TIDMHIG
30 September 2009
Hertford International Group Plc
("Hertford", the "Company" or the "Group")
INTERIM RESULTS
Hertford International Group Plc (AIM: HIG), a provider of personal
financial products and services announces its Interim Results for the
six months to 30 June 2009.
The Group has significantly increased revenue and gross profit, while
substantially reducing losses before tax and operating loss following
its recent acquisition of Cheque Exchange Limited.
Highlights
* Revenue up 495% to GBP820,810 (2008: GBP137,942)
* Gross Profit up 3053% to GBP773,449 (2008: GBP24,527)
* Operating loss of GBP700,921 (2008: GBP248,586)
* Performance in line with expectations
* Low-cost international calling product to target 3 million
potential users
* Launch of eclipse Pre-Paid Credit Card
* Negotiations continue with large retail chain for roll-out of
cheque cashing services
Commenting on today's results, Paul Marks, Hertford's Chairman, said:
"The last six months have been extremely busy and the following six
months are anticipated to be equally exciting. We have grown the
Group and both integrated new complimentary products and launched
novel services."
--ENDS--
For further information please visit www.higplc.com or contact:
Hertford International Group Plc
Paul Marks - Non-Executive Chairman Tel: +44 (0) 20 3178 4440
Lewis Findlay - Chief Executive
Arbuthnot Securities
Nick Tulloch Tel: +44 (0) 20 7012 2000
Niamh Corbett
Bishopsgate Communications Tel: +44 (0) 20 7562 3350
Maxine Barnes
Robyn Samuelson
Siobhra Murphy
CHAIRMAN'S STATEMENT
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009
The last six months have been a very busy period for Hertford
International Group plc ("Hertford" or the "Group"). Since the
completion of the acquisition of Cheque Exchange Limited ("CEL") in
January 2009 the Group has been focusing on network expansion, the
integration of CEL and the introduction of new products and services.
The Company is pleased to report that performance for the period is
in line with Company and market expectations. Our turnover for the
six months was GBP820,810 and, after direct expenses, we are reporting
a gross profit of GBP773,449. With administrative, product development
and investment expenses of GBP1,474,370, our operating loss totalled
GBP700,921. Our net finance costs after investment income were GBP61,851,
creating a total loss for the period of GBP762,772, equivalent to a 1.8
pence loss per share.
The current economic climate has resulted in a decline in volume and
average value of cheques, largely due to the current weakness in the
construction industry in the first half of the calendar year, as well
as a reduction in the number and average value of money remittances.
However, this has been offset in part by the expansion of the Group's
retail network by around 25%. This is in line with the target of a
50% expansion in the retail network by the end of 2009. In addition
to the organic expansion of the retail network via our internal
business development managers, the Company is implementing its B2B
strategy, and is in advanced discussions with several large retail
networks for the provision of cheque cashing and other associated
services.
The development of our innovative low-cost international calling
product was completed in this period, and I am pleased to announce
that it is currently being sold through some thirty
specially-targeted stores, prior to the planned full roll-out later
this year almost to a thousand stores. With its attractive gross
profit margin, targeting an estimated three million users with a
total spend in excess of GBP800m, the Directors expect the Company to
reap the full benefits of this product line throughout 2010.
The Group has also launched its new prepaid card programme, "The
eclipse Card", which is available online.
The current economic climate and resulting loss of confidence in the
high street banks continues to increase consumer appetite for the
financial products offered by the Group, and the Directors believe
that with its portfolio of cheque cashing, money remittance, pre-paid
debit cards, foreign exchange, as well as low cost international
calling, Hertford offers an attractive alternative to customers,
either unwilling or unable to use high street banks.
The 2009 financial year will see the end of the restructuring and
product development phase of the Company as well as all the
investment costs and associated management time. The Company's focus
will clearly be on sales and revenue generation. Since June the
Company has agreed commercial terms for the provision of cheque
cashing services with a substantial chain of retail outlets
comprising of in excess of 1,300 locations. Upon completion the
Company expects to commence the roll-out programme this year, to be
completed by the second quarter of 2010.
Following the end of the first half of 2009 the Company has been in
discussions with certain new investors regarding a potential
investment in the Company, which would provide additional working
capital to enable the Company to drive forward various of its
products. Discussions are ongoing, and the Company will update the
market in due course.
I would like to thank all of the staff for their efforts during the
period and our shareholders for their support.
