TIDMILA
RNS Number : 8486D
Ila Group Limited
30 March 2011
ILA GROUP LIMITED
("Ila" or the "Company")
Interim Results
ILA Group, the AIM listed retail marketing specialist is pleased
to announce its results for the six months ended 31 December
2010.
Highlights:
-- Increase in sales of 375% to GBP646,995, compared to six
months to June 2010 (GBP136,105)
-- Operating losses decreased to GBP378,818, compared to
GBP598,752 (before exceptional) in six months to June 2010.
-- Rollout of ILA range with the launch of 4 new products.
-- Substantial increase in distribution, with products now
selling in over 20 countries worldwide.
Post period end
-- Acquisition of Premium Factory increased the product range,
retail presence and manufacturing capabilities, as well as an
acceleration of top-line growth.
-- Appointment of Gordon Black as adviser to the Company.
Commenting on the results, Simon McGivern, Chief Executive
stated:
"ILA Group has made considerable progress, with sales rising
four-fold compared to the last six months and operating losses
reducing by over 35%. Most importantly, ILA's distribution
footprint is increasing rapidly, with the Company's products now
selling in over 20 countries worldwide. In line with group
strategy, product ranges are increasing organically (through new
product development) and by acquisition. As such, we were pleased
to announce the acquisition of Premium Factory shortly after the
period end. This brings a new range of products, new manufacturing
capabilities and new distribution channels, most notably giving an
immediate introduction to multiple retailers, including Asda and
Sainsbury's, where contracts are in place."
For further information, please see www.ilasecurity.com or
contact:
Ila Group Limited 020 3384 7131
Simon McGivern, Chief Executive
Paul Gazzard, Chief Operating Officer
finnCap 020 7600 1658
Charles Cunningham - corporate finance
Joanna Weaving - corporate broking
Lothbury Financial Services 020 7868 2010
Gary Middleton
Simon Astley
CHIEF EXECUTIVE'S STATEMENT
I am pleased to say that the Company has made significant
progress in the past six months and this has continued into the
current financial period. We have seen strong organic growth and
this is now enhanced by the acquisition of Premium Factory.
Financial performance
Revenue for the six months to 31 December 2010 was GBP646,995
(six months to 30 June 2010: GBP136,105) and the total loss for the
period before exceptional items was GBP378,818 (6 months to 30 June
2010: GBP598,752).
Current trading and prospects
Trading has continued strongly in the first half of the
financial year. The Directors are committed to delivering long term
growth through the delivery of four main strategies:
1. Increasing distribution channels (both domestically and
through international sales channels).
2. Development of cost efficient marketing strategies with core
marketing partner, BBH
3. Increasing branded product ranges.
4. Actively looking for suitable acquisition targets
The Board is confident that this can be achieved by the
continued hard work of the management team which includes Sir
Richard Greenbury and which Gordon Black CBE has recently joined as
an adviser. We believe that we will see a sharp rise in turnover
from both existing and new products in the second half,
complemented by a steadily growing distribution network.
The outlook for the next six months, and looking further ahead,
is very positive and the Directors remain confident that the
business plan can deliver sustained growth in what is a specialist
market.
CONSOLIDATED INCOME STATEMENT
Unaudited Audited
6 months 6 months
to to
31 December 30 June
2010 2010
GBP GBP
Revenue 646,995 136,105
Cost of sales (417,585) (87,094)
Gross profit 229,410 49,011
Administrative expenses (608,228) (647,763)
Exceptional administrative expense - (280,938)
Operating loss (378,818) (879,690)
Finance costs (6,568) (1,333)
Interest income 3,607 40
Loss before tax (381,779) (880,983)
Deferred tax 78,375 123,617
Loss for the period (303,404) (757,366)
------------ ----------
Loss per share
Basic and diluted loss per ordinary
share (0.0004) (0.0012)
CONSOLIDATED BALANCE SHEET
Unaudited Audited
6 months 6 months
to to
31 December 30 June
2010 2010
Assets GBP GBP
Non-current assets
Deferred tax assets 201,992 123,617
Current assets
Inventories 133,091 60,922
Trade and other receivables 159,746 295,764
Cash and cash equivalents 1,582,407 163,958
1,875,244 520,644
------------- -------------
Total assets 2,077,236 644,261
============= =============
Equity and liabilities
Issued capital and reserves
Stated capital 15,155,245 13,480,954
Contingent consideration reserve 972,725 972,725
Share based payment reserve 120,148 102,148
Reverse acquisition reserve (13,221,177) (13,221,177)
Retained earnings (1,325,975) (1,004,571)
Total equity 1,700,966 330,079
------------- -------------
Non-current liabilities
Interest bearing borrowings 83,226 98,456
Current liabilities
Trade and other payables 262,045 184,727
Interest bearing borrowings 30,999 30,999
293,044 215,726
------------- -------------
Total equity and liabilities 2,077,236 644,261
============= =============
GROUP CASH FLOW STATEMENT
Unaudited Audited
6 months 6 months
to to
31 December 30 June
2010 2010
GBP GBP
Cash inflow from operating activities
Net loss for the period (381,779) (880,983)
Non-cash movements
Goodwill written off - 30,990
Shares issued in lieu of payment
in respect of professional costs - 35,795
Share based payments - 17,550
Increase in working capital
Increase in inventories (72,169) (44,729)
Decrease in trade and other
receivables 136,018 68,998
Increase in trade and other
payables 57,908 18,167
Increase in accruals 19,410 4,963
Net cash outflow from operating
activities (240,612) (749,249)
Cash flows from investing activities
Cash acquired with acquired
entities - 672,010
------------ ----------
Net cash inflow from investing
activities - 672,010
Cash flow from financing activities
Repayment of bank loans (15,230) (15,230)
Share issue 1,674,291 -
