TIDMOCR
RNS Number : 4164Y
OneClickHR PLC
03 September 2009
Embargoed Release: 07:00hrs, Thursday 3 September 2009
OneClickHR plc
('OneClickHR' or the 'Group')
Interim Results for the six months ended 30 June 2009
OneClickHR plc, the AIM quoted HR software, training services and solutions
provider, is pleased to announce its interim results for the six months ended
30th June 2009 (the 'period').
Financial Highlights:
* Revenue up 20% to GBP3.3m (2008: GBP2.7m)
* Gross profit up 34% to GBP1.6m (2008:GBP1.2m)
* Earnings per share substantially increased 0.24p (2008:0.0p)
* Significant cash generation, total cash balance GBP1.5m (2008: GBP0.4m)
Operating highlights:
* First contract wins in North America
* Release of new products: HR.net Lite, HR.net Express and HR.net Professional
* HR.net Enterprise recognised by Gartner
* Strong sales pipeline in the UK
Frank Beechinor, OneClickHR's chief executive officer, commented:
"The first half of 2009 demonstrates our continued progress with a strong
trading performance which has been delivered against the backdrop of a difficult
market. Trading has remained good during the summer and we continue to view the
prospects of the Group with confidence."
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 and connection to the internet.
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
I am delighted to report that in the period the Group achieved record operating
results. It also completely revised its product range so that we can offer high
quality modern software to organisations of all sizes.
Financial Review
Significant advances in revenue, profitability and cash generation have
continued since our 2008 annual results. Revenue for the period was GBP3,258,000
(2008: GBP2,725,000) an increase of 20%. While sales from international markets
are growing, doubling during the period, we believe the opportunity for further
overseas business is substantial. In the period we announced our first customer
contracts in North America and we are particularly encouraged by the progress of
our business partners in this market. A specific version of HR.net Enterprise
has been created to ensure that we meet user requirements in the US.
Some customers prefer to procure software on a SaaS (Software as a Service)
basis. The Group has adapted to meet this challenge and as a consequence,
revenues earned from SaaS customers during the period exceeded those earned in
the whole of 2008.
We have maintained our commitment to product development and as well as
producing new functionality for HR.net Enterprise, in June 2009, we released our
new products; HR.net Lite, HR.net Express and HR.net Professional; we anticipate
these will contribute to future revenues.
Operating profit for the period at GBP355,000 substantially increased from
GBP17,000 recorded for the comparative period last year. As further explained in
note 4 of these accounts, exceptional costs of GBP83,000 were incurred from the
launch of the new products. Had these costs not been incurred, our operating
profit would have been in excess of GBP400,000.
Whilst direct costs increased to GBP1,611,000 (2008: GBP1,495,000) a large
proportion of this was due to exceptional one-off costs involved in introducing
the new products. Administrative costs were held at levels comparable with
previous years whilst finance income fell; in spite of larger cash balances
interest rates fell in comparison to last year.
Cash generation was very strong with a net inflow of GBP696,000 arising during
the six month period (2008: outflow of GBP14,000). At 30 June 2009 total cash
balances were GBP1,536,000 (30 June 2008: GBP404,000).
Operating review
The positive momentum we previously reported has continued. We are making good
progress selling and implementing HR.net Enterprise to a wide range of customers
who value the combination of powerful technology, high levels of functionality
'as standard' and our specialist knowledge of the HR field.
New customers during the period include financial services organisations,
housing associations, architects, a major international charity and the public
sector organisations. Our expansion into overseas territories saw customers in
the telecommunications, education and oil exploration sectors adopt our
software.
The commonality of all these customers is their requirement to improve and more
effectively deploy business processes relating to staff. HR.net Enterprise
offers unparalleled flexibility to meet customer requirements. This was recently
recognised by Gartner, the world's leading information technology research and
advisory company, who identified HR.net Enterprise as being particularly
appropriate for multi-site organisations.
