TIDMTOU
RNS Number : 7696R
Touch Group PLC
27 August 2010
TOUCH GROUP PLC
('Touch Group' or 'the Company)
PRELIMINARY RESULTS FOR THE 15 MONTHS ENDED 31 MARCH 2010 (UNAUDITED)
Touch Group plc, the international business-to-business publishing group, today
announces its unaudited preliminary results for the 15 months ended 31 March
2010.
Highlights
· Turnover down to GBP5,692,000 (12 months 2008: GBP6,290,000)
· Trading loss* of GBP1,877,000 (12 months 2008: GBP603,000)
· Gross margins remain strong at 52.4% (2008: 47.6%)
· Increase in orders Carried Forward to GBP2,863,000 (2008: GBP1,400,000)
· Sales force now 40 strong, up 70% from average in 2009
· Refocus of activities to a more balanced range of revenue streams
* "Trading loss" refers to operating loss before impact of investment
impairments, fixed asset impairments, share based payment charges and credits
and other operating income.
Commenting on the results, Vincent Isaacs, the Chairman of Touch Group
commented: "This period has been one of transition and strategic change for the
Group in a difficult trading environment. We have refocused and repositioned
the business to ensure we cater much better for the demands of a highly
intelligent and discerning readership and customer base. This transition has
been painful, but we have made great progress in turning the business around.
We have established new journals, new clients and new marketing activities which
will benefit the forthcoming trading year."
For further information please contact:
Touch Group plc
Vincent Isaacs
Executive Chairman Tel: 0207 452
5222
Shore Capital and Corporate Limited
Nominated Advisor and broker to the Company
Andrew Raca Tel: 0207
468 7923
CHAIRMAN'S STATEMENT
As I reported in March, we had a year to December 2009 of significantly reduced
revenues which led to a loss of GBP1.6 million.
Whilst we have taken action in a number of major areas, in particular with
respect to revenue generation, due to the long lead time in the core medical
business, the actions we took did not have a beneficial impact until the
beginning of our new year in April 2010.
We had revenue of GBP5.7 million for the 15 months ended 31 March 2010 (12
months ended 31 December 2008: GBP6.3 million) which was materially below our
expected levels and substantially below the prior year. This depleted level of
revenue translated into a loss for the 15 month period ended 31 March 2010 of
GBP2.2 million (12 months ended 31 December 2008: GBP0.77 million).
In December 2009 we raised GBP780,000 from a Placing which we did with a group
of our major Shareholders.Their investment and support for our new strategy
enabled us to take the action we have.
We have focussed strongly on continuing the actions set out in our March
announcement to address the key revenue issues, these being:
· Establishing and empowering strong sales leadership.
· Increasing our core sales force. We have, as at today, a core team of 40,
up from the average number of 23 in 2009.
· Strengthening our medical communications team.
· Diversifying and increasing our revenue streams from the core medical
publications.
Progress in these areas has been good and order based revenues in the four
months to July 2010 are up 32% on prior year. As at 31 July 2010 we had forward
orders of GBP2.2 million (July 2009: GBP1.4m) in the core journal business and
GBP0.6 million (July 2009: GBP0.1m) of medical communication projects.
We have continued to focus on establishing and building on our trading
relationships with our major pharmaceutical clients such as GSK, Novartis,
Lantheus, Solvay and Bayer. We are also extending our relationships with
organisations that support the healthscience industry such as Oracle, Siemens
and GE Healthcare. Not only are we doing more core journal business with these
clients but we are also successfully extending our services to include
additional revenue streams such as online marketing and educational programmes
and medical communication projects.
We have also taken steps to strengthen other key elements of our business. We
are
· Strengthening our distribution of journals (in print, online and e-book)
by building on our relationships with the key clinical associations. This helps
us ensure that our publications are read by the most relevant audience.
· Increasing the readership of our articles online by extending our online
presence. We now have 10 therapy specific portals such as touchpsychiatry,
touchcardiology etc. where all of our content is available to the therapy
specialists. We are also extending our online distribution through other
websites such as Doctors.net.uk, the UK's largest professional network of
doctors, with over 50,000 active doctors each week.
· Building our Advisory Panels on the journals. Through their guidance we
can ensure that the journals cover the most relevant and educational content for
the specialist readership.
· Extending our database of key opinion leaders who provide the articles to
ensure that we commission the best articles possible.
· Increasing the frequency of our publications to ensure that the articles
are as timely and relevant as possible.
We are now gathering momentum, all of these initiatives are benefiting the
coming year as we continue to build the business.
I would like to take this opportunity of thanking our shareholders for their
continued support and look forward to reporting increasingly better news as we
go forward.
