TIDMSIN
26th March 2010
SPECTRUM INTERACTIVE PLC
("Spectrum" or "the Company")
Interim Results for the six months ended 31 December 2009
FOCUS ON OPERATIONAL IMPROVEMENTS AND DEBT REDUCTION
Spectrum Interactive plc, (LSE: SIN), the leading interactive services provider,
announces its interim results for the six months ended 31 December 2009.
Financial highlights:
* Interactive revenues (WiFi and internet desks) now represent 62% of
continuing revenues (up from 55% in the 6 months to 31 December 2008);
* Revenue from continuing operations decreased 13% from GBP7.6m to GBP6.6m,
largely as a result of a 27% decline in payphone revenues;
* Earnings before interest, taxes, depreciation and amortisation (EBITDA) of
GBP1.5m (six months to 31 December 2008: GBP1.8m);
* Profit before tax of GBP0.6m (six months to 31 December 2008: GBP0.7m);
* Net debt reduced to GBP2.8m (31 December 2008: GBP4.6m); and
* Earnings per share (fully diluted) of 1.08p (six months to 31 December
2008: 2.0p).
Operational highlights:
* Increased focus on our two key market sectors, travel and hospitality, to
enable the Company to deliver a more comprehensive range of communications,
IT and entertainment solutions to customers;
* Significantly improved performance of internet desk product following
targeted effort to increase sales and profitability in this area of the
business;
* New contract with Moto for provision of wireless internet access at all 60
Moto sites across the UK;
* Entry into marina wireless internet access market with acquisition of assets
of Oceanwave; and
* Extension of contracts with a number of airport customers.
Commenting on the results, Simon Alberga, Executive Chairman, said:
"With our focus on the travel and accommodation sectors, the Company has not
been immune to the effects of the economic downturn. With a sustained focus on
improving operational efficiencies, however, we have managed to limit the impact
of the difficult economic environment on our bottom line profit. Furthermore,
with a reduction in our net debt position to GBP2.8m, we believe the business is
well positioned financially for any further period of economic difficulty, and
also to capitalise on growth opportunities as and when they arise.
Separately, we have today announced a set of proposals to de-list the Company
from the AIM market, re-register as a private company and launch a tender offer
to buy back shares in the Company. For a variety of reasons outlined in a
Circular to shareholders released today, the Directors believe that these
proposals will enable the Company to focus further on its business activities,
avoid the time and expense required for maintaining a listing, and are in the
best interests of the Company and the Shareholders."
Enquiries
+--------------------------+------------------------------+
| Spectrum Interactive plc | Arbuthnot Securities Limited |
| Tel: 01442 205500 | Tel: 020 7012 2000 |
| Mark Lewarne | Alasdair Younie |
| Chief Executive Officer | |
| Philip Congdon | |
| Chief Financial Officer | |
| | |
+--------------------------+------------------------------+
Spectrum Interactive plc
Interim Results for the six months to 31 December 2009
Chairman's Statement
I am pleased to announce the results for the first half of the financial year
2009-10. Despite a difficult economic environment the Company has, through
sustained focus on improving operational efficiencies, limited any adverse
effect on its bottom line profit. In addition, the Company has, over the past
12-month period reduced net debt from GBP4.6m to GBP2.8m and is well-positioned to
capitalise on growth opportunities as and when they arise.
FINANCIAL RESULTS
Overall, turnover from continuing operations was down 13% to GBP6.6m, largely as a
result of a 27% decline in payphone revenues. Due to reduced travel activity
and hotel occupancy levels, Interactive revenues (desk and WiFi services) fell
from GBP4.2m to GBP4.1m. Interactive services now constitute 62% (2008: 55%) of
total continuing revenues.
Gross profit from continuing operations fell from GBP3.4m to GBP3.0m, with the total
percentage gross profit growing from 44% to 45%.
EBITDA (earnings before interest, taxes, depreciation and amortisation) was
GBP1.5m ( GBP1.8m in 2008) and profit before tax was GBP0.6m ( GBP0.7m in 2007).
