TIDMSKC
Half year report
Stockcube plc Interim Report 2009
The Stockcube group produces research and technical analysis of the relative strengths and weaknesses
of price trends of stocks, stock and sector indices, currencies, bonds and financial data to assist
institutional and private investors with the timing of investment decisions.
Highlights for the six months ended 30 June, 2009
* Turnover of GBP1,214,000 (2008: GBP1,372,000)
* Operating profit of GBP36,000 (2008: GBP111,000)
* Profit before tax of GBP75,000 (2008: GBP165,000)
* Earnings per share of 0.61p (2008: 0.77p)
" We have been weathering these extraordinary economic conditions, and in particular the caution
being exercised by clients in our institutional business, as well as can be expected. We have
witnessed an unprecedented period of market turbulence which had impacted our institutional clients
negatively with consequent knock-on effects to us. We continue to improve our services and certainly
there is little doubt that we have had early sight, and so have our customers, of what significant
trend changes there have been in the major markets.
"While it is important that we continue to improve our products and continually upgrade our services
we also have to be mindful of a relatively fixed cost base. We will continue to monitor the
efficiency of our research production and respond accordingly if the market for our services shifts
significantly in relation to recent events."
Julian Burney
Chief Executive of Stockcube,
17 September, 2009
Enquiries:
Julian Burney Chief Executive Officer +44 (0)207-352-4001
Shirley Yeoh Finance Director +44 (0)207-352-4001
William Vandyk Astaire Securities Plc +44 (0)207-448-4400
Our website is: www.stockcube.com
Chairman's Statement
Introduction
We have continued to provide our customers with clear and valuable timing advice during the first six
months of the year when market direction has shown sharp reversals of trends.
Financial review
Turnover for the six months ended 30 June, 2009 was down 12% to GBP1,214,000 (2008: GBP1,372,000) and
group operating profit decreased by 68% from GBP111,000 to GBP36,000 in 2009. Like for like, before the
tax on the grant of share of share options of GBP30,000, this is a decrease of 41%.
Profit before tax amounted to GBP75,000 a decrease of 55% from GBP165,000 in 2008. Like for like, a
decrease of 36%.
Basic earnings per share of 0.61p compared to 0.77p in 2008, a fall of 21%. Like for like, a decrease
of 12%.
The group balance sheet showed net tangible assets of 27p per share at 30 June, 2009 of which cash,
cash equivalents and marketable bonds of GBP2,652,000 (June 2008: GBP2,590,000) represented 28p per
share.
Review of operations
Our institutional investor consultancy, although ahead of budget, continues to reflect the
uncertainties with which our institutional customers are grappling, recording a 26% drop in revenues
in the first six months of the year. We do not expect such uncertainty to diminish until these
customers have greater visibility in the trends of their business.
Demand for Fullermoney, our global investment strategy service has weakened with a drop of 13% in
revenues as private investors have indicated they are prepared to sit out current market conditions.
More positively, income from our US business, Chartcraft Inc, showed an 11% increase in US$ terms
(and a flattering 38% increase in sterling terms due to favourable GBP/US$ exchange movements) and our
non-US wider market activities conducted through Investors Intelligence showed a 12% increase in
income between 2008 and 2009.
Ecube, our website developer, continues to expand its customer base with an encouraging 38% increase
in third party development and hosting and licensing income, partly reflecting the impact of new work
deferred by customers from the first half of 2008 to first half of 2009. Ecube is building a valuable
reputation for website development and integrated online financial research production and
distribution systems.
Trading outlook
The trading outlook is uncertain and we do not see any signs of an imminent recovery in stock market
activity although there is a general consensus that the economic shocks suffered in the last eighteen
months are being absorbed.
We will continue to develop and improve our analysis and systems so we are in the best possible
position to service and benefit from any increase in investor activity.
