Final Results -2-
02 Septembre 2009 - 4:38PM
UK Regulatory
the idea of micro networks was fairly new and while we have been in development
the awareness of the possibilities of these types of social tools has increased.
The company's income has risen each month since introduction which is a positive
signal. However, it is still early days and aside from building the subscription
base we have learnt and are learning from our users. This in turn has led us to
a better understanding of the market and the direction that SocialGO should take
to maximise its appeal.
Initially, in line with industry comparisons we focused on how many people had
created a 'Free' network. However, although those numbers have continued to
climb through the period, we also eschewed the 'advertising income' based model
favoured by others to concentrate on Premium subscribing and the sale of Widgets
(Apps), Themes, extra modules and bandwidth. We see the 'Free' offering as a
marketing promotion, not an income producing product. In that sense it is not
relevant to the success of the company nor do we allow many key features of the
product in our Free version, preferring to guide the user towards our Premium
services and usher away those who are unlikely to ever pay or upgrade.The
commercial sense is obvious - too many Web 2.0 companies spend vast amounts of
investors' money on servers, bandwidth and customer support, only to get a few
crumbs of advertising income generated by a costly free customer base in a bid
for the glory of big numbers of users of which only a small number produce any
income.
I can understand that as this area is so new, many of our shareholders might be
curious about the market and try to make metric comparisons to other well known
names in the industry. For example, people often ask what the difference is
between SocialGO and Facebook or Twitter. There are many differences, but the
easiest way to look at it is that SocialGO is in fact a platform and a SaaS
(software as a service). To this end it is not in itself a social network,
rather it is a tool that allows people to create their own social network, but
it also does a range of other things, including acting as a web presence
(instead of a normal website for example) and as a way for people to publish
their blogs, run forums or even their own marketplace. With the present
features and those in the pipeline, this platform will grow more into a
commercial tool than something to replicate Facebook and already these micro
networks are beginning to be seen as valuable, particularly if they have a
membership that is active in a certain niche area.
I spent five years living in Silicon Valley building my video games company in
the Nineties. I intend to spend more time there promoting SocialGO in the coming
months. We have a small office ready to form a bridgehead to the American market
which is not only our largest market (already in traffic terms) but also the
most mature in the adoption of the idea of micro networking. We need to be among
our Web 2.0 (or indeed 3.0) peers and we need access to those people who can
help market the product as well as those companies that can help partner with us
to spread its reach.
Dominic Wheatley
Chief Executive Officer
2 September 2009
The financial information in this preliminary announcement does not constitute
the company's statutory accounts for the years ended 31 March 2009 or 31 March
2008 but is derived from those accounts. The statutory accounts for the year
ended 31 March 2008 have been delivered to the Registrar of Companies and those
for the year ended 31 March 2009 will be delivered following the Company's
annual general meeting. The auditors have reported on the financial statements
for the year ended 31 March 2009; their report was unqualified, did not include
references to any matters to which the auditors drew attention by way of
emphasis without qualifying their report and did not contain statements under
the Companies Act 1985, s 237(2) or (3). The audit report in respect of the year
ended 31 March 2008 was also unqualified and did not contain statements under
the Companies Act 1985, s 237(2) or (3) however, it did include a reference to
material uncertainties over the company's ability to continue as a going concern
to which the auditors drew attention by way of emphasis without qualifying their
report.
Consolidated income statement for the year ended 31 March 2009
+--------------------------------------------+------------------+----------------+
| | 31 March 2009 | 31 March 2008 |
| | GBP'000 | GBP'000 |
+--------------------------------------------+------------------+----------------+
| | | |
+--------------------------------------------+------------------+----------------+
| Revenue | 30 | 257 |
+--------------------------------------------+------------------+----------------+
| Cost of sales | (48) | (94) |
+--------------------------------------------+------------------+----------------+
| | _______ | _______ |
+--------------------------------------------+------------------+----------------+
| Gross (loss)/ profit | (18) | 163 |
+--------------------------------------------+------------------+----------------+
| | | |
+--------------------------------------------+------------------+----------------+
| Research and development costs | (838) | (350) |
+--------------------------------------------+------------------+----------------+
| Administrative expenses - other | (840) | (805) |
+--------------------------------------------+------------------+----------------+
| Administrative expenses - exceptional | - | (19) |
+--------------------------------------------+------------------+----------------+
| | | |
+--------------------------------------------+------------------+----------------+
| Total administrative expenses | (1,678) | (1,174) |
+--------------------------------------------+------------------+----------------+
| | _______ | _______ |
+--------------------------------------------+------------------+----------------+
| Loss from operations | (1,696) | (1,011) |
+--------------------------------------------+------------------+----------------+
| | | |
+--------------------------------------------+------------------+----------------+
| Finance income | 10 | 27 |
+--------------------------------------------+------------------+----------------+
| | _______ | _______ |
+--------------------------------------------+------------------+----------------+
| Loss before and after tax for the year | (1,686) | (984) |
+--------------------------------------------+------------------+----------------+
| | _______ | _______ |
+--------------------------------------------+------------------+----------------+
| | | |
+--------------------------------------------+------------------+----------------+
| Loss per share | | |
+--------------------------------------------+------------------+----------------+
| Basic and diluted | (1.8)p | (2.5)p |
+--------------------------------------------+------------------+----------------+
| | _______ | _______ |
+--------------------------------------------+------------------+----------------+
Consolidated balance sheet at 31 March 2009
+-------------------------------------------------------------+-------------+-------------+-------------+------------+
| | 31 March | 31 March |
+-------------------------------------------------------------+---------------------------+--------------------------+
| | 2009 | 2008 |
+-------------------------------------------------------------+---------------------------+--------------------------+
| | GBP'000 | GBP'000 |
+-------------------------------------------------------------+---------------------------+--------------------------+
| Assets | | | | |
+-------------------------------------------------------------+-------------+-------------+-------------+------------+
| Non-current assets | | | | |
+-------------------------------------------------------------+-------------+-------------+-------------+------------+
| Property, plant and equipment | | 4 | | 9 |
+-------------------------------------------------------------+-------------+-------------+-------------+------------+
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