Profit on ordinary activities after taxation was GBP0.4m ( GBP0.6m in 2008), and
earnings per share were 1.08p (2.0p in 2008).
Due to reduced levels of occupancy in hotels, turnover from WiFi fell from GBP2.3m
to GBP2.1m.
Following a series of initiatives to improve revenue and efficiency in our desk
business, revenue from this segment increased from GBP1.9m to GBP2.0m.
The Company continued to manage the decline of the payphone business for maximum
profit and cash generation. Payphone revenues fell 27% to GBP2.5m. The payphone
estate continues to be reduced, with 3,900 (31 December 2008: 4,700) units in
operation at the end of the year.
Administrative expenses fell from GBP2.6m to GBP2.3m, reflecting the continuing
reduction of overheads in the business.
Net interest payable fell from GBP143,000 to GBP37,000, reflecting lower interest
rates and the lower level of debt in the business.
The tax charge of GBP0.2m related entirely to deferred tax, because tax allowances
continue to exceed depreciation. No current tax is expected to be paid in the
financial year 2009-10.
The Company continued to reduce debt, with GBP1.8m of net debt repaid in the last
12 months. Overall, since 31 December 2008, net debt has fallen from GBP4.6m to
GBP2.8m. In the 6 months to December 2009 GBP1m of bank debt was repaid along with
GBP0.3m of lease debt. One new sale and leaseback transaction was carried out in
the period, raising GBP0.2m.
Capital expenditure in the period was GBP0.3m, the majority of which related to
the installation of new WiFi and desk services into customer sites.
OPERATIONAL REVIEW
The period was one of continued consolidation of the Company's existing
business, with a renewed focus on improving operational efficiency and reducing
costs against the backdrop of a difficult economic environment.
The number of internet terminals in service fell slightly from 1,800 to 1,700,
and the number of WiFi sites increased from 1,000 to 1,100.
Since December 2008 we have reduced the number of payphones from 4,700 to
3,900. This rationalisation process has concentrated on the non-street, managed
estate where contracts have either been renegotiated or terminated. This policy
will continue, so that by the end of the financial year we expect to reduce our
payphone base to 3,500 units. This strategy is enabling the Company both to
reduce operational costs and focus its commercial activities on its Interactive
business.
DIVIDEND
The Directors do not recommend the payment of an interim dividend (2008: nil)
and do not anticipate a final dividend being payable post the year-end.
OUTLOOK
We have today announced a set of proposals to de-list the Company from the AIM
market, re-register as a private company and launch a tender offer to buy back
shares in the Company. For a variety of reasons outlined in a Circular to
shareholders released today, the Directors believe that these proposals will
enable the Company to focus further on its business activities, avoid the time
and expense required for maintaining a listing, and are in the best interests of
the Company and the Shareholders.
The Directors have reviewed the Company's cash flow and covenant forecast for
twelve months from the date of signing this interim statement, and have
considered the impact that the current economic uncertainty may have on the
trading activity of the Company. New loan facilities have been signed since the
period end, being a renewal of the Company's overdraft facility and new
facilities to enable the Company to part-finance the proposed tender offer to
repurchase shares in the Company. In the course of the next twelve months the
Company will be bidding for new business and seeking to retain existing
customers as and when their contracts come up for renewal. The business is a
seasonal business, with the strong summer months causing the first half year to
tend to be stronger than the second. Apart from this there are no specific risks
relating to the second half year.
With its exposure to the travel and accommodation sectors, the Company has not
been immune to the economic downturn, but we have managed to stem the effect of
a reduced level of turnover on our bottom line profit by reducing costs. At the
same time, we are confident that the reorganisation of the Company's commercial
operations into two divisions, Travel and Hospitality, which is occurring during
this financial year, will yield new and profitable business development
opportunities. With our debt position steadily reducing we are looking
positively to the future and plan to bid aggressively for new business and
continue the development of new products and services within our interactive
division.
