TIDMILI
RNS Number : 0653J
Imagelinx PLC
24 March 2010
Imagelinx Plc
Final results for the year ended 31 December 2009
Group highlights
· Sales growth of 27% on prior year as a result of contribution from new
brands for the first time and additional spend from existing clients.
· Operating profit before intangible assets amortisation, exceptional
items, depreciation and share based payments was GBP1,729,000 compared to
GBP971,000 in 2008 and a loss of GBP224,000 in 2007.
· Second half 2009 profit of GBP0.8m before exceptional items and
intangible assets amortisation compared with GBP0.6m in first half of 2009.
· Net cash generated from operating activities of GBP0.9m (2008 outflow of
GBP0.2m) has been used to invest in technology and repay debt.
· Reorganisation and investment in the final quarter of 2009 and first
quarter 2010 to strengthen the business for the future.
+---------------------------------------------+-------+--------+--------+
| Group Results Highlights - GBP millions | 2009 | 2008 | 2007 |
+---------------------------------------------+-------+--------+--------+
| Sales | 11.7 | 9.2 | 7.5 |
+---------------------------------------------+-------+--------+--------+
| Operating profit/(loss) before operating | 1.4 | 0.5 | (0.8) |
| exceptional items and intangible assets | | | |
| amortisation | | | |
+---------------------------------------------+-------+--------+--------+
| Other operating exceptional items | - | (0.3) | (0.1) |
+---------------------------------------------+-------+--------+--------+
| Intangible assets amortisation | (0.2) | (0.2) | (0.2) |
+---------------------------------------------+-------+--------+--------+
| Gain on pension scheme | - | 4.6 | - |
+---------------------------------------------+-------+--------+--------+
| Operating profit/(loss) | 1.2 | 4.6 | (1.1) |
+---------------------------------------------+-------+--------+--------+
| Net interest | - | - | - |
+---------------------------------------------+-------+--------+--------+
| Profit/(loss) before tax | 1.2 | 4.6 | (1.1) |
+---------------------------------------------+-------+--------+--------+
The full announcement follows.
Enquiries
Imagelinx plc
Richard Clothier, Chairman Tel: +44 7771
644 962
Alistair Rae, Chief Executive Tel: +44 7736
883 934
Seymour Pierce Limited
David Foreman Tel: +44 20
7107 8000
Editors Note:
Imagelinx plc is a global provider of graphic brand management services.
It has operations in UK and USA, offices in France and Germany and is quoted on
the Alternative Investment Market in London.
Group financial performance
2009 has seen a further major improvement in the group's performance, with
turnover rising by 27% from GBP9.2m in 2008 to GBP11.7m in 2009. This has driven
pre-tax profits from just GBP10,000 in 2008 (excluding the exceptional gain
arising on the elimination of the pension fund deficit) to GBP1.2m this year.
Net interest costs remained modest at GBP46,000 (2008: GBP27,000). After annual
amortisation of intangible assets of GBP198,000 in each year, the earnings
before interest, tax and amortisation were GBP1.4m compared to GBP210,000 in
2008. After adding back depreciation, EBITDA was GBP1.7m compared to GBP0.8m in
2008.
There is a nominal tax charge of GBP9,000 relating to USA State taxes (2008:
GBP17,000), but with trading tax losses in the UK and the USA of GBP20m and $6m
respectively, we are not expecting to pay corporation tax for the foreseeable
future.
The Group consolidated statement of financial position saw further improvement
with net assets rising to GBP8m from GBP6.8m. The remaining loan note of
GBP185,000 was repaid in the second half of the year and debt (net of cash),
including the above loan note, fell from a total of GBP552,000 to GBP125,000.
Trade and other payables were reduced by GBP0.2m and trade and other receivables
increased by GBP0.6m, reflecting the increase in revenue. Capital expenditure
was GBP0.4m and is likely to exceed this figure in the current year as we take
advantage of new technology to strengthen our capabilities.
Cash generated from operating activities was GBP0.9m (compared to an outflow of
GBP0.2m in the prior year). This was utilised to invest in capital equipment of
GBP0.3m and to pay off loans, finance leases and interest totalling GBP0.4m.
Increase in cash and cash equivalents was therefore GBP0.2m and net overdraft
position was negative GBP0.1m at the end of the year (2008; GBP0.4m) with
undrawn facilities of GBP0.7m available.
