TIDMIMTK
RNS Number : 0478F
Imaginatik PLC
11 June 2012
11 June 2012
Imaginatik Plc
("Imaginatik" or the "Company")
Final Results
Imaginatik plc (AIM: IMTK.L), the world's first full service
innovation provider offering a range of technology products and
consultancy services, announces its audited results for the year
ended 31 March 2012.
Summary
-- Revenue increased by 21% to GBP3.4 million (FY 2011: GBP2.8 million)
-- Total costs reduced by 14% to GBP4.5 million (FY 2011: GBP5.3 million)
-- Operating losses before share option costs reduced to GBP0.98
million (FY 2011: GBP2.28 million)
-- Management team and board significantly strengthened
-- Enhancement of Innovation Central technology offering with
launch of Discovery Suite and Results Engine
-- Secured first consultancy-led contracts, with companies such
as Mead Johnson, the Mayo Clinic, Newmont Mining and Cotton,
Inc
-- 95% of clients by value coming to the end of contracts within
the year renewed for additional periods (2011: 72%)
-- Announcement today of conditional placing of up to
333,333,333 new ordinary shares in the Company at 0.3p per share,
raising up to GBP1 million before expenses
Matt Cooper, Executive Chairman of Imaginatik, commented:
"Imaginatik has spent the last two years undergoing a
transformation from being solely a provider of idea management
software into the world's first full service innovation company.
Our mission is simple - to help our clients develop a company-wide,
innovation competence that can be sustained over the long-term.
"Early results are encouraging and we are pleased with the level
of growth achieved in the year. We have received positive feedback
on our new proposition from existing and new clients and industry
commentators. We have secured our first consultancy-led contracts
and the sales pipeline contains many more meaningful opportunities,
benefitting from both a stable sales team and greater clarity of
messaging.
"Trading in the first two months of the year continues to
improve and is ahead of the same period last year. We are now
focused on continuing to grow our sales capability and pipeline and
on the delivery of increased shareholder value."
For further information please contact:
Imaginatik plc Tel: 020 7917 2975
Matt Cooper, Chairman /
Shawn Taylor, CFO
Northland Capital Partners Tel: 020 7796 8800
Limited
Gavin Burnell / Edward Hutton
Newgate Threadneedle Tel: 020 7653 9850
Caroline Evans-Jones / Hilary
Millar
About Imaginatik
Imaginatik provides a range of Innovation solutions comprised of
consultancy, enterprise software and program management to deliver
innovation results to companies such as The World Bank, NYSE, The
Chubb Group of Insurance Companies, Boeing, Pfizer, Goodyear,
Paccar, Kellogg and Cargill. Few companies possess the internal
capability to consistently generate fresh ideas, identify those
worth pursuing and reliably transform them into real,
value-enhancing assets. Imaginatik's mission is to help these
companies build sustainable innovation competencies.
Imaginatik is a public company whose shares are traded on the
AIM market of the London Stock Exchange (LSE:IMTK.L) and is a World
Economic Forum Technology Pioneer with offices in Boston, MA, and
Winchester, UK. For more information visit www.imaginatik.com.
Executive Chairman's Statement
In today's world, innovation is the key to business success. We
believe that companies that fail to innovate lose out to their
competitors and ultimately face decline or failure. In addition to
this, the business cycle has become shortened so that sporadic
innovation is no longer enough. What is required is for innovation
to become an embedded process within an organisation, rather than
the province of a few people on the periphery. Companies need to
harness the creativity of their entire workforce.
For this reason, Imaginatik has spent the last two years
developing the capabilities to become the world's first full
service innovation company. Our mission is simple - to help our
clients develop a company-wide, innovation competence that can be
sustained over the long-term.
To that end, we have substantially broadened our technology
offering. Not only do we now have a world class idea management
platform, but also an innovation front end and project management
tools to ensure the ideas generated become reality. We have also
gone to great lengths to develop a consultancy capability,
combining Imaginatik's 15 years' of experience with a number of
senior consultants who bring specific innovation experience.
Imaginatik is now able to help companies understand exactly where
they are on the innovation journey and what the cultural and
process barriers might be to their success. We are well placed to
provide a solution.
