TIDMADIL
RNS Number : 9541Y
Adili PLC
14 September 2009
AIM: ADIL
14 September 2009
Adili plc
("Adili" or "the Company")
Final Results
for the Year ended 30 April 2009
Adili plc, the online retailer of ethical fashion and lifestyle products trading
through Ascensiononline.com, announces its final results for the year ended 30
April 2009. The Company sources its own goods sold under the Ascension Brand
and also from a variety of ethical brands. Its products are intended to be
fashionable and stylish, ethical and offer exceptional value for money.
Key Points
* Sales increased 56% to GBP552,000 (2008: GBP354,000)
* Loss before tax of GBP1,903,000 (2008: loss of GBP1,585,000) after share option
charge of GBP110,000 (2008: GBP147,000)
* Loss per share of GBP0.05 (2008: loss per share of GBP0.12)
* Substantial investment in the business, new website and development of own
labels ranges
* Appointment of Nick Samuel as Chairman in year
* GBP1.4 million raised from investors during the year
* Investment in Board capability
* Since the year end, rebranded to Ascension and completed a GBP940,000 share
placing
Adam Smith, Chief Executive, commented:
"These results are broadly in line with expectations and reflect significant
activity to 'clear the decks' in readiness for further improvement in the coming
year. The recent funding constraints have temporarily restricted recent growth
since the year end, but with the successful Placing in August combined with
significant overhead reduction, a clean stock base, and the rebranding to
Ascension, position us well for the next 12 months.
Customer and press reaction to our own labels, an improved edited 'bought in'
collection, and very positive customer reaction to the rebranding, combined with
new marketing developments, give us much encouragement for our prospects through
accelerated sales growth."
Enquiries:
+-----------------------+------------------------------+------------------+
| Adili plc | Adam Smith, Chief Executive | T: 01258 837 437 |
| | Officer | |
| | Mark Swire, Finance Director | |
+-----------------------+------------------------------+------------------+
| | | |
+-----------------------+------------------------------+------------------+
| Seymour Pierce | Nicola Marrin/Catherine | T: 020 7107 8000 |
| Limited | Leftley | |
+-----------------------+------------------------------+------------------+
| | | |
+-----------------------+------------------------------+------------------+
CHAIRMAN'S STATEMENT
Introduction
I have great pleasure in presenting Adili's second full year results as an AIM
quoted company. The business continues to make great progress, with the launch
of the new web site in November 2008 and the introduction of the Spring Summer
2009 Adili own label capsule collection, both to positive acclaim, Adili has
further laid the foundations for continued and accelerated future growth.
Over the year to 30 April 2009 Adili showed increased revenue growth despite
some of the most difficult trading conditions experienced in recent memory.
Funds raised from investors have been invested in key areas which will drive
future accelerated growth. The business continues to be the destination
department store to shop online for ethical fashion and other related lifestyle
products. With a strong platform for growth now in place we are building
increasing consumer awareness of our brand as a leading name in our market.
Since the year end we have rebranded the business as Ascension reflecting our
mainstream fashion ambitions. We have also completed a further fundraising of
GBP940,000 to provide working capital to cash breakeven.
Financial Results
Revenue for the year to 30 April 2009 increased to GBP552,000 (2008:
GBP354,000). The operating loss was GBP1,894,000 (2008: loss of GBP1,591,000).
This was higher than originally expected and reflected both a reduction in gross
margin because of stock clearance and an acceleration of investment in the
business. The loss before tax was GBP1,903,000 (2008: loss of GBP1,585,000) and
loss per share was GBP0.05 (2008: loss per share GBP0.12), including a share
option charge of GBP110,000 (2007: GBP147,000). The Group ended the year with
net funds of GBP193,000.
Fundraising
During the year, the Company raised additional funding through a placing and a
loan, both of which are described below. These have resulted, before costs, in a
GBP1.4 million increase in the Company's cash resources. Since the year end a
further GBP0.9 million has been secured.
Placings
In October, Adili completed a placing to raise approximately GBP360,000 before
expenses through the issue of 6,596,350 new ordinary shares at a price of 5.5p
per share. The net proceeds were used to fund the Company's growth and for
working capital purposes. The new shares issued were admitted to trading on AIM
on 7 October 2008.
In April, Adili completed a further placing raising approximately GBP349,000
before expenses through the issue of 11,633,500 new ordinary shares at a price
of 3p per share. The net proceeds were used to fund the immediate working
capital requirements of the company. The new shares issued were admitted to AIM
on 16 April 2009.
