23-Sep-2008 11:00:00

Interim Results

Posted by Emily Hodges on 23-Sep-2008 11:00:00
Emily Hodges

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