TIDMRUBI
RNS Number : 5661B
Rubicon Software Group PLC
22 February 2011
Rubicon Software Group plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
Rubicon Software Group plc ("Rubicon" or "the Group"; AIM: RUBI)
announces its unaudited results for the six months ended 31
December 2010.
Highlights:
-- Significant contract with new customer during the period,
outside the Financial Services sector
-- Revenues of GBP258,000 (2009 underlying*: GBP308,000)
-- Significant reduction in ongoing cost base
-- Underlying loss** for the period reduced to GBP69,000 (2009:
GBP91,000)
*Underlying revenue for the comparative period is adjusted to
take account of the effect of the one-off perpetual licence
recognised in the prior year, as explained in the June 2010
financial statements.
**Underlying loss is adjusted for the above and for
non-recurring costs.
Commenting on these results Chairman, Rob Burnham, said:
"The last 6 months have been a continuation of major transition
for the Group in realigning the cost base and diversifying its
market focus."
Notes to Editors
About Rubicon Software
Based near Woking in Surrey, Rubicon is a provider of smart
customer relationship management and collaboration IT solutions.
Its core technology is designed to enhance the effectiveness and
efficiency of customer service, fulfilment and product selection,
whilst facilitating business process and change management. Current
clients include First Response Finance Limited, Market Harborough
Building Society Limited, Norton Finance (UK) Limited, Segen
Limited and Videocall Limited.
For further information, please contact:
Rubicon Software Group plc 01276 706900
Alistair Hancock, Chief Executive Officer
W.H. Ireland 0117 945 3470
John Wakefield/Marc Davies
CHAIRMAN'S STATEMENT
Business review
The last 6 months have been a continuation of transition for the
Group in diversifying its market focus and realigning the cost
base.
I am delighted to announce that we have contracted with a
significant new customer, outside of the financial services sector
from whom we expect to generate significant revenues over the
medium term.
I am also pleased to confirm that the restructuring plan
announced in my last statement has now been completed. The cost
base of the Group has been reduced significantly going forward
including reduction in headcount, particularly in administrative
and corporate functions. Most significantly, we have reached an
agreement to lease a smaller property, adjacent to our previous
location; this property is much more suitable for the scale and
nature of the business and reduces our on-going property costs
significantly. As part of the negotiations we have agreed to pay an
amount of GBP125,000 to release the Group from obligations under
the previous lease. This results in a one-off cost to the Group
which has been recognised in full in these interim financial
statements, but over the medium term results in much lower overall
property costs.
Financial review
Reported revenues for the period are GBP258,000 which represents
a reduction of GBP80,000 compared to the same period last year, and
a GBP50,000 reduction after adjusting for the effect of the one-off
perpetual licence recognised in the prior year, as explained in the
June 2010 financial statements.
The operating loss for the period amounts to GBP180,000 (2009:
GBP61,000) but this includes a one-off cost of GBP110,000 in
respect of the property move as explained above. After adjusting
for the above effects, underlying losses are down to GBP69,000 from
GBP91,000 in the six months to 31 December 2009.
Despite the disappointing financial results, the Group has been
cash generative for the period with net cash generated of
GBP17,000.
Outlook
The last couple of years have seen extremely difficult market
conditions in the Group's niche within Financial Services and our
results continue to reflect those conditions. However, demonstrable
progress has also been made in the period and the Board believes
that a solid platform has now been created from which to develop
and sustain future profitable growth.
R. Burnham
Chairman
21 February 2011
Consolidated statement of comprehensive income
6 months 6 months Year to
to 31 December to 31 December 30 June
2010 2009 2010
GBP'000 GBP'000 GBP'000
Note (Unaudited) (Unaudited) (Audited)
Revenue 258 338 1,147
Other operating income
and charges (434) (399) (862)
Depreciation,
amortisation and
impairment (3) - (240)
Operating
(loss)/profit (179) (61) 45
Operating
(loss)/profit before
non-recurring items
Impairment of (69) (61) 302
intangible assets - - (166)
Reorganisation costs 3 (110) - (91)
----------------------- ----- ---------------- ---------------- ----------
Operating
(loss)/profit after
non-recurring items (179) (61) 45
Finance income - - -
Finance charges (1) (1) (1)
----------------------- ----- ---------------- ---------------- ----------
(Loss)/profit from
continuing activities
before tax (180) (62) 44
Taxation - - (1)
(Loss)/profit and
total comprehensive
income for the
period (180) (62) 43
----------------------- ----- ---------------- ---------------- ----------
(Loss)/profit per
share (basic and
diluted) 4 (0.41)p (0.15)p 0.11p
----------------------- ----- ---------------- ---------------- ----------
All activities of the Group are classed as continuing.
