TIDMILI
RNS Number : 7715M
Imagelinx PLC
22 August 2011
Imagelinx plc (the "Company")
Interim Results
For the six months ended 30 June 2011
22 August 2011
Imagelinx (AIM: ILI), the provider of graphic brand management
services is pleased to announce Interim Results for the six months
ended 30 June 2011.
Highlights
-- Revenues of GBP6.07m (2010 GBP6.10m).
-- Profit before tax of GBP598,000 (2010 loss of
GBP286,000).
-- EBITDA of GBP987,000 (2010 GBP90,000).
-- Continued reduction in costs particularly in American
operations
Commenting today, Richard Clothier, Chairman of Imagelinx plc,
said:
"The financial performance of the Group has been much improved
by cost reductions. However, the loss of a major client will reduce
revenues in the second half and therefore further re-organisation
is under way which will help to mitigate its effect. Our presence
in North America is now substantially reduced and a greater focus
is being applied in Europe where we have begun to increase our
marketing activities. This will add to cost before the resulting
revenue begins to flow."
Enquiries:
Imagelinx Tel: +44 7771
Richard Clothier, Chairman 644 962
Alistair Rae, Chief Executive Tel: +44 7736
883934
finnCap Tel: +44 20 7220
Edward Frisby / Rose Herbert (corporate 0500
finance)
Victoria Bates (corporate broking)
Cadogan PR Tel: +44 20 7839
Alex Walters 9260
Emma Wigan
Operational review
Despite no change in revenues of GBP6.07m for the first half
year (2010: GBP6.1m), a substantial improvement in operating profit
at GBP666,000 was achieved compared to a loss in 2010 of GBP42,000
before exceptional costs of GBP170,000. This improvement was
achieved mainly by a reduction in administration expenses of over
GBP660,000.
After finance costs of GBP68,000 (2010: GBP74,000) the pre-tax
profit was GBP598,000 (2010: loss GBP286,000) and, due to previous
losses, no tax is payable.
The operating profit before depreciation and amortisation was
GBP987,000 in the first half of 2011 compared to GBP90,000 in 2010
and therefore, with modest capital expenditure, the cash position
has improved to a net cash surplus of GBP180,000, from a net debt
position of GBP740,000. Debtors remain similar to the year-end, but
trade and lease finance creditors have been reduced by
approximately GBP400,000.
Earnings per share were 0.21p, compared to a loss in the first
half of 2010 of 0.10p.
As reported in April, the principal development has been the
loss of P&G as our USA based client. P&G consolidated well
over one hundred mainly regional suppliers, to a handful of global
suppliers, as part of a major purchasing driven restructuring of
its packaging supply chain. This has had no impact on Imagelinx
turnover in the first half of the year but will have a progressive
effect during the second half. As a result resource levels have
been reduced rapidly in the USA and this process will have been
largely completed by the end of the third quarter.
Costs are being reduced by re-organisation elsewhere in the
Group and by the end of the year the internal IT development
capability will have been transferred to the UK from Germany. This,
however, will entail double running costs during the transition
period.
Revenue from the awards of additional brands and new clients
which were won at the end of last year has not yet begun to flow
but is expected later in the year. Work for a major new consumer
goods client in Europe has begun and we are increasing our sales
effort in a drive for additional revenue which is expected to
support the results in 2012 and beyond. Progress may however be
limited by the expected lack of economic growth and weaker demand
for consumer goods.
Although increased capital expenditure on new systems and
infrastructure is likely to be undertaken in the second half, the
net cash position should improve further as the working capital
previously employed in the North American business is reduced.
