BRTR Bartercard

RNS Number:7612I
Bartercard plc
11 September 2006



Bartercard PLC





The Directors of Bartercard announce that the Company is working with its
auditors, Grant Thornton, to finalise its audited accounts for the year to 31st
March 2006.  These numbers are now expected to be released shortly.  The
Directors of Bartercard advise that it will report revenues of A$52m (circa
#21m) and the net loss for the year is likely to be in the order of A$4.8
million (circa #1.9m).



This loss is attributable to non repeating costs, events and accounting changes,
which the Directors do not expect to recur. Of this amount, A$2,143,000
(#882,000) arises from the costs associated with the re-admission of the
Company's shares to trading on AIM via the reverse takeover (RTO) of Universal
Direct Group Plc (now Bartercard Plc) and the subsequent closure and write-off
of the Universal Direct Group businesses. In addition, A$825,000 (#339,000) of
the loss is attributable to accounting changes associated with the first time
adoption of IFRS. The remainder of the loss is attributable to a number of
trade-related items and the timing of the sale of Sunbury brokerage in the UK
for A$ 900,000 (#360,000) which took place after the end of financial year.
Lower than expected revenues from the sale of international licences were caused
by the requirement of executives to focus on the RTO and other key strategic
activities, however the current series of international license sales for this
financial year already amounts to A$ 3.2 million (#1.3 million).



The Directors have taken a number of remedial actions in terms of costs and
overheads since the end of financial year, including a reduction in staff in the
UK and Australia and improved credit control.



The Company is reviewing with Grant Thornton and with its Nominated Adviser,
Nabarro Wells, its working capital position, future capital raising and its
reporting systems and internal financial controls. Negotiations are currently
underway for a sale and lease back of the company's building it owns in
Australia to provide funding for continued growth in the UK and the UAE.



Separately the Directors announce that Hichens, Harrison & Co. plc has given
notice under the terms of its engagement with the Company and therefore will
cease to act as the Company's broker as of 8 October 2006. The Directors intend
to seek the appointment of a replacement broker as soon as possible and is
already in discussion with potential candidates.



                                                               11 September 2006



                                     -End-



Press enquiries:



Bartercard PLC             0870 920 1000
Wayne Sharp
Chairman and Chief Executive Officer


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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