In August, Adili completed a placing to raise approximately GBP940,000 before
expenses through the issue of 62,666,666 shares at a price of 1.5p per share.
The proceeds will fund working capital and continuing growth, which the
directors believe will take the company to cash breakeven.
Convertible Loan Facility
On 2 October, The Company entered into a secured convertible loan facility for
approximately GBP640,000 with its largest shareholder, Hawk Investment Holdings
Limited ("Hawk"). Hawk, following the placing on 2 October, was interested in
29.95% of the Company's issued share capital. The loan converted into equity,
when the Panel on Takeovers and Mergers granted a waiver of any obligation on
Hawk to make an offer for the Company and independent shareholders gave their
approval at the AGM on 28 November. Following the conversion, Hawk was
interested in approximately 48.5% of the Company's issued share capital.
Business Development
Own label
This year has seen the benefits of our substantial investment in own label start
to flow into the business with the launch of our first own label products.
Earlier in the year we delivered a capsule menswear collection, a bathrobe and
towelling offering and a nightwear and lingerie offering. This was followed in
March this year with the launching of the womenswear capsule collection. Sell
through rates have been very encouraging.
The Autumn Winter 2009 womenswear collection has just launched on site with a
significant number of additional lines launching over the next three weeks. The
initial press reaction to the collection has been very encouraging.
The launch of our own label product is a key development for the business since
it helps us to advance our ethical goals, further expand the product range,
improve margins, increase brand awareness, and allow greater control over the
supply chain.
Product range
Over the course of the year, we continued to invest in stock, expanding the
range of ethical brands we provide to 98 across 1,731 lines (2008: 53 across 756
lines). This was above targets of 80 brands across 1,500 lines and includes our
core clothing categories for women, men and children, our jewellery and skincare
collections as well as our homeware and gift offerings. As the management team
focuses on improving the mix of goods sold to the strongest performing areas of
the business, we do not expect any significant increase in brands or number of
lines offered in the coming year.
Operations and logistics
During the year, we completed the successful introduction of our new website.
This also included moving to a much more robust hosting environment which will
ensure the smooth handling of an increasing level of transactions. The new
website is achieving improved conversion levels and visitor duration levels
which in turn should further improve as we add more content to our site.
Board structure
During the year we have invested in management capability. Caroline Gitsham has
joined the board as Product Director with responsibility for own label
development and branded buying and Mark Swire has been promoted to Finance
Director. I believe both appointments will be of considerable benefit
to developing and growing the business.
Chris Powles and Sim Scavazza who were part-time Finance Director and part-time
Creative Director respectively both stepped down from their executive roles to
become Non-Executive Directors in February 2009 prior to their departure this
April. In addition Quentin Griffiths resigned as a director February 2009. I
would like to thank Chris, Sim and Quentin for their contribution to Adili's
development and wish them well in their other interests.
Since the year end, Alan Howarth has resigned from his position of non-executive
director. I again would like to offer my thanks for all his significant
contribution to the growth of Adili through its early stages of development.
Market developments
The markets for internet retailing and ethical fashion both continue to expand
significantly. This provides a strong base and market environment for Adili.
The available statistics indicate further considerable growth in online
retailing. According to the monthly IMRG Cap Gemini e-Retail Sales Index, online
spending in July showed a rise of 16.8% year-on-year. A wide range of
commentators are predicting a material increase in online sales in the key
trading period to Christmas this year. The strong growth in ethical consumption
that has been evident in recent years continued into the first half of this year
with, for example, the Fairtrade Foundation announcing in April that sales of
Fairtrade products in 2008 grew by 43% compared to last year.
Future growth is likely to be impacted to a degree by the 'Credit Crunch' and
related consumer issues. However the ethical fashion sub-sector is at an early
stage of development and we are seeing signs of a continuing increase in
consumer and industry interest in ethical fashion. We believe this will continue
to provide a positive market environment for Adili.
Ethical trade initiatives
Winning the Ethical Fashion Retailer of the Year award at the Re:Fashion Awards
and receiving one of the top ratings for clothing retailers by Ethical Consumer
magazine were two very pleasing accolades for our social and environmental work
last year.
Outlook
Revenues for the first 5 months of the current financial year have grown by over
29% compared to the same period last year. This is anticipated to accelerate in
the key trading period before Christmas and will be driven by greater
availability of stock, increased conversion from the new website, increased
brand awareness a relevant and credible product range as well as the resolution
of recent funding constraints.
