TIDMSTL
RNS Number : 9876J
Stilo International PLC
23 August 2019
23 August 2019
STILO INTERNATIONAL PLC
UNAUDITED INTERIM RESULTS FOR SIX MONTHSED 30 JUNE 2019
Stilo International plc ("Stilo", the "Group" or the "Company")
today announces its unaudited Interim Results for the six months
ended 30 June 2019. The Company provides software tools and cloud
services that help organisations create and process structured
content in XML format, so that it can be more easily stored,
managed, re-used, translated and published to multiple print and
digital channels.
FINANCIAL HIGHLIGHTS
-- Reduction in sales revenues to GBP638,000 (2018: GBP707,000)
-- Operating costs remain level GBP656,000 (2018: GBP657,000),
excluding capitalised development costs for AuthorBridge of
GBP110,000 (2018: GBP99,000)
-- Loss before tax for the period of GBP29,000 (2018: GBP42,000 profit)
-- Total comprehensive income for the period remained positive
at GBP14,000 (2018: GBP5,000) subsequent to favourable foreign
currency translation differences
-- Cash of GBP1,096,000 as at 30 June 2019 (2018: GBP1,442,000)
-- No interim dividend declared
BUSINESS HIGHLIGHTS
-- Migrate customers for the period include Mastercard,
Arris/Commscope, Applied Materials, Visa, GE Healthcare and
Deltek.
-- AuthorBridge customers in the US include IBM, Kaplan
Professional Education and the Nuclear Regulatory Commission. A
major release of AuthorBridge shipped in June 2019 and it is not
expected to further capitalise AuthorBridge development costs
beyond this date.
-- OmniMark sales include European Parliament, Qantas and Embraer.
David Ashman, Chairman, commenting on the Company's performance,
stated:
In our Trading Update of 23 May 2019 we indicated that sales
were slower than planned and that a loss was expected for the
half-year period.
We are currently expecting trading to continue slowly for the
remainder of 2019 and need to take measures to reduce our operating
costs wherever possible. Of primary importance is the proposal to
de-list from AIM and re-register as a private limited company,
subject to shareholders' approval. This is the subject of an
associated announcement issued immediately following the release of
these interim results and is expected to generate potential
annualised cost savings of over GBP120,000. Additional
cost-reduction activities include organisational and management
changes that are currently underway.
The Company continues to develop high-quality software tools
used by leading organisations around the world. With a reduced cost
base and increased sales to be driven by the recruitment to the
newly created role of VP Sales & Marketing, it is our intention
to generate steady ongoing profits and resume the payment of
dividends to shareholders as soon as possible.
ENQUIRIES
Stilo International plc SPARK Advisory Partners
Les Burnham, Chief Executive (Nominated Adviser)
Neil Baldwin T +44 (0) 203 368
T +44 (0)1793 441444 3554
Mark Brady T +44 (0) 203 368
3551
SI Capital (Broker)
Nick Emerson
T +44 (0) 1483 413500
Unaudited Group Income Statement
for the six months ended 30 June 2019
Six months Six months Year to
to 30 June to 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue - Continuing Operations 638 707 1,487
Cost of sales (4) (4) (16)
-------------- -------------- --------------
Gross profit 634 703 1,471
Operating costs (656) (657) (1,342)
Amortisation of intangible assets - - -
-------------- -------------- --------------
Operating (loss) / profit (22) 46 129
Finance income 6 5 10
Finance expense (8) - -
-------------- -------------- --------------
(Loss) / profit before tax (24) 51 139
Income tax (5) (9) 38
-------------- -------------- --------------
(Loss) / profit for the period attributable
to the equity shareholders of the
parent company (29) 42 177
======= ======= =======
(Loss) / earnings per share
- basic (note 4) (0.03p) 0.04p 0.16p
- diluted (note 4) (0.02p) 0.04p 0.15p
-------------- -------------- --------------
Dividends paid per share
- Interim current period Nil Nil 0.06p
- Final prior period 0.06p 0.05p 0.05p
-------------- -------------- --------------
Unaudited Group Statement of Comprehensive Income
for the six months ended 30 June 2019
Six months Six months Year to
to 30 June to 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (29) 42 177
-------------- -------------- --------------
Other comprehensive income
Items that may subsequently be reclassified
to profit and loss
Foreign currency translation differences 43 (37) (39)
-------------- -------------- --------------
Total other comprehensive income 43 (37) (39)
-------------- -------------- --------------
Total comprehensive income relating
to the period 14 5 138
-------------- -------------- --------------
All comprehensive income is attributable to equity shareholders
of the parent company.