Edward Forbes,
Chairman
London
17 September 2009
Stockcube Plc
Consolidated Income Statement
for the six months ended 30 June 2009
Unaudited Unaudited Audited
Six Months to Six Months to Year to
Notes 30 June 30 June 31 Dec
2009 2008 2008
GBP'000 GBP'000 GBP'000
Revenue 3,4 1,214 1,372 2,586
Cost of sales (157) (119) (328)
-------- -------- -------
Gross Profit 1,057 1,253 2,258
Administrative expenses (1,021) (1,142) (2,184)
-------- -------- --------
Group operating profit 36 111 74
Investment revenues
39 54 118
-------- -------- --------
Profit before taxation 75 165 192
Taxation 5 (16) (91) (110)
-------- ------- -------
Profit for the period attributable to equity holders
of the parent 59 74 82
-------- -------- -------
Earnings per share 6
Basic 0.61p 0.77p 0.85p
Diluted 0.61p 0.77p 0.85p
Stockcube Plc
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2009
Unaudited Unaudited Audited
Six Months to Six Months to Year to
30 June 30 June 31 Dec
2009 2008 2008
GBP'000 GBP'000 GBP'000
Profit for the period 59 74 82
-------- -------- --------
Other comprehensive income
Fair value unrecognised gain on available-for-sale financial - - 9
assets
Exchange differences on translation of subsidiary 13 (2) (27)
-------- -------- --------
Total comprehensive income for the period attributable to 72 72 64
equity holders of the parent
-------- -------- --------
Stockcube Plc
Consolidated Statement of Financial Position
as at 30 June 2009
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 Dec
2009 2008 2008
GBP'000 GBP'000 GBP'000
Non Current Assets
Intangible assets 17 17 17
Available- for- sale investments 1,127 - 700
Property, plant and equipment 314 333 329
-------- -------- --------
1,458 350 1,046
-------- -------- --------
Current assets
Trade and other receivables 311 856 229
Available- for- sale investments 584 - 515
Cash and cash equivalents 941 2,590 1,413
-------- -------- --------
1,836 3,446 2,157
-------- -------- --------
Current Liabilities
Trade and other payables (692) (1,050) (603)
Current tax payable (50) (41) (60)
Financial Liability - (170) -
-------- -------- --------
(742) (1,261) (663)
-------- -------- --------
Net current assets 1,094 2,185 1,494
-------- -------- --------
Total assets less current liabilities 2,552 2,535 2,540
-------- -------- --------
Equity
Share Capital 961 961 961
Share premium account 1,294 1,322 1,294
Merger reserve 568 568 568
Share options reserve 71 - 41
Investments revaluation reserve (9) - 9
Translation reserve (7) 5 (20)
Retained earnings (326) (321) (313)
-------- -------- --------
Equity shareholders' funds 2,552 2,535 2,540
-------- -------- --------
Approved by Order of the Board on 17 September 2009
Julian Burney
Director
Stockcube Plc
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2009
Group
Share Share Merger Translation Share Investments Retained
Capital Premium Reserve Reserve Option Revaluation earnings
reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2008 961 1,327 568 7 - - (275) 2,588
Total comprehensive income
for the period - - - (2) - - 74 72
Capital reorganisation -
legal expenses - (5) - - - - - (5)
Dividends paid - - - - - - (120) (120)
------- ------- ------- ------- ------ --------- ------- ------
Balance at 30 June 2008 961 1,322 568 5 - - (321) 2,535
(Unaudited)
------- ------- ------- ------- ------ --------- ------- ------
Balance at 1 January 2008 961 1,327 568 7 - - (275) 2,588
Total comprehensive income
for the period - - - (27) - 9 82 64
Capital reorganisation -
legal expenses - (33) - - - - - (33)
Share options charge - - - - 41 - - 41
Dividends paid - - - - - - (120) (120)
------- ------- ------- --------- ------ --------- ------- -------
Balance at 31 December 2008 961 1,294 568 (20) 41 9 (313) 2,540
(Audited)
------- ------- ------- ---------- ------ --------- ------- -------
Balance at 1 January 2009 961 1,294 568 (20) 41 9 (313) 2,540
Total comprehensive income
for the period - - - 13 - - 59 72
AFS revaluation recognised
in profit during the year - - - - - (18) - (18)
Share options charge - - - - 30 - - 30
Dividends paid - - - - - - (72) (72)
------- ------- ------- ---------- ------ --------- ------- -------
Balance at 30 June 2009 961 1,294 568 (7) 71 (9) (326) 2,552
(Unaudited)
------- ------- ------- ------- ------ --------- ------- -------
Stockcube Plc
Consolidated Statement of Cash Flows
for the six months ended 30 June 2009
Group
Unaudited Unaudited Audited
Six months to Six months Year to
to
30 June 30 June 31 December
2009 2008 2008
Notes GBP'000 GBP'000 GBP'000
Net cash from operating activities 8 59 357 526
-------- -------- --------
Net cash flows from investing activities
Interest and other income received 39 54 118
Purchases of property, plant and equipment (2) (4) (10)
Sales of available-for-sale investments 645 - -
Purchases of available-for-sale investments (1,141) - (1,206)
-------- -------- --------
Net cash generated from investing activities (459) 50 (1,098)
-------- -------- --------
Cash flows from financing activities
Capital reorganisation - associated expenses - (5) (203)
Equity dividends paid (72) (120) (120)
-------- -------- --------
Net cash used in financing activities (72) (125) (323)
-------- -------- --------
Net increase/ (decrease) in cash and cash (472) 282 (895)
equivalents
Cash and cash equivalents at beginning of 1,413 2,308 2,308
period
-------- -------- --------
Cash and cash equivalents at end of period 9 941 2,590 1,413
-------- -------- --------
Stockcube Plc
Notes to the Interim Report
for the six months ended 30 June 2009
1. Statement of Compliance
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 1985 and in accordance with IAS 34, Interim
Financial Reporting.