Simon Alberga
Executive Chairman
26th March 2010
Condensed Consolidated Income Statement
for the six months ended 31 December 2009
Unaudited Unaudited Audited
6 months to 31 6 months to 31 Year to 30 June
Note December 2009 December 2008 2009
GBP GBP GBP
Revenue
- continuing 2 6,588,952 7,571,422 13,983,879
operations
- discontinued - 209,645 209,645
operations
-----------------------------------------------------
6,588,952 7,781,067 14,193,524
-----------------------------------------------------
Cost of sales (3,637,817) (4,320,453) (8,200,847)
Gross profit 2,951,135 3,460,614 5,992,677
Administrative (2,332,287) (2,633,781) (4,968,285)
expenses
-----------------------------------------------------
OPERATING PROFIT 618,848 826,833 1,024,392
-----------------------------------------------------
Investment revenues 77 160 185
Finance costs (36,982) (143,240) (234,287)
-----------------------------------------------------
PROFIT BEFORE TAX 581,943 683,753 790,290
-----------------------------------------------------
Tax (210,365) 2,308 (89,560)
PROFIT FOR THE YEAR
continuing operations 371,578 653,479 668,148
discontinued - 32,582 32,582
operations
-----------------------------------------------------
371,578 686,061 700,730
-----------------------------------------------------
Earnings per share - 3 1.10p 2.04p 2.08p
basic
Earnings per share - 3 1.08p 2.00p 2.04p
diluted
EBITDA 4 1,549,399 1,792,406 2,954,938
(a)EBITDA is defined as earnings before interest, tax, depreciation,
amortisation and impairment - see note 4.
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
31 December 2009 31 December 2008 30 June 2009
GBP GBP GBP
=-------------------------------------------------------------------------------
Profit for the financial 371,578 686,061 700,730
year
Currency translation
differences on foreign - (22,595) (22,595)
currency net investments
=-------------------------------------------------------------------------------
Total recognised income and
expense recognised since 371,578 663,466 678,135
last Annual Report
=-------------------------------------------------------------------------------
Notes Unaudited Unaudited Audited
As at As at As at
31 December 2009 31 December 2008 30 June 2009
GBP GBP GBP
=-------------------------------------------------------------------------------
Non?current assets
Goodwill 4,198,055 4,198,055 4,198,055
Other intangible assets 1,150,879 1,389,173 1,260,026
Property, plant and 3,899,170 4,967,398 4,378,232
equipment
Deferred tax asset 1,349,506 1,651,739 1,559,871
=-------------------------------------------------------------------------------
10,597,610 12,206,365 11,396,184
=-------------------------------------------------------------------------------
Current assets
Inventories 160,683 128,786 88,755
Trade and other 1,312,792 1,145,128 1,384,377
receivables
Cash and cash equivalents 8 426,631 543,173 527,880
=-------------------------------------------------------------------------------
1,900,106 1,817,087 2,001,012
=-------------------------------------------------------------------------------
Total assets 12,497,716 14,023,452 13,397,196
=-------------------------------------------------------------------------------
Current liabilities
Trade and other payables 8 (433,974) (1,778,269) (1,957,452)
Obligations under finance (498,934) (501,889)
leases
Overdrafts 8 (492,444) (473,176) (591,548)
Borrowings 8 (1,099,990) (1,651,798) (1,532,078)
Provisions (218,965) (252,380) (222,195)
Deferred revenue (368,790) (85,367) (130,180)
=-------------------------------------------------------------------------------
(4,201,922) (4,739,924) (4,935,342)
=-------------------------------------------------------------------------------
Net current liabilities (2,301,816) (2,922,837) (2,934,330)
=-------------------------------------------------------------------------------
Non?current liabilities
Borrowings 8 (743,814) (1,846,266) (1,263,417)
Obligations under finance 8 (428,684) (711,759) (451,064)
leases
=-------------------------------------------------------------------------------
(1,172,498) (2,558,025) (1,714,481)
=-------------------------------------------------------------------------------