Together, we believe these two facets make us unique in the
industry, being the only company with the depth of offering to help
organisations build sustainable innovation.
Matt Cooper
Executive Chairman
11 June 2012
Operational Review
Evolving marketplace
Over the past year or so we have seen the rise of innovation
towards the top of corporate agendas. Companies of all sizes,
irrespective of sector, are acknowledging that sustainable
innovation is no longer a value-add, but a business critical
necessity. We have seen the emergence of 'winners' and 'losers'
across a range of sectors, with those companies who possess a deep
innovation competency consistently winning out on market share,
while the others get left behind.
Businesses now acknowledge the need to innovate to survive and,
as a result, are allocating more resources to build a corporate
culture of innovation. One indication of this is in the emergence
of the Chief Innovation Officer, one of the newest and most quickly
growing roles in the management team today. The number of
businesses with Chief Innovation Officers grew from 33% in 2010 to
43% in 2011 (Innovation Leadership Study by IESE Business School
& Capgemini Consulting, March 2012). These early efforts from
corporates are a step in the right direction, however, many are
lacking the comprehensive tools or support needed to achieve a real
and sustainable innovation programme. Only 30% of Chief Innovation
Officers believe that they have an effective organisational
structure for innovation (Innovation Leadership Study by IESE
Business School & Capgemini Consulting, March 2012).
This gap between attempted innovation and the achievement of
tangible results at the enterprise level has given rise to an
industry addressing this opportunity and a number of businesses
have emerged, alongside Imaginatik, with niche offerings in the
disciplines of either consultancy or idea management software. None
of these players, however, have taken a holistic approach to
complete innovation support and the result has been only partial
solutions on offer.
Transformation of Imaginatik
In recognising this gap in the market, we have embarked on a
strategic shift, in order to ensure that we are in a position to
fulfil our mission to help clients build a sustainable company-wide
innovation competence. We have spent the last two years developing
and refining the business from a pure software provider to a full
service innovation provider, and we believe that this transition is
almost complete. This holistic approach combines our technological
capabilities, based on our market leading innovation platform, with
strategic and operational consulting from our 15 years of industry
experience. As a result, we believe Imaginatik now occupies a
unique position in its market as the only company with the proven
ability to support sustainable enterprise innovation programmes
through a combination of technology, consultancy and a repeatable
process.
We believe consultancy is crucial to helping clients achieve
innovation outcomes. Stand-alone Idea Management or Innovation
Management software is not sufficient. Imaginatik has learned from
its clients that sustained innovation success requires strategy
consultancy, program management, and "outcomes" ownership.
In order to capitalise on our unique positioning in the market,
we have today announced that we propose to raise up to GBP1 million
(before expenses) from new and existing investors via a conditional
placing of up to 333,333,333 shares at a price of 0.3p per share
subject to approval at a general meeting to take place on 27 June
2012. Funds raised from the placing will assist us in completing
the transition and will be used to expand our US-based sales team,
add consultancy capacity in both the US and European market, allow
us to further invest in our technology, and further develop our
branding and marketing efforts.
It is the intention of Matt Cooper, David Gammon and Simon
Charles, all being Directors of the Company, to participate in the
placing on similar terms.
We believe a major contribution to our future success will be
the strength of our Board and management team. We have assembled a
team with significant expertise that is capable of developing
Imaginatik into a sizeable business. In October 2011, we announced
three new Non-executive Directors, Brian Hayes, David Gammon and
Simon Charles with Paul Morland stepping down. We would like to
thank Paul for his contribution since the Company floated in 2006.
In January 2012, we announced the appointment of two new senior
executives. Elisa O'Donnell joined as Head of Consultancy and
Jonathan Jewett as Head of Sales. Elisa has over 20 years' of
management consulting experience in the field of innovation and
change management. Jonathan is an experienced sales director with a
successful track record of building and motivating high-performance
sales teams within the technology industry.
In the same month, Andrew Wainwright stepped down from his
position as Chief Technology Officer, and was replaced by Nick
Goss. Nick's experience includes numerous technology leadership
positions across several medium-sized businesses in the EU and the
US, enabling him to build core business strengths in areas such as
growth strategy formulation and implementation, turnaround
execution, and assisting businesses in transitioning to online,
Cloud and SaaS based delivery models. The Board would like to thank
Andrew for his valued contribution over the last 10 years and
wishes him well in the future.
