Half Yearly Report
30 3월 2010 - 3:00PM
UK Regulatory
TIDMCSC
RNS Number : 3751J
cScape Group PLC
30 March 2010
30 March 2010
cScape Group plc
Interim results for the six months ended 31 December 2009
cScape Group plc ("cScape" or "the Group"), the digital services business, today
announces its unaudited interim results for the six months ended 31 December
2009.
Enquiries, please contact:
Geoffrey Griggs
Finance Director
cScape Group plc
020 7689 8800
Azhic Basirov/ Charles Combe
Smith & Williamson Corporate Finance Limited
020 7131 4000
Chairman's statement
Financial and operational review
It is pleasing to report a profit before tax for the first six months of the
year of GBP183k (2008 - a loss of GBP331k).
The disposal of ITM Graphics Ltd in November 2009 which yielded an overall
surplus of GBP250k has benefitted our Balance Sheet and enables us to
concentrate on our core IT activities. cScape has continued to develop its
expertise in Microsoft SharePoint ("SharePoint") and has added blue chip clients
to its client roster, the benefits of which are expected to feed through in the
second half of the financial year. The business environment remains challenging
and the containment of costs remains a priority.
Outlook
We expect cScape's business to improve in the second half as the economy comes
out of recession and the demand for SharePoint, particularly in the private
sector, increases. It is anticipated that Blue Sky will continue to add to its
client base while retaining its recurring income.
Keith Young
Chairman
30 March 2010
CONSOLIDATED INCOME STATEMENT
For the 6 months ended 31 December 2009
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| | Notes | Unaudited | | Unaudited | | Year |
| | | 6 Months | | 6 Months | | Ended |
| | | to 31 | | to 31 | | 30 |
| | | December | | December | | June |
| | | 09 | | 08 | | 2009 |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| | 3 | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | 3,457 | | 6,689 |
| Revenue | | | | (1,054) | | (1,654) |
| Existing operations | | 2,503 | | | | |
| | | (306) | | | | |
| Cost of sales | | | | | | |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| Gross profit | | 2,197 | | 2,403 | | 5,035 |
| Administrative expenses | | (2,184) | | (2,470) | | (5,079) |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| Earnings before interest, | | | | | | (44) |
| tax, depreciation, | | 13 | | (67) | | (100) |
| amortisation and impairment | | (69) | | (58) | | - |
| losses | | 4 | | - | | - |
| Depreciation | | - | | - | | |
| Other operating income | | | | | | (144) |
| Provision for impairment | | (52) | | (125) | | (132) |
| losses | | (7) | | (53) | | |
| Operating (Loss) | | | | | | |
| Continuing operations | | | | | | |
| Discontinued operations | | | | | | |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| Total (Loss) from | | (59) | | (178) | | (276) |
| operations | | | | - | | - |
| | | 250 | | (128) | | - |
| Profit on sale of | | - | | | | |
| investments | | | | | | |
| Restructuring costs | | | | | | |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| Finance income | | 5 | | 5 | | 2 |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| Finance cost - continuing | 3 | (8) | | (18) | | (26) |
| operations | 3 | (5) | | (12) | | (19) |
| Finance cost - discontinued | | | | | | |
| operations | | | | | | |
| Profit/(Loss) before tax | | | | | | |
+ + +-----------------------------+----------+------------------+ +----------+
| | | 183 | | (331) | | (319) |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| Taxation | | - | | - | | - |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| Profit/(Loss) for the year | | | | | | |
| after tax - existing | | 195 | | (266) | | (168) |
| operations | | | | | | |
| Profit/(Loss) for the year | 4 | (12) | | (65) | | (151) |
| after tax - discontinued | | | | | | |
| operations | | | | | | |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| Profit/(Loss) for the year | | 183 | | (331) | | (319) |
| after tax | | | | | | |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
| Profit/(Loss) per share- | 7 | 1.6p | | (3.0p) | | (2.9p) |
| basic | | | | | | |
+-----------------------------+----------+-----------------------------+----------+------------------+----------+----------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 31 December 2009
+-------------------------------+-------+----------+-----------+----------+-----------+----------+---------+
| | Notes | | Unaudited | | Unaudited | | Audited |
| | | | 6 months | | 6 months | | Year |
| | | | to 31 | | to 31 | | Ended |
| | | | December | | December | | 30 June |
| | | | 2009 | | 2008 | | 2009 |
| | | | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------------+-------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | |
| Profit/(Loss) for the period | | | 183 | | (331) | | (319) |
+-------------------------------+-------+----------+-----------+----------+-----------+----------+---------+
| Total recognised income and | | | 183 | | (331) | | (319) |
| expenses for the period | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-----------+----------+---------+
| Shares issued in the period | | | - | | 25 | | 25 |