Total liabilities (5,374,420) (7,297,949) (6,649,823)
=-------------------------------------------------------------------------------
Net assets 7,123,296 6,725,503 6,747,373
=-------------------------------------------------------------------------------
Equity
Called up share capital 6 339,035 339,035 339,035
Share premium account 6 5,459,283 5,459,283 5,459,283
Own shares 6 (2,553) (2,553) (2,553)
Share?based payment 6 137,267 125,721 132,922
reserve
Retained earnings 6 1,190,264 804,017 818,686
=-------------------------------------------------------------------------------
Total equity 7,123,296 6,725,503 6,747,373
=-------------------------------------------------------------------------------
Notes Group
Unaudited Unaudited Audited
6 months to 31 6 months to 31 Year
December 2009 December 2008 to 30
GBP GBP June
2009
GBP
Net cash from operating
activities
- continuing 5 1,382,106 1,347,055 2,379,582
operations
- discontinued - 30,241 30,241
operations
1,382,106 1,377,296 2,409,823
Investing activities
Interest received 77 160 185
Purchase of property, (292,334) (535,905) (783,625)
plant and equipment
Purchase of intangible - (20,000) (20,000)
assets
Acquisitions (50,008) - -
Cash outflow on - (201,847) (201,847)
discontinuation of
German business
Net cash used in
investing activities
- continuing (342,265) (555,745) (803,440)
operations
- discontinued - (201,847) (201,847)
operations
(342,265) (757,592) (1,005,287)
Financing activities
Repayment of borrowings (951,692) (714,630) (1,417,278)
Repayment of (267,790) (273,429) (541,847)
obligations under
finance leases
New loans raised - 113,893 113,893
Proceeds from sale and 177,495 220,300 300,514
leaseback
Net cash used in (1,041,987) (653,866) (1,544,718)
financing activities
Net decrease in cash (2,146) (34,162) (140,182)
and cash equivalents
Cash and cash (63,668) 99,109 99,109
equivalents at the
beginning of the period
(including bank
overdraft)
Effect of foreign - 5,050 (22,595)
exchange rate changes
Cash and cash
equivalents at the end (65,814) 69,997 (63,668)
of the period
(including bank
overdraft)
1. Accounting policies and basis of preparation
These interim financial statements have been prepared using accounting policies
consistent with International Financial Reporting Standards (IFRS) except as
described below. The same accounting policies, presentation and methods of
computation are followed in this condensed set of financial statements as
applied in the audited financial statements for the year ended 30 June 2009.
While the financial figures included in this interim report have been computed
in accordance with IFRS's, this interim report does not contain sufficient
information to constitute an interim financial report as that term is defined in
IAS 34.
In the current year the Group has adopted International Financial Reporting
Standard 8 "Operating Segments" - see Note 2.
These interim financial statements do not constitute statutory financial
statements within the meaning of Section 434 of the Companies Acts 2006. The
results of the year ended 30 June 2009 do not constitute statutory accounts. A
copy of the statutory accounts for that year has been delivered to the Registrar
of Companies. The auditors reported on those accounts: their report was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under section 498(2) of the Companies Act 2006.
As discussed in the "outlook" section of the Chairman's Statement, the Directors
are satisfied that the Group will continue to operate within its available
resources during the next twelve months and consider that the going concern
basis of preparation continues to be appropriate. The Group has in March 2010
renewed its bank overdraft facility for a further twelve months at the level of
GBP650,000, and, based on the forecasts that the Directors have prepared, the
Group will be operating within this facility with significant headroom. The
Group relies on long term contracts with site owners, and will be bidding to
keep existing contracts as well as to win new contracts over the next twelve
months.
2. Segmental information
The Board considers the primary segments to be the three main business areas,
payphones, internet desks and WiFi.
