TIDMBOX
RNS Number : 8374F
Boxhill Technologies PLC
30 April 2014
Boxhill Technologies PLC
("Boxhill" or the "Company")
Half-Yearly Report for the period ended 31 January 2014
30 April 2014
Chairman's Statement
The half year figures to 31 January 2014 reflects the progress
made during the period towards building a business focused on
delivering ecommerce technology solutions to a variety of
customers.
Boxhill Technologies plc made an operating loss for the six
months to 31 January 2014 of GBP38,000 together with a one off loss
of GBP57,000 resulting from the disposal of Devilfish Poker. This
compares favourably to losses of GBP438,000 for the financial year
ended to 31 July 2013.
Total revenue for the group in the six months to 31 January 2014
increased by GBP1.15m to GBP1.63m, compared to the same period as
last year, with most of the uplift coming from the new ecommerce
businesses.
The ecommerce divisions, Pay Corporation Limited ("Pay
Corporation") and Poseve Limited ("Poseve") performed in line with
expectations with Pay Corporation and Poseve achieving revenues of
GBP780,000 and GBP474,000 respectively.
Prize Provision Services Limited ("PPSL"), the holder of the
Gambling Commission licence and operator of the Weather Lottery
business, made an improved net contribution before overheads of
GBP176,000 compared to GBP138,000 for the same period last
year.
The GBP15m development of the sports centre site surrounding
Soccerdome Limited ("Soccerdome") continues at Notingham,
nevertheless, Soccerdome made a loss before tax of GBP14,000.
Total contributions before overheads from the operating
companies are as follows: Soccerdome: nil; PPSL: GBP176,000;
Poseve: GBP67,000 and Pay Corporation: GBP371,000.
The focus for the Company is to continue to build ecommerce
revenues with existing and new customers as well as roll out new
services. The Company continues to deliver on contracts previously
announced and will be making further announcements regarding the
progression of these contracts as appropriate. In my update on the
24 December 2013 of last, I announced progress with a number of
clients for whom the Company is providing ecommerce services both
in the UK and across Europe. As forecast at that time, estimated
revenues based on the now fourteen current live contracts for the
final quarter of the current financial year are expected to
generate circa GBP175,000 to GBP250,000 in operating profit in that
quarter, which would move the company comfortably into long term
profitability.
The Right Honourable Lord E T Razzall CBE
Chairman
Pay Corporation
The Company announced the acquisition of Sormelle Limited, a
non-operational holding company, and its wholly owned operating
subsidiary on 13 September 2013 (the "Transaction"), the Vendor
being Kevin Dale (who became a director and Chief Operating Officer
of the Company concurrently with the Transaction). The Transaction
was in fact concluded for just Pay Corporation, as it was agreed by
Mr Dale and the rest of the board that the inclusion of Sormelle in
the Transaction added no benefit and increased ongoing costs. This
variation in the Transaction has had no material impact whatsoever
on the Company or its operations, and the consideration for the
Transaction was the same as previously announced.
For further information contact:
Boxhill Technologies PLC 020 7618 9000
Philip Jackson, CEO
Website www.boxhillplc.com
Allenby Capital Limited (Nomad & Broker)
Nick Harriss/Nick Athanas/James Reeve 020 3328 5656
Bishopsgate Communications (Financial PR)
Nick Rome/Sam Allen 020 7107 1890
Notes to editors:
Boxhill Technologies PLC (AIM: BOX) is an AIM quoted lottery,
software, gaming and leisure company.
Boxhill has a range of ecommerce products that suit all
merchants' and customers' needs enabling secure payments. The
Company works within both regulated frameworks and in regions where
traditional partners struggle to offer safe, secure services.
In addition, Boxhill operates the Weather Lottery, which has
been in operation since 2002 and the Company holds one of the
limited number of UK external lottery managers licences. Over GBP5
million has been raised to date for good causes and the lottery has
paid over four million prizes to winners.