HR.net Enterprise differentiates itself from its tier 1 rivals in that it can be
accessed by employees through a standard web browser in their local language,
incorporate regional variations in business practices and still provide head
office with global management information. The cost benefit advantages against
these rivals further enhances the positioning of HR.net Enterprise.
Our new partners in Canada and North America have concluded their first HR.net
Enterprise deals and are reporting strong interest from their respective
markets. The strength of the North American market is such that we have invested
in developing US-specific functionality within our standard product to
incorporate federal data requirements. This was well received when it was
released at the Society for HR Management (SHRM) trade show in New Orleans in
June 2009.
Our development team were exceptionally busy during the period working on
additional and improved HR functionality for version 4 of HR.net Enterprise,
US-specific functionality and also our new family of products for organisations
with simpler requirements. The HR.net Lite, HR.net Express and HR.net
Professional product range is aimed at businesses with up to 400 employees. As
part of our launch activity we distributed over 40,000 copies of HR.net Lite, a
free to install product for small organisations.
Our professional services team continue to implement our solutions for new
customers and to provide 'follow on' projects to customers in the areas of
performance management, succession planning and remuneration management as well
as other customer specific work.
The support team continues to expand as our customer base increases. Revision to
our internal systems has led to greatly improved services for customers who want
24 hour access to the support team.
During the first half of the year we also undertook a number of internal
initiatives that, although not directly customer facing, will drive future
benefits. Most notable of these was the securing of ISO 9001:2008 accreditation.
On behalf of the Board of Directors I thank all of our staff for their
contribution towards what we have achieved in the first half of the current
financial year.
Outlook
The economic backdrop in the UK continues to be unsettled and consequently
budgets remain under pressure. Our approach of providing the highest levels of
functionality combined with innovative technology enables us to maintain a
competitive advantage in our market and will continue to win new business.
The introduction of our new entry level products means we now have a fully
featured solution at every level of the market from SMEs to large complex
enterprises. These products not only provide a migration path for existing
customers on our older technologies but also supply competitive advantages on
all pricing points. Financially these will help us maintain and build recurring
revenue.
We continue to experience new client wins and our 'follow-on' consulting
business from existing customers is increasing. The size and diversity of the
customer base leads us to expect that this trend will continue. Furthermore, we
will be introducing a substantial improvement in the functionality of
'e-recruitment'; creating opportunities for customers searching for the
highest calibre candidates in the most effective way.
We go into the second half of 2009 with a strong sales pipeline of software
licence opportunities in the UK, which has increased since the beginning of the
year. Our focus for the next six months will be to ensure that we convert these
opportunities to revenue generating sales. In addition we expect to see
increasing sales from new geographic markets, in particular North America.
Lord Sheppard of Didgemere
Chairman
2 September 2009
Consolidated Income Statement
Unaudited
+---------------------------------+---------+-----------+-----------+-----------+
| | | Six months ended | Year to |
+---------------------------------+---------+-----------------------+-----------+
| | | 30 June | 30 June | 31 Dec |
+---------------------------------+---------+-----------+-----------+-----------+
| | Note | 2009 | 2008 | 2008 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Revenue | 3 | 3,258 | 2,725 | 5,851 |
+---------------------------------+---------+-----------+-----------+-----------+
| Cost of sales | 4 | (1,611) | (1,495) | (3,091) |
+---------------------------------+---------+-----------+-----------+-----------+
| Gross profit | | 1,647 | 1,230 | 2,760 |
+---------------------------------+---------+-----------+-----------+-----------+
| Administrative expenses | | (1,292) | (1,213) | (2,470) |
+---------------------------------+---------+-----------+-----------+-----------+
| Operating profit | 5 | 355 | 17 | 290 |
+---------------------------------+---------+-----------+-----------+-----------+
| Finance income | | 1 | 6 | 14 |
+---------------------------------+---------+-----------+-----------+-----------+
| Profit before tax | | 356 | 23 | 304 |
+---------------------------------+---------+-----------+-----------+-----------+
| Income tax expense | 6 | - | (16) | (24) |
+---------------------------------+---------+-----------+-----------+-----------+
| Profit for the period | | 356 | 7 | 280 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Earnings / (loss) per ordinary | 7 | | | |
| share | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Basic | | 0.24p | 0.0 p | 0.19p |