CONSOLIDATED INCOME STATEMENT
(Unaudited) (Unaudited) (Audited)
6 months 6 months Year
ended
ended 30 30 ended
Notes June June 31 December
2011 2010 2010
GBP'000 GBP'000 GBP'000
cONTINUING OPERATIONS
Revenue 3 6,070 6,103 12,059
Cost of sales (3,676) (3,746) (7,283)
_____________ _____________ _____________
GROSS PROFIT 2,394 2,357 4,776
Other operating
income 12 - 19
Administration
expenses (1,641) (2,300) (4,145)
Other operating
expenses (99) (99) (198)
_____________ _____________ _____________
OPERATING
PROFIT/(LOSS) BEFORE
EXCEPTIONAL ITEMS 666 (42) 452
Exceptional costs - (170) (196)
_____________ _____________ _____________
OPERATING
PROFIT/(LOSS) 666 (212) 256
Finance Costs (68) (74) (183)
_____________ _____________ _____________
PROFIT/(LOSS) BEFORE
TAX 598 (286) 73
_____________ _____________ _____________
Profit/(loss) per
ordinary share 4
Basic 0.21p (0.10p) 0.03p
Diluted 0.21p (0.10p) 0.02p
_____________ _____________ _____________
consolidated STATEMENT OF comprehensive income
(Unaudited) (Unaudited) (Audited)
6 months 6 months Year
ended
ended 30 30 ended
June June 31 December
2011 2010 2010
GBP'000 GBP'000 GBP'000
Profit/(loss) for the
period 598 (286) 73
Exchange differences
on translation of foreign
operations 12 12 (9)
_____________ _____________ _____________
Total COMPREHENSIVE
income for the period 610 (274) 64
_____________ _____________ _____________
consolidated STATEMENT OF CHanges in equity
Share Share Translation Retained
Capital Premium reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2010 289 - (19) 7,427 7,697
____________ ____________ ____________ ____________ ____________
Credit in
respect of
share based
payments and
total
transactions
with owners - - - 16 16
____________ ____________ ____________ ____________ ____________
Profit for the
period - - - 359 359
Currency
translation
differences - - (21) - (21)
____________ ____________ ____________ ____________ ____________
Total
comprehensive
income - - (21) 375 354
____________ ____________ ____________ ____________ ____________
At 31 December
2010 289 - (40) 7,802 8,051
____________ ____________ ____________ ____________ ____________
Capital
reduction and
total
transactions
with owners - - - - -
____________ ____________ ____________ ____________ ____________
Profit for the
period - - - 598 598
Currency
translation
differences - - 12 - 12
____________ ____________ ____________ ____________ ____________
Total
comprehensive
income - - 12 598 610
____________ ____________ ____________ ____________ ____________
At 30 June
2011 289 - (28) 8,400 8,661
____________ ____________ ____________ ____________ ____________
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
30 30
June June 31 December
2011 2010 2010
GBP'000 GBP'000 GBP'000
NON-CURRENT ASSETS
Goodwill 4,384 4,384 4,384
Other intangible assets 515 293 402
Property, plant and equipment 1,228 1,247 1,301
_________ _________ _________
6,127 5,924 6,087
CURRENT ASSETS
Inventories 84 101 80
Trade and other receivables 3,636 4,117 3,628
Cash and cash equivalents 437 17 162
_________ _________ _________
4,157 4,235 3,870
_________ _________ _________
TOTAL ASSETS 10,284 10,159 9,957
_________ _________ _________
CURRENT LIABILITIES
Trade and other payables (1,172) (1,433) (1,481)
Obligations under finance
leases (53) (66) (108)
Bank overdrafts and loans (257) (759) (181)
_________ _________ _________
(1,482) (2,258) (1,770)
_________ _________ _________
NON-CURRENT LIABILITIES
Obligations under finance
leases (141) (204) (136)
_________ _________ _________
(141) (204) (136)
_________ _________ _________
TOTAL LIABILITiES (1,623) (2,462) (1,906)
_________ _________ _________
NET ASSETS 8,661 7,697 8,051
_________ _________ _________
EQUITY
Share capital 289 289 289
Share premium account - - -
Translation reserve (28) (19) (40)
Profit and loss account 8,400 7,427 7,802
_________ _________ _________
8,661 7,697 8,051
_________ _________ _________
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (Unaudited) (Audited)
6 months 6 months Year
ended 30 ended 30 ended 31
June June December
2011 2010 2010
GBP'000 GBP'000 GBP'000
NET CASH (outflow)/inflow
from operating activitieS 672 (332) 1,013