CONDENSED CONSOLIDATED INCOME STATEMENT
Period Period
ended ended Year ended
31 January 31 January 31 July
2014 2013 2013
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 1,629 483 1,271
Cost of Sales (1,015) (300) (836)
------------------- ------------------- -------------------
Gross Profit 614 183 435
Administrative expenses (652) (247) (469)
(Loss) from operations before
exceptional items (38) (64) (34)
Loss on disposal of subsidiary (57) - -
Impairment of intangible
assets - - (309)
Impairment of tangible assets - - (73)
Finance expenses (33) (24) (22)
Finance income - - -
------------------- ------------------- -------------------
(Loss) before taxation (128) (88) (438)
Taxation - - -
------------------- ------------------- -------------------
Attributable to equity holders (128) (88) (438)
Earnings per share:
Basic (loss) per ordinary
share 2 (0.01)p (0.02)p (0.06)p
------------------- ------------------- -------------------
Fully diluted (loss) per
ordinary share 2 (0.01)p (0.02)p (0.05)p
------------------- ------------------- -------------------
All results derive from continuing operations.
There are no recognised income or expenses other than the loss
for the period.
CONDENSED CONSOLIDATED BALANCE SHEET
Period Period
ended ended Year ended
31 January 31 January 31 July
2014 2013 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Notes
ASSETS
Non-current assets
Property, plant and equipment 373 463 378
Goodwill 927 467 505
Intangible assets 22 34 34
------------------ ------------------ ------------------
1,322 964 917
------------------ ------------------ ------------------
Current assets
Inventories 2 2 2
Trade and other receivables 512 124 120
Cash and cash equivalents 275 59 256
------------------ ------------------ ------------------
Total current assets 789 185 378
------------------ ------------------ ------------------
Total Assets 2,111 1,149 1,295
------------------ ------------------ ------------------
LIABILITIES
Current liabilities
Trade and other payables 975 976 711
Bank and other borrowings 523 21 287
------------------ ------------------ ------------------
1,498 997 998
Non-current liabilities
Bank and other borrowings 26 14 14
------------------ ------------------ ------------------
1,524 1,011 1,012
------------------ ------------------ ------------------
Total Assets/(Liabilities) 587 138 283
------------------ ------------------ ------------------
EQUITY
Capital and reserves attributable
to equity
holders
Called up share capital 3 1,127 442 795
Share premium account 1,563 1,321 1,463
Retained earnings (2,103) (1,625) (1,975)
------------------ ------------------ ------------------
Total equity 587 138 283
------------------ ------------------ ------------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Retained
Capital Premium Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 August 2012 442 1,321 (1,537) 226
Issue of new shares in
the period - - -
Loss for the period - - (88) (88)
Balance at 31 January
2013 442 1,321 (1,625) 138
Shares issued less costs 353 142 - 495
Loss for the period - - (350) (350)
Balance at 31 July 2013 795 1,463 (1,975) 283
Issue of new shares in
period 332 100 - 432
Profit / (Loss) for the
period - - (128) (128)
Balance at 31 January
2014 1,127 1,563 (2,103) 587
-------------- ------------------- ------------------ -------------------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Period ended Period ended Year ended
31-Jan 31-Jan 31-Jul
2014 2013 2013
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net cash generated
from/(used in)
operations 4 (198) 107 (47)
Interest and financing
costs (33) (24) (22)
-------------------------- ---------------------------------- -------------------
Net cash (outflow) from
operating
activities (231) 83 (69)
-------------------------- ---------------------------------- -------------------
Cash flow from
investing activities:
Acquisition of
subsidiary undertakings (422) - -
Purchase of intangible
assets - - (1)
Purchase of property, plant and
equipment (8) - -
-------------------------- ---------------------------------- -------------------
Net cash generated from
investing
activities (430) - (1)
-------------------------- ---------------------------------- -------------------
Financing
Net proceeds from issue
of shares 432 - 36
Proceeds of new bank
and other loans 248 - 267
Net cash inflow on
acquisition of
subsidiary - 8
Repayment of bank and
other loans - (42) (3)
-------------------------- ---------------------------------- -------------------
Net cash from financing
activities 680 (42) 308
-------------------------- ---------------------------------- -------------------
(Decrease)/increase in cash and cash
equivalents:
(Decrease)/increase in cash and
cash
equivalents 19 41 238
Cash and cash equivalents at
beginning
of period 256 18 18
Cash and cash equivalents at end
of period 275 59 256
-------------------------- ---------------------------------- -------------------
Comprising of:
Cash and cash equivalents per
the balance sheet 275 59 256
Less:
Bank overdraft - - -
-------------------------- ---------------------------------- -------------------
Cash and cash
equivalents for
cashflow statement
purposes 275 59 256
-------------------------- ---------------------------------- -------------------
NOTES TO THE INTERIM FINANCIAL REPORT
1. Accounting policies
Basis of Accounting and Preparation
These interim results for the six months ended 31 January 2014
have been prepared using the historical cost and fair value
conventions on the basis of the accounting policies set out below.