Development of a full service Innovation capability
We undertook a number of important developments during the year
to advance our full service offering, further differentiating us
from our competitors. Innovation Central was enhanced with the
launch of Discovery Suite and Results Engine in the first half of
the year. Discovery Suite helps shape the front end of the
innovation process by helping executives formulate their innovation
strategy. Discovery Suite was developed in conjunction with
innovation guru Rowan Gibson and is based on his "Four Lenses of
Innovation" method for generating business insights and innovation
opportunities. These opportunities are then fed into the pipeline
of Innovation Central challenges. Results Engine is a comprehensive
innovation portfolio reporting and management capability. Fully
integrated into the Innovation Central platform, this cloud-based
tool enables the management and tracking of multiple innovation
projects across an enterprise while providing a system for the
calculation of return on investment. Through these tools, in
combination with consultancy, we are able to support customers
through all stages of the innovation journey.
We have made substantial progress this year in developing a
system that supports multi-lingual innovation. We expect this to be
launched at the end of the calendar year. We have also made
progress developing various web connectors for SharePoint, Jive and
Yammer. We expect this phase of work to be completed by the end of
the current financial year.
Early results demonstrate success
Early results are encouraging and we are pleased with the level
of growth achieved in the year. We have secured our first
consultancy-led contracts, with companies such as Mead Johnson, the
Mayo Clinic, Newmont Mining and Cotton, Inc., and the sales
pipeline contains many more meaningful opportunities, benefitting
from both a stable sales team and greater clarity of messaging. We
have also re-entered the European market with the reappointment of
Geoff Carss as VP Europe and we believe this market will open up
substantial further opportunities. We are pleased to report that
the vast majority of clients coming to the end of the contracts
within the year renewed for additional periods. The nature of our
embedded approach has resulted in far more multi-year deals being
signed in the year, with seven such contracts signed (2011: 0). We
believe this demonstrates the growing confidence our customers have
in choosing Imaginatik as their long-term innovation partner.
Financial Review
Total revenue for the year ended 31 March 2012 increased by 21%
to GBP3.4 million (FY 2011: GBP2.8 million). During the year, 23%
of revenue was generated from up-selling our software and services
into existing customers, 15% from selling into new clients, and 62%
from recurring business (FY 2011: 21%; 29%; 50%). We added 10 new
customers during the year (FY 2011: 10).
The US continues to be our core market with the percentage of
revenues received from the region in the period being 91% (FY 2011:
96%) with the remaining 9% derived from the Rest of the World (FY
2011: 4%).
We took steps during the year to reduce overheads, largely
through lower head count and reduced spend on marketing activities,
although the addition of further senior executives to augment the
management team meant that costs in the second half of the year
were increased. The Company incurred GBP0.15 million in legal costs
during the year in respect of the litigation against the former
CEO, Mark Turrell. This litigation is now close to reaching a
satisfactory conclusion. In December 2011 judgment was awarded in
favour of the Company and Matt Cooper with costs of GBP0.16 million
and damages of GBP0.04 million in favour of the Company and damages
of GBP0.08 million in favour of Matt Cooper. These costs and
damages were not paid and as a result the Company secured a
freezing injunction over Mr. Turrell's shareholding in the Company.
We shall continue to enforce the judgment and currently expect this
process to reach a conclusion in the next few months. The costs and
damages recoverable by the Company in relation to the litigation
have not been recognised in the Company's financial statements and
will be recognised once received.
Total costs have been reduced by 14% in the year to GBP4.5
million (FY 2011: GBP5.3 million) and we will continue to maintain
a careful control of costs.
We continued to invest in our software platform in the year,
upgrading and adding new functionality to improve our
competitiveness. In the year we invested GBP0.45 million (FY 2011:
GBP0.57 million) all of which continues to be written off as
incurred. We were pleased to have been awarded an R&D tax
credit by HMRC of GBP0.11 million reflecting the pioneering nature
of the research and development work we undertake. This is
reflected in the taxation line in the income statement.
Operating losses before share option costs reduced to GBP0.98
million (FY 2011: GBP2.28 million).
