TIDMPGC
RNS Number : 3776T
Prologic plc
08 June 2009
PGC.L
Prologic plc
("Prologic" or the "Company"or the "Group")
Preliminary results for the year ended 31 March 2009
Prologic is one of the leading providers of IT business solutions to fashion and
lifestyle retailers and distributors.
Financial Highlights
+----+---+----------------------------------------+
| | ? | Results in line with market |
| | | expectations |
+----+---+----------------------------------------+
| | ? | Revenue GBP9.7m (2008: GBP11.6m) |
+----+---+----------------------------------------+
| | ? | Recurring revenues 53% of total |
| | | revenue (2008: 45%) |
+----+---+----------------------------------------+
| | ? | Operating profit GBP0.1m (2008: |
| | | GBP1.7m) |
+----+---+----------------------------------------+
| | ? | Profit before tax GBP0.1m (2008: |
| | | GBP1.7m) |
+----+---+----------------------------------------+
| | ? | Cash balance GBP1.3m (2008: GBP2.4m) |
+----+---+----------------------------------------+
| | ? | Net cash balance GBP1.1m (2008: |
| | | GBP2.0m) |
+----+---+----------------------------------------+
| | ? | Earnings per share 2.5p (2008: 13.2p) |
+----+---+----------------------------------------+
Commercial and Operational Highlights
+----+---+----------------------------------------------------------------+
| | ? | GBP1.3m contract award from Internacionale for store system |
| | | upgrades, including the upgrade of 79 of the stores they |
| | | acquired from MK One. |
+----+---+----------------------------------------------------------------+
| | ? | Systems upgrade orders for GBP0.4m received from Liberty. |
+----+---+----------------------------------------------------------------+
| | ? | Launch of CIMS software on a "Software as a Service" (SaaS) |
| | | basis. |
+----+---+----------------------------------------------------------------+
| | ? | Successful major store systems roll out for T.M. Lewin. |
+----+---+----------------------------------------------------------------+
| | ? | Successful completion of enterprise system implementations for |
| | | Famous Footwear and Bamford. |
+----+---+----------------------------------------------------------------+
| | ? | New Board appointments: Colin Wells as non-executive Chairman, |
| | | Mark Quartermaine and Paul Clifford as non-executive |
| | | directors. |
+----+---+----------------------------------------------------------------+
Sam Jackson, Managing Director, commented:
"Trading for the period, as widely publicised across the sector, was difficult.
However, I am pleased to report that since early spring 2009, although still
subdued, sentiment is improving with a number of our retail customers expanding
both organically and through acquisition due to opportunities presented by
market conditions.
We have invested throughout the current slowdown in key product areas in order
to develop competitive and stronger solutions and, as a result, we are well
placed to benefit as the market improves.
With an exceptional client base, strong balance sheet and robust recurring
revenues, I am confident of future prospects."
For more information, please contact:
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
| Prologic plc | 01442 |
| | 876 |
| | 277 |
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
| Sam Jackson, Managing Director | www.prologic.co.uk |
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
| David Parry, Finance Director | |
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
| | |
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
| Arbuthnot Securities Limited | 020 |
| | 7012 |
| | 2000 |
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
| Alasdair Younie | |
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
| | |
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
| Biddicks | 020 |
| | 7448 |
| | 1000 |
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
| Shane Dolan | |
+-----------------------------------+-------------------------------------------------------------------------------------------------------------------------------------+
CHAIRMAN'S STATEMENT
Our results for this year reflect the difficult trading conditions we have
encountered as a result of the economic downturn. Particularly during the second
half of the financial year, our customers became very cautious with their
capital spending and consequently began to delay or reduce the value of their IT
expenditure. We therefore undertook an early review of our cost base and put in
place a number of cost cutting measures, including a 10% reduction in headcount
in October 2008. Our year end balance sheet was strong, with significant cash
reserves and only a small level of debt.