+---------------------------------+---------+-----------+-----------+-----------+
| Diluted | | 0.23p | 0.0 p | 0.19p |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
Consolidated Statement of Comprehensive Income
Unaudited
+---------------------------------+---------+-----------+-----------+-----------+
| | | Six months ended | Year to |
+---------------------------------+---------+-----------------------+-----------+
| | | 30 June | 30 June | 31 Dec |
+---------------------------------+---------+-----------+-----------+-----------+
| | | 2009 | 2008 | 2008 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Profit for the period | | 356 | 7 | 280 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Other comprehensive income | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Currency translation | | (59) | (77) | 40 |
| differences | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Total comprehensive income for the period | 297 | (70) | 320 |
+-------------------------------------------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
The above results relate to continuing operations
Profit and comprehensive income for the period is entirely attributable to the
equity holders of OneClickHR plc.
Consolidated Statement of Financial Position
Unaudited
+----------------------------------+--------+-----------+-----------+------------+
| | | 30 June | 30 June | 31 Dec |
+----------------------------------+--------+-----------+-----------+------------+
| | Notes | 2009 | 2008 | 2008 |
+----------------------------------+--------+-----------+-----------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+--------+-----------+-----------+------------+
| ASSETS | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Non-current assets | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Intangible assets | | 175 | 178 | 194 |
+----------------------------------+--------+-----------+-----------+------------+
| Property, plant and equipment | | 148 | 173 | 176 |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| | | 323 | 351 | 370 |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Current assets | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Inventories | | 10 | 31 | 18 |
+----------------------------------+--------+-----------+-----------+------------+
| Trade and other receivables | 8 | 1,792 | 1,969 | 2,025 |
+----------------------------------+--------+-----------+-----------+------------+
| Cash and cash equivalents | | 1,536 | 404 | 861 |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| | | 3,338 | 2,404 | 2,904 |
+----------------------------------+--------+-----------+-----------+------------+
| LIABILITIES | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Current liabilities | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Trade and other payables | 9 | 1,843 | 1,716 | 1,768 |
+----------------------------------+--------+-----------+-----------+------------+
| Current tax liabilities | | 37 | - | 37 |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Total liabilities | | 1,880 | 1,716 | 1,805 |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| TOTAL NET ASSETS | | 1,781 | 1,039 | 1,469 |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| EQUITY | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Capital and reserves | | | | |
| attributable to the Company's | | | | |
| equity holders | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Share capital | | 1,487 | 1,487 | 1,487 |
+----------------------------------+--------+-----------+-----------+------------+
| Share premium | | 10,922 | 10,922 | 10,922 |
+----------------------------------+--------+-----------+-----------+------------+
| Cumulative translation reserve | | 21 | (37) | 80 |
+----------------------------------+--------+-----------+-----------+------------+
| Retained earnings | | (10,649) | (11,333) | (11,020) |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| TOTAL EQUITY | | 1,781 | 1,039 | 1,469 |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
Consolidated Statement of Changes in Equity
Unaudited
+--------------------------+----------+----------+-------------+----------+---------+
| | Share | Share | Cumulative | Retained | Total |
| | capital | premium | translation | earnings | Equity |
| | | | reserve | | |
+--------------------------+----------+----------+-------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+----------+----------+-------------+----------+---------+
| Six Months ended 30 June 2009 | | | | |
+-------------------------------------+----------+-------------+----------+---------+
| At 1 January 2009 | 1,487 | 10,922 | 80 | (11,020) | 1,469 |
+--------------------------+----------+----------+-------------+----------+---------+
| | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Retained profit for the | - | - | - | 356 | 356 |
| period | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Currency translation | - | - | (59) | - | (59) |
| differences | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Total of comprehensive | - | - | (59) | 356 | 297 |
| income for the period | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Share based payments | - | - | - | 15 | 15 |
+--------------------------+----------+----------+-------------+----------+---------+
| At 30 June 2009 | 1,487 | 10,922 | 21 | (10,649) | 1,781 |
+--------------------------+----------+----------+-------------+----------+---------+
| | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Six Months ended 30 June 2008 | | | | |