This interim report has been prepared in accordance with IFRS's, it
is not in accordance with IAS 34 and therefore is not fully
compliant with IFRS.
These interim results have been prepared under the historical
cost convention. Areas where other bases are applied are identified
in the accounting policies below.
The financial information set out in this interim report does
not constitute statutory accounts as defined in the Companies Act
2006. The Company's statutory financial statements for the year
ended 31 July 2013 have been filed with the Registrar of Companies.
The auditor's report on those financial statements was unqualified,
although it did include a reference to disclosures concerning Going
Concern which the auditor drew attention by way of emphasis without
qualifying their report and did not contain a statement under
section 498(2) or (3) of the Companies Act 2006.
This announcement contains certain forward-looking statements
with respect to the operations, performance and financial position
of the Group. By their nature, these statements involve uncertainty
since future events and circumstances can cause results and
developments to differ materially from those anticipated. The
forward-looking statements reflect knowledge and information
available at the date of the preparation of this announcement and
the Company undertakes no obligation to update these
forward-looking statements. Nothing in this Interim Financial
Report should be construed as a profit forecast.
The results for the six months ended 31 January 2014 were
approved by the Board on 28 April 2014.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) made up to 31 January and 31 July each year.
Control is achieved where the Company has the power to govern the
financial and operating policies so as to obtain benefits from its
activities.
The results of subsidiaries acquired or disposed of during the
year are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of
disposal, as appropriate.
Where necessary, adjustments are made to the Financial
Statements of subsidiaries to bring the accounting policies used
into line with those used by the Group.
Business combinations
The purchase method of accounting is used for all acquired
businesses as defined by IFRS3 - Business Combinations.
As a result of the application of the purchase method of
accounting, goodwill is initially recognised as an asset being the
excess at the date of acquisition of the fair value of the purchase
acquisition consideration plus directly attributable costs of
acquisition over the net fair values of the identifiable assets,
liabilities and contingent liabilities of the subsidiaries
acquired.
Goodwill arising on acquisitions before the date of transition
to IFRS is subject to alternative policies for valuation as
described below.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Intangible assets
An intangible asset is considered identifiable only if it is
separable or arises from contractual or other legal rights,
regardless of whether those rights are transferable or separable
from the entity or from other rights and obligations.
For intangible assets with finite useful lives, amortisation is
calculated so as to write off the cost of an asset less its
estimated residual value over its economic life as follows:
Software development - 10 years
Website development costs - 3 years
In addition to amortisation, at each balance sheet date the
Group reviews the carrying amounts of its intangible assets to
determine whether there is any indication that those assets have
suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss (if any). Recoverable amount is
the higher of fair value less costs to sell and value in use. An
impairment loss is recognised as an expense immediately, unless the
relevant asset is carried at a revalued amount, in which case the
impairment loss is treated as a revaluation decrease. Where an
impairment loss subsequently reverses, the carrying amount of the
asset is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years.
Financial instruments
Financial assets and financial liabilities are recognised on the
Group's balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Trade receivables
Trade receivables do not carry any interest and are stated at
their nominal value as reduced by appropriate allowances for
estimated irrecoverable amounts.
Financial liability and equity
Financial liabilities and equity instruments are classified
according to the substance of the contractual agreements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the Group after deducting all of
its liabilities. Equity instruments are recognised at the amount of
proceeds received net of costs directly attributable to the
transaction. To the extent that those proceeds exceed the par value
of the shares issued they are credited to a share premium
account.
Trade payables
Trade payables are not interest-bearing and are stated at their
nominal value.