Finally, I would like to thank all our staff for their hard work and loyalty -
as I do to our brands, sub-contractors and other suppliers. They have shown
great commitment to help us achieve all that we have in the year.
Nick Samuel
Chairman
CONSOLIDATED INCOME STATEMENT
for the year ended 30 APRIL 2009
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| | Notes | 2009 | 2008 |
+------------------------------------+--------+-------------+-------------+
| | | GBP | GBP |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Continuing operations | | | |
+------------------------------------+--------+-------------+-------------+
| Revenue | | 552,489 | 354,191 |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Cost of sales | | (537,524) | (317,885) |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Gross profit | | 14,965 | 36,306 |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Administrative expenses | | (1,908,971) | (1,627,410) |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Operating loss | | (1,894,006) | (1,591,104) |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Finance costs | | (21,926) | (16,500) |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Investment revenues | | 13,339 | 22,179 |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Loss before taxation | | (1,902,593) | (1,585,425) |
+------------------------------------+--------+-------------+-------------+
| Taxation | 2 | - | - |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Loss for the year | | (1,902,593) | (1,585,425) |
+------------------------------------+--------+-------------+-------------+
| | | | |
+------------------------------------+--------+-------------+-------------+
| Loss per share (GBP) | | | |
+------------------------------------+--------+-------------+-------------+
| Basic and diluted | 3 | (0.05) | (0.12) |
+------------------------------------+--------+-------------+-------------+
CONSOLIDATED BALANCE SHEET
as at 30 April 2009
+------------------------------------+------------+-------------+-------------+
| | Notes | 2009 | 2008 |
+------------------------------------+------------+-------------+-------------+
| | | GBP | GBP |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| Non-current assets | | | |
+------------------------------------+------------+-------------+-------------+
| Plant and equipment | | 95,760 | 102,335 |
+------------------------------------+------------+-------------+-------------+
| Intangible assets - other | | 59,371 | 15,727 |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| Total non-current assets | | 155,131 | 118,062 |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| Current assets | | | |
+------------------------------------+------------+-------------+-------------+
| Inventories | | 233,308 | 193,562 |
+------------------------------------+------------+-------------+-------------+
| Trade and other receivables | | 98,590 | 143,064 |
+------------------------------------+------------+-------------+-------------+
| Cash and cash equivalents | 5 | 192,742 | 706,705 |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| Total current assets | | 524,640 | 1,043,331 |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| Current liabilities | | | |
+------------------------------------+------------+-------------+-------------+
| Trade and other payables | | (187,550) | (137,579) |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| Total current liabilities | | (187,550) | (137,579) |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| Net current assets | | 337,090 | 905,752 |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| Net assets | | 492,221 | 1,023,814 |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| Equity | | | |
+------------------------------------+------------+-------------+-------------+
| Share capital | | 555,152 | 254,866 |
+------------------------------------+------------+-------------+-------------+
| Share premium account | | 2,572,168 | 1,677,762 |
+------------------------------------+------------+-------------+-------------+
| Merger reserve | | 574,600 | 574,600 |
+------------------------------------+------------+-------------+-------------+
| Share option reserve | | 256,649 | 146,610 |
+------------------------------------+------------+-------------+-------------+
| Retained earnings | | (3,466,348) | (1,630,024) |
+------------------------------------+------------+-------------+-------------+
| | | | |
+------------------------------------+------------+-------------+-------------+
| | | 492,221 | 1,023,814 |
+------------------------------------+------------+-------------+-------------+
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 April 2009
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| | Notes | 2009 | 2008 |
+-----------------------------------------+-------+-------------+-------------+
| | | GBP | GBP |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Net cash used in operating activities | 5 | (1,662,830) | (1,528,597) |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Investing activities | | | |
+-----------------------------------------+-------+-------------+-------------+
| Interest received | | 13,339 | 22,179 |
+-----------------------------------------+-------+-------------+-------------+
| Purchases of property, plant and | | (51,301) | (102,109) |
| equipment | | | |
+-----------------------------------------+-------+-------------+-------------+
| Purchases intellectual property rights | | (52,206) | (15,727) |
+-----------------------------------------+-------+-------------+-------------+
| Net cash used in investing activities | | (90,168) | (95,657) |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Financing activities | | | |
+-----------------------------------------+-------+-------------+-------------+
| Proceeds on issue of shares | | 711,804 | 1,500,030 |
+-----------------------------------------+-------+-------------+-------------+