+-------------------------------------+----------+-------------+----------+---------+
| At 1 January 2008 | 1,487 | 10,922 | 40 | (11,369) | 1,080 |
+--------------------------+----------+----------+-------------+----------+---------+
| | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Profit for the period | - | - | - | 7 | 7 |
+--------------------------+----------+----------+-------------+----------+---------+
| Currency translation | - | - | (77) | - | (77) |
| differences | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Total of comprehensive | - | - | (77) | 7 | (70) |
| income for the period | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Share based payments | - | - | - | 29 | 29 |
+--------------------------+----------+----------+-------------+----------+---------+
| At 30 June 2008 | 1,487 | 10,922 | (37) | (11,333) | 1,039 |
+--------------------------+----------+----------+-------------+----------+---------+
| | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Year ended 31 December 2008 | | | | |
+-------------------------------------+----------+-------------+----------+---------+
| At 1 January 2008 | 1,487 | 10,922 | 40 | (11,369) | 1,080 |
+--------------------------+----------+----------+-------------+----------+---------+
| | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Profit for the period | - | - | - | 280 | 280 |
+--------------------------+----------+----------+-------------+----------+---------+
| Currency translation | - | - | 40 | - | 40 |
| differences | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Total of comprehensive | - | - | 40 | 280 | 320 |
| income for the period | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| | | | | | |
+--------------------------+----------+----------+-------------+----------+---------+
| Share based payments | - | - | - | 69 | 69 |
+--------------------------+----------+----------+-------------+----------+---------+
| At 31 December 2008 | 1,487 | 10,922 | 80 | (11,020) | 1,469 |
+--------------------------+----------+----------+-------------+----------+---------+
Consolidated Statement of Cash Flows
Unaudited
+---------------------------------+---------+-----------+-----------+-----------+
| | | Six months ended | Year to |
+---------------------------------+---------+-----------------------+-----------+
| | | 30 June | 30 June | 31 Dec |
+---------------------------------+---------+-----------+-----------+-----------+
| | | 2009 | 2008 | 2008 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Cash flows from operating | | | | |
| activities | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Profit after tax | | 356 | 7 | 280 |
+---------------------------------+---------+-----------+-----------+-----------+
| Adjustments for: | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Amortisation and Depreciation | | 226 | 194 | 422 |
+---------------------------------+---------+-----------+-----------+-----------+
| Share based payments | | 15 | 29 | 69 |
+---------------------------------+---------+-----------+-----------+-----------+
| Taxation expense | | - | 16 | 24 |
+---------------------------------+---------+-----------+-----------+-----------+
| Movements in inventories | | 8 | - | 13 |
+---------------------------------+---------+-----------+-----------+-----------+
| Decrease in receivables | | 224 | - | 22 |
+---------------------------------+---------+-----------+-----------+-----------+
| Increase / (decrease) in | | 56 | (61) | 64 |
| payables | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Cash generated cash operations | | 885 | 185 | 894 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Income taxes paid | | - | (16) | (65) |
+---------------------------------+---------+-----------+-----------+-----------+
| Net cash from operating | | 885 | 169 | 829 |
| activities | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Net cash flows from investing activities | | | |
+-------------------------------------------+-----------+-----------+-----------+
| Purchase of property, plant and | | (24) | (9) | (42) |
| equipment | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Purchase of intangible assets | | (2) | (8) | (25) |
+---------------------------------+---------+-----------+-----------+-----------+
| Capitalised development | | (163) | (166) | (338) |
| expenditure | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Net cash used in investing | | (189) | (183) | (405) |
| activities | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Net increase / (decrease) in | | 696 | (14) | 424 |
| cash and cash equivalents | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Effects of exchange rate | | (21) | (4) | 15 |
| changes on cash and cash | | | | |
| equivalents | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Cash and cash equivalents at | | 861 | 422 | 422 |
| beginning of period | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Cash and cash equivalents at | | 1,536 | 404 | 861 |
| end of period | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
Notes to the Consolidated Interim Financial Statements
1 Nature of Operations and general information
OneClickHR plc and subsidiaries' (together 'the Group') principal activities are
the development, sale, implementation, customisation and support of its software
to enable organisations to effectively improve all aspects of their Human
Resources (HR) requirements.