Payphones Desks WiFi Discontinued Other Total
operation
Six months GBP GBP GBP GBP GBP GBP
to 31
December
2009
=----------------------------------------------------------------------------------
Revenue 2,494,139 2,005,853 2,088,960 - - 6,588,952
=----------------------------------------------------------------------------------
Gross profit 1,371,054 617,009 963,072 - - 2,951,135
Depreciation (204,242) (329,950) (223,444) - (43,769) (801,405)
Amortisation - (32,544) (96,602) - - (129,146)
=----------------------------------------------------------------------------------
Result 1,166,812 254,515 643,026 - (43,769) 2,020,584
Unallocated
corporate (1,401,736)
expenses
=----------------------------------------------------------------------------------
Operating 618,848
profit
Interest
receivable 77
and similar
income
Interest
payable and (36,982)
similar
charges
=----------------------------------------------------------------------------------
Profit 581,943
before tax
Tax (210,365)
=----------------------------------------------------------------------------------
Profit after 371,578
tax
=----------------------------------------------------------------------------------
Other
information
Capital 1,416 169,629 108,263 - 13,026 292,334
additions
=----------------------------------------------------------------------------------
Balance
sheet
Assets
Segment
assets 4,396,160 3,729,658 2,635,891 - - 10,761,709
Unallocated
corporate
assets - - - - 1,736,007 1,736,007
=----------------------------------------------------------------------------------
Consolidated
total assets 4,396,160 3,729,658 2,635,891 - 1,736,007 12,497,716
=----------------------------------------------------------------------------------
Liabilities
Segment (2,088,735) (364,634) (422,319) - - (2,875,688)
liabilities
Unallocated
corporate - - - - (2,498,732) (2,498,732)
liabilities
=----------------------------------------------------------------------------------
Consolidated
total (2,088,735) (364,634) (422,319) - (2,498,732) (5,374,420)
liabilities
=----------------------------------------------------------------------------------
2. Segmental information continued
Payphones Desks WiFi Discontinued Other Total
operation
Six months GBP GBP GBP GBP GBP GBP
to 31
December
2008
=----------------------------------------------------------------------------------
Revenue 3,416,692 1,891,426 2,263,304 209,645 - 7,781,067
=----------------------------------------------------------------------------------
Gross profit 1,853,152 409,679 1,124,776 73,007 - 3,460,614
Depreciation (257,886) (357,223) (194,906) - (27,268) (837,283)
Amortisation - (32,545) (95,745) - - (128,290)
=----------------------------------------------------------------------------------
Result 1,595,266 19,911 834,125 73,007 (27,268) 2,495,041
Unallocated
corporate
expenses (1,668,208)
=----------------------------------------------------------------------------------
Operating 826,833
profit
Interest
receivable 160
and similar
income
Interest
payable and (143,240)
similar
charges
=----------------------------------------------------------------------------------
Profit 683,753
before tax
Tax 2,308
=----------------------------------------------------------------------------------
Profit after 686,061
tax
=----------------------------------------------------------------------------------
Other
information
Capital 10,040 172,348 244,970 - 128,547 555,905
additions
=----------------------------------------------------------------------------------
Balance
sheet
Assets
Segment 4,786,401 4,330,622 2,788,989 - - 11,906,012
assets
Unallocated - - - - 2,117,440 2,117,440
corporate
assets
=----------------------------------------------------------------------------------
Consolidated 4,786,401 4,330,622 2,788,989 - 2,117,440 14,023,452
total assets
=----------------------------------------------------------------------------------
Liabilities
Segment (3,242,294) (994,968) (614,728) - - (4,851,990)
liabilities
Unallocated - - - - (2,445,959) (2,445,959)
corporate
liabilities
=----------------------------------------------------------------------------------
Consolidated (3,242,294) (994,968) (614,728) - (2,445,959) (7,297,949)
total