Unaudited Group Statement of Financial Position
as at 30 June 2019
As at As at As at
30 June 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets:
Goodwill 1,633 1,660 1,633
Other intangible assets 1,033 771 882
Plant and equipment 12 18 14
Right-of-use asset 327 - -
Deferred tax assets 50 50 50
-------------- -------------- --------------
3,055 2,499 2,579
Current assets:
Trade and other receivables 644 209 259
Income tax asset 58 53 56
Cash and cash equivalents 1,096 1,442 1,271
-------------- -------------- --------------
1,798 1,704 1,586
-------------- -------------- --------------
Total Assets 4,853 4,203 4,165
======= ======= =======
Current liabilities:
Trade and other payables 865 472 436
Non-current liabilities:
Other payables 317 71 4
-------------- -------------- --------------
Total liabilities 1,182 543 440
Equity attributable to equity shareholders
of the parent company
Called up share capital 1,139 1,139 1,139
Share premium 29 29 29
Merger reserve 658 658 658
Retained earnings 1,845 1,834 1,899
-------------- -------------- --------------
Total equity 3,671 3,660 3,725
-------------- -------------- --------------
Total Equity and Liabilities 4,853 4,203 4,165
======= ======= =======
Unaudited Group Statement of Changes in Equity
for the six months ended 30 June 2019
Attributable to equity shareholders
of the parent company
Called Share premium
up share account Merger Retained
capital GBP'000 reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2018
(audited) 1,139 29 658 1,885 3,711
Comprehensive income
Profit for the period - - - 42 (42)
Other comprehensive loss
Exchange adjustments -
may recycle to profit and
loss account - - - (37) (37)
---------- -------------- --------- ---------- ---------
Total comprehensive income - - - 5 5
Transactions with owners
Shared based transactions - - - 1 1
Dividend paid - - - (57) (57)
Total transactions with
owners - - - (56) (56)
Balance at 30 June 2018
(unaudited) 1,139 29 658 1,834 3,660
Comprehensive income
Profit for the period - - - 135 135
Other comprehensive loss
Exchange adjustments -
may recycle to profit and
loss account - - - (3) (3)
---------- -------------- --------- ---------- ---------
Total comprehensive income - - - 132 132
Transactions with owners
Share based transactions - - - 1 1
Dividend paid - - - (68) (68)
Total transactions with
owners - - - (67) (67)
Balance at 31 December
2018 (audited) 1,139 29 658 1,899 3,725
Comprehensive income
Loss for the period - - - (29) (29)
Other comprehensive income
Exchange adjustments -
may recycle to profit and
loss account - - - 43 43
---------- -------------- --------- ---------- ---------
Total comprehensive income - - - 14 14
Transactions with owners
Dividend paid - - - (68) (68)
Total transactions with
owners - - - (68) (68)
Balance at 30 June 2019
(unaudited) 1,139 29 658 1,845 3,671
========== ============== ========= ========== =========
Unaudited Group Cash Flow Statement
for the six months ended 30 June 2019
Six months Six months Year to
to 30 June to 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
(Loss)/profit before taxation (24) 51 139
Adjustment for depreciation and
amortisation 26 5 11
Adjustment for impairment and
write off of goodwill - - 27
Adjustment for investment income (6) (5) (10)
Adjustment for interest expense 8 - -
Adjustment for share based payments 1 1 2
Adjustment for foreign exchange
differences - (13) -
-------------- -------------- --------------
Operating cash flows before movements
in working capital 5 39 169
(Increase) in trade and other
receivables (398) (39) (86)
Increase/(decrease) in trade and
other payables 374 1 (112)
-------------- -------------- --------------
Cash used in operations (19) 1 (29)
Tax paid (61) (60) (16)
Tax credit received 56 52 53
-------------- -------------- --------------
Net cash used (in)/from operating
activities (24) (7) 8
Cash flows from investing activities
Finance income 6 5 11
Development costs capitalised (110) (99) (213)
Purchase of plant and equipment (1) (11) (13)
-------------- -------------- --------------
Net cash used (in) investing activities (105) (105) (215)
Financing Activities