The Group operates from offices in the UK together with an office in India. The
Group has a UK based sale force with a global network of business partners to
support its sales in overseas territories.
OneClickHR plc is the Group's ultimate parent company. It is incorporated and
domiciled in the UK and has its registered office (and principal place of
business) at 2 Bromley Road, Beckenham, Kent, BR3 5JE. The shares of OneClickHR
plc are listed on the Alternative Investment Market of the London Stock
Exchange.
The financial information for the year ended 31 December 2008 set out in this
interim report does not constitute statutory accounts as defined by section 240
of the Companies Act 1985. The Group's statutory financial statements for the
year ended 31 December 2008 have been filed with the Registrar of Companies. The
auditors report on those financial statements was unqualified and did not
contain statements under Section 237(2) or Section 237(3) of the Companies Act
1985.
These consolidated condensed interim financial statements (the interim financial
statements) were approved for issue by the Board of Directors on 2 September
2009.
2 Basis of Preparation
The interim financial statements are for the six months ended 30 June 2009, have
been presented in Pounds Sterling (GBP) the functional currency of the parent
company and have been prepared under the historical cost convention. They do not
include all of the information required for full annual financial statements and
should be read in conjunction with the consolidated financial statements of the
Group for the year ended 31 December 2008 which have been prepared in accordance
with IFRSs as adopted by the European Union.
The accounting policies have been applied consistently throughout the Group for
the purposes of preparation of these interim financial statements.
The interim financial statements have been prepared in accordance with the
accounting policies adopted in the last annual financial statements (for the
year ended 31 December 2008) except for the adoption of IAS 1 Presentation of
Financial Statements (revised 2007).
The adoption of IAS 1 (Revised 2007) does not affect the financial position or
profits of the Group, but gives rise to additional disclosures, primarily the
introduction of two additional primary statements; the 'Statement of
Comprehensive Income', and a 'Consolidated Statement of changes in Equity'. In
accordance with this standard, the Group does not present a 'Statement of
Recognised Income and Expense' as it did in the 2008 consolidated financial
statements.
The directors keep the going concern position of the Group under constant review
by reference to the actual trading performance, the expected future trading
performance and the sources of funding available. The directors believe it is
appropriate to adopt the going concern basis in preparing these financial
statements.
3 Segment reporting
The Group manages its operations on the basis of products and services supplied
to customers. It considers that the sale of software, its implementation and the
subsequent provision of customer support forms one business segment. This
business segment represents in excess of 90% of revenues, costs and assets.
The Group operates from offices in the UK together with an office in India. The
Group has a UK based sale force with a global network of business partners to
support its sales in overseas territories. Customers may be serviced by staff
from any of the Groups' offices.