Goodwill
Goodwill arising on consolidation represents the excess cost of
acquisition over the group's interest in the fair value of the
identifiable assets and liabilities of a subsidiary, associate or
jointly controlled entity at the date of acquisition.
Goodwill is recognised as an asset and reviewed for impairment
at least annually. Any impairment is recognised immediately in the
income statement and is not subsequently reversed. Goodwill arising
on acquisition before the date of transition to IFRS has been
retained at the previous UK GAAP amounts subject to being tested
for impairment at that date.
On disposal of a subsidiary, associate or jointly controlled
entity, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
Revenue recognition
Revenue represents takings received for entry into the prize
draws. The revenue is recognised upon receipt of the money for the
period that the draws take place, net of VAT and other
sales-related taxes.
Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
The charge for taxation is based on the taxable profit or loss
for the period and takes into account taxation deferred because of
timing differences between the treatment of certain items for
taxation and accounting purposes. Current tax is provided at
amounts expected to be paid (or recovered) using the tax rates and
laws that have been enacted or substantively enacted by the balance
sheet date.
Deferred tax is recognised in respect of all timing differences
that have originated but not reversed at the balance sheet date
where transactions or events that result in an obligation to pay
more, or a right to pay less, tax in the future have occurred at
the balance sheet date. Timing differences are differences between
the Group's taxable profits and its results as stated in the
financial information that arises from the inclusion of gains and
losses in tax assessments in periods different from those in which
they are recognised in the financial information.
A net deferred tax asset is regarded as recoverable and
therefore recognised only when, on the basis of all available
evidence, it can be regarded as more likely than not that there
will be suitable taxable profits from which the reversal of the
underlying timing differences can be deducted.
Deferred tax is measured at the tax rates that are expected to
apply in the periods in which the timing differences are expected
to reverse based on tax rates and laws that have been enacted or
substantively enacted at the balance sheet date. Deferred tax is
measured on a non-discounted basis.
2. Earnings per ordinary share
The calculation of basic earnings per share and diluted earnings
per share is based on the results and weighted average number of
ordinary shares as follows:
Period ended Period ended Year ended
31-Jan 31-Jan 31-Jul
2014 2013 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Attributable to equity (128) (88) (438)
------------------ ------------------ ------------------
Weighted average number
of
ordinary shares:
Basic 507,541,746 441,627,159 468,094,865
------------------ ------------------ ------------------
Fully diluted 525,141,746 459,227,159 476,194,865
------------------ ------------------ ------------------
The fully diluted number of ordinary shares includes 17.6
million options, to subscribe for new Ordinary shares of 0.1p each,
which were issued in June 2010. None of these options have been
exercised in the period.
3. Share capital
As at As at As at
31-Jan 31-Jan 31-Jul
2014 2013 2013
GBP'000 GBP'000 GBP'000
Issued and fully paid:
1,127,178,043 ordinary shares
of 0.1p each 1,127 442 795
---------------- ----------------- -----------------
4. Cash used in Operations
Period ended Period ended Year ended
31-Jan 31-Jan 31-Jul
2014 2013 2013
GBP'000 GBP'000 GBP'000
(Loss) from operations (128) (88) (438)
Finance costs 33 24 22
Depreciation of tangible
fixed assets 13 23 -
Amortisation of intangible
assets - - 35
Impairment of non-current
assets - - 382
Share based payments - - 109
Loss on disposal of subsidiary 57 - -
Decrease/(increase) in
debtors (451) (23) 59
(Decrease)/increase in
creditors 278 171 (216)
Cash generated from/(used in)
operations (198) 107 (47)
------------------- ------------------- -------------------
5. Interim Financial Report
The unaudited interim financial report, which is the
responsibility of the directors and was approved by them on 28
April 2014, does not constitute statutory accounts within the
meaning of Section 435 of the Companies Act 2006.
This report is available on Boxhill Technologies PLC's website
at www.boxhillplc.com. Copies are available from the Company at its
registered office:
21 Knightsbridge, London, SW1X 7LY, United Kingdom
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFFDSVIAFIS
Tintra (LSE:TNT)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Tintra (LSE:TNT)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
