teams were more active as the customer base they support grew.
In the period, our balance sheet strengthened substantially; cash generation was
GBP424,000 (2007: GBP80,000) and year-end cash balances grew to GBP861,000
(2007: GBP422,000). The Group remains entirely debt-free, establishing a healthy
position to weather the current economic conditions.
Operating review
In spite of the economic turbulence experienced during 2008 and, in particular,
the second half of the year, the market for HR.net remained steady. Businesses
recognise the need to reduce costs and increase efficiencies. In many
organisations, workforce performance improvements can have a major impact on
their ability to trade successfully at this time.
In 2008, our HR.net user base increased with the addition of 73 clients (48 new
clients in 2007). As you would expect from an enterprise solution we have
secured an increased number of respected clients. These included Savills, the
UK's largest property management company; Foster Wheeler the international
engineering services group with 9,000 employees worldwide; Matheson Ormsby
Prentice, Ireland's largest law firm; ED&F Man, the commodities trading company;
Rentokil Initial and EMI Music. Many other customers have also chosen HR.net for
its ease of use, flexibility and extensive functionality.
These wins confirm our increased confidence in the competitiveness of HR.net in
the enterprise HR software market. The geographical and sector spread of
customers achieved in 2008 demonstrates that we are not overly dependent on any
one vertical market. Many of our customers are multi-country deployments further
strengthening our assertions regarding HR.net's reputation as an international
HR solution, providing a very clear differentiator from competitor products.
We already work with companies in Australia, the Caribbean, Europe and the
Middle East. During the year we secured our first HR.net customer in New Zealand
through our local partner. Our model of working with local partners in overseas
territories is one we believe will continue to be effective going forward as it
reduces both the risk and the cost of expanding our addressable market.
We continue to build our SaaS ('Software as a Service') offering; as recently
announced we signed a significant deal with Hilton Hotels on this basis to meet
their needs as they undertake substantial business process change. We have also
migrated customers from our older technology, Personnel Manager and Personnel
Director, to HR.net, building our annuity revenue from these customers.
During the year we released the latest versions of HR.net on schedule and our
development organisation in India has gone from strength to strength. The
implementation consultancy services team which operates through an
onshore/offshore model performed particularly well with increased revenue and
profitability and with a strong flow of repeat business from existing customers.
The client feedback for our support desk services was again very complimentary.
Outlook
During 2009, the current HR.net offering will be re-branded as HR.net Enterprise
and we will introduce HR.net Lite, HR.net Express and HR.net Professional. These
new products will replace our legacy products which have historically been aimed
at small- and medium-sized enterprises. The principle target audience for these
products will be our large established customer base who currently use Personnel
Manager and Personnel Director, but who have not yet migrated to HR.net. Having
such a large customer base for these new products is expected to mitigate the
need to solely source new business in the current difficult economic climate.
We also plan to release these new products to the general market providing us
with a low cost offering where budget is a priority ahead of functionality and
flexibility. We expect sales of the new products to add to our recurring revenue
and consulting revenue streams.
The Group will continue to enter new territories through the strategy of
identifying and working with strong local partners who already operate with
complementary products. This minimises our costs of market entry and maximises
the incremental revenues from these markets.
In 2009, we expect that prospective clients' overall budgets for enterprise
technology will reduce, however buyers will give greater consideration to
vendors such as ourselves. Our established credentials as specialists in the HR
field, supported by a blue chip client list confirm that we have a strong
proposition for customers. The Group offers a combination of powerful
technology, attractive pricing and a low cost base. These factors combined with
our high levels of product investment put us in a very strong position compared
to other vendors in the enterprise market. Our ability to take these advantages
into a new, lower price point market means that we are well prepared for the
coming year.
