Interim Results
30 1월 2009 - 5:00PM
UK Regulatory
TIDMCAPT
RNS Number : 5012M
Capital Ideas PLC
30 January 2009
CAPT.L
CAPITAL IDEAS PLC
("Capital Ideas" or the "Company")
Interim results for the six months ended 31 October 2008
Highlights
�Turnover more than quadrupled at GBP1,504,000 (2007: GBP340,000)
�Pre-tax profit up 17.5 per cent at GBP255,000 (2007: GBP217,000)
�Business re-focused with multiple income streams
�General Meeting to approve cancellation of listing
Chairman's Statement
I am pleased to announce Capital Ideas plc interim results for the six months
ended 31 October 2008. Sales in this period were GBP1,504,000 compared to
GBP340,000 in the same period in 2007, an increase of 340% compared to last
year, with pre-tax profits of GBP255,000 (2007: GBP217,000), an increase of
17.5% compared to the first six months of last year. The increase in sales and
pre-tax profits is as a result of the re-focus of the business from investment
activity to establishing a broad based database marketing business with multiple
income streams.
Divisions
The company has a number of different divisions which currently include;
Room to Invest -sale of hotel rooms to private investors;
Capital Mint -sale of gold to private investors;
Turnaround - advisory and investment business, focussed on the distressed
market; and
Publishing - financial publishing including Company Refs, Investing for
Growth, Company Guides and Company Register.
Developments
Capital Mint
In December the company launched its wholly-owned subsidiary Capital Mint Ltd
(www.capitalmint.co.uk), which sells gold to private investors. Test marketing
has been successfully completed and the programme is set to be more extensively
marketed over the coming months.
Tax Newsletter
The Company's publishing business is currently in final stage negotiations to
purchase a tax newsletter.
Compliance Publication
The Company plans to launch Compliance Monthly, which will primarily be a
subscription based publication aimed at the financial services market place. The
Board believes there is a gap in the market for such a publication, and has
sourced a new editor to handle its launch and progress. It is intended that the
first issue will be published in March 2009.
Seminar Business
Finally, the Company is planning to launch an educational seminar business, via
its newly incorporated subsidiary Undervalued Assets Ltd. It is due to launch in
February 2009, and is focused on educating individuals on how to purchase
distressed businesses and/or property from receivers. The directors believe
that the business will benefit from the recent acquisition of the database of
buy-to-let property seminar business, 'Inside Track', which contains some
200,000 individuals.
The Company's AIM listing
The Company has reviewed its cost base and its future position with a view to
identifying cost savings which are imperative in surviving in these challenging
economic times. With this in mind your board has decided that it will recommend
de-listing the Company's shares from AIM subject to approval by shareholders at
a General Meeting, which is called for next month and is also announced today.
We believe that this action will save approximately GBP100,000 per annum in
costs, which in this current economic climate is crucial. In addition, Capital
Ideas is constantly reviewing distressed acquisition opportunities. These
acquisitions require decisions to be made quickly and rapid execution which in
certain situations can be made more difficult due to the regulations as an
AIM-quoted company.
Finally, and importantly, your company is growing both organically and, more
relevantly, by acquisition. In the Board's opinion, the current share price does
not reflect the Company's true worth, and by substantially undervaluing the
Company it in turn prohibits any equity fund raising because of the substantial
dilution the Company's shareholders would face.
The company is calling a General Meeting for Friday 27 February 2009 to ask its
shareholders to approve the de-listing of its shares from AIM.
Future
The company has progressed rapidly in the calendar year 2008, and the Board
expects further strong progress in 2009. We believe that 2009 is going to be a
very tough year for most businesses, including Capital Ideas plc, but we are
making plans to ensure continued success. The Board believes there is reason for
optimism, with the launch of a number of new ventures and potential acquisition
opportunities, some of which are described above.
With there not being any apparent benefits of remaining quoted on AIM at this
current time and taking into account this poor economic period for the UK, the
Board believes that the de-listing will assist in maximising shareholder value
in the medium term. In the interests of its shareholders, the Directors will
monitor market conditions as we move forward with a view to re-listing the
Company on an appropriate exchange should they consider that market conditions,
and development of its businesses, make a public quotation beneficial for the
Company and its shareholders.