The second half of 2009 was stronger than the first half with revenue of GBP6.1m
against GBP5.6m and operating profits of GBP693,000 against GBP513,000 in the
first half.
During the year we have seen the benefit of additional revenue of approximately
GBP0.7m relating to two new client brands and additional spend by existing
clients of some GBP0.8m. The weakness of the pound compared to the dollar and
the euro has also had a beneficial effect in terms of revenue. Almost all of our
clients have increased their spend with Imagelinx over the last year. This has
been driven by numerous different factors, but is usually due to marketing led
initiatives by clients. Other reasons include moves to lower cost printer
suppliers or to alternative lower cost packaging.
As announced in early 2009 we were pleased to be awarded the Russian business of
one of our current customers and 2009 saw the full year benefit of this in
addition to the commencement of work for two other major brands as noted above.
During the year we also won further business with existing clients with the
range of work extending from design and creative work to artwork and more
recently, additional flexo-platemaking work. To support increasing demand for
flexo printing, compared to gravure printing, we are investing in new generation
flexo plate making technology to support existing and new clients.
2009 finished on a strong note with revenue in that month alone being
GBP940,000, an increase on the prior year of some 25%. Gross margin rose to 51%
from 47% as a result of the increased revenue. Our cost of sales increased by
GBP840,000 during the year as we added extra staff. At the end of the year we
also opened a studio in Cincinnati, USA to provide local support to a major
client. Staff numbers both in the Cincinnati and Boston studios as well as
client facing staff were increased in the last quarter to enable a more
comprehensive service for a number of clients in North America. We are currently
seeking to balance out some of that increase in front end costs during the first
half of 2010 by reducing cost elsewhere. Total staff employed has risen from 120
at the end of 2008 to 141 at the end of 2009 and average staff numbers were 132
(2008: 122). The average ratio of direct as opposed to administration staff
during the year was 72% compared to 70% in 2008.
Business developments
The Group has been engaged on a number of new developments during 2009 which are
being implemented in the current year and which will enhance the flexibility and
processing times of our operations. We have developed a new order entry system
which will have been implemented in the UK and USA by April this year. This will
simplify and automate the detailed data entry requirements for each order. As
the orders in just two of our studios can total 25,000 in a full year, we expect
a material benefit to that aspect of the business. Last year also saw the
take-up of new studio tools which assist in the automation of certain workflows
and again, implementation is nearing completion. This is also expected to have a
material impact in processing speed for both artworks and colour separations.
We continue to upgrade our proofing capability as innovation offers both the
Group and its clients digital proofing options which can reduce lead times and
costs.
In December our two main UK operating subsidiaries, Imagelinx UK Limited and
Imagelinx Milton Keynes Limited (formerly Tecnolink Limited) were merged into
one entity to simplify the group structure and reduce administration costs. We
also intend to restructure the Group consolidated statement of financial
position by eliminating the historic losses against the share premium account
and a resolution will be put to shareholders at the forthcoming Annual General
Meeting asking shareholders to approve this change.
In September last year Albert Klein changed his role from executive to
non-executive chairman as he became Chief Executive of another business, based
in Germany. This new role has been demanding in terms of his time and in January
this year he decided to step down from the role of Chairman to that of
non-executive director. The Board are pleased to welcome Richard Clothier to the
Board as Chairman, who brings a wide and different range of experience. He is
currently Chairman of both a consumer goods packaging company in the UK, a media
company and also Chairman of another business based in Boston, USA. He was
formerly the Chief Executive of Dalgety plc which owned a number of consumer
goods businesses. A full biographical description of Richard is included in the
Directors' Report. The Board is pleased that Albert remains as a Director and
can benefit from his deep knowledge and experience both of the Company and of
the industry.