| Loan stock proceeds | | 648,932 | 1,100,000 |
+-----------------------------------------+-------+-------------+-------------+
| Costs relating to share issue and loan | | (109,970) | (402,860) |
| stock | | | |
+-----------------------------------------+-------+-------------+-------------+
| Interest paid | | (11,731) | (16,500) |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Net cash generated from financing | | 1,239,035 | 2,180,670 |
| activities | | | |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Net (decrease)/increase in cash and | | (513,963) | 556,416 |
| cash equivalents | | | |
+-----------------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------------+-------+-------------+-------------+
| Cash and cash equivalents at beginning | | 706,705 | 150,289 |
| of year | | | |
+-----------------------------------------+-------+-------------+-------------+
| Cash and cash equivalents at end of | 4 | 192,742 | 706,705 |
| year | | | |
+-----------------------------------------+-------+-------------+-------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 April 2009
+----------------------+---------------+-----------+----------+---------+-------------+--+--------+--+----------+--+
| | Share capital | Share | Share | Merger | Equity | Retained | Total |
| | | premium | option | reserve | element | earnings | equity |
| | | | reserve | | of | | |
| | | | | | convertible | | |
| | | | | | loan stock | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Balance at 30th | 2,117 | 678,333 | 40,657 | - | - | (455,648) | 265,459 |
| April 2007 | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Loss for the period | - | - | - | - | - | (1,585,425) | (1,585,425) |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Total recognised | - | - | - | - | - | (1,585,425) | (1,585,425) |
| income and expense | | | | | | | |
| for the year | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Share option | - | - | (40,657) | - | - | 40,657 | - |
| cancellation | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Shares issued on | 105,850 | - | - | - | - | - | 105,850 |
| acquisition | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Corporate | (2,117) | (678,333) | - | 574,600 | - | - | (105,850) |
| restructuring | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Shares issued in | 85,716 | 1,414,314 | - | - | - | - | 1,500,030 |
| year for cash | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Costs of share issue | - | (402,860) | - | - | - | - | (402,860) |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Equity element of | - | - | - | - | 370,392 | - | 370,392 |
| convertible loan | | | | | | | |
| stock | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Shares issued on | 63,300 | 666,308 | - | - | (370,392) | 370,392 | 729,608 |
| conversion of loan | | | | | | | |
| stock | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Share option charge | - | - | 146,610 | - | - | - | 146,610 |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Balance at 30th | 254,866 | 1,677,762 | 146,610 | 574,600 | - | (1,630,024) | 1,023,814 |
| April 2008 | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Loss for the period | - | - | - | - | - | (1,902,593) | (1,902,593) |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Total recognised | - | - | - | - | - | (1,902,593) | (1,902,593) |
| income and expense | | | | | | | |
| for the year | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Shares issued in | 182,298 | 529,506 | - | - | - | - | 711,804 |
| year for cash | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Costs of share issue | - | (109,970) | - | - | - | - | (109,970) |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Equity element of | - | - | - | - | 66,269 | - | 66,269 |
| convertible loan | | | | | | | |
| stock | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Shares issued on | 117,988 | 474,870 | - | - | (66,269) | 66,269 | 592,858 |
| conversion of loan | | | | | | | |
| stock | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Share option charge | - | - | 110,039 | - | - | - | 110,039 |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| Balance at 30th | 555,152 | 2,572,168 | 256,649 | 574,600 | - | (3,466,348) | 492,221 |
| April 2009 | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--------------+-------------+
| | | | | | | | |
+----------------------+---------------+-----------+----------+---------+-------------+--+--------+--+----------+--+
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2009
1. Basis of preparation
The financial information set out in these financial statements does not
constitute statutory accounts as defined in the Companies Act 2006. The
consolidated balance sheet as at 30 April 2009 and the consolidated income
statement, consolidated cash flow statement and associated notes for the year
then ended have been extracted from the Group's financial statements.
The financial information has been extracted from the Group's financial
statements that are prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union applied in
accordance with the provisions of the Companies Act 2006 and under the
historical cost convention.
The financial information for the year ended 30 April 2008 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was
(i) unqualified, (ii) did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their report and
(iii) did not contain statements under either Section 237 (2) or (3) of the
Companies Act 1985.
The statutory accounts for the year ended 30 April 2009 will be finalised on the
basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.
2. Taxation
The Group has tax losses available to carry forward of GBP3,824,616 (2008:
GBP1,889,909) to offset against future trading profits. There are unrecognised
deferred tax assets of GBP7,369 (2008: GBP8,086) on fixed asset timing
differences and GBP764,923 (2008: GBP377,981) on trading losses carried forward.