The results for the year ended 31 December 2008 have been audited whilst the results for the six months
ended 30 June 2009 and 30 June 2008 are un-audited. The financial information contained in this
interim report does not constitute statutory accounts as defined in section 240 of the Companies Act
1985. The statutory accounts for the previous year, which were prepared under IFRS have been
delivered to the Registrar of Companies. The auditors' opinion on those accounts was unqualified and
did not contain a statement made under s237 (2) or s237 (3) of the Companies Act 1985
2. Accounting Policies
Basis of preparation of interim financial statements
The interim financial information has been prepared using accounting policies consistent with IFRS, as set
out in the last annual report to 31 December 2008, except as described below:
The Group has applied the following standards which are effective for the period beginning on or after
January 1, 2009. The adoption of these standards only impacts the presentation and the extent of the
disclosures presented in the financial statements:
* IAS 1 revised, Presentation of Financial Statements
* IFRS 8, Operating Segments
Principle risks and uncertainties for the remaining six months of the financial year
The group does not have any gearing which would impact the results over the remaining six months of the
year.
Further, the group has surplus cash available and should be in a strong position to take advantage of
situations arising out of the current economic environment.
3. Revenue
Revenue, which is stated net of value added tax, represents the sales value of work done in the period or
year.
Revenue is attributable mainly to the continuing activity of the provision of research and analysis of price
trends in stocks, commodities, currencies and interest rates.
An analysis of the Group's revenue is as follows:
Unaudited Unaudited Audited
Six months to Six months to Year to
30 June 30 June 31 December
2009 2008 2008
GBP'000 GBP'000 GBP'000
Rendering of services 1,214 1,372 2,586
-------- -------- --------
4. Operating segments
In accordance with IFRS 8, Operating Segments, the information presented in this note is the same as that
reported to the Chief Operating Decision Maker for the purposes of making decisions about allocating
resources to the segment and assessing its performance.
The segments presented in this note reflect the separate companies within the Group and is how management
information is presented to the Chief Operating Decision Maker.
30 June 2009 Stockcube Stockcube Ecube Chartcraft Eliminations Total
(unaudited) plc Research Limited Inc.
Limited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenues
Third party - 930 84 200 - 1,214
Inter segment - - 99 - (99) -
Total Revenue - 930 183 200 (99) 1,214
Profit/(loss) before (62) 112 (35) 59 1 75
tax
Total assets 4,201 3,065 92 254 (4,318) 3,294
31 December /2008 Stockcube Stockcube Ecube Chartcraft Eliminations Total
(audited) plc Research Limited Inc.
Limited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenues
Third party - 2,094 145 347 - 2,586
Inter segment - - 273 - (273) -
Total Revenue - 2,094 418 347 (273) 2,586
Profit/(loss) before 49 117 (40) 65 1 192
tax
Total assets 4,303 2,799 102 234 (4,235) 3,203
30 June 2008 Stockcube Stockcube Ecube Chartcraft Eliminations Total
(unaudited) plc Research Limited Inc.