Stuart Kinner
Chairman
For more information, please contact:
+-------------------------+-------------------------+------------------------+
| Stuart Kinner | Capital Ideas plc | 020 7324 5433 |
+-------------------------+-------------------------+------------------------+
| Gavin Burnell | Ruegg & Co Limited | 020 7584 3663 |
+-------------------------+-------------------------+------------------------+
| Richard Morrison | SVS Securities plc | 020 7638 5600 |
+-------------------------+-------------------------+------------------------+
| Paul Quade | CityRoad Communications | 020 7248 8010/07947 |
| | | 186694 |
| | | |
+-------------------------+-------------------------+------------------------+
| | | |
+-------------------------+-------------------------+------------------------+
CAPITAL IDEAS PLC
Condensed Consolidated income statement
for the six months ended 31 October 2008
+--------------------------------------+------+-----------+-----------+----------+
| | Note | Six | Six | Year |
| | | months | months | ended 30 |
| | | ended 31 | ended 31 | April |
| | | October | October | 2008 |
| | | 2008 | 2007 | Audited |
| | | Unaudited | Unaudited | |
+--------------------------------------+------+-----------+-----------+----------+
| | | GBP000 | GBP000 | GBP000 |
+--------------------------------------+------+-----------+-----------+----------+
| Continuing operations | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Revenue | 2 | 1,504 | 340 | 1,763 |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Cost of sales | | (692) | (4) | (37) |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Gross profit | | 812 | 336 | 1,726 |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Loss on disposal of assets | | - | - | (340) |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Administrative expenses | | (549) | (36) | (315) |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Finance income | | 2 | - | - |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Finance cost | | (10) | - | (16) |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Profit from operating activities | | 255 | 300 | 1,055 |
| before impairment | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Impairment of investments and loans | | - | (83) | (416) |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Profit before taxation | | 255 | 217 | 639 |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Income tax expenses | 3 | (71) | (52) | (206) |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Profit attributable to equity | | 184 | 165 | 433 |
| holders | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| Earnings per share | 4 | 0.06p | 0.07p | 0.16p |
| Basic and fully diluted | | | | |
+--------------------------------------+------+-----------+-----------+----------+
| | | | | |
+--------------------------------------+------+-----------+-----------+----------+
All of the activities of the company are classed as continuing.
CAPITAL IDEAS PLC
Condensed Consolidated Balance sheet
at 31 October 2008
+--------------------------------------+------+-----------+-----------+---------+
| | Note | Six | Six | Year |
| | | months | months | ended |
| | | ended 31 | ended 31 | 30 |
| | | October | October | April |
| | | 2008 | 2007 | 2008 |
| | | Unaudited | Unaudited | Audited |
+--------------------------------------+------+-----------+-----------+---------+
| | | GBP000 | GBP000 | GBP000 |
+--------------------------------------+------+-----------+-----------+---------+
| ASSETS | | | | |
| Non-current assets | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| Property, plant & equipment | | 33 | - | 10 |
+--------------------------------------+------+-----------+-----------+---------+
| Other intangible assets | | 908 | - | 454 |
+--------------------------------------+------+-----------+-----------+---------+
| Available-for-sale investments | 5 | 2,957 | 778 | 2,585 |
+--------------------------------------+------+-----------+-----------+---------+
| Investments in associates | | 5 | - | 5 |
+--------------------------------------+------+-----------+-----------+---------+
| | | 3,903 | 778 | 3,054 |
+--------------------------------------+------+-----------+-----------+---------+
| | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| Current assets | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| Trade and other receivables | | 519 | 340 | 244 |
+--------------------------------------+------+-----------+-----------+---------+
| Cash and cash equivalents | | 34 | 42 | 7 |
+--------------------------------------+------+-----------+-----------+---------+
| | | 553 | 382 | 251 |
+--------------------------------------+------+-----------+-----------+---------+
| Total Assets | | 4,456 | 1,160 | 3,305 |
+--------------------------------------+------+-----------+-----------+---------+
| | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| EQUITY AND LIABILITIES | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| Equity attributable to equity | | | | |
| holders of the parent | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| Share capital | | 1,461 | 1,461 | 1,461 |
+--------------------------------------+------+-----------+-----------+---------+
| Share premium account | | 1,160 | 1,160 | 1,160 |
+--------------------------------------+------+-----------+-----------+---------+
| Other reserves | | 791 | - | 791 |
+--------------------------------------+------+-----------+-----------+---------+
| Retained earnings | | (1,194) | (1,646) | (1,378) |
+--------------------------------------+------+-----------+-----------+---------+
| Total equity | | 2,218 | 975 | 2,034 |
+--------------------------------------+------+-----------+-----------+---------+
| | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| Current liabilities | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| Trade and other payables | | 1,567 | 38 | 672 |
+--------------------------------------+------+-----------+-----------+---------+
| Current tax liabilities | | 559 | 147 | 492 |
+--------------------------------------+------+-----------+-----------+---------+
| Bank borrowings | | 14 | - | 9 |
+--------------------------------------+------+-----------+-----------+---------+
| | | 2,140 | 185 | 1,173 |
+--------------------------------------+------+-----------+-----------+---------+
| | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| Non-current liabilities | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| Deferred tax provision | | 98 | - | 98 |
+--------------------------------------+------+-----------+-----------+---------+
| Total liabilities | | 2,238 | 185 | 1,271 |
+--------------------------------------+------+-----------+-----------+---------+
| | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| TOTAL EQUITY AND LIABILITIES | | 4,456 | 1,160 | 3,305 |
+--------------------------------------+------+-----------+-----------+---------+
| | | | | |
+--------------------------------------+------+-----------+-----------+---------+
| | | | | |
+--------------------------------------+------+-----------+-----------+---------+
CAPITAL IDEAS PLC
Condensed Consolidated Statement of changes in shareholders' equity
For the six months ended 31 October 2008
+-------------------------------+---------+---------+----------+----------+--------+
| | Share | Share | Other | Retained | Total |
| | Capital | Premium | Reserves | Earnings | GBP000 |
| | GBP000 | GBP000 | GBP000 | GBP000 | |
+-------------------------------+---------+---------+----------+----------+--------+
| | | | | | |
+-------------------------------+---------+---------+----------+----------+--------+
| Balance at 1 May 2007 | 1,410 | 1,093 | - | (1,811) | 692 |
+-------------------------------+---------+---------+----------+----------+--------+
| Profit for the period | - | - | - | 165 | 165 |
+-------------------------------+---------+---------+----------+----------+--------+
| Share Issue | 51 | 67 | - | - | 118 |
+-------------------------------+---------+---------+----------+----------+--------+
| Balance at 31 October 2007 | 1,461 | 1,160 | - | (1,646) | 975 |
+-------------------------------+---------+---------+----------+----------+--------+
| Profit for the period | - | - | - | 268 | 268 |
+-------------------------------+---------+---------+----------+----------+--------+
| Revaluation of intangibles | - | - | 259 | - | 259 |
+-------------------------------+---------+---------+----------+----------+--------+
| Valuation gains on | - | - | 840 | - | 840 |
| available-for-sale | | | | | |
| Investments | | | | | |
+-------------------------------+---------+---------+----------+----------+--------+
| Deferred tax liability on | - | - | (308) | - | (308) |
| revaluations | | | | | |
+-------------------------------+---------+---------+----------+----------+--------+
| Balance as 30 April 2008 | 1,461 | 1,160 | 791 | (1,378) | 2,034 |
+-------------------------------+---------+---------+----------+----------+--------+
| Profit for the period | - | - | - | 184 | 184 |
+-------------------------------+---------+---------+----------+----------+--------+
| Balance at 31 October 2008 | 1,461 | 1,160 | 791 | (1,194) | 2,218 |
+-------------------------------+---------+---------+----------+----------+--------+
CAPITAL IDEAS PLC
Condensed Consolidated Cash flow statement
for the six months ended 31 October 2008
+------------------------------------+-------+-----------+-----------+----------+
| | | Six | Six | Year |
| | | months | months | ended 30 |
| | | ended 31 | ended 31 | April |
| | | October | October | 2008 |
| | | 2008 | 2007 | Audited |
| | | Unaudited | Unaudited | |
+------------------------------------+-------+-----------+-----------+----------+
| | | GBP000 | GBP000 | GBP000 |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Net cash from operating activities | | 483 | (91) | 785 |
+------------------------------------+-------+-----------+-----------+----------+
| Interest paid | | (10) | - | (16) |
+------------------------------------+-------+-----------+-----------+----------+
| Income taxes paid | | (4) | 52 | (21) |
+------------------------------------+-------+-----------+-----------+----------+
| Net cash from operating activities | | 469 | (39) | 748 |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Cash from investing activities | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Purchase of property, plant and | | (28) | - | - |
| equipment | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Purchase of investments | | (671) | (72) | (1,257) |
+------------------------------------+-------+-----------+-----------+----------+
| Proceeds from sale of investments | | 250 | 32 | 393 |
+------------------------------------+-------+-----------+-----------+----------+
| Interest received | | 2 | - | - |
+------------------------------------+-------+-----------+-----------+----------+
| Net cash from investing activities | | (447) | (40) | (864) |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Financing | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| New share issue | | - | 118 | 111 |
+------------------------------------+-------+-----------+-----------+----------+
| Net cash from financing activities | | - | 118 | 111 |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Net (decrease) in cash and cash | | 22 | 39 | (5) |
| equivalents | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Cash and bank at beginning of | | (2) | 3 | 3 |
| period | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Cash and cash equivalents at end | | 20 | 42 | (2) |
| of period | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Comprising of: | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Cash and cash equivalents per the | | 34 | 42 | 7 |
| balance sheet | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Less: | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| Bank overdraft | | (14) | - | (9) |
+------------------------------------+-------+-----------+-----------+----------+
| | | | | |
+------------------------------------+-------+-----------+-----------+----------+
| | | 20 | 42 | (2) |
+------------------------------------+-------+-----------+-----------+----------+
CAPITAL IDEAS PLC
Notes to the interim report
1 BASIS OF PREPARATION
These interim results for the six months ended 31 October 2008 have been
prepared in accordance with International Financial Reporting Standards
(IFRS's). The accounting policies used in the preparation of these results were
the ones used in the preparation of the consolidated financial statements for
the year ended 30 April 2008 and are detailed in the notes to those financial
statements.Whilst this interim report has been prepared in accordance with
IFRS's, it is not in accordance with IAS 34 and therefore is not fully compliant
with IFRS.