In February 2012, the remuneration committee of the Board
approved changes to the terms of the existing share options issued
by the Company, with a cancellation of certain options that were
substantially under water and the reissue of these options at an
exercise price of 1p per share. The mid-market price of the
Company's shares at the time of the rebasing was 0.42p.
Net funds at 31 March 2012 were GBP0.53 million (2011: GBP0.47
million). Net cash outflows from operating activities have reduced
by 39% to GBP1.1 million (2011: GBP1.8 million).
We completed two fundraisings during the year, providing the
Company with increased working capital and the ability to continue
to invest in its technology and people. In August 2011, the Company
raised GBP1.04 million (before expenses) by way of a conditional
Placing, Subscription and Open Offer. In February 2012, the Company
raised a further GBP0.26 million before expenses through the issue
of new ordinary shares of 0.0625p each ("Ordinary Shares") to a
range of new and existing shareholders.
On 11 June 2012, post the period end, the Company announced that
it proposed to raise up to GBP1 million (before expenses) through a
conditional placing of up to 333,333,333 new Ordinary Shares with
new and existing institutional and other investors at a price of
0.3 pence per share.
On the basis of successful completion of the proposed placing
The Directors have reviewed the Company's budgets and forecasts for
the coming 12 months, which have been prepared with appropriate
regard to the current macroeconomic environment and the conditions
in the principal markets served by the Group. As a result, and
taking into consideration the Group's net funds, the irrevocable
commitments of GBP857,500 already received in respect of the
proposed placing, expressions of interest for the balance allowing
the Company to raise up to GBP1 million and the anticipated
approval at the General Meeting, at the time of approving the
financial statements, the Directors consider that the Company has
sufficient financial resources to continue in operational existence
for the foreseeable future and, therefore, that it is appropriate
to adopt the going concern basis in preparing these financial
statements. The Directors cannot guarantee that the going concern
basis will remain appropriate given the inherent uncertainty about
future events.
Outlook
In the near term, we look forward to completing our transition
which will be greatly accelerated through the injection of the new
funds from the Placing. These funds will facilitate the expansion
of our sales and consultancy teams, the ongoing investment into our
technology platform, allow the Company to further develop its
branding and marketing and cement our re-entry into the European
market place.
In the longer-term, we find that the market trends are
encouraging, with innovation more firmly on the corporate agenda
and we are excited about the pipeline of opportunities ahead. With
our unique, full service offering, we believe we are well placed to
become one of the dominant players in the space. At present, the
market is highly fragmented, characterised by numerous niche
players, but over time we believe we can grow to become one of the
consolidators.
Trading in the first two months of the year continues to improve
and is ahead of the same period last year. We are now focused on
continuing to grow our sales capability and pipeline and on the
delivery of increased shareholder value.
Shawn Taylor
Chief Operating and Financial Officer
11 June 2012
Consolidated statement of comprehensive income for the year
ended 31 March 2012
Note 2012 2011
GBP'000 GBP'000
Revenue 2 3,447 2,847
Cost of sales (321) (341)
------------ ------------
Gross profit 3,126 2,506
Administrative expenses (4,211) (4,916)
------------ ------------
Operating loss (1,085) (2,410)
Operating loss before share
option costs (976) (2,276)
Share option costs (109) (134)
--------------------------------------- ----- ------------ ------------
Finance costs (8) (5)
------------ ------------
Loss before tax (1,093) (2,415)
Income tax expense 108 -
------------ ------------
Loss on ordinary activities
for the year and total comprehensive
income (985) (2,415)
============ ============
Loss per share: Basic and
diluted 3 (0.28p) (1.26p)
============ ============
Consolidated statement of financial position as at 31 March
2012
Note 2012 2011
GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant
and equipment 51 100
Intangible assets 51 104
Trade and other 106 -
receivables
Current assets 208 204
Trade and other
receivables 1,034 983
Cash and cash equivalents 543 469
1,577 1,452
Total assets 1,785 1,656
======== ========
EQUITY AND LIABILITIES
Equity
Issued capital 5 321 135
Share premium 5,704 4,691
Share option reserve 764 655
Retained earnings (6,238) (5,253)
Total equity attributable
to equity holders
of the parent 551 228
-------- --------
Liabilities
Non-current liabilities
Other payables 136 24
Current liabilities 136 24
Interest-bearing - -