liabilities
=----------------------------------------------------------------------------------
2. Segmental information continued
Payphones Desks WiFi Discontinued Other Total
operation
Year to 30 GBP GBP GBP GBP GBP GBP
June 2009
=----------------------------------------------------------------------------------
Revenue 6,105,889 3,646,822 4,231,168 209,645 - 14,193,524
=----------------------------------------------------------------------------------
Gross profit 3,104,036 941,987 1,873,647 73,007 - 5,992,677
Depreciation (478,104) (711,703) (419,151) - (65,046) (1,674,004)
Amortisation - (65,089) (192,348) - - (257,437)
=----------------------------------------------------------------------------------
Result 2,625,932 165,195 1,262,148 73,007 (65,046) 4,061,236
Unallocated
corporate (3,036,844)
expenses
=----------------------------------------------------------------------------------
Operating 1,024,392
profit
Interest
receivable
and similar 185
income
Interest
payable and
similar (234,287)
charges
=----------------------------------------------------------------------------------
Profit 790,290
before tax
Tax (89,560)
=----------------------------------------------------------------------------------
Profit after 700,730
tax
=----------------------------------------------------------------------------------
Other
information
Capital 24,983 263,211 360,565 - 154,866 803,625
additions
=----------------------------------------------------------------------------------
Balance
sheet
Assets
Segment 4,627,806 3,955,172 2,786,790 - - 11,369,768
assets
Unallocated
corporate - - - - 2,027,428 2,027,428
assets
=----------------------------------------------------------------------------------
Consolidated 4,627,806 3,955,172 2,786,790 - 2,027,428 13,397,196
total assets
=----------------------------------------------------------------------------------
Liabilities
Segment (2,743,916) (633,390) (512,583) - - (3,889,889)
liabilities
Unallocated
corporate - - - - (2,759,934) (2,759,934)
liabilities
=----------------------------------------------------------------------------------
Consolidated
total (2,743,916) (633,390) (512,583) - (2,759,934) (6,649,823)
liabilities
=----------------------------------------------------------------------------------
2. Segmental information continued
Geographical segments
Sales revenue by geographical market
Six months to Six months to Year to
31 December 2009 31 December 2008 30 June 2009
GBP GBP GBP
=----------------------------------------------------------------
UK 6,588,952 7,571,422 13,983,879
Germany - 209,645 209,645
=----------------------------------------------------------------
Total 6,588,952 7,781,067 14,193,524
=----------------------------------------------------------------
Carrying amount of segment assets
31 December 2009 31 December 2008 30 June 2009
GBP GBP GBP
=----------------------------------------------------------------
UK 14,497,716 14,023,452 13,397,196
Germany - - -
=----------------------------------------------------------------
Total 14,497,716 14,023,452 13,397,196
=----------------------------------------------------------------
Additions to property, plant and equipment and intangible assets
Six months to Six months to Year to
31 December 2009 31 December 2008 30 June 2009
GBP GBP GBP
=-----------------------------------------------------------------------------
UK 292,334 555,905 803,625
Germany - - -
=-----------------------------------------------------------------------------
Total 292,334 555,905 803,625
=-----------------------------------------------------------------------------
3. Earnings per share
The calculation of earnings per share is based upon the profit for the period
after taxation and on the weighted average number of shares in issue during the
period. For basic earnings per share this is 33,648,166 and for diluted earnings
per share this is 34,383,862 shares. For the six months to 31 December2008, the
number of shares for the basic EPS calculation was 33,648,166. The number of
shares used for the fully diluted EPS calculation was 34,383,342. The difference
between the number of shares in the fully diluted and basic EPS calculations is
due to employee share options.