The major developments for 2010 will be the implementation of our new order
entry system and the introduction of new studio tools to enhance productivity
and quality. We are also investing some GBP200,000 in new flexo-plate making
equipment in the UK. As the quality of flexo printing moves closer to that of
gravure printing, we are seeing increasing demand from our consumer clients and
indeed printers for the higher quality flexo plates which are now available. As
a producer of such plates, there are clear opportunities to benefit from the
move from gravure to flexo. In June last year we began making flexo plates in
the UK for a client's new flexo printer in Italy and both the printer and the
client have been pleased with the result. We are pursuing a number of
opportunities to increase our sales of flexo plates. To support our existing
business and assist in securing additional business, we have made the decision
to acquire a new digital flexo plate making line which will be commissioned in
March. An additional investment has been made in securing a new text management
system, initially for one of our clients, but with the capability to roll this
out across our business. This will have the benefit of automating a large part
of the artwork process, which will again improve efficiency and lead times.
Outlook
After a substantial increase in sales during 2009 it was decided to increase our
resources in order to strengthen service levels, for example the commissioning
of a new studio in Cincinnati. The Group is also implementing certain changes
to its systems with the same objective. These projects have increased our costs
in the last quarter of 2009 and the higher level of expenditure will extend into
the first half of 2010, but is not expected to continue into the second half.
Revenue in the first part of the year to date has been 10% ahead of last year
however, current expectations are that spend by existing clients will be similar
to last year's and the usual tenders for existing and new business represent
both risks and opportunities. At this stage of the year it is too early to
estimate the likely outcome for the full year.
CONSOLIDATED INCOME STATEMENT
for the year ended 31 December 2009
+-----------------------------+-----------+----------+-------------+
| | | 31 | 31 December |
| | | December | |
+-----------------------------+-----------+----------+-------------+
| | | 2009 | 2008 |
+-----------------------------+-----------+----------+-------------+
| | | GBP'000 | GBP'000 |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| Revenue | | 11,728 | 9,246 |
+-----------------------------+-----------+----------+-------------+
| Cost of sales | | (5,822) | (4,980) |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| GROSS PROFIT | | 5,906 | 4,266 |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| Other operating income | | 98 | 110 |
+-----------------------------+-----------+----------+-------------+
| Administration expenses | | (4,594) | (3,915) |
+-----------------------------+-----------+----------+-------------+
| Other operating expenses | | (205) | (451) |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| OPERATING PROFIT BEFORE | | 1,205 | 10 |
| EXCEPTIONAL ITEMS | | | |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| Exceptional gain relating | | - | 4,600 |
| to pension scheme | | | |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| OPERATING PROFIT | | 1,205 | 4,610 |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| Finance income | | - | 8 |
+-----------------------------+-----------+----------+-------------+
| Finance costs | | (46) | (35) |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| PROFIT BEFORE TAX | | 1,159 | 4,583 |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| Tax expense | | (9) | (17) |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| PROFIT AFTER TAX | | 1,150 | |
| | | | 4,566 |
| | | | |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
| | | | |
| Earnings per share from | | | |
| total and continuing | | | |
| operations | | | |
+-----------------------------+-----------+----------+-------------+
| Basic | | 0.40p | 1.58p |
+-----------------------------+-----------+----------+-------------+
| Diluted | | 0.38p | 1.49p |
+-----------------------------+-----------+----------+-------------+
| | | | |
+-----------------------------+-----------+----------+-------------+
All of the activities of the Group are classed as continuing.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2009
+-----------------------------------+----+----------+------------+
| | | 31 | 31 |
| | | December | December |
+-----------------------------------+----+----------+------------+
| | | 2009 | 2008 |
+-----------------------------------+----+----------+------------+
| | | GBP'000 | GBP'000 |
+-----------------------------------+----+----------+------------+
| Profit for the period | | 1,150 | 4,566 |
+-----------------------------------+----+----------+------------+
| Exchange differences on | | (1) | (2) |
| translation of foreign operations | | | |