Consolidated statement of changes in equity
Share
Share Share option Merger Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------- ---------- ---------- -------- --------- -------
Balance
at 1
July
2009 402 413 15 596 (1,281) 145
Share issue 6 - - - - 6
Employee share
options - - 1 - - 1
-------------- -------- ---------- ---------- -------- --------- -------
Transactions
with owners 6 - 1 - - 7
-------------- -------- ---------- ---------- -------- --------- -------
Comprehensive
(loss)/income - - - - (62) (62)
Balance at 31
December
2009 408 413 16 596 (1,343) 90
-------------- -------- ---------- ---------- -------- --------- -------
Share issue 28 1 - - - 29
Employee share
options - - 1 - - 1
-------------- -------- ---------- ---------- -------- --------- -------
Transactions
with owners 28 1 1 - - 30
-------------- -------- ---------- ---------- -------- --------- -------
Comprehensive
(loss)/income - - - - 105 105
Balance at 30
June 2010 436 414 17 596 (1,238) 225
-------------- -------- ---------- ---------- -------- --------- -------
Share issue 3 - - - - 3
Employee share
options - - - - - -
-------------- -------- ---------- ---------- -------- --------- -------
Transactions
with owners 3 - - - - 3
-------------- -------- ---------- ---------- -------- --------- -------
Comprehensive
(loss)/income - - - - (180) (180)
Balance at 31
December
2010 439 414 17 596 (1,418) 48
-------------- -------- ---------- ---------- -------- --------- -------
Consolidated statement of financial position
At At At
31 December 31 December 30 June
2010 2009 2010
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
--------------------------------- ------------- ------------- ----------
Assets
Non-current assets
Trade and other receivables due
after one year 150 - 328
Property, plant and equipment 6 11 9
Intangible assets - 198 -
--------------------------------- ------------- ------------- ----------
156 209 337
--------------------------------- ------------- ------------- ----------
Current assets
Cash 26 73 7
Trade and other receivables due
within one year 208 150 190
234 223 197
--------------------------------- ------------- ------------- ----------
Total assets 390 432 534
--------------------------------- ------------- ------------- ----------
Equity
Called up equity share capital 439 404 436
Share premium account 414 417 414
Share option reserve 17 16 17
Merger reserve 596 596 596
Retained earnings (1,418) (1,343) (1,238)
Total equity 48 90 225
--------------------------------- ------------- ------------- ----------
Liabilities
Non-current liabilities
Trade and other payables 100 - 4
100 - 4
--------------------------------- ------------- ------------- ----------
Current liabilities
Trade and other payables 242 342 305
242 342 305
Total liabilities 342 342 309
--------------------------------- ------------- ------------- ----------
Total liabilities and equity 390 432 534
--------------------------------- ------------- ------------- ----------
Consolidated statement of cash flows
6 months 6 months Year to
to 31 December to 31 December 30 June
2010 2009 2010
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
------------------------------ ---------------- ---------------- ----------
Operating activities
Result for the period before
tax and finance costs (179) (61) 45
Impairment of intangible
assets - - 166
Amortisation of intangible
assets - 29 60
Depreciation of property,
plant and equipment 3 7 14
Decrease/(increase) in trade
and other receivables 160 47 (320)
Increase/(decrease) in trade
and other payables 34 115 4
Share option charges - 1 2
Net cash flow from operating
activities 18 138 (29)
Investing activities
Purchase of property, plant
and equipment - - (3)
Interest received - - (2)
------------------------------ ---------------- ---------------- ----------
Net cash flow from in
investing activities - - (5)
Financing activities
Proceeds from the issue of
shares 3 6 35
Director's loan - (15) -
Other loan - - 61
Finance lease payments (2) (2) -
Interest paid - - (1)
------------------------------ ---------------- ---------------- ----------
Net cash flow from financing 1 (11) 95
Net movement in cash and cash
equivalents 19 127 61
Opening cash and cash
equivalents balance 7 (54) (54)
------------------------------ ---------------- ---------------- ----------
Closing cash and cash
equivalents balance 26 73 7
------------------------------ ---------------- ---------------- ----------
Notes to the interim results
1. Basis of preparation and accounting policies
The financial information set out in this interim results
statement is for the six months to 31 December 2010 and has been
prepared in accordance with International Accounting Standard 34
"Interim Financial Reporting". The interim financial information
has not been audited and does not constitute statutory accounts
within the meaning of section 434 of the Companies Act 2006.
The accounting policies applied are consistent with those of the
last annual financial statements for the year ended 30 June 2010,
which were prepared in accordance with IFRS as adopted for use in
the European Union, and on which the auditor gave an unqualified
opinion containing no statement under either Section 498(2) or (3)
of the Companies Act 2006. The Group's annual financial statements
have been filed with the Registrar of Companies.
The interim financial statements have been prepared under the
historical cost convention and are presented in Pounds Sterling
(GBP), which is the functional currency of all Group companies.
Application of the Group's accounting policies in preparing
these interim financial statements requires management to make
judgements and estimates that affect the reported amount of assets
and liabilities, revenues and expenses. Actual results may
ultimately differ from these estimates.
Rubicon Software Group plc is the Group's ultimate parent
company. It is incorporated and domiciled in Great Britain. The
Group's shares are listed on the AIM Market of the London Stock
Exchange.
2. Segment reporting
The Board reviews the Group's internal reporting in order to
assess business performance and allocate resources. The business is
viewed as one unit, in terms of both geography and product, and the
internal reporting reflects this. Therefore the Directors do not
believe that segment disclosures are required.
3. Re-organisation costs
Re-organisation costs in the period to 31 December 2010, and the
year to 30 June 2009 represent amounts paid or payable to release
the Group from obligations under the previous lease, together with
redundancy costs.
4. (Loss)/profit per share
The relevant figures used in the calculation are stated
below:
6 months 6 months
to to Year to
31 December 31 December 30 June
2010 2009 2010
(Unaudited) (Unaudited) (Audited)
(Loss)/profit attributable to
shareholders (GBP'000) (180) (62) 43
Weighted average number of shares 43,652,808 40,241,162 40,581,537
Basic (loss)/profit per share (pence) (0.41) (0.15) 0.11
In view of the loss for the period, share options in issue have
no dilutive effect.
Copies of this interim report will be available on the company's
website at www.rubiconsoftware.com
-----ENDS-----
This information is provided by RNS
The company news service from the London Stock Exchange
END
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