+---------------------------------+---------+-----------+-----------+-----------+
| | | Six months ended | Year to |
+---------------------------------+---------+-----------------------+-----------+
| | | 30 June | 30 June | 31 Dec |
+---------------------------------+---------+-----------+-----------+-----------+
| | | 2009 | 2008 | 2008 |
+---------------------------------+---------+-----------+-----------+-----------+
| Sales by location of customer | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| United Kingdom | | 3,021 | 2,637 | 5,743 |
+---------------------------------+---------+-----------+-----------+-----------+
| Rest of the World | | 237 | 88 | 108 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | 3,258 | 2,725 | 5,851 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Assets by geographic area | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| United Kingdom | | 3,062 | 2,507 | 2,788 |
+---------------------------------+---------+-----------+-----------+-----------+
| Rest of the World | | 599 | 248 | 486 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | 3,661 | 2,755 | 3,274 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Liabilities by geographic area | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| United Kingdom | | 1,712 | 1,654 | 1,670 |
+---------------------------------+---------+-----------+-----------+-----------+
| Rest of the World | | 168 | 62 | 135 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | 1,880 | 1,716 | 1,805 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
4 Exceptional costs
Included within Cost of Sales are costs incurred by the Group with independent
third parties in the development, production and distribution of its new
products and entry into new markets. The directors consider it appropriate to
identify these exceptional costs as they are 'one-off' in nature and are
material enough to affect the overall financial performance of the Group in
these financial statements.
+---------------------------------+---------+-----------+-----------+-----------+
| | | Six months ended | Year to |
+---------------------------------+---------+-----------------------+-----------+
| | | 30 June | 30 June | 31 Dec |
+---------------------------------+---------+-----------+-----------+-----------+
| | | 2009 | 2008 | 2008 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Development and marketing costs | | 83 | - | - |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
5 Operating profit
The following items have been charged/ (credited) in arriving at operating
profit:
+---------------------------------+---------+-----------+-----------+-----------+
| | | Six months ended | Year to |
+---------------------------------+---------+-----------------------+-----------+
| | | 30 June | 30 June | 31 Dec |
+---------------------------------+---------+-----------+-----------+-----------+
| | | 2009 | 2008 | 2008 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Foreign exchange differences | | (28) | (42) | 23 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Depreciation of tangible assets | | 44 | 45 | 95 |
+---------------------------------+---------+-----------+-----------+-----------+
| Amortisation of purchased | | 10 | 10 | 24 |
| software | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Included within cost of sales is expenditure on Research and Development |
| associated with the Groups software products as follows: |
+-------------------------------------------------------------------------------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Actual costs incurred | | 352 | 413 | 809 |
+---------------------------------+---------+-----------+-----------+-----------+
| Amounts capitalised | | (163) | (166) | (338) |
+---------------------------------+---------+-----------+-----------+-----------+
| Amortisation for period | | 172 | 139 | 303 |
+---------------------------------+---------+-----------+-----------+-----------+
| Net amount charged to income | | 361 | 386 | 774 |
| statement | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
6 Income tax expense
The taxation charge for the period is based upon the estimated effective rate
for the full year.
The Group has tax losses of approximately GBP8.2m. A deferred tax asset is not
recognised in respect of the tax losses, as the Group cannot be certain that
sufficient taxable profits will be generated to utilise the tax losses.
7 Earnings per share
Basic earnings per share are calculated by dividing the profit attributable to
shareholders of by weighted average number of ordinary shares in issue during
the period.
Diluted earnings per share are calculated by dividing the profit attributable to
shareholders by the weighted average number of ordinary shares in issue during
the period, adjusted to take account of the potential dilutive effect of
outstanding share options. Share options are not considered dilutive where the
exercise price is higher than the prevailing market price.