Lord Sheppard of Didgemere
Chairman
26 March 2009
Consolidated Income Statement
for the year ended 31 December 2008
+---------------------------------------+------------+------------+------------+
| | Notes | 2008 | 2007 |
+---------------------------------------+------------+------------+------------+
| | | GBP'000 | GBP'000 |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| Revenue | 3 | 5,851 | 6,338 |
+---------------------------------------+------------+------------+------------+
| Costs of sales | | (3,091) | (3,593) |
+---------------------------------------+------------+------------+------------+
| Gross profit | | 2,760 | 2,745 |
+---------------------------------------+------------+------------+------------+
| Administrative expenses | | (2,470) | (2,813) |
+---------------------------------------+------------+------------+------------+
| Operating profit / (loss) | | 290 | (68) |
+---------------------------------------+------------+------------+------------+
| Finance income | | 14 | 22 |
+---------------------------------------+------------+------------+------------+
| Profit / (loss) before taxation | | 304 | (46) |
+---------------------------------------+------------+------------+------------+
| Tax expense | 5 | (24) | - |
+---------------------------------------+------------+------------+------------+
| Profit / (loss) attributable to | | 280 | (46) |
| shareholders | | | |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| Earnings / (loss) per ordinary share | 6 | | |
+---------------------------------------+------------+------------+------------+
| Basic | | 0.19p | (0.03)p |
+---------------------------------------+------------+------------+------------+
| Diluted | | 0.19p | (0.03)p |
+---------------------------------------+------------+------------+------------+
The above results relate entirely to continuing operations.
Consolidated Statement of Recognised Income and Expense
for the year ended
31 December 2008
+---------------------------------------+------------+------------+------------+
| | | 2008 | 2007 |
+---------------------------------------+------------+------------+------------+
| | | GBP'000 | GBP'000 |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| Currency translation differences | | 40 | 74 |
+---------------------------------------+------------+------------+------------+
| Net income recognised directly in | | 40 | 74 |
| equity | | | |
+---------------------------------------+------------+------------+------------+
| Profit / (loss) for the financial | | 280 | (46) |
| year | | | |
+---------------------------------------+------------+------------+------------+
| Total recognised income and expense | | 320 | 28 |
| for the year attributable to | | | |
| shareholders | | | |
+---------------------------------------+------------+------------+------------+
Consolidated Balance Sheet as at 31 December 2008
+---------------------------------------+------------+------------+------------+
| | Notes | 2008 | 2007 |
+---------------------------------------+------------+------------+------------+
| | | GBP'000 | GBP'000 |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| ASSETS | | | |
+---------------------------------------+------------+------------+------------+
| Non-current assets | | | |
+---------------------------------------+------------+------------+------------+
| Intangible assets | 7 | 194 | 155 |
+---------------------------------------+------------+------------+------------+
| Property, plant and equipment | | 176 | 217 |
+---------------------------------------+------------+------------+------------+
| | | 370 | 372 |
+---------------------------------------+------------+------------+------------+
| Current assets | | | |
+---------------------------------------+------------+------------+------------+
| Inventories | | 18 | 31 |
+---------------------------------------+------------+------------+------------+
| Trade and other receivables | 8 | 2,025 | 1,969 |
+---------------------------------------+------------+------------+------------+
| Cash and cash equivalents | | 861 | 422 |
+---------------------------------------+------------+------------+------------+
| | | 2,904 | 2,422 |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| LIABILITIES | | | |
+---------------------------------------+------------+------------+------------+
| Current liabilities | | | |
+---------------------------------------+------------+------------+------------+
| Trade and other payables | 9 | 1,768 | 1,714 |
+---------------------------------------+------------+------------+------------+
| Current tax liabilities | | 37 | - |
+---------------------------------------+------------+------------+------------+
| Total liabilities | | 1,805 | 1,714 |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| TOTAL NET ASSETS | | 1,469 | 1,080 |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| EQUITY | | | |
+---------------------------------------+------------+------------+------------+
| Capital and reserves attributable to | | | |
| the Company's equity holders | | | |
+---------------------------------------+------------+------------+------------+
| Share capital | 10 | 1,487 | 1,487 |
+---------------------------------------+------------+------------+------------+
| Share premium | 10 | 10,922 | 10,922 |
+---------------------------------------+------------+------------+------------+
| Cumulative translation reserve | 10 | 80 | 40 |
+---------------------------------------+------------+------------+------------+
| Retained earnings | 10 | (11,020) | (11,369) |
+---------------------------------------+------------+------------+------------+
| TOTAL EQUITY | 10 | 1,469 | 1,080 |
+---------------------------------------+------------+------------+------------+
Consolidated Statement of Cash Flows
for the year ended 31 December 2008
+---------------------------------------+------------+------------+------------+
| |
+---------------------------------------+
| | Notes | 2008 | 2007 |
+---------------------------------------+------------+------------+------------+
| | Notes | 2008 | 2007 |
+---------------------------------------+------------+------------+------------+
| | | GBP'000 | GBP'000 |
+---------------------------------------+------------+------------+------------+