loans and borrowings
Trade and other
payables 1,098 1,404
1,098 1,404
Total liabilities 1,234 1,428
Total equity and
liabilities 1,785 1,656
======== ========
Consolidated cash flow statements for the year ended 31 March
2012
2012 2011
Note GBP'000 GBP'000 GBP'000 GBP'000
Cash outflows from operating
activities 6 (1,115) (1,819)
Investing activities
Acquisition of property,
plant and equipment (9) (20)
Acquisition of intangible
assets - (5)
-------- --------
Net cash used in investing
activities (9) (25)
Net cash flow before
financing activities (1,124) (1,844)
Financing activities
Net proceeds from the
issue of share capital 1,199 807
Net cash generated from
financing activities 1,199 807
Net increase/(decrease)
in cash and cash equivalents 75 (1,037)
Opening net cash and
cash equivalents 469 1,506
Net foreign exchange (1) -
difference
-------- --------
Closing net cash and
cash equivalents 543 469
======== ========
Consolidated statement of changes in equity for the year ended
31 March 2012
Total
Share attributable
Share Share option Retained to owners Total
capital premium reserve earnings of parent equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'0000
Balance at 1 April
2011 135 4,691 655 (5,253) 228 228
Employee share-based
payment options - - 109 - 109 109
Issue of share capital 186 1,013 - - 1,199 1,199
--------- --------- --------- ---------- -------------- ---------
Transactions with
owners 186 1,013 109 - 1,308 1,308
--------- --------- --------- ---------- -------------- ---------
Loss for the year
and total comprehensive
income - - - (985) (985) (985)
Balance at 31 March
2012 321 5,704 764 (6,238) 551 551
========= ========= ========= ========== ============== =========
Balance at 1 April
2010 100 3,919 521 (2,838) 1,702 1,702
Employee share-based
payment options - - 134 - 134 134
Issue of share capital 35 772 - - 807 807
--------- --------- --------- ---------- -------------- ---------
Transactions with
owners 35 772 134 - 941 941
--------- --------- --------- ---------- -------------- ---------
Loss for the year
and total comprehensive
income - - - (2,415) (2,415) (2,415)
--------- --------- --------- ---------- -------------- ---------
Balance at 31 March
2011 135 4,691 655 (5,253) 228 228
========= ========= ========= ========== ============== =========
Notes forming part of the financial statements for the year
ended 31 March 2012
1. Basis of preparation and statement of compliance
The financial information contained in this preliminary
announcement does not constitute the Group's statutory financial
statements for the year ended 31 March 2012 or 2011, but is derived
from these financial statements. The financial statements for the
year ended 31 March 2011 have been delivered to the Registrar of
Companies.
The financial statements for the year ended 31 March 2012 have
been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union and the Group has
complied with International Financial Reporting Standards as issued
by the IASB. Those financial statements have not yet been delivered
to the Registrar.
In preparing the financial statements the Directors are required
to make judgements and estimates in applying accounting policies.
The most significant areas where judgements and estimates have been
applied are as follows:
Judgements
The value of the awards under the modified and new share option
scheme was measured, in accordance with IFRS 2, by reference to
their fair value at the date on which they were granted. Judgement
was required in determining the most appropriate valuation
model.
The costs and damages recoverable by the Company in relation to
the M Turrell litigation have not been recognised in the Company's
financial statements and will be recognised once received.
Estimates
Significant assumptions were necessary in arriving at the inputs
into the valuation model for the modified and new share option
scheme.
Going Concern
On the basis of successful completion of the proposed placing to
raise up to GBP1 million announced on 11 June 2012, the Directors
have reviewed the Company's budgets and forecasts for the coming 12
months, which have been prepared with appropriate regard to the
current macroeconomic environment and the conditions in the
principal markets served by the Group. As a result, and taking into
consideration the Group's net funds, the irrevocable commitments of
GBP857,500 already received in respect of the proposed placing,
expressions of interest for the balance allowing the Company to
raise up to GBP1 million and the anticipated approval of the
proposed placing at the General Meeting, at the time of approving
the financial statements, the Directors consider that the Company
has sufficient financial resources to continue in operational
existence for the foreseeable future and, therefore, that it is
appropriate to adopt the going concern basis in preparing these
financial statements. The Directors cannot guarantee that the going
concern basis will remain appropriate given the inherent
uncertainty about future events.