_________ _________ _________
Investing activities
Purchases of property,
plant and equipment (143) (191) (459)
Expenditure on intangible
assets (212) (207)
________ ________ _________
Net cash used in
investing activities (355) (191) (666)
________ _________ _________
Financing activities
Interest paid (6) (14) (52)
Repayment of obligations
under finance leases (50) (20) (68)
Facility charges (62) (60) (130)
_________ _________ _________
Net cash used by
financing activities (118) (94) (250)
_________ _________ _________
(DECREASE)/INCREASE
in cash 199 (617) 97
Cash and cash equivalents
at start of period (19) (125) (125)
Net foreign exchange
difference - - 9
_________ _________ _________
Cash and cash equivalents
at end of period 180 (742) (19)
________ _________ _________
Cash and cash equivalents
comprise
Cash and cash equivalents 437 17 162
Bank overdrafts (257) (759) (181)
_________ _________ _________
180 (742) (125)
_________ _________ _________
1 Basis of Preparation
This interim announcement was approved by the Board of Directors
on 22 August 2011.
The financial information set out in this interim report does
not constitute statutory accounts within the meaning of section 435
of the Companies Act 2006. The group's statutory financial
statements for the year ended 31 December 2010, prepared under
International Financial Reporting Standards as issued by the IASB
and adopted by the European Union (IFRS), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unmodified and did not contain a statement under
Section 498(2) or (3) (accounting records or returns inadequate,
accounts not agreeing with records and returns or failure to obtain
necessary information and explanations) of the Companies Act
2006.
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.
A copy of the Interim Results is available on the Company's
website www.imagelinx.co.uk
2 Accounting Policies
The accounting policies used in this interim report are the same
as those set out in the financial statements for the year ended 31
December 2010.
3 segmental analysis
Imagelinx plc operates in only one division, that of packaging
graphics services, with all significant operations being based
either in the UK, Germany or the United States. The segmental
analysis of operations is as follows:
Segmental analysis by
activity (Unaudited) (Unaudited) (Audited)
30 30
June June 31 December
2011 2010 2010
GBP'000 GBP'000 GBP'000
REVENUE BY ORIGIN FROM
EXTERNAL CUSTOMERS
UK 4,879 4,694 9,563
US 1,191 1,409 2,496
_________ _________ _________
Total Revenue 6,070 6,103 12,059
_________ _________ _________
SEGMENT RESULT
UK 718 371 1,334
Germany (9) (190) (380)
US (43) (223) (502)
_________ _________ _________
Operating result pre exceptional
items 666 (42) 452
Exceptional loss - (170) (196)
Operating Result 666 (212) 256
Finance costs (68) (74) (183)
_________ _________ _________
Profit/(loss) before tax 598 (286) 73
_________ _________ _________
4 PROFIT per ordinary share
The calculation of basic and diluted earnings per share is based
on the following data.
Earnings:
(Unaudited) (Unaudited) (Audited)
30 30
June June 31 December
2011 2010 2010
GBP'000 GBP'000 GBP'000
Profit/(loss) for the
period 598 (286) 73
Number of shares
30 June 30 June 31 December
2011 2010 2009
No. No. No.
------------------------- ------------ ------------ ------------
Weighted average number
of ordinary shares
for the purposes of
basic earnings per
share 289,038,635 289,038,635 289,038,635
Effect of dilutive
potential ordinary
shares Share options - 18,576,979 5,674,603
------------------------- ------------ ------------ ------------
Weighted average number
of ordinary shares
for the purposes of
diluted earnings per
share 289,038,635 307,615,614 294,713,238
------------------------- ------------ ------------ ------------
In accordance with IAS 33 "Earnings per share", diluted earnings
per share for 30 June 2010 is taken as being equal to basic
earnings per share, where the Group has recorded a loss, as the
effect of including share options is anti-dilutive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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