+-----------------------------------+----+----------+------------+
| | | | |
+-----------------------------------+----+----------+------------+
| | | | |
+-----------------------------------+----+----------+------------+
| Total COMPREHENSIVE income for | | 1,149 | 4,564 |
| the period | | | |
+-----------------------------------+----+----------+------------+
| | | | |
+-----------------------------------+----+----------+------------+
| | | | |
+-----------------------------------+----+----------+------------+
| | | | |
+-----------------------------------+----+----------+------------+
consolidated STATEMENT OF FINANCIAL POSITION
as at 31 December 2009
+----------------------------------+--+----------+----------+---------+
| | | 31 | 31 | 1 |
| | | December | December | January |
+----------------------------------+--+----------+----------+---------+
| | | 2009 | 2008 | 2008 |
+----------------------------------+--+----------+----------+---------+
| ASSETS | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+--+----------+----------+---------+
| NON-CURRENT ASSETS | | | | |
+----------------------------------+--+----------+----------+---------+
| Goodwill | | 4,384 | 4,384 | 4,384 |
+----------------------------------+--+----------+----------+---------+
| Other intangible assets | | 393 | 591 | 789 |
+----------------------------------+--+----------+----------+---------+
| Property, plant and equipment | | 1,053 | 950 | 1,166 |
+----------------------------------+--+----------+----------+---------+
| | | | | |
+----------------------------------+--+----------+----------+---------+
| | | 5,830 | 5,925 | 6,339 |
+----------------------------------+--+----------+----------+---------+
| CURRENT ASSETS | | | | |
+----------------------------------+--+----------+----------+---------+
| Inventories | | 109 | 62 | 39 |
+----------------------------------+--+----------+----------+---------+
| Trade and other receivables | | 3,557 | 2,953 | 1,691 |
+----------------------------------+--+----------+----------+---------+
| Cash and cash equivalents | | 166 | 296 | 533 |
+----------------------------------+--+----------+----------+---------+
| | | | | |
+----------------------------------+--+----------+----------+---------+
| | | 3,832 | 3,311 | 2,263 |
+----------------------------------+--+----------+----------+---------+
| | | | | |
+----------------------------------+--+----------+----------+---------+
| TOTAL ASSETS | | 9,662 | 9,236 | 8,602 |
+----------------------------------+--+----------+----------+---------+
| LIABILITIES | | | | |
+----------------------------------+--+----------+----------+---------+
| CURRENT LIABILITIES | | | | |
+----------------------------------+--+----------+----------+---------+
| Trade and other payables | | (1,310) | (1,461) | (993) |
+----------------------------------+--+----------+----------+---------+
| Obligations under finance leases | | (32) | (89) | (142) |
+----------------------------------+--+----------+----------+---------+
| Bank overdrafts and loans | | (291) | (663) | (5) |
+----------------------------------+--+----------+----------+---------+
| Loan notes | | - | (185) | (200) |
+----------------------------------+--+----------+----------+---------+
| | | | | |
+----------------------------------+--+----------+----------+---------+
| | | (1,633) | (2,398) | (1,340) |
+----------------------------------+--+----------+----------+---------+
| NON-CURRENT LIABILITIES | | | | |
+----------------------------------+--+----------+----------+---------+
| Retirement benefit obligations | | - | - | (5,102) |
+----------------------------------+--+----------+----------+---------+
| Obligations under finance leases | | (58) | (15) | (20) |
+----------------------------------+--+----------+----------+---------+
| Other payables | | - | (15) | - |
+----------------------------------+--+----------+----------+---------+
| | | | | |
+----------------------------------+--+----------+----------+---------+
| | | (58) | (30) | (5,122) |
+----------------------------------+--+----------+----------+---------+
| | | | | |
+----------------------------------+--+----------+----------+---------+
| TOTAL LIABILITiES | | (1,691) | (2,428) | (6,462) |
+----------------------------------+--+----------+----------+---------+
| | | | | |
+----------------------------------+--+----------+----------+---------+
| NET ASSETS | | 7,971 | 6,808 | 2,140 |
+----------------------------------+--+----------+----------+---------+
+----------------------------------+--+----------+----------+----------+
| EQUITY | | | | |
| Equity attributable to the | | | | |
| owners of the parent: | | | | |
+----------------------------------+--+----------+----------+----------+
| Share capital | | 14,452 | 14,452 | 14,452 |
+----------------------------------+--+----------+----------+----------+
| Share premium account | | 38,644 | 38,644 | 38,644 |
+----------------------------------+--+----------+----------+----------+
| Translation reserve | | (31) | (30) | (28) |
+----------------------------------+--+----------+----------+----------+