+-------------------------------+-------+----------+-----------+----------+-----------+----------+---------+
| Share issue costs | | | - | | - | | (15) |
+-------------------------------+-------+----------+-----------+----------+-----------+----------+---------+
| Net change in equity in the | | | 183 | | (306) | | (309) |
| period | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-----------+----------+---------+
| Opening equity | | | 449 | | 758 | | 758 |
+-------------------------------+-------+----------+-----------+----------+-----------+----------+---------+
| Closing equity | | | 632 | | 452 | | 449 |
+-------------------------------+-------+----------+-----------+----------+-----------+----------+---------+
CONSOLIDATED BALANCE SHEET
As at 31 December 2009
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | Notes | | Unaudited | | Unaudited | | Audited |
| | | | 31 | | 31 | | 30 June |
| | | | December | | December | | 2009 |
| | | | 2009 | | 2008 | | GBP'000 |
| | | | GBP'000 | | GBP'000 | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| ASSETS | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Non Current Assets | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Other intangible assets | | | 1,252 | | 1,252 | | 1,252 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Property, plant and equipment | | | 357 | | 611 | | 516 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | | | 1,609 | | 1,863 | | 1,768 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Current Assets | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Inventories | | | - | | 77 | | 73 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Trade and other receivables | | | 1,039 | | 1,289 | | 1,248 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Cash and cash equivalents | | | 161 | | 378 | | 633 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | | | 1,200 | | 1,744 | | 1,954 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| TOTAL ASSETS | | | 2,809 | | 3,607 | | 3,722 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| LIABILITIES | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Current Liabilities | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Trade and other payables | | | 600 | | 818 | | 826 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Financial liabilities | | | 45 | | 568 | | 621 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Current tax liabilities | | | 1,177 | | 1,405 | | 1,496 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | | | 1,822 | | 2,791 | | 2,943 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Non-Current Liabilities | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Financial liabilities | | | 55 | | 14 | | 30 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Provisions for liabilities | | | 300 | | 350 | | 300 |
| and other charges | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | | | 355 | | 364 | | 330 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| TOTAL LIABILITIES | | | 2,177 | | 3,155 | | 3,273 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| EQUITY | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Share capital | | | 1,131 | | 1,131 | | 1,131 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Share premium | | | 499 | | 514 | | 499 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Capital redemption reserve | | | 6 | | 6 | | 6 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| Retained earnings | | | (1,004) | | (1,199) | | (1,187) |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| TOTAL EQUITY | | | 632 | | 452 | | 449 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| | | | | | | | |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
| TOTAL LIABILITIES AND EQUITY | | | 2,809 | | 3,607 | | 3,722 |
+-------------------------------+-------+----------+-----------+----------+-------------------+----------+---------+
CONSOLIDATED CASH FLOW STATEMENT
For the 6 months ended 31 December 2009
+-----------------------------------+--------------------+-----------------------------+----------+
| | | | |
| | Unaudited | Unaudited | Audited |
| | 31 | 31 | 30 June |
| | December | December | 2009 |
| | 2009 | 2008 | GBP'000 |
| | GBP'000 | GBP'000 | |
+-----------------------------------+--------------------+-----------------------------+----------+
| | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Operating activities | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| (Loss) from continuing operations | (52) | (178) | (276) |
| (Loss) from discontinued | (7) | - | - |
| operations | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Depreciation | 69 | 111 | 232 |
+-----------------------------------+--------------------+-----------------------------+----------+
| Other provision | - | (50) | (100) |
+-----------------------------------+--------------------+-----------------------------+----------+
| (Profit)/Loss on sale of fixed | 250 | - | - |
| assets | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Decrease/ (increase) in trade and | 209 | 209 | 252 |
| other receivables | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Increase/(decrease) in trade and | (545) | 42 | 267 |
| other payables | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Decrease/(Increase) in inventory | 73 | - | 4 |