| Operating activities | | | |
+---------------------------------------+------------+------------+------------+
| Net cash inflows from operations | 11 | 880 | 422 |
+---------------------------------------+------------+------------+------------+
| Interest received | | 14 | 22 |
+---------------------------------------+------------+------------+------------+
| Interest paid | | - | - |
+---------------------------------------+------------+------------+------------+
| Taxation paid | | (65) | - |
+---------------------------------------+------------+------------+------------+
| Net cash from operating activities | | 829 | 444 |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| Investing activities | | | |
+---------------------------------------+------------+------------+------------+
| Purchase of property, plant and | | (42) | (82) |
| equipment | | | |
+---------------------------------------+------------+------------+------------+
| Purchase of intangible assets | | (25) | (35) |
+---------------------------------------+------------+------------+------------+
| Capitalised development expenditure | | (338) | (247) |
+---------------------------------------+------------+------------+------------+
| Net cash used in investing activities | | (405) | (364) |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------+------------+------------+------------+
| Net increase in cash and cash | | 424 | 80 |
| equivalents | | | |
+---------------------------------------+------------+------------+------------+
| Effects of exchange rate changes on | | 15 | 4 |
| cash and cash equivalents | | | |
+---------------------------------------+------------+------------+------------+
| Cash and cash equivalents at the | | 422 | 338 |
| beginning of period | | | |
+---------------------------------------+------------+------------+------------+
| Cash and cash equivalents at end of | | 861 | 422 |
| period | | | |
+---------------------------------------+------------+------------+------------+
1. General information
As required by the AIM regulations, the consolidated financial statements of the
Group have been prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU.
OneClickHR plc is the Group's ultimate parent company. It is incorporated in
England and has its registered office at 2 Bromley Road, Beckenham, Kent BR3
5JE. The Group operates from the registered address as well as locations in
Weston super Mare (UK), Stoke on Trent (UK) and Chennai (India).
The shares of OneClickHR plc are listed on the AIM market which is regulated by
the London Stock Exchange.
The financial statements for the year ended 31 December 2008 were approved by
the board of directors on 26 March 2009.
The announcement set out above does not constitute a full financial statement of
the group's affairs for the year ended 31 December 2008. The group's auditors
have reported on the full accounts for the year ended 31 December 2008 and have
issued an unqualified audit report. The full accounts have yet to be delivered
to the Registrar of Companies.
The annual report and accounts will be posted to all shareholders and be
available at www.OneclickHRplc.com in due course.
2. Accounting policies
The principle accounting policies of the group are set out in the annual
accounts for the year ended 31 December 2007. There have been no material
changes in the accounting policies during 2008.
3. Segmental reporting
The Group manages its operations on the basis of the products and services
supplied to customers. It considers that the sale of software, its
implementation and the subsequent provision of customer support forms the
primary business segment. The primary business segment accounts for in excess of
90% of revenues, costs and assets. Accordingly the Group has not disclosed
segmental information about its operations analysed by business segment.
Geographically, the Group operates from offices in the UK and India, with its
sales force based in the UK serving all markets. Services are supplied to
customers from both the UK and India.
+---------------------------------------------------+------------+------------+
| | 2008 | 2007 |
+---------------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------+------------+------------+
| Sales to external customers by location of | | |
| customer | | |
+---------------------------------------------------+------------+------------+
| United Kingdom | 5,743 | 5,875 |
+---------------------------------------------------+------------+------------+
| European Union (excluding UK) | 73 | 236 |
+---------------------------------------------------+------------+------------+
| Rest of the World | 35 | 227 |
+---------------------------------------------------+------------+------------+
| | 5,851 | 6,338 |
+---------------------------------------------------+------------+------------+
4. Research and Development
Included within Cost of Sales are the costs that the Group has incurred in
relation to the design, programming, testing and general development of software
products.
+---------------------------------------------------+------------+------------+
| | 2008 | 2007 |
+---------------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------+------------+------------+
| | | |
+---------------------------------------------------+------------+------------+
| Actual costs incurred | 809 | 945 |
+---------------------------------------------------+------------+------------+
| Amounts capitalised | (338) | (247) |
+---------------------------------------------------+------------+------------+
| Amortisation for period | 303 | 206 |
+---------------------------------------------------+------------+------------+
| Amount charged to income statement | 774 | 904 |
+---------------------------------------------------+------------+------------+
5. Taxation
At 31 December 2008 there is a deferred tax asset in relation to carried forward
trading losses in the UK of approximately GBP2.6m (2007: GBP2.6m). The group
also has deferred tax assets in the UK of GBP102,000 (2007: GBP117,000) arising
from the difference in accounting and tax treatment of plant, property and
equipment assets. These deferred tax assets have not been recognised in the
accounts as the Group cannot be certain that it will be sufficiently profitable
in the future to utilise them.