| Profit and loss account | | (45,094) | (46,258) | (50,928) |
+----------------------------------+--+----------+----------+----------+
| | | | | |
+----------------------------------+--+----------+----------+----------+
| | | 7,971 | 6,808 | 2,140 |
+----------------------------------+--+----------+----------+----------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2009
+-----------------------+---------+---------+-------------+----------+---------+
| | | Share | | | |
+-----------------------+---------+---------+-------------+----------+---------+
| | Share | premium | Translation | Retained | |
| | | | | | |
+-----------------------+---------+---------+-------------+----------+---------+
| | capital | reserve | reserve | earnings | Total |
+-----------------------+---------+---------+-------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------+---------+---------+-------------+----------+---------+
| At 1 January 2008 | 14,452 | 38,644 | (28) | (50,928) | 2,140 |
+-----------------------+---------+---------+-------------+----------+---------+
| Credit in respect of | | - | - | 104 | |
| share based payments | - | | | | 104 |
+-----------------------+---------+---------+-------------+----------+---------+
| Profit for the year | - | - | - | 4,566 | 4,566 |
+-----------------------+---------+---------+-------------+----------+---------+
| Currency translation | - | - | (2) | - | (2) |
| differences | | | | | |
+-----------------------+---------+---------+-------------+----------+---------+
| Total comprehensive | - | - | (2) | 4,566 | 4,564 |
| income | | | | | |
+-----------------------+---------+---------+-------------+----------+---------+
| At 31 December 2008 | 14,452 | 38,644 | (30) | (46,258) | 6,808 |
+-----------------------+---------+---------+-------------+----------+---------+
| Credit in respect of | | - | - | 14 | |
| share based payments | - | | | | 14 |
+-----------------------+---------+---------+-------------+----------+---------+
| Profit for the year | - | - | - | 1,150 | 1,150 |
+-----------------------+---------+---------+-------------+----------+---------+
| Currency translation | - | - | (1) | - | (1) |
| differences | | | | | |
+-----------------------+---------+---------+-------------+----------+---------+
| Total comprehensive | - | - | (1) | 1,150 | 1,149 |
| income | | | | | |
+-----------------------+---------+---------+-------------+----------+---------+
| At 31 December 2009 | 14,452 | 38,644 | (31) | (45,094) | 7,971 |
+-----------------------+---------+---------+-------------+----------+---------+
consolidated statement OF CASH FLOWS
for the year ended 31 December 2009
+-----------------------------------+-+------------------+-----------+
| | | 31 December | 31 |
| | | | December |
+-----------------------------------+-+------------------+-----------+
| | | 2009 | 2008 |
+-----------------------------------+-+------------------+-----------+
| | | GBP'000 | GBP'000 |
+-----------------------------------+-+------------------+-----------+
| Operating activities: | | | |
+-----------------------------------+-+------------------+-----------+
| Operating profit | | 1,205 | 4,610 |
+-----------------------------------+-+------------------+-----------+
| Exceptional gain | | - | (4,600) |
+-----------------------------------+-+------------------+-----------+
| Income tax paid | | (9) | (17) |
+-----------------------------------+-+------------------+-----------+
| | | | |
+-----------------------------------+-+------------------+-----------+
| | | 1,196 | (7) |
+-----------------------------------+-+------------------+-----------+
| Adjustment to reconcile profit | | | |
| before tax to net cash flows: | | | |
+-----------------------------------+-+------------------+-----------+
| Non-cash | | | |
+-----------------------------------+-+------------------+-----------+
| Depreciation of property plant | | 305 | 406 |
| and equipment | | | |
+-----------------------------------+-+------------------+-----------+
| Amortisation of intangible assets | | 198 | 198 |
+-----------------------------------+-+------------------+-----------+
| Share-based payments | | 14 | 104 |
+-----------------------------------+-+------------------+-----------+
| Profit on disposal of tangible | | - | (10) |
| fixed assets | | | |
+-----------------------------------+-+------------------+-----------+
| Working capital adjustments | | | |
+-----------------------------------+-+------------------+-----------+
| Increase in trade and other | | (604) | (1,262) |
| receivables | | | |
+-----------------------------------+-+------------------+-----------+
| Increase in inventories | | (47) | (23) |
+-----------------------------------+-+------------------+-----------+
| (Decrease)/increase in trade and | | (165) | 483 |
| other payables | | | |
+-----------------------------------+-+------------------+-----------+
| Exchange adjustment | | 1 | (110) |
+-----------------------------------+-+------------------+-----------+
| | | | |
+-----------------------------------+-+------------------+-----------+
| NET CASH from operating | | 898 | (221) |