Net cash (used)/generated from
financing activities 1,659,061 (15,230)
Net (decrease)/increase in cash
and cash equivalents 1,418,449 (92,469)
Cash and cash equivalent at
1 July 2010 163,958 256,427
Cash and cash equivalent at
31 December 2010 1,582,407 163,958
------------ ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
Contingent Reverse based
Stated consid-eration Share acquisition payment Retained Total
capital reserve premium reserve reserve earnings equity
GBP GBP GBP GBP GBP GBP GBP
Balance 31
December 2009
as restated 1,189 - 273,823 - 84,598 (247,205) 112,405
Loss for the
period - - - - - (757,366) (757,366)
Shares issued
in period:
Initial
Consideration
Shares 659,614 - - - - - 659,614
In respect of
transaction
costs 35,795 - - - - - 35,795
Contingent
Consideration
Shares - 262,081 - - - 262,081
Share based
payment
reserve - - - - 17,550 17,550
IFRS 3 reverse
acquisition
conversion 12,784,356 710,644 (273,823) (13,221,177) - - -
----------- --------------- ---------- ------------- -------- ------------ ----------
At 30 June
2010 13,480,954 972,725 - (13,221,177) 102,148 (1,004,571) 330,079
Loss for the
period - - - - - (303,404) (303,404)
Shares issued
in period: 1,674,291 - - - - - 1,674,291
-----------
15,155,245 972,725 - (13,221,177) 102,148 (1,307,975) 1,700,966
----------- --------------- ---------- ------------- -------- ------------ ----------
1. Accounting Policies
Basis of preparation
The interim financial statementsThe interim financial statements
of the Group for the six months ended 31 December 2010, which are
unaudited, have been prepared in accordance with the accounting
policies set out in the annual report and accounts for the year
ended 30
June 2010, which were prepared under International Financial
Reporting Standards
("IFRS").
The financial information contained in the interim report does
not constitute statutory accounts. The financial information for
the preceding period is based on the statutory accounts for the 6
months ended 30 June 2010. The Auditors' report for the 6 months
ended 30 June 2010 was unqualified.
As permitted, this interim report has been prepared in
accordance with the AIM Rules for Companies and not in accordance
with IAS 34 "Interim Financial Reporting". Therefore it is not
fully compliant with IFRS.
As a result of the application of Amendments to IAS 1
Presentation of Financial Statements: A Revised Presentation the
Group has elected to present a single Consolidated Statement of
Comprehensive Income. Previously the Group presented an income
statement only, with movements in other comprehensive income
recognised as part of total recognised income and expense in the
Consolidated Statement of Changes in Shareholders' Equity. In
addition, certain primary statement titles have changed in order to
align with the terms used in IAS 1. The Amendment does not change
the recognition or measurement of transactions and balances in the
financial statements.
2. Segment Information
As the company operates in one business segment and as such this
is the primary business segment. The company's secondary segment is
geographical. The segmental results by geographical area are shown
below:
Unaudited Audited Unaudited Audited
6 months 6 months 6 months 6 months
to to to to
31 December 30 June 31 December 30 June
2010 2010 2010 2010
Sales Sales Assets Assets
GBP GBP GBP GBP
UK 293,744 15,560 196,326 76,222
EU 84,768 61,037 11,185 6,568
North America 129,506 56,259 85,326 47,550
Rest of the
World 138,977 3,249 - 226,346
646,995 136,105 292,837 356,686
------------ --------- ------------ ---------
3. Components of income tax expense
Unaudited Audited
6 months 6 months
to to
31 December 30 June
2010 2010
GBP GBP
Current income tax expense
Current income tax charge - -
Deferred income tax
credit
Losses to be utilised
in future periods 78,375 123,617
78,375 123,617
------------ ---------
Major component of tax
expense
Loss on ordinary activities
before taxation 381,779 880,983
Deferred tax at the
domestic rate of 21% 80,174 185,006
Tax effect of expenses
not deductible for tax
purposes (1,799) (95,014)
Adjustment from previous
period - 33,625
Deferred income tax
credit 78,375 123,617
------------ ---------
4. Earnings per Ordinary Share
The calculation of basic loss per share is based on the loss
attributable to ordinary shareholders and the weighted average
number of ordinary shares in issue during the period.
The calculation of diluted loss per share is based on loss per
share attributable to ordinary shareholders and the weighted
average number of ordinary shares that would be in issue, assuming
conversion of all dilutive potential ordinary shares into ordinary
shares.
Reconciliations of the loss and weighted average number of
shares used in the calculations are set out below:
Unaudited Audited
6 months 6 months
to to
31 December 30 June
2010 2010
GBP GBP
Basic loss per share
Reported loss (303,404) (757,366)
Reported loss per share (0.0004) (0.0012)
Number of Number of
shares shares
Weighted average number
of ordinary shares:
Shares issued for ILA
Security Ltd 388,600,221 388,600,221
Contingent Consideration
shares 154,400,846 154,400,846
Effect of ILA shares
post-reverse acquisition 146,300,787 95,378,414
Effect of shares issued
in respect of professional
costs 5,681,819 3,704,169
Shares issued in period 26,974,685 -
Weighted average number
of ordinary shares 721,958,358 642,083,650
------------ ------------
Due to the Group's loss for the period, the diluted loss per
share is the same as the basic loss per share.
6. Events after the reporting period
On 3 August 2010, the Company placed 27,029,141 ordinary shares
of no par value raising GBP270,291 and on 24 December the Company
placed 117,000,000 ordinary shares of no par value raising
GBP1,404,000 before expenses
On 16 March 2010 the Company completed the acquisition of 100%
of the issued share capital of Premium Factory Ltd for GBP100.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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