Both deferred assets are based on a rate of 20% which is the rate for small
companies for 2010.
The difference between the total tax credit and the expected tax credit is as
follows:
+-------------------------------------------------+-------------+-------------+
| | 2009 | 2008 |
+-------------------------------------------------+-------------+-------------+
| | GBP | GBP |
+-------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------+-------------+-------------+
| Loss before taxation | (1,902,593) | (1,585,425) |
+-------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------+-------------+-------------+
| Tax at 20 per cent. (2008: 20 per cent.) | 380,519 | 317,085 |
+-------------------------------------------------+-------------+-------------+
| Effects of: | | |
+-------------------------------------------------+-------------+-------------+
| Expenses not allowable for taxation | (90,066) | (42,329) |
+-------------------------------------------------+-------------+-------------+
| Losses not utilised | (290,453) | (274,756) |
+-------------------------------------------------+-------------+-------------+
| | - | - |
+-------------------------------------------------+-------------+-------------+
3. Earnings per share - basic and diluted
+-------------------------------------------------+-------------+-------------+
| | 2009 | 2008 |
+-------------------------------------------------+-------------+-------------+
| | GBP | GBP |
+-------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------+-------------+-------------+
| Earnings | | |
+-------------------------------------------------+-------------+-------------+
| Earnings for the purposes of basic and diluted | (1,902,593) | (1,585,425) |
| earnings per share being net loss attributable | | |
| to equity shareholders | | |
+-------------------------------------------------+-------------+-------------+
+-------------------------------------------------+------------+------------+
| Number of shares | | |
+-------------------------------------------------+------------+------------+
| Weighted average number of ordinary shares for | 34,769,817 | 13,277,531 |
| the purposes of basic and diluted earnings per | | |
| share | | |
+-------------------------------------------------+------------+------------+
Basic and diluted loss per share are the same as the Group was loss making and
therefore any contingently issuable shares would have the effect of decreasing
loss per share.
4. Cash and cash equivalents
+-------------------------------------------------+----------+----------+
| | 2009 | 2008 |
+-------------------------------------------------+----------+----------+
| | GBP | GBP |
+-------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------+----------+----------+
| Cash at bank and in hand | 192,742 | 55,874 |
+-------------------------------------------------+----------+----------+
| Short term bank deposits | - | 650,831 |
+-------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------+----------+----------+
| | 192,742 | 706,705 |
+-------------------------------------------------+----------+----------+
Cash and cash equivalents comprise cash held by the Group accessible
immediately. Rates over the period varied between 0% and 5.5%.
The Directors consider that the carrying amount of these assets approximates to
their fair value. The credit risk on liquid funds is limited because the
counter-party is a bank with a high credit rating.
5. Cash used in operations
+-------------------------------------------------+-------------+-------------+
| | 2009 | 2008 |
+-------------------------------------------------+-------------+-------------+
| | GBP | GBP |
+-------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------+-------------+-------------+
| Operating loss | (1,894,006) | (1,591,104) |
+-------------------------------------------------+-------------+-------------+
| Depreciation charge | 49,985 | 19,940 |
+-------------------------------------------------+-------------+-------------+
| Amortisation charge | 8,562 | - |
+-------------------------------------------------+-------------+-------------+
| Decrease / (Increase) in trade receivables | 44,474 | (67,466) |
+-------------------------------------------------+-------------+-------------+
| Increase in inventories | (39,746) | (111,078) |
+-------------------------------------------------+-------------+-------------+
| Increase in trade payables | 49,971 | 74,501 |
+-------------------------------------------------+-------------+-------------+
| Loss on sale of tangible fixed assets | 7,891 | |
+-------------------------------------------------+-------------+-------------+
| Share option charge | 110,039 | 146,610 |
+-------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------+-------------+-------------+
| Cash used in operations | (1,662,830) | (1,528,597) |
+-------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------+-------------+-------------+
| Tax paid | - | - |
+-------------------------------------------------+-------------+-------------+
| | | |
+-------------------------------------------------+-------------+-------------+
| | (1,662,830) | (1,528,597) |
+-------------------------------------------------+-------------+-------------+
6. Dividend Note
No dividends are proposed for the year ended 30 April 2009 (year ended 30 April
2008: nil).
7.Copies of Report and Accounts
The 2009 Report and Accounts will be posted to shareholders shortly and will be
available from the Company's website www.ascensiononline.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR CKDKKPBKDQCD
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