Limited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenues
Third party - 1,160 68 144 - 1,372
Inter segment - - 117 - (117) -
Total Revenue - 1,160 185 144 (117) 1,372
Profit/(loss) before (36) 198 (55) 57 1 165
tax
Total assets 4,400 3,275 52 165 4,096) 3,796
There has been no alteration from the last annual financial statements in the basis of segmentation,
however the information has been restated in order to reflect the adoption of IFRS 8.
5. Tax on profit on ordinary activities
The taxation charge is comprised as follows:
Unaudited Unaudited Audited
30 June 30 June 31Dec
2009 2008 2008
Total Total Total
GBP'000 GBP'000 GBP'000
Current tax 16 36 56
Adjustments for prior periods - - (1)
Deferred tax charge - 55 55
------ ------ ------
16 91 110
------ ------ ------
6. Earnings per share
Unaudited Unaudited Audited
30 Jun 30 Jun 31Dec
2009 2008 2008
Earnings GBP'000 GBP'000 GBP'000
Earnings for the purposes of basic and diluted earnings per
share being net profit attributable to equity shareholders 59 74 82
-------- -------- --------
Number of shares '000 '000 '000
Weighted average number of ordinary shares for the purposes of
basic earnings per share 9,611 9,611 9,611
Number of dilutive shares under option - - -
-------- -------- --------
Weighted average number of ordinary shares for the purposes of
basic earnings per share 9,611 9,611 9,611
-------- -------- --------
Profit per ordinary share (pence):
Basic 0.61p 0.77p 0.85p
Normalised basic 0.93p 1.34p 1.85p
Diluted 0.61p 0.77p 0.85p
Normalised diluted 0.93p 1.34p 1.85p
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary shares. A calculation is done to
determine the number of shares that could have been acquired at fair value (determined as the average
annual market share price of the company's shares) based on the monetary value of the subscription
rights attached to outstanding share options. The number of shares calculated as above is compared
with the number of shares that would have been issued assuming the exercise of the share options.
Based on these calculations there were no dilutive potential ordinary shares in 2009 (2008: nil).
Normalised basic and diluted earnings per share are calculated by adding back the notional charge of
GBP30,000 (Dec 2008:GBP41,000; June 2008: nil) in respect of the cost of share options and deferred
tax charge of GBPnil (December 2008: GBP55,000; June 2008: GBP55,000) to earnings.
7. Dividends and other appropriations
Unaudited Unaudited Audited
Six Months to Six Months to Year to
30 June 30 June 31 Dec
2009 2008 2008
GBP'000 GBP'000 GBP000
Equity dividends on ordinary shares -Paid 72 120 120
-------- -------- --------
8. Cash generated from operations
Group Unaudited Unaudited Audited
Six Months to Six Months to Year to
30 June 30 June 31 Dec
2009 2008 2008
GBP'000 GBP'000 GBP'000
Operating profit 36 111 74
Depreciation 17 9 20
Exchange differences 13 - (27)
Share Option benefits charge 30 - 41
AFS investments charge (18) - -
(Increase)/decrease in trade receivables (82) (65) 562
Increase/(decrease)/increase in trade payables 89 352 (95)
-------- -------- --------
Cash generated from operations 85 407 575
Tax (paid) (26) (50) (49)
-------- -------- --------
Net cash from operating activities 59 357 526
-------- -------- --------
9. Reconciliation of net cash flow
Group Unaudited Unaudited Audited
Six Months to Six Months to Year to
30 June 30 June 31 Dec
2009 2008 2008
GBP'000 GBP'000 GBP'000
Cash at bank and in hand
At start of period 1,413 2,308 2,308
Net (decrease)/increase in cash flow (472) 282 (895)
-------- -------- --------
At end of period 941 2,590 1,413
-------- -------- --------
10. Share-based payments
The following options were outstanding:
Founders Executive Approved EMI Total
No.2 Scheme
At 30 June 2008 43,000 70,000 95,647 1,464,500 1,673,147
Renunciations - - - - -
New Options - - - - -
At 31 December 2008 43,000 70,000 95,647 1,464,500 1,673,147
Renunciations - - - - -
New Options - - - - -
At 30 June 2009 43,000 70,000 95,647 1,464,500 1,673,147
By order of the board
=------------------------------------- -------------------------------------------
Edward Forbes Julian Burney
Chairman Chief Executive
Stockcube PLC
Stockcube (LSE:SKC)
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