+-----------------------------------+--------------------+-----------------------------+----------+
| | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Cash inflow/ (outflow) from | (3) | 134 | 379 |
| operation | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Interest paid | (9) | (30) | (11) |
+-----------------------------------+--------------------+-----------------------------+----------+
| Interest received | 5 | 5 | 2 |
+-----------------------------------+--------------------+-----------------------------+----------+
| Interest element of finance | 4 | - | (34) |
| leases | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Net cash inflow/ (outflow) from | (3) | 109 | 336 |
| operating activities | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Purchase of property, plant and | (56) | (91) | (117) |
| equipment | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Proceeds from sale | 138 | - | - |
+-----------------------------------+--------------------+-----------------------------+----------+
| Net cash used in investing | 82 | (91) | (117) |
| activities | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Cash flow from financing | | | |
| activities | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Finance leases and hire purchase | (43) | (68) | (113) |
| obligations | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Proceeds from share issue | - | 25 | 25 |
+-----------------------------------+--------------------+-----------------------------+----------+
| Expenses in connection with share | - | - | (15) |
| capital | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Increase in bank loan | - | - | - |
+-----------------------------------+--------------------+-----------------------------+----------+
| Repayment of bank loans | (185) | (110) | (41) |
+-----------------------------------+--------------------+-----------------------------+----------+
| Net cash (outflow)/ received from | (228) | (153) | (144) |
| financing activities | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Net change in cash equivalents | (149) | (135) | 75 |
+-----------------------------------+--------------------+-----------------------------+----------+
| Cash and cash equivalents at the | 284 | 209 | 209 |
| beginning of the period | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
| Cash and cash equivalents at the | 135 | 74 | 284 |
| end of the year | | | |
+-----------------------------------+--------------------+-----------------------------+----------+
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the 6 months ended 31 December 2009
1. FINANCIAL INFORMATION
The financial information is for the six months ended 31 December 2009 and is
neither audited nor reviewed as defined by APB Bulletin 1999/4.
The unaudited interim accounts have been prepared in accordance with
International Financial Reporting Standards and International Accounting
Standards (collectively IFRS) as adopted by the EU and the accounting policies
set out in cScape Group plc's Annual Report for the year ended 30 June 2009.
These interim accounts have been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting" they do not include all the
statements required for full annual accounts, and should be read in conjunction
with the consolidated accounts of the Group as at 30 June 2009.
2. INTERNATIONAL FINANCIAL REPORTING STANDARDS
The consolidated financial information has been prepared using accounting
policies consistent with International Financial Reporting Standards ('IFRS') as
adopted by the European Union applied in accordance with the provisions of the
Companies Act 2006.
3. SEGMENTAL INFORMATION
The Group operates in the UK and the whole of its turnover and profit relate to
the UK market. The split between continuing and discontinued activities are
shown below;
+---------------------------------+--------------+------------+------------+------------+
| | Six | Six | Six | Year |
| | months | months | months | Ended |
| | Ended | Ended | Ended | 30.06.2009 |
| | 31.12.2009 | 31.12.2009 | 31.12.2008 | Audited |
| | Unaudited | Unaudited | Unaudited | |
| | Discontinued | Continuing | | |
+---------------------------------+--------------+------------+------------+------------+
| | GBP000's | GBP000's | GBP000's | GBP000's |
+---------------------------------+--------------+------------+------------+------------+
| Turnover | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Internet services | - | 1,987 | 1,910 | 3,920 |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Publishing and Digital | 557 | - | 869 | 1,552 |
| Communication Services | | | | |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Specialist Hosting | - | 507 | 431 | 831 |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Media and interactive | - | 9 | 247 | 386 |
| technology | | | | |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Group turnover | 557 | 2,503 | 3,457 | 6,689 |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Profit/(Loss) before tax | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Internet services | - | (21) | 40 | 241 |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Publishing and Digital | (12) | - | (65) | (151) |