+---------------------------------+---------+-----------+-----------+-----------+
| | | Six months ended | Year to |
+---------------------------------+---------+-----------------------+-----------+
| | | 30 June | 30 June | 31st Dec |
+---------------------------------+---------+-----------+-----------+-----------+
| | | 2009 | 2008 | 2008 |
+---------------------------------+---------+-----------+-----------+-----------+
| Profit attributable to | | | | |
| shareholders (GBP'000) | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Profit after tax | | 356 | 7 | 280 |
+---------------------------------+---------+-----------+-----------+-----------+
| | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| Weighted average number of | | | | |
| shares ('000s) | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| For basic earnings per share | | 148,760 | 148,760 | 148,760 |
+---------------------------------+---------+-----------+-----------+-----------+
| Effect of potential dilutive | | 3,196 | - | 618 |
| share options | | | | |
+---------------------------------+---------+-----------+-----------+-----------+
| For diluted earnings per share | | 151,956 | 148,760 | 149,378 |
+---------------------------------+---------+-----------+-----------+-----------+
8 Trade and other receivables
+----------------------------------+--------+-----------+-----------+------------+
| | | 30 June | 30 June | 31 Dec |
+----------------------------------+--------+-----------+-----------+------------+
| | | 2009 | 2008 | 2008 |
+----------------------------------+--------+-----------+-----------+------------+
| | | GBP000 | GBP000 | GBP000 |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Trade receivables | | 1,253 | 1,191 | 1,161 |
+----------------------------------+--------+-----------+-----------+------------+
| Accrued income | | 142 | 486 | 513 |
+----------------------------------+--------+-----------+-----------+------------+
| Other receivables and | | 397 | 292 | 351 |
| prepayments | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| | | 1,792 | 1,969 | 2,025 |
+----------------------------------+--------+-----------+-----------+------------+
9 Trade and other payables
+----------------------------------+--------+-----------+-----------+------------+
| | | 30 June | 30 June | 31 Dec |
+----------------------------------+--------+-----------+-----------+------------+
| | | 2009 | 2008 | 2008 |
+----------------------------------+--------+-----------+-----------+------------+
| | | GBP000 | GBP000 | GBP000 |
+----------------------------------+--------+-----------+-----------+------------+
| | | | | |
+----------------------------------+--------+-----------+-----------+------------+
| Trade payables | | 299 | 329 | 140 |
+----------------------------------+--------+-----------+-----------+------------+
| Accruals and other payables | | 355 | 275 | 397 |
+----------------------------------+--------+-----------+-----------+------------+
| Payroll and sales taxes | | 254 | 236 | 279 |
+----------------------------------+--------+-----------+-----------+------------+
| Deferred income | | 935 | 876 | 952 |
+----------------------------------+--------+-----------+-----------+------------+
| | | 1,843 | 1,716 | 1,768 |
+----------------------------------+--------+-----------+-----------+------------+
10 Interim Report
Copies of the Interim Report will be available from the registered office and at
the Group's website www.OneClickHRplc.com
Independent Review Report to OneClickHR plc
Introduction
We have been engaged by the company to review the financial information in the
interim report for the six months ended 30 June 2009 which comprises the
consolidated income statement, consolidated statement of comprehensive
income, consolidated statement of financial position, consolidated statement
of changes in equity, consolidated statement of cash flows and notes 1 to 10. We
have read the other information contained in the interim report which comprises
only the Chairman's statement and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the interim
report.
This report is made solely to the company in accordance with guidance contained
in IRSE (UK and Ireland) 2410 'Review of Interim Financial Information performed
by the Independent Auditor of the Entity'. Our review work has been undertaken
so that we might state to the company those matters we are required to state to
them in a review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the company, for our review work, for this report, or for the conclusion we have
formed.
Directors' responsibilities
The interim report is the responsibility of, and has been approved by, the
directors. The AIM rules of the London Stock Exchange requires that the
accounting policies and presentation applied to the financial information in the
interim report are consistent with those which will be adopted in the annual
accounts having regard to the accounting standards applicable for such accounts.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with IFRSs as adopted by the European Union. The
financial information in the interim report has been prepared in accordance with
the basis of preparation in note 2.
Our responsibility
Our responsibility is to express to the company a conclusion on the financial
information in the interim report based upon our review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the financial information in the interim report for the six months ended 30
June 2009 is not prepared, in all material respects, in accordance with the
basis of accounting described in note 2.
GRANT THORNTON UK LLP
AUDITOR
Gatwick
2 September 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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