Although IT spend has in general fallen sharply, the slowdown is presenting new
opportunities. Some of our stronger customers are acquiring failing businesses
and are able to consolidate the acquisitions rapidly and cost effectively using
Prologic software and services, giving us additional business opportunities. For
example, following their acquisition of 85 MK One stores, Internacionale awarded
Prologic a GBP1.3m contract for store system upgrades in their newly acquired
operation.
Among many other smaller successful projects, following the implementation of
T.M. Lewin's head office systems last year, we successfully completed a
fast-track roll out of 140 tills into 68 stores. An enterprise system comprising
head office and stores was also implemented at Famous Footwear and at Bamford.
Financial Results
Revenue for the year to 31 March 2009 decreased by 17% to GBP9.7m (2008:
GBP11.6m) and included GBP5.1m of recurring revenues from annual licence fees,
support and UNIFY managed services. There was a reduction in operating profit to
GBP0.1m from GBP1.7m and a tax credit for the year of GBP0.1m (2008: tax charge
GBP0.4m). Earnings per share decreased to 2.5p from 13.2p.
Cash flow generated from operations was GBP1.7m (2008: GBP2.7m) and there was a
net cash outflow before financing of GBP0.7m (2008: inflow GBP1.0m). The cash
balance at 31 March 2009 was GBP1.3m (2008: GBP2.4m) and the year end net cash
balance was GBP1.1m (2008: GBP2.0m).
Dividend
Although the Company believes that sentiment is improving, we need to ensure
that sufficient resources are retained in the Group during the slowdown to
continue to make the investments necessary to maintain our competitive lead. The
Board have therefore decided not to recommend the payment of a dividend for the
year ended 31 March 2009. We look forward to returning to a progressive dividend
policy when conditions improve.
Board Changes
During November 2008, I was appointed non-executive Chairman, and Mark
Quartermaine and Paul Clifford were appointed non-executive directors. The new
skills and experience we have brought to the Board complement those of the
executive team and will help in the further development of the business. Derek
Lewis and Gareth Chick stepped down from the Board during November 2008 and we
would like to thank them for their valuable contributions and service to the
Group.
Management and Staff
The Company benefits from having a strong management team and experienced
workforce that has been able to meet the challenges brought about by the
downturn. I would like to thank all of our employees for their dedication and
hard work during the year and look forward to their commitment in the year
ahead.
Outlook
Our strong balance sheet and high level of recurring revenues provide us with a
sound commercial base. Coupled with this, the significant investment we have
made in product development means we are launching new functionality and
services into areas of the market that we expect to show high levels of growth.
We therefore believe that our business fundamentals remain sound and that we are
well placed both to weather further market uncertainty and to take full
advantage of an upturn.
We will also continue to watch the market closely to identify any opportunities
to make for infill acquisitions to augment the Company's skill set and increase
market penetration.
Colin Wells
Chairman
MANAGING DIRECTOR'S REVIEW
Market Overview
The recent deterioration in our financial performance coincided with, and
tracked the wider financial crisis in 2008. Activity fell very sharply as
customers became increasingly concerned about the worsening conditions, and
several significant prospects that were well advanced were delayed. Since early
spring 2009 we have seen sentiment improving. Although activity is subdued it is
by no means as low as during the recent unprecedented period.
During the period, Prologic significantly increased its marketing activity. As a
result, coverage in the trade press and at industry functions has greatly
increased. Through regular press releases, white papers, opinion pieces and
"thought leadership" initiatives the Company is effectively communicating its
key strengths, which include stability and experience, product innovation,
reduced cost of ownership and low risk project delivery.
New Developments
Despite tough market conditions we have continued to invest strongly in
merchandising functionality, point-of-sale systems, eCommerce and the SaaS
delivery model. We believe these initiatives build a firm foundation for a
return to growth as the economic situation stabilises.
Our consumer eCommerce platform is now fully demonstrable to prospective
customers, allowing us to benefit from the rapid growth of online fashion sales.
Ted Baker has already chosen this solution and, from the interest we have
received from existing and prospective customers, we are confident of attracting
further premium business in the current year.