The taxation charge in the consolidated income statement arises from overseas
taxation that cannot be offset against the tax losses of the group.
6. Earnings / (loss) per share
Earnings per share have been calculated by dividing the net result attributable
to shareholders by the weighted average number of shares in issue during the
year. For diluted earnings per share, the weighted average number of shares in
issue is adjusted for employee share options that are in issue and expected to
vest. During 2007 the option exercise prices were in excess of the average open
market value of the ordinary shares and therefore there was considered to be no
dilution arising from share options.
+---------------------------------------------------+------------+------------+
| | 2008 | 2007 |
+---------------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------+------------+------------+
| Earnings | | |
+---------------------------------------------------+------------+------------+
| Result for the year attributable to shareholders | 280 | (46) |
+---------------------------------------------------+------------+------------+
| | | |
+---------------------------------------------------+------------+------------+
| | Number | Number |
| | ('000) | ('000) |
+---------------------------------------------------+------------+------------+
| Weighted average number of shares in issue | | |
+---------------------------------------------------+------------+------------+
| For basic earning per share | 148,760 | 148,760 |
+---------------------------------------------------+------------+------------+
| Potentially dilutive shares | 618 | - |
+---------------------------------------------------+------------+------------+
| For diluted earning per share | 149,378 | 148,760 |
+---------------------------------------------------+------------+------------+
| | | |
+---------------------------------------------------+------------+------------+
| | Pence | pence |
+---------------------------------------------------+------------+------------+
| Earnings per share | | |
+---------------------------------------------------+------------+------------+
| Basic | 0.19p | (0.03)p |
+---------------------------------------------------+------------+------------+
| Diluted | 0.19p | (0.03)p |
+---------------------------------------------------+------------+------------+
7. Intangible assets
+---------------------------+------------+------------+-------------+-----------+
| | | Purchased | Capitalised | Total |
| | | software | Development | |
| | | | Expenditure | |
+---------------------------+------------+------------+-------------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+------------+------------+-------------+-----------+
| Cost | | | | |
+---------------------------+------------+------------+-------------+-----------+
| At 1 January 2007 | | 78 | 158 | 236 |
+---------------------------+------------+------------+-------------+-----------+
| Additions | | 35 | 247 | 282 |
+---------------------------+------------+------------+-------------+-----------+
| Net exchange differences | | 6 | - | 6 |
+---------------------------+------------+------------+-------------+-----------+
| At 31 December 2007 | | 119 | 405 | 524 |
+---------------------------+------------+------------+-------------+-----------+
| Additions | | 25 | 338 | 363 |
+---------------------------+------------+------------+-------------+-----------+
| Net exchange differences | | 11 | - | 11 |
+---------------------------+------------+------------+-------------+-----------+
| At 31 December 2008 | | 155 | 743 | 898 |
+---------------------------+------------+------------+-------------+-----------+
| | | | | |
+---------------------------+------------+------------+-------------+-----------+
| Amortisation | | | | |
+---------------------------+------------+------------+-------------+-----------+
| At 1 January 2007 | | 63 | 77 | 140 |
+---------------------------+------------+------------+-------------+-----------+
| Amortisation | | 18 | 206 | 224 |
+---------------------------+------------+------------+-------------+-----------+
| Net exchange differences | | 5 | - | 5 |
+---------------------------+------------+------------+-------------+-----------+
| At 31 December 2007 | | 86 | 283 | 369 |
+---------------------------+------------+------------+-------------+-----------+
| Amortisation | | 24 | 303 | 327 |
+---------------------------+------------+------------+-------------+-----------+
| Net exchange differences | | 8 | - | 8 |
+---------------------------+------------+------------+-------------+-----------+
| At 31 December 2008 | | 118 | 586 | 704 |
+---------------------------+------------+------------+-------------+-----------+
| | | | | |
+---------------------------+------------+------------+-------------+-----------+
| Net Book Value | | | | |
+---------------------------+------------+------------+-------------+-----------+
| At 1 January 2007 | | 15 | 81 | 96 |
+---------------------------+------------+------------+-------------+-----------+
| At 31 December 2007 | | 33 | 122 | 155 |
+---------------------------+------------+------------+-------------+-----------+
| At 31 December 2008 | | 37 | 157 | 194 |
+---------------------------+------------+------------+-------------+-----------+