The financial information set out in this interim report is not audited and does
not constitute statutory accounts as defined in Section 240 of the Companies Act
1985. The Company's statutory financial statements for the year ended 30 April
2008 have been delivered to the Registrar of Companies. The auditor's report on
those financial statements was unqualified and did not contain a statement under
Sections 237 (2) and (3) of the Companies Act 1985.
The results for the six months ended 31 October 2008 were approved by the board
on 28 January 2009.
2 REVENUE
Revenue is recognised to the extent that it is probable that economic benefit
will flow to the Group and that the revenue can be reliably measured. Revenue is
measured at the fair value of consideration received or receivable, excluding
VAT and any other sales-related taxes.
Corporate Finance & Advisory - the revenue recognised includes amounts in
relation to shares received in lieu of corporate finance arrangement fees.
Revenue arising from these shares is split between the value of the services for
which the shares are issued and any profit or loss arising from their subsequent
disposal and is recognised when the services have been performed. When shares
are sold the revenue is recognised on a trade date basis.
Publishing - the revenue is recognised from subscriptions and one-off sales
received relating to the date of publication of each respective title.
3 TAXATION
+-------------------------------------------+----------+----------+----------+
| | Six | Six | Year |
| | months | months | ended 30 |
| | ended 31 | ended 31 | April |
| | October | October | 2008 |
| | 2008 | 2007 | |
+-------------------------------------------+----------+----------+----------+
| | GBP000 | GBP000 | GBP000 |
+-------------------------------------------+----------+----------+----------+
| Current tax: | | | |
+-------------------------------------------+----------+----------+----------+
| UK corporation tax | 71 | 52 | 416 |
+-------------------------------------------+----------+----------+----------+
| Deferred tax credit | - | - | (210) |
+-------------------------------------------+----------+----------+----------+
| | | | |
+-------------------------------------------+----------+----------+----------+
| Total current tax | 71 | 52 | 206 |
+-------------------------------------------+----------+----------+----------+
| | | | |
+-------------------------------------------+----------+----------+----------+
CAPITAL IDEAS PLC
Notes to the interim report -continued
4 EARNINGS PER ORDINARY SHARE
The calculation of basic earnings per ordinary share is based on profit of
GBP184,000 (six months ended 31 October 2007: GBP165,000, year ended 30 April
2008: GBP433,000) and ordinary shares of 287,155,547 (31 October 2007:
250,304,164 shares, 30 April 2008: 265,895,134) being the weighted average
number of ordinary shares in issue during the period. The 0.9p deferred shares
in existence do not have rights to either dividends or the assets of the Company
and have therefore been discounted from the weighted average calculation.
The profit for the period and the weighted average number of ordinary shares for
the purposes of calculating the fully diluted earnings per ordinary share are
the same as for the basic earnings per ordinary share calculation. This is
because exercise of the outstanding warrants would have no effect on the
calculated earnings per ordinary share and would therefore not be dilutive.
5INVESTMENTS
+-------------------------------------------+----------+----------+----------+
| | Six | Six | Year |
| | months | months | ended 30 |
| | ended 31 | ended 31 | April |
| | October | October | 2008 |
| | 2008 | 2007 | |
+-------------------------------------------+----------+----------+----------+
| | GBP000 | GBP000 | GBP000 |
+-------------------------------------------+----------+----------+----------+
| | | | |
+-------------------------------------------+----------+----------+----------+
| Listed investments | - | - | - |
+-------------------------------------------+----------+----------+----------+
| | | | |
+-------------------------------------------+----------+----------+----------+
| Unlisted investments | 2,957 | 778 | 2,585 |
+-------------------------------------------+----------+----------+----------+
| | | | |
+-------------------------------------------+----------+----------+----------+
| | 2,957 | 778 | 2,585 |
+-------------------------------------------+----------+----------+----------+
| | | | |
+-------------------------------------------+----------+----------+----------+
CAPITAL IDEAS PLC
Notes to the interim report -continued
6 COPIES OF INTERIM REPORT
Copies of this statement will be available to the public free of charge from the
Company's registered office: Cornwall Buildings, 45-51 Newhall Street,
Birmingham, B3 3QR and on its website, www.capitalideasplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Capital Ideas (LSE:CAPT)
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