2. Segmental reporting
These services are provided to clients in different geographical
areas. The segmental information is presented by geographical area
in line with the monthly financial information provided to the
chief operating decision maker.
Both segments generate their revenues from the provision of
collaborative innovation software and related consultancy
services.
2012 2011
GBP'000 GBP'000
Segmental revenue:
United States of America 3,122 2,734
Rest of the World 325 113
-------- --------
3,447 2,847
======== ========
Segmental result:
United States of America (896) (2,318)
Rest of the World (89) (97)
-------- --------
(985) (2,415)
======== ========
Carrying amount:
United States of America
Assets 1,333 1,236
Liabilities (769) (1,103)
Rest of the World
Assets 451 420
Liabilities (464) (325)
-------- --------
551 228
======== ========
Additions to property, plant
and equipment, and intangible
assets:
United States of America 7 14
Rest of the World 2 11
-------- --------
9 25
======== ========
Other:
Depreciation
United States of America 38 39
Rest of the World 20 33
Amortisation
United States of America 18 11
Rest of the World 35 51
Share option costs
United States of America 30 34
Rest of the World 79 100
The Group has two customer (2011: nil customers), who accounted
for revenues of GBP914,000 (2011: GBP138,000), both of which amount
to more than 10% of Group revenues.
Both of these revenues arose in the United States of America
segment.
3. Loss per share
Basic loss per share has been calculated in accordance with IAS
33 'Earnings per share'. The calculation of loss per share is based
on losses of GBP985,000 (2011: GBP2,415,000) and on a weighted
average number of ordinary shares in existence during the year of
347,464,893 (2011: 191,084,986).
The share options issued during the current and prior year are
considered to be anti-dilutive, and therefore diluted loss per
share equals basic loss per share.
4. Barter transactions
During the year barter transactions totalling GBPnil (2011:
GBP6,000) were entered into by the Group. There was no profit or
loss recorded on these transactions. At the year end there was
deferred income balance of GBPnil (2011: GBPnil) and deferred costs
of GBPnil (2011: GBPnil) in respect of barter transactions.
5. Share capital
Number GBP
GBP'000
Allotted, called up and
fully paid ordinary shares
0.0625p each
As at 1 April 2011 215,557,208 135
Issued in the year 297,474,902 186
------------ ---------
As at 31 March 2012 513,032,110 321
============ =========
On 1 May 2011:
- 3,400,000 new ordinary shares of 0.0625p each were placed with
investors for a gross cash consideration of GBP51,000. There were
no costs in relation to this issue.
On 31 August 2011:
- 208,569,550 new ordinary shares of 0.0625p each were issued
for a gross cash consideration of GBP1,043,000. Issue costs
relating to the above placing were GBP128,000 and have been
deducted from the share premium account.
On 28 February 2012:
- 85,505,352 new ordinary shares of 0.0625p each were issued for
a gross cash consideration of GBP257,000. Issue costs relating to
the above placing were GBP24,000 and have been deducted from the
share premium account.
6. Reconciliation of operating loss to net cash outflow from operating activities
Group Group
2012 2011
GBP'000 GBP'000
Operating loss (1,085) (2,410)
Depreciation of plant, property
and equipment 59 72
Amortisation of intangible
assets 53 62
Share option charge 109 134
Operating cash flows before
movements in working capital (864) (2,142)
Decrease/(Increase) in trade
and other receivables (157) 613
Increase/(Decrease) in payables (194) (285)
-------- --------
Net movement in working capital (351) 328
Cash used by operations (1,215) (1,814)
Corporation tax received 108 -
Net interest paid (8) (5)
Net cash from operating activities (1,115) (1,819)
======== ========
7. Report and Accounts
Copies of the Company's full statutory financial statements will
be available from the offices at 6 Wessex Way, Colden Common,
Winchester SO21 1WP and on its website, www.imaginatik.com. A copy
of the Report and Accounts will be sent to all shareholders with
notice of the AGM in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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