Dividends paid (68) (57) (125)
Issue of ordinary share capital - - -
-------------- -------------- --------------
Net cash used in financing activities (68) (57) (125)
-------------- -------------- --------------
Net (decrease) in cash and cash
equivalents (197) (169) (332)
Cash and cash equivalents at beginning
of period
1,271 1,621 1,621
Exchange losses on cash and cash
equivalents 22 (10) (18)
-------------- -------------- --------------
Cash and cash equivalents at end
of period 1,096 1,442 1,271
======= ======= =======
Notes to the Interim Results
for the six months ended 30 June 2019
1. The interim results (approved by the Board of Directors and
authorised for issue on 23 August 2019) are neither audited nor
reviewed and do not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The financial
information for the full preceding year is extracted from the
statutory accounts for the financial year ended 31 December 2018.
Those accounts, upon which the auditors issued an unqualified
opinion, and did not contain a statement under Section 498 (2) and
(3) of the Companies Act 2006, have been delivered to the Registrar
of Companies. As permitted, this interim report has been prepared
in accordance with UK AIM listing rules and not in accordance with
IAS 34 'Interim Financial Reporting', therefore it is not fully in
compliance with IFRS.
2. Stilo International plc is a public limited company
incorporated in the United Kingdom. The Company is domiciled in the
United Kingdom and its ordinary shares are traded on the AIM market
of the London Stock Exchange plc. Stilo provides specialist
software and professional services.
The consolidated interim results have been prepared in
accordance with the recognition and measurement principles of IFRS
including standards and interpretations issued by the International
Accounting Standards Board, as adopted by the European Union. They
have been prepared using the historical cost convention.
The preparation of the interim results requires management to
make estimates and assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities, and the disclosure of
contingent liabilities at the reporting date. If in the future such
estimates and assumptions, which are based on management's best
judgement at the reporting date, deviate from the actual
circumstances, the original estimates and assumptions will be
modified as appropriate in the year in which the circumstances
change. The interim results are presented in sterling and all
values are rounded to the nearest thousand pounds (GBP'000) except
where otherwise indicated.
The interim results of the Group for the period ended 30 June
2019 have been prepared in accordance with the accounting policies
expected to apply in respect of the financial statements for the
year ending 31 December 2019.
3. The financial position and performance of the group was
particularly affected by the adoption of the new revenue standard
IFRS 16 Leases as from 1 January 2018. In accordance with the
transition provisions in IFRS 16, the Group has adopted the new
rules retrospectively with the cumulative effect of initially
applying the standard recognised at the date of the initial
application. The impact of the adoption as at 1 January 2019 was to
recognise a right-of-use asset and a lease liability of
GBP335,000.
4. The basic earnings per share is calculated on the weighted
average number of shares in issue during the period. The fully
diluted earnings per share takes account of outstanding options.
The weighted average number of ordinary shares in issue for the six
months to 30 June 2019 was 113,930,470 shares (30 June 2018:
113,930,470 and 31 December 2018: 113,930,470 shares). The weighted
average number of ordinary shares in issue for the six months to 30
June 2019, for the fully diluted earnings per share, taking account
of outstanding options was 117,380,214 (30 June 2018: 116,615,746,
31 December 2018: 115,944,901).
5. Copies of this report will be available to download from the
investor relations section of the Company's website
www.stilo.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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