31-May-2006 11:00:00

Full year results announcement - year ended 31 December 2005

Posted by Emily Hodges on 31-May-2006 11:00:00
Emily Hodges

Highlights:

  • Pre exceptional pre minority loss reduced from £1.70m to £1.3m
  • Pre exceptional pre minority loss reduced from £0.96m in the first half of 2005 to £0.36m in the second half of 2005
  • Gross profit increased from £0.91m to £1.15m (up 27%)
  • Operating costs, excluding exceptional items, reduced to £2.8m from £3.35m
  • Net cash outflow from operating activities reduced from £1.31m to £0.88m

Colin Goodall , Chairman of Asite plc comments:

"Despite significant internal change within the Group during the year gross operating margins have been increased and operating costs reduced. It is most pleasing to note that the pre exceptional pre minority loss recorded in the second half of 2005 fell to £0.36m, being an improvement of £0.60m over the comparative loss recorded in the first half of 2005. We have invested heavily in our product base and we are seeing improved demand for our collaboration and sourcing solutions in the first half of 2006. Whilst progress towards profitable and sustainable trading has been slower than expected the actions taken to improve margins and reduce costs have now started to have a real impact on the Group's performance".

For further information:

Asite plc 
Gordon Ashworth, Chief Executive Officer and Finance Director +44 (0)20 7749 7880 
Tony Ryan, Chief Operating Officer +44 (0)20 7749 7880 
Deloitte & Touche LLP 
Richard Collins +44 (0)20 7936 3000