Vincent Isaacs
Executive Chairman
27 August 2010
OPERATING AND FINANCIAL REVIEW
Introduction
Touch Group plc ('the Group') is a leading publisher of independent market
intelligence and analysis, offering a comprehensive range of market-specific
peer-review journals, medical communication services and online communities. It
specialises in delivering in-depth scientific and technical information to
international organisations. We published 52 titles in the 15 month period to
31 March 2010 compared to 68 titles in the 12 months of 2008.
Business Overview
The Group generated revenue for the 15 month period of GBP5.7 million (12 months
- 2008: GBP6.3 million) from continuing operations and a gross margin of 52.3%
(2008: 47.6%). The significantly reduced revenues are in the main from our core
clinical publications where published revenues for the 15 month period were
GBP3.7 million compared to GBP4.6 million for the 12 month period in 2008. On a
pro rata 12 month basis clinical publication revenues have fallen by 18%.
The fall in revenues was caused by:
· A seriously depleted salesforce. From Autumn 2008 we lost a number of
sales personnel which resulted in reduced sales.The retained salesforce was not
able to increase its level of business to compensate for this.
· The core publication business.We became overly focussed on one revenue
stream, that of supported content at the expense of advertising and reprint
revenues.
· Underestimating the level of operational change. We moved the business
model to one where content support is the major revenue stream. The transition
has created a significant period of time between the order and the delivery of
the particular publications. We have addressed the critical need to close the
selling for a publication much earlier. We also have a reinforced emphasis on
our advertising and reprint sales.
The Energy publications produced revenues of GBP0.7 million for the 15 months
compared to GBP0.6 million for the 12 months in 2008. On a 12 month pro rata
basis this represents a small 1-2% reduction compared to of 2008 levels.
Reprint revenues at GBP0.8 million for the 15 months compared to the GBP0.6
million for the 12 months in 2008. On a 12 month comparative this represents a
4% reduction compared to 2008 levels.
Medical Communications revenues (which include both bespoke projects and
revenues generated from online) were GBP0.5 million for the 15 months ended 31
March 2010. This compares to GBP0.2 million for the 12 months in 2008 and a
100% increase on a comparative 12 month period.
Administrative expenses for the 15 month period were GBP4.8 million (2008 - 12
months: GBP3.7 million). On a pro rata 12 months this represents a 6% increase
on 2008. Administrative expenses includes one off redundancy costs of GBP0.2
million.
In addition, asset impairments of GBP0.3 million (2008: GBP0.1 million) were
recognised.
The operating loss for the 15 month period to 31 March 2010 was GBP2.1 million
(2008 - 12 months: GBP0.773 million). The adjusted operating loss, which
excludes investment impairments, other operating income and share based payment
charges was GBP1.9 million for the 15 month period (2008 - 12 months: GBP0.603
million).
The loss for the 15 month period to 31 March 2010 was GBP2.2 million (2008 - 12
months: GBP0.769 million) which resulted in a loss per ordinary share of 1.7
pence (2008 - 12 months 0.7 pence).
The adjusted loss per share for the 15 month period was 1.5 pence (2008 - 12
months
0.5 pence).
Balance Sheet and Cash Flows
In December 2009 the Company strengthened its balance sheet by raising
GBP780,000 of additional equity.
As at the period end the Group had net assets of GBP1.7 million (2008: GBP2.8
million); cash funds of GBP1.0 million (2008: GBP0.5 million) were available.
Credit Risk
Credit risk is the risk that a counter-party will cause a financial loss to the
Group by failing to discharge its obligation to the Group.
The Group manages its exposure to this risk by applying bank approved limits to
the amount of credit exposure to any one counter-party and employs strict
minimum credit worthiness criteria as to the choice of counter-party, thereby
ensuring that there are no significant concentrations of credit risk.
Liquidity Risk
The Group has in place an invoice finance agreement with HSBC Invoice Finance
(UK) Limited, which enables the drawdown of up to 70% of eligible sales invoices
raised for published titles. The purpose of this facility is to help The Group
manage the working capital requirements of its current publishing schedule.
Interest Rate Risk
The outstanding loan balance of GBP260,000 (2008: GBP450,000) attracts a fixed
rate of interest of 7% per annum on GBP110,000 and 3% on GBP150,000, payable for
the term of the loan. At 31 March 2010, the Group had drawn down GBP277,000
(2008:GBP364,000) on its invoice finance facility, which attracts interest equal
to HSBC Bank plc's sterling base rate.
Key Performance Indicators
As part of the Group's performance management strategy a number of key
performance indicators are used. In addition the Board regularly monitors
revenue mix (by stream, title and employee), cash flow and overhead commitments.