Paul Marks, Chairman
30 September 2009
CONSOLIDATED INCOME STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2009
6 months to 6 months to 15 months to
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
GBP GBP GBP
Continuing operations
Revenue 820,810 137,942 144,270
Cost of sales (47,361) (113,415) (209,141)
Gross profit 773,449 24,527 (64,871)
Administrative expenses (1,474,370) (195,090) (1,712,014)
Exceptional costs - (78,023) (251,870)
Operating loss (700,921) (248,586) (2,028,755)
Investment income 1,000 23,944 28,195
Finance costs (62,851) (29,613) (52,814)
Loss on ordinary (762,772) (254,255) (2,053,374)
activities before tax
Taxation - - -
Loss for the period (762,772) (254,255) (2,053,374)
Loss per share - basic (1.8p) (0.6p) (5.5p)
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2009
As at As at As at
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
GBP GBP GBP
Non current assets
Property, plant and 196,359 97,114 86,922
equipment
Intangible assets 4,510,904 1,430,754 1,386,872
4,707,263 1,527,868 1,473,794
Current assets
Inventories 56,436 80,751 59,339
Trade receivables 701,458 73,792 553,167
Other current assets 141,674 27,020 -
Cash and cash 431,974 743,348 192,096
equivalents
1,331,542 924,911 804,602
Current liabilities
Trade and other payables (2,964,869) (323,612) (603,627)
Net current liabilities (1,633,327) 601,299 200,975
Non-current liabilities
Non-current borrowings (2,639,051) (806,561) (1,232,243)
Net assets 434,885 1,322,606 442,526
Equity
Share capital 484,420 426,750 426,750
Share premium 2,550,725 1,902,850 1,902,850
Retained earnings (2,600,260) (1,006,994) (1,887,074)
Equity attributable to
equity holders of 434,885 1,322,606 442,526
the parent
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
6 months to 6 months to 15 months to
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from
operating activities
Loss before taxation (762,772) (254,255) (2,053,374)
Adjustments for :
Depreciation 60,491 13,085 31,728
Profit on disposal - (25,410) (25,410)
of fixed assets
Investment income (1,000) (23,994) (28,195)
Interest expense 62,851 (29,613) 52,814
Share based payment 49,586 43,124 166,300
Increase in trade and (401,035) (10,290) (414,019)
other receivables
Decrease in 2,903 (11,889) 23,343
inventories
Increase in trade and 438,812 (811,321) 80,245
other payables
Cash used in operations (550,164) (1,110,562) (2,166,658)
Interest paid (62,851) 29,613 (52,814)
Net cash used in (613,015) (1,080,949) (2,219,382)
operating activities
Cash flows from
investing activities
Acquisition of
subsidiaries, net of cash (832,000) - 83,961
acquired
Interest received 1,000 23,944 28,195
Purchase of intangible (25,428) (6,764) (21,982)
assets
Purchase of property, (1,032) (1,857) (10,376)
plant and equipment
Proceeds from sale of
property, plant and - - 25,410
equipment
Net cash from investing (857,460) 15,373 105,208
activities
Cash flows from
financing activities
Net new long term loans 1,004,808 - 303,270
received
Issue of shares 705,545 - 2,003,000
Net cash used in 1,710,353 - 2,306,270
financing activities
Net increase in cash and 239,878 (1,065,576) 192,096
cash equivalents
Cash and cash equivalents
at beginning of 192,096 1,808,924 -
period
Cash and cash equivalents 431,974 743,348 192,096
at end of period
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2009
Retained Share Share Total
earnings capital premium
GBP GBP GBP GBP
6 months ended 30 June
2009:
As at 1 January 2009 (1,887,074) 426,750 1,902,850 442,526
Ordinary shares issued in - 57,670 647,875 705,545
the period
Loss for the period (762,772) - - (762,772)
Credit arising on share 49,586 - - 49,586
based payment
As at 30 June 2009 (2,600,260) 484,420 2,550,725 434,885
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
1. Accounting policies
Basis of preparation:
The interim financial information for the six months ended 30 June
2009 has been prepared in accordance with the accounting policies
that will apply for the period ended 31 December 2009 which will
follow International Financial Reporting Standards (IFRS) and
interpretations as endorsed by the European Union.
The interim financial information does not constitute statutory
accounts within the meaning of Part 15 of the Companies Act 2006. The
comparatives for the period ended 31 December 2008 are not the
company's full statutory accounts for that period. A copy of the
statutory accounts for that period has been delivered to the
Registrar of Companies. The report of the auditors on those accounts
was unqualified and did not contain a statement under Section 237
(2)-(3) of the Companies Act 1985.
Basis of consolidation:
The consolidated financial statements incorporate the results of the
company and its subsidiary undertakings as at 30 June 2009 and
exclude all intra-group transactions and balances. The results of
subsidiary undertakings are included from the date of acquisition.
The results of subsidiary undertakings disposed of are included up to
the date of disposal.
Goodwill:
Goodwill represents any excess of the cost of acquisition over the
fair value of the identifiable assets and liabilities acquired.
Goodwill is tested annually for impairment and is carried at cost
less accumulated impairment losses.
Property, plant and equipment
Property, plant and equipment are stated at cost net of accumulated
depreciation and any provision for impairment. Depreciation is
provided at rates calculated to write off the cost, less an estimated
residual value, of the assets over their estimated useful lives at
the following rates:
Web site development 25% straight line
Office equipment 25% straight line
Motor vehicles 25% straight line
Inventories
Stocks are valued at the lower of cost and net realisable value.
Leased assets
Rentals under operating leases are charged to the income statement on
a straight-line basis over the lease term. All of the group's current
leases are operating leases.
Foreign currency
Foreign currency transactions are recorded at the rate of exchange at
the time of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are
reported at the rates of exchange prevailing at that date. Exchange
differences arising on the retranslation of unsettled monetary assets
and liabilities are recognised immediately in the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand. Bank
overdrafts are included within current liabilities unless there is a
right of offset with cash balances.
Share based payments
Share options awarded to employees are measured at fair value at
grant date using the Black-Scholes model. The fair value is expensed
on a straight-line basis over the vesting period, based on an
estimate of the number of options that will eventually vest.
Cash-settled share based payment transactions result in the
recognition of a liability at its current fair value.
2. Loss per share
6 months to 6 months to 15 months to
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
GBP GBP GBP
Loss before taxation (762,772) (254,255) (2,053,374)
Weighted average number
of shares in 47,613,591 42,675,000 37,224,749
issue in the period
Basic loss per share (1.8p) (0.6p) (5.5p)
There is no dilution per share in respect of the current period as
the group has made a loss.
3. Issued share capital
Ordinary shares of 1p each: No. GBP
As at 1 January 2009 42,675,000 426,750
Issued in the period 5,767,000 57,670
As at 30 June 2009 48,442,000 484,420
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
Hertford (LSE:HIG)
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