During tough economic conditions retailers focus on improving their
merchandising practices. As like-for-like sales fall, fashion businesses become
more focused on reducing markdown costs and maximising availability across
stores. To address this pressing demand Prologic has developed new and
innovative merchandising practices and has incorporated these into its products.
This year we launched our "Software as a Service" model. The attraction of this
for new customers is that it offers reduced initial capital outlay and risk. Its
introduction may impact our operating profits in the short term, but we consider
that the benefits derived from increased market share and recurring revenues
will outweigh this. It will, in due course, also enable us to deliver our
technology via UK and overseas resellers, opening up potential new markets.
Outlook
As a result of the underlying economic conditions, we expect our marketplace to
continue to be challenging over the next period. However we remain confident of
our market position, and we have a number of strong retail customers, some of
whom are expanding rapidly as they take advantage of the weakness in the sector.
We have invested throughout the slowdown in key product areas resulting in
stronger and more competitive offerings to take full advantage of the more
stable market conditions we expect to emerge over the coming months.
Sam Jackson
Managing Director
CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2009
+------------------------------------------------------+---------------+---------------+---------------+
| | Note | 2,009 | 2,008 |
| | | GBP'000 | GBP'000 |
+------------------------------------------------------+---------------+---------------+---------------+
| Revenue | | 9,709 | 11,641 |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Cost of sales | | (5,565) | (6,158) |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Gross profit | | 4,144 | 5,483 |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Administrative expenses | | (4,039) | (3,761) |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Operating profit | | 105 | 1,722 |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Finance income | | 43 | 53 |
+------------------------------------------------------+---------------+---------------+---------------+
| Finance expenses | | (28) | (53) |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Profit before tax | | 120 | 1,722 |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Taxation | 2 | 127 | (398) |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Profit for the period | | 247 | 1,324 |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| | | Pence | Pence |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Earnings per share - basic | 3 | 2 | 13 |
+------------------------------------------------------+---------------+---------------+---------------+
| | | | |
+------------------------------------------------------+---------------+---------------+---------------+
| Earnings per share - diluted | 3 | 2 | 13 |
+------------------------------------------------------+---------------+---------------+---------------+
.
CONSOLIDATED BALANCE SHEET
At 31 March 2009
+-------------------------------------+--------------------------+-------------+
| | 2,009 | 2,008 |
| | GBP'000 | GBP'000 |
+-------------------------------------+--------------------------+-------------+
| Non-current assets | | |
+-------------------------------------+--------------------------+-------------+
| Goodwill | 7,572 | 7,572 |
+-------------------------------------+--------------------------+-------------+
| Development costs | 3,841 | 3,166 |
+-------------------------------------+--------------------------+-------------+
| Other intangible assets | 247 | 268 |
+-------------------------------------+--------------------------+-------------+
| Property, plant and equipment | 515 | 299 |
+-------------------------------------+--------------------------+-------------+
| | 12,175 | 11,305 |
+-------------------------------------+--------------------------+-------------+
| Current assets | | |
+-------------------------------------+--------------------------+-------------+
| Inventories | 141 | 40 |
+-------------------------------------+--------------------------+-------------+
| Trade and other receivables | 2,510 | 3,815 |
+-------------------------------------+--------------------------+-------------+
| Current tax | 227 | - |
+-------------------------------------+--------------------------+-------------+
| Cash and cash equivalents | 1,348 | 2,431 |
+-------------------------------------+--------------------------+-------------+
| | 4,226 | 6,286 |
+-------------------------------------+--------------------------+-------------+
| | | |
+-------------------------------------+--------------------------+-------------+
| Total assets | 16,401 | 17,591 |
+-------------------------------------+--------------------------+-------------+
| | | |
