Interim Results

Emily Hodges

23-Sep-2008 10:00:00

Asite plc (the “Group” and or “Asite”)

Interim Results for the 6 months ended 30 June 2008

Interim results summary

Gross revenues up 29% to £1.067 m (2007: £0.830 m)
Gross profit up 35% to £0.851 m (2007: £0.630 m)
Operating costs down by 2% to £0.909 m (2007: £0.925 m)
First ever EBITA surplus of £0.053 m (2007: deficit £0.181 m)
Loss for the period reduced to £0.048m (2007 £0.273m)

Colin Goodall, Chairman of Asite plc comments:

“The Group has built on the progress made in 2007 with further strong revenue growth and detailed cost control and as a result has recorded an EBITA surplus for the first time in its trading history - a significant milestone for Asite plc. It is pleasing to see that the Group’s strategy of focusing on product development and performance, cost control and eliminating reliance on reselling third party products is coming to fruition.”

Enquiries
For further information, please contact:

Asite plc	+44 (0)20 7749 7880
Tony Ryan, (Chief Executive)
Deloitte & Touche LLP	+44 (0)20 7936 3000
Jonathan Hinton
Nico Elliott

CONSOLIDATED INTERIM INCOME STATEMENT
For the six months ended 30 June 2008

	Note	Unaudited six months to 30 June 2008 £’000	Unaudited six months to 30 June 2007 Restated £’000	Audited year to 31 Dec 2007 £’000
REVENUE		1,067	830	1,658

Cost of sales		(216)	(200)	(407)

Gross Profit		851	630	1,251

Sales & distribution costs		(120)	(169)	(295)

Administrative expenses		(789)	(756)	(1,533)

OPERATING LOSS		(58)	(295)	(577)

Fair value adjustments arising on loan from shareholder		283	230	254
Financial income		1	1	1
Financial expenses		(274)	(209)	(244)

LOSS BEFORE TAXATION		(48)	(273)	(566)
Tax credit on loss on ordinary activities		-	-	-

LOSS FOR THE PERIOD		(48)	(273)	(566)

Attributable to:
Equity shareholders		(48)	(273)	(566)
Minority shareholders		-	-	-

LOSS FOR THE PERIOD		(48)	(273)	(566)

Loss per share (expressed in pence per share) – basic and diluted	6	(0.03p)	(0.20p)	(0.30p)

All transactions are derived from continuing operations. There are no material differences between the loss on ordinary activities before taxation and the loss for the six months stated above and their historical equivalent.

STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2008

	Called up share capital £’000	Share premium account £'000	Profit and loss account £'000	Total £’000

At 1 January 2008	18,750	2,442	(23,303)	(2,111)
Loss for the period	-	-	(48)	(48)
Exchange differences arising on translation of overseas operations	-	-	1	1
Share based payments	-	-	27	27

At 30 June 2008	18,750	2,442	(23,323)	(2,131)

CONSOLIDATED BALANCE SHEET

As at 30 June 2008

	Note	Unaudited at 30 June 2008 £’000	Unaudited at 30 June 2007 Restated £’000	Audited at 31 Dec 2007 £’000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	7	63	60	47
Intangible assets		120	325