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
|
|
|