+-------------------------------------+--------------------------+-------------+
| Current liabilities | | |
+-------------------------------------+--------------------------+-------------+
| Trade and other payables | (1,585) | (2,178) |
+-------------------------------------+--------------------------+-------------+
| Current tax payable | - | (371) |
+-------------------------------------+--------------------------+-------------+
| Bank loan | (152) | (269) |
+-------------------------------------+--------------------------+-------------+
| Deferred revenue | (2,392) | (2,555) |
+-------------------------------------+--------------------------+-------------+
| | (4,129) | (5,373) |
+-------------------------------------+--------------------------+-------------+
| | | |
+-------------------------------------+--------------------------+-------------+
| Net current assets | 97 | 913 |
+-------------------------------------+--------------------------+-------------+
| | | |
+-------------------------------------+--------------------------+-------------+
| Non-current liabilities | | |
+-------------------------------------+--------------------------+-------------+
| Bank loan | (35) | (132) |
+-------------------------------------+--------------------------+-------------+
| Deferred tax liabilities | (936) | (835) |
+-------------------------------------+--------------------------+-------------+
| | (971) | (967) |
+-------------------------------------+--------------------------+-------------+
| | | |
+-------------------------------------+--------------------------+-------------+
| Total liabilities | (5,100) | (6,340) |
+-------------------------------------+--------------------------+-------------+
| | | |
+-------------------------------------+--------------------------+-------------+
| Net assets | 11,301 | 11,251 |
+-------------------------------------+--------------------------+-------------+
| | | |
+-------------------------------------+--------------------------+-------------+
| Equity | | |
+-------------------------------------+--------------------------+-------------+
| Share capital | 50 | 50 |
+-------------------------------------+--------------------------+-------------+
| Share premium account | 2,734 | 2,734 |
+-------------------------------------+--------------------------+-------------+
| Merger reserve | 3,924 | 3,924 |
+-------------------------------------+--------------------------+-------------+
| Other reserve | 68 | 65 |
+-------------------------------------+--------------------------+-------------+
| Retained earnings | 4,525 | 4,478 |
+-------------------------------------+--------------------------+-------------+
| Total equity | 11,301 | 11,251 |
+-------------------------------------+--------------------------+-------------+
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 March 2009
+--------------------------------------------------------------+---------+------------+----------+
| | Note | 2,009 | 2,008 |
| | | GBP'000 | GBP'000 |
+--------------------------------------------------------------+---------+------------+----------+
| Cash flows from operating activities | | | |
+--------------------------------------------------------------+---------+------------+----------+
| Operating profit | | 105 | 1,722 |
+--------------------------------------------------------------+---------+------------+----------+
| Adjustments for: | | | |
+--------------------------------------------------------------+---------+------------+----------+
| Amortisation of development costs | | 851 | 654 |
+--------------------------------------------------------------+---------+------------+----------+
| Amortisation of other intangible assets | | 157 | 137 |
+--------------------------------------------------------------+---------+------------+----------+
| Depreciation of property, plant and equipment | | 180 | 128 |
+--------------------------------------------------------------+---------+------------+----------+
| Share option charges | | 3 | 21 |
+--------------------------------------------------------------+---------+------------+----------+
| (Increase)/decrease in inventories | | (101) | 54 |
+--------------------------------------------------------------+---------+------------+----------+
| Decrease in receivables | | 1,305 | 226 |
+--------------------------------------------------------------+---------+------------+----------+
| Decrease in payables | | (593) | (283) |
+--------------------------------------------------------------+---------+------------+----------+
| (Decrease)/increase in deferred revenue | | (163) | 62 |
+--------------------------------------------------------------+---------+------------+----------+
| Cash generated by operations | | 1,744 | 2,721 |
+--------------------------------------------------------------+---------+------------+----------+
| | | | |
+--------------------------------------------------------------+---------+------------+----------+