8. Trade and other receivables
+---------------------------+------------+------------+------------+------------+
| | | | 2008 | 2007 |
+---------------------------+------------+------------+------------+------------+
| | | | GBP'000 | GBP'000 |
+---------------------------+------------+------------+------------+------------+
| | | | | |
+---------------------------+------------+------------+------------+------------+
| Trade receivables | | | 1,161 | 1,478 |
+---------------------------+------------+------------+------------+------------+
| Accrued income | | | 513 | 234 |
+---------------------------+------------+------------+------------+------------+
| Other receivables and | | | 351 | 257 |
| prepayments | | | | |
+---------------------------+------------+------------+------------+------------+
| | | | 2,025 | 1,969 |
+---------------------------+------------+------------+------------+------------+
9. Trade and other payables
+---------------------------+------------+------------+------------+------------+
| | | | 2008 | 2007 |
+---------------------------+------------+------------+------------+------------+
| | | | GBP'000 | GBP'000 |
+---------------------------+------------+------------+------------+------------+
| | | | | |
+---------------------------+------------+------------+------------+------------+
| Trade payables | | | 140 | 205 |
+---------------------------+------------+------------+------------+------------+
| Accruals and other | | | 397 | 325 |
| payables | | | | |
+---------------------------+------------+------------+------------+------------+
| Payroll and sales taxes | | | 279 | 235 |
+---------------------------+------------+------------+------------+------------+
| Deferred income | | | 952 | 949 |
+---------------------------+------------+------------+------------+------------+
| | | | 1,768 | 1,714 |
+---------------------------+------------+------------+------------+------------+
10. Statement of changes in Equity
+---------------------+-----------+-----------+-------------+-----------+-----------+
| | Share | Share | Cumulative | Retained | Total |
| | Capital | premium | translation | Earnings | Equity |
| | | | reserve | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Balance at 1 | 1,487 | 10,922 | (34) | (11,374) | 1,001 |
| January 2007 | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Loss for the year | - | - | - | (46) | (46) |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Currency | - | - | 74 | - | 74 |
| translation | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Total recognised | - | - | 74 | (46) | 28 |
| income and expense | | | | | |
| for the year | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Share based | - | - | - | 51 | 51 |
| compensation | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Balance at 31 | 1,487 | 10,922 | 40 | (11,369) | 1,080 |
| December 2007 | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Profit for the year | - | - | - | 280 | 280 |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Currency | - | - | 40 | - | 40 |
| translation | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Total recognised | - | - | 40 | 280 | 320 |
| income and expense | | | | | |
| for the year | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Share based | - | - | - | 69 | 69 |
| compensation | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
| Balance at 31 | 1,487 | 10,922 | 80 | (11,020)) | 1,469 |
| December 2008 | | | | | |
+---------------------+-----------+-----------+-------------+-----------+-----------+
11. Net cash flow from operations
Reconciliation of profit / (loss) after tax to cash generated from operations
+--------------------------------+-------+------------+------------+------------+
| | | | 2008 | 2007 |
+--------------------------------+-------+------------+------------+------------+
| | | | GBP'000 | GBP'000 |
+--------------------------------+-------+------------+------------+------------+
| | | | | |
+--------------------------------+-------+------------+------------+------------+
| Profit / (loss) profit after | | | 280 | (46) |
| tax | | | | |
+--------------------------------+-------+------------+------------+------------+
| Net interest receivable | | | (14) | (22) |
+--------------------------------+-------+------------+------------+------------+
| Amortisation and depreciation | | | 422 | 325 |
+--------------------------------+-------+------------+------------+------------+
| Tax expense | | | 24 | - |
+--------------------------------+-------+------------+------------+------------+
| Movements in inventories | | | 13 | 11 |
+--------------------------------+-------+------------+------------+------------+
| Decrease in receivables | | | 22 | 382 |
+--------------------------------+-------+------------+------------+------------+
| Increase / (decrease) in | | | 64 | (279) |
| payables | | | | |
+--------------------------------+-------+------------+------------+------------+
| Share based compensation | | | 69 | 51 |
+--------------------------------+-------+------------+------------+------------+
| Net cash inflow from operations | | 880 | 422 |
+--------------------------------+-------+------------+------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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