| Communication Services | | | | |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Specialist Hosting | - | 128 | 53 | 141 |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Media and interactive | - | 10 | (26) | (10) |
| technology | | | | |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Central and other costs | - | (172) | (205) | (540) |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Exceptional costs | - | 250 | (128) | - |
+---------------------------------+--------------+------------+------------+------------+
| | | | | |
+---------------------------------+--------------+------------+------------+------------+
| Group profit/(loss) before tax | (12) | 195 | (331) | (319) |
+---------------------------------+--------------+------------+------------+------------+
4. Loss FROM DISCONTINUED ACTIVITIES
The loss from discontinued activities arose as follows;
+---------------------------------+------------------+
| | Unaudited |
| | 6 Months to |
| | 31/12/09 |
+---------------------------------+------------------+
| | GBP'000 |
+---------------------------------+------------------+
| Revenue | 557 |
+---------------------------------+------------------+
| Cost of sales | (419) |
+---------------------------------+------------------+
| Gross Profit | 138 |
+---------------------------------+------------------+
| Administrative expenses | (145) |
+---------------------------------+------------------+
| Earnings before interest, tax, | (7) |
| depreciation, | |
| Amortisation and impairment | |
| losses | |
+---------------------------------+------------------+
| Finance cost | (5) |
+---------------------------------+------------------+
| (Loss) for the period | (12) |
+---------------------------------+------------------+
5. GOODWILL
The board has assessed each subsidiary with reference to its durability, ability
to sustain future long term profitability and assessed ability to maintain
market position. Based on this assessment the board is of the opinion that
goodwill has an indefinite life. The board carries out regular impairment
reviews on goodwill and recognizes any impairment immediately.
6. TAXATION
No liability to UK Corporation tax arose on ordinary activities for the period
owing to trade losses brought forward from previous periods.
7. LOSS PER ORDINARY SHARE
Basic profit/(loss) per share is calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of ordinary shares during
the year. The diluted profit/(loss) per share is the same as the actual
profit/(loss) per share.
+------------------------------------+------+------------+------------+------------+
| | | Six | Six | Year |
| | | Months | Months | Ended |
| | | Ended | Ended | 30.06.2009 |
| | | 31.12.2009 | 31.12.2008 | Audited |
| | | Unaudited | Unaudited | GBP000's |
| | | GBP000's | GBP000's | |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| Basic earnings attributable to | | 183 | (331) | (319) |
| ordinary shareholders: | | | | |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| Weighted average number of | | 11,311,558 | 11,069,902 | 11,190,736 |
| ordinary shares | | | | |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
| Profit/(Loss) per share: | | 1.6p | (3.0p) | (2.9p) |
+------------------------------------+------+------------+------------+------------+
| | | | | |
+------------------------------------+------+------------+------------+------------+
8. ANALYSIS OF CHANGES IN NET (DEBT)/ FUNDS
+--------------------------+----------+------------+----------+----------+
| | | | | At 31 |
| | | | | December |
| | | At 1 July | Cash | 2009 |
| | | 2009 | flow | |
+--------------------------+----------+------------+----------+----------+
| Net cash: | | GBP000's | GBP000's | GBP000's |
+--------------------------+----------+------------+----------+----------+
| Cash at bank and in hand | | 633 | (472) | 161 |
+--------------------------+----------+------------+----------+----------+
| Bank overdrafts | | (349) | 323 | (26) |
+--------------------------+----------+------------+----------+----------+
| | | | | |
+--------------------------+----------+------------+----------+----------+
| | | 284 | (149) | 135 |
+--------------------------+----------+------------+----------+----------+
| | | | | |
+--------------------------+----------+------------+----------+----------+
| Debt: | | | | |
+--------------------------+----------+------------+----------+----------+
| Bank Loan (invoice | | (185) | 185 | - |
| discounting) | | | | |
+--------------------------+----------+------------+----------+----------+
| Hire purchase agreements | | (117) | 43 | (74) |
+--------------------------+----------+------------+----------+----------+
| | | | | |
+--------------------------+----------+------------+----------+----------+
| Total | | (18) | 79 | 61 |
+--------------------------+----------+------------+----------+----------+
| | | | | |
+--------------------------+----------+------------+----------+----------+
8. COPIES OF THE INTERIM REPORT
Copies of the interim report are available from www.cscape.com or the company
secretary at cScape Group Plc, 4 Pear Tree Court, London, EC1R 0DS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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