| Interest received | | 43 | 53 |
+--------------------------------------------------------------+---------+------------+----------+
| Interest paid | | (21) | (46) |
+--------------------------------------------------------------+---------+------------+----------+
| Tax paid | | (370) | (268) |
+--------------------------------------------------------------+---------+------------+----------+
| Net cash from operating activities | | 1,396 | 2,460 |
+--------------------------------------------------------------+---------+------------+----------+
| | | | |
+--------------------------------------------------------------+---------+------------+----------+
| Cash flows from investing activities | | | |
+--------------------------------------------------------------+---------+------------+----------+
| Development expenditure | | (1,526) | (1,136) |
+--------------------------------------------------------------+---------+------------+----------+
| Purchase of other intangible assets | | (136) | (177) |
+--------------------------------------------------------------+---------+------------+----------+
| Purchase of property, plant and equipment | | (396) | (125) |
+--------------------------------------------------------------+---------+------------+----------+
| Net cash used in investing activities | | (2,058) | (1,438) |
+--------------------------------------------------------------+---------+------------+----------+
| | | | |
+--------------------------------------------------------------+---------+------------+----------+
| Net cash (outflow)/inflow before financing | | (662) | 1,022 |
+--------------------------------------------------------------+---------+------------+----------+
| | | | |
+--------------------------------------------------------------+---------+------------+----------+
| Cash flows from financing activities | | | |
+--------------------------------------------------------------+---------+------------+----------+
| Repayment of bank loan | | (221) | (348) |
+--------------------------------------------------------------+---------+------------+----------+
| Dividends paid to shareholders | 4 | (200) | (150) |
+--------------------------------------------------------------+---------+------------+----------+
| Net cash used in financing activities | | (421) | (498) |
+--------------------------------------------------------------+---------+------------+----------+
| | | | |
+--------------------------------------------------------------+---------+------------+----------+
| Net (decrease)/ increase in cash and cash equivalents | | (1,083) | 524 |
+--------------------------------------------------------------+---------+------------+----------+
| Cash and cash equivalents at 1 April | | 2,431 | 1,907 |
+--------------------------------------------------------------+---------+------------+----------+
| Cash and cash equivalents | | 1,348 | 2,431 |
+--------------------------------------------------------------+---------+------------+----------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2009
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| | Share | Share | Merger | Share | Retained | Total |
| | capital | premium | reserve | option | profit | equity |
| | GBP'000 | account | GBP'000 | reserve | GBP'000 | GBP'000 |
| | | GBP'000 | | GBP'000 | | |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| At 1 April 2007 | 50 | 2,734 | 3,924 | 44 | 3,304 | 10,056 |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| Retained profit and total recognised | - | - | - | - | 1,324 | 1,324 |
| income and expense for the period | | | | | | |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| Share option charges | - | - | - | 21 | - | 21 |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| Dividends | - | - | - | - | (150) | (150) |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| At 31 March 2008 and 1 April 2008 | 50 | 2,734 | 3,924 | 65 | 4,478 | 11,251 |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| Retained profit and total recognised | - | - | - | - | 247 | 247 |
| income and expense for the period | | | | | | |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| Share option charges | - | - | - | 3 | - | 3 |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| Dividends | - | - | - | - | (200) | (200) |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
| At 31 March 2009 | 50 | 2,734 | 3,924 | 68 | 4,525 | 11,301 |
+-------------------------------------------+----------+------------+----------+----------+-----------+-----------+
NOTES:
1.BASIS OF PREPARATION
This preliminary statement has been prepared on the same basis and using the
same accounting policies as used in the audited financial statements for the
year ended 31 March 2008.
The figures for the year ended 31 March 2008 have been extracted from the
statutory financial statements which have been filed with the Registrar of
Companies. The auditor's report on those financial statements was unmodified.