| activitieS | | | |
+-----------------------------------+-+------------------+-----------+
| | | | |
+-----------------------------------+-+------------------+-----------+
| Investing activities | | | |
+-----------------------------------+-+------------------+-----------+
| Interest received | | - | 8 |
+-----------------------------------+-+------------------+-----------+
| Purchases of property, plant and | | (320) | (149) |
| equipment | | | |
+-----------------------------------+-+------------------+-----------+
| Proceeds from sale of property, | | - | 26 |
| plant and equipment | | | |
+-----------------------------------+-+------------------+-----------+
| Payments to pension scheme | | - | (502) |
| including expenses | | | |
+-----------------------------------+-+------------------+-----------+
| | | | |
+-----------------------------------+-+------------------+-----------+
| Net cash used in investing | | (320) | (617) |
| activities | | | |
+-----------------------------------+-+------------------+-----------+
| | | | |
+-----------------------------------+-+------------------+-----------+
| Financing activities | | | |
+-----------------------------------+-+------------------+-----------+
| Interest paid | | (30) | (19) |
+-----------------------------------+-+------------------+-----------+
| Payment of finance lease | | (120) | (97) |
| liabilities | | | |
+-----------------------------------+-+------------------+-----------+
| Repayment of loans | | (185) | (200) |
+-----------------------------------+-+------------------+-----------+
| New loans | | - | 185 |
+-----------------------------------+-+------------------+-----------+
| | | | |
+-----------------------------------+-+------------------+-----------+
| Net cash flows used in financing | | (335) | (131) |
| activities | | | |
+-----------------------------------+-+------------------+-----------+
| | | | _________ |
+-----------------------------------+-+------------------+-----------+
| Net INCREASE in cash and cash | | 243 | (969) |
| equivalents | | | |
+-----------------------------------+-+------------------+-----------+
| Cash and cash equivalents at 1 | | (367) | 528 |
| january | | | |
+-----------------------------------+-+------------------+-----------+
| Net foreign exchange difference | | (1) | 74 |
+-----------------------------------+-+------------------+-----------+
| | | | |
+-----------------------------------+-+------------------+-----------+
| Cash and cash equivalents at 31 | | (125) | (367) |
| december | | | |
+-----------------------------------+-+------------------+-----------+
| Cash and cash equivalents | | | |
| comprise: | | | |
+-----------------------------------+-+------------------+-----------+
| Cash and cash equivalents | | 166 | 296 |
+-----------------------------------+-+------------------+-----------+
| Bank overdrafts | | (291) | (663) |
+-----------------------------------+-+------------------+-----------+
| | | | |
+-----------------------------------+-+------------------+-----------+
| | | (125) | (367) |
+-----------------------------------+-+------------------+-----------+
| | | | |
+-----------------------------------+-+------------------+-----------+
1 accounting policies
Basis of preparation
The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2009 or 2008, but is derived
from those accounts. Statutory accounts for 2008 have been delivered to the
Registrar of Companies and those for 2009 will be delivered following the
company's annual general meeting. The auditor has reported on those accounts;
their reports were unqualified and did not contain statements under the
Companies Act 2006, s498 (2) or (3).
The preliminary announcement has been prepared in accordance with the
International Financial Reporting Standards as issued by the IASB as adopted by
the European Union (IFRSs).
The financial statements have been prepared under the historical cost convention
except that they have been modified to include the valuation of certain
financial assets and liabilities.
The directors continually monitor the financial position of the Group, taking
into account the latest forecasts of future cash flows and analyses of these
forecasts, sensitised in respect of the key uncertainties facing the Group's
ability to generate cash. The directors consider that the Group's ability to
continue as a going concern is dependant on the timing of actual versus targeted
sales in Imagelinx while it is building up the client base for its services and
that such uncertainties have increased given the deterioration in the global
economic climate.
The Group has adopted the accounting policies most appropriate to its
circumstances for the purposes of giving a true and fair view.
2. Post balance sheet events
On 8 January 2010 the company granted options over 4,250,000 ordinary shares
including the grant of 2,000,000 shares to Alistair Rae. All of the 4,250,000
options are granted with an exercise price of 3.75p.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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