Six months to Six months to Year to
31 December 2009 31 December 2008 30 June 2009
=-------------------------------------------------------------------------------
Earnings per share - basic 1.10p 2.04p 2.08p
Earnings per share - fully 1.08p 2.00p 2.04p
diluted
=-------------------------------------------------------------------------------
4. Earnings before interest, tax, depreciation, and amortisation (EBITDA)
Six months to Six months to Year to
31 December 2009 31 December 2008 30 June 2009
GBP GBP GBP
=-------------------------------------------------------------------------------
Profit on ordinary activities 371,578 686,061 700,730
after tax
Net interest 36,905 143,080 234,102
Tax 210,365 (2,308) 89,560
Depreciation 801,404 837,283 1,673,109
Amortisation 129,147 128,290 257,437
=-------------------------------------------------------------------------------
EBITDA 1,549,399 1,792,406 2,954,938
=-------------------------------------------------------------------------------
5. Reconciliation of operating profit to net cash inflow from operating
activities
Six months to Six months to Year to
31 December 2009 31 December 2008 30 June 2009
GBP GBP GBP
=-------------------------------------------------------------------------------
Operating profit 618,848 826,833 1,024,392
Adjustments
Depreciation of tangible fixed
assets 801,405 837,283 1,673,109
Amortisation of intangible
fixed assets 129,146 128,290 257,437
Movement on share?based
payment reserve 4,345 7,016 14,217
Decrease in provisions (3,230) (108,600) (138,785)
=-------------------------------------------------------------------------------
Operating cash flows before
movements on working capital 1,550,514 1,690,822 2,830,370
Decrease/(increase) in
inventories (71,928) 9,507 49,537
Decrease in trade and other
receivables 71,585 500,791 277,527
(Decrease) in trade and other
payables (131,083) (680,584) (513,324)
=-------------------------------------------------------------------------------
Cash generated from operations 1,419,088 1,520,536 2,644,110
Income taxes paid - - -
Interest paid (36,982) (143,240) (234,287)
=-------------------------------------------------------------------------------
Net cash from operating
activities:
=-------------------------------------------------------------------------------
Continuing operations 1,382,106 1,347,055 2,379,582
=-------------------------------------------------------------------------------
Discontinued operation - 30,241 30,241
=-------------------------------------------------------------------------------
Total 1,382,106 1,377,296 2,409,823
=-------------------------------------------------------------------------------
6. Consolidated statement of changes in equity
Share Share?based
Called up premium Own payment Profit and
share account shares reserve loss account Total
capital
GBP ÂGBP GBP GBP GBP GBP
=-------------------------------------------------------------------------------
At 1 July 339,035 5,459,283 (2,553) 132,922 818,686 6,747,373
2009
Profit for - - - 4,345 371,578 375,923
the period
=-------------------------------------------------------------------------------
At 31 339,035 5,459,283 (2,553) 137,267 1,190,264 7,123,296
December 2009
=-------------------------------------------------------------------------------
7. Dividends
No interim dividend is paid or proposed (year ended 30 June 2009 and six months
ending 31 December 2008: GBPnil).
8. Net Debt
31 December 2009 31 December 2008 30 June 2009
GBP GBP GBP
Borrowings 1,843,804 3,498,064 2,795,495
Finance leases 862,658 1,210,693 952,953
Overdraft 492,444 473,176 591,548
-------------------------------------------------
Total debt 3,198,906 5,181,933 4,339,996
-------------------------------------------------
Less: Cash and cash 426,631 543,173 527,880
equivalents
-------------------------------------------------
Net debt 2,772,275 4,638,760 3,812,116
-------------------------------------------------
9. Contingent Liability
Recently the Company's wholly-owned subsidiary, NWP Spectrum Holdings Limited
("Holdings"), received a claim from a German court lodged by the administrator
of Spectrum Interactive GmbH ("GmbH"), the Company's former German subsidiary
which was placed into administration in July 2008. The claim is for EUR100,000
and is stated to be a "partial claim". The claim is expected to be heard in the
Hamburg Court later in 2010. The Company believes this claim is without merit
and has provided supporting evidence to the German court.
10. Related party transactions
Mark Lewarne and Simon Alberga, because of the size of their shareholdings, and
the fact that they are also directors of the company, are deemed to be related
parties. There were no payments made to them in the 6 months to December 2009
that were of a different nature or amount than those made in the 12 months to
June 2009 and disclosed in the last Annual Report.
Copies of this announcement are available on and from the Company's website,
www.spectruminteractive.co.uk
[HUG#1396853]
Spectrum Interactive (LSE:SIN)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Spectrum Interactive (LSE:SIN)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