2.TAXATION
+-----------------------------------------------------------------------+------------+---------------+
| | 2,009 | 2,008 |
| | GBP'000 | GBP'000 |
+-----------------------------------------------------------------------+------------+---------------+
| Corporation tax at 28% (2008: 30%) | (227) | 371 |
+-----------------------------------------------------------------------+------------+---------------+
| Adjustments in respect of prior years | (1) | (1) |
+-----------------------------------------------------------------------+------------+---------------+
| Total current tax | (228) | 370 |
+-----------------------------------------------------------------------+------------+---------------+
| Deferred tax - origination of and reversal of temporary differences | 101 | 28 |
+-----------------------------------------------------------------------+------------+---------------+
| Tax on profit on ordinary activities | (127) | 398 |
+-----------------------------------------------------------------------+------------+---------------+
| | | |
+-----------------------------------------------------------------------+------------+---------------+
| Factors affecting tax charge for period: | | |
| | | |
+-----------------------------------------------------------------------+------------+---------------+
| | 2,009 | 2,008 |
| | GBP'000 | GBP'000 |
+-----------------------------------------------------------------------+------------+---------------+
| Profit on ordinary activities multiplied by standard rate of | 34 | 516 |
| corporation tax | | |
+-----------------------------------------------------------------------+------------+---------------+
| | | |
+-----------------------------------------------------------------------+------------+---------------+
| Effect of: | | |
+-----------------------------------------------------------------------+------------+---------------+
| | | |
+-----------------------------------------------------------------------+------------+---------------+
| Expenses not deductible for tax purposes | 28 | 37 |
+-----------------------------------------------------------------------+------------+---------------+
| Capital allowances for the period in excess of depreciation | (2) | (18) |
+-----------------------------------------------------------------------+------------+---------------+
| Development tax credit | (185) | (95) |
+-----------------------------------------------------------------------+------------+---------------+
| Capitalised development costs qualifying for development tax relief | (342) | (279) |
+-----------------------------------------------------------------------+------------+---------------+
| Disallowable amortisation | 238 | 216 |
+-----------------------------------------------------------------------+------------+---------------+
| Increase in unamortised development costs | 103 | 28 |
+-----------------------------------------------------------------------+------------+---------------+
| Marginal relief | - | (6) |
+-----------------------------------------------------------------------+------------+---------------+
| Adjustments in respect of prior years | (1) | (1) |
+-----------------------------------------------------------------------+------------+---------------+
| Tax charge for the period | (127) | 398 |
+-----------------------------------------------------------------------+------------+---------------+
There is no unprovided deferred tax.
3.EARNINGS PER SHARE
Earnings per share has been calculated by dividing the earnings attributable to
shareholders by the average number of shares in issue during the period. The
diluted number of shares assumes the dilution effect of converting the share
options in issue during the period into ordinary shares.
+---------------------------------------------------+--------------+------------+
| | 2009 | 2008 |
| | Number | Number |
+---------------------------------------------------+--------------+------------+
| Weighted average number of ordinary shares | 10,000,000 | 10,000,000 |
+---------------------------------------------------+--------------+------------+
| Diluted weighted average number of ordinary | 10,000,000 | 10,149,439 |
| shares (due to impact of share options issued) | | |
+---------------------------------------------------+--------------+------------+
+---------------------------------------------------+--------------+-----------+
| | 2009 | 2008 |
| | Pence | Pence |
+---------------------------------------------------+--------------+-----------+
| Basic earnings per share | 2.47 | 13.24 |
+---------------------------------------------------+--------------+-----------+
| Diluted earnings per share | 2.47 | 13.05 |
+---------------------------------------------------+--------------+-----------+
The share options for 2009 were all anti-dilutive.
4.DIVIDENDS
A final dividend of 2.0p per share (2008: 1.5p) was paid for the year ended 31
March 2008. The total amount paid was GBP200,000 (2008: GBP150,000). The Board
has not recommended the payment of a dividend for the year ended 31 March 2009.
5.STATUS AND APPROVAL
This preliminary statement does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985. The statutory accounts for the financial
year ended 31 March 2009 have been audited and the auditor's report was
unqualified and did not draw attention by way of emphasis to any matters without
qualifying their opinion. The statutory accounts will be delivered to the
Registrar of companies following the annual general meeting.
This preliminary announcement was approved by the Board of directors on 5 June
2009.
.
6.ANNUAL REPORT
Copies of the annual Report will be despatched to shareholders on or around 26
June 2009. Additional copies will also available, free of charge, from the
Company's registered office at Redwood House, Rectory Lane, Berkhamsted, Herts,
HP4 2DH, or from the Company's website: www.prologic.com.
.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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