+------------------------------------+-------------+---------------+
| | 15 months | 12 months |
| | ended 31 | ended |
| | March 2010 | 31 December |
| | | 2008 |
+------------------------------------+-------------+---------------+
| Adjusted operating loss * | (1,877) | (603) |
| (GBP'000) | | |
+------------------------------------+-------------+---------------+
| Adjusted EPS * (pence) | (1.47) | (0.5) |
+------------------------------------+-------------+---------------+
| Sales orders (GBP'000): | 5,747 | 5,809 |
+------------------------------------+-------------+---------------+
| Revenue by type (GBP'000): | | |
+------------------------------------+-------------+---------------+
| - Core medical publications | 3,026 | 4,008 |
+------------------------------------+-------------+---------------+
| - Core energy publications | 717 | 581 |
+------------------------------------+-------------+---------------+
| - Medical Communications | 462 | 184 |
+------------------------------------+-------------+---------------+
| - Reprints | 754 | 627 |
+------------------------------------+-------------+---------------+
| - Barter transactions (non-cash | 733 | 890 |
| sales) | | |
+------------------------------------+-------------+---------------+
| Core non-barter revenue per | 72 | 76 |
| issue (GBP'000) | | |
+------------------------------------+-------------+---------------+
| Total non-barter revenue per | 64 | 59 |
| employee (GBP'000) | | |
+------------------------------------+-------------+---------------+
| Gross profit margin (%) | 52.4 | 47.6 |
+------------------------------------+-------------+---------------+
* Adjusted for other operating income, investment impairments and share
based payment charges and credits
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 15 months ended 31 March 2010 (12 months ended 31 December 2008)
+-----------------------------------+-----+------------+----------+------------+
| | | 15 months | 12 months ended |
| | | ended 31 | 31 December 2008 |
| | | March 2010 | |
| | | | |
+-----------------------------------+-----+------------+-----------------------+
| | | GBP'000 | | GBP'000 |
+-----------------------------------+-----+------------+----------+------------+
| CONTINUING OPERATIONS | | | | |
+-----------------------------------+-----+------------+----------+------------+
| Revenue | | 5,692 | | 6,290 |
+-----------------------------------+-----+------------+----------+------------+
| Cost of sales | | (2,712) | | (3,296) |
+-----------------------------------+-----+------------+----------+------------+
| GROSS PROFIT | | 2,980 | | 2,994 |
+-----------------------------------+-----+------------+----------+------------+
| Administrative expenses | | (4,857) | | (3,668) |
+-----------------------------------+-----+------------+----------+------------+
| Other operating expenses - | | (267) | | (99) |
| impairment | | | | |
+-----------------------------------+-----+------------+----------+------------+
| OPERATING LOSS | | (2,144) | | (773) |
+-----------------------------------+-----+------------+----------+------------+
| Investment revenue | | 3 | | 44 |
+-----------------------------------+-----+------------+----------+------------+
| Finance costs | | (57) | | (40) |
+-----------------------------------+-----+------------+----------+------------+
| LOSS BEFORE TAX | | (2,198) | | (769) |
+-----------------------------------+-----+------------+----------+------------+
| Tax | | - | | - |
+-----------------------------------+-----+------------+----------+------------+
| LOSS FOR THE PERIOD | | (2,198) | | (769) |
+-----------------------------------+-----+------------+----------+------------+
| |
+------------------------------------------------------------------------------+
| |
| There is no other profit or loss for the year, therefore the comprehensive |
| loss for the period is GBP2,198,000 |
| |
+------------------------------------------------------------------------------+
| LOSS PER SHARE | | | | |
+-----------------------------------+-----+------------+----------+------------+
| Basic | | (1.7)p | | (0.7)p |
+-----------------------------------+-----+------------+----------+------------+
| Diluted | | (1.7)p | | (0.7)p |
+-----------------------------------+-----+------------+----------+------------+
All of the activities are classified as continuing.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 15 months ended 31 March 2010 (12 months ended 31 December 2008)
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | Share | | Share | | Merger | | Retained | | Total |
| | Capital | | Premium | | Reserve | | Earnings | | |
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| As at 1 January | 1,112 | | 3,922 | | 300 | | (1,833) | | 3,501 |
| 2008 | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Loss for the | - | | - | | - | | (769) | | (769) |
| period | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Credited to equity | | | | | | | | | |
| for share based | - | | - | | - | | 71 | | 71 |
| payments | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Share compensation | - | | - | | - | | (2) | | (2) |
| charge | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| As at 1 January | 1,112 | | 3,922 | | 300 | | (2,533) | | 2,801 |
| 2009 | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Loss for the | - | | - | | - | | (2,198) | | (2,198) |
| period | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Debited for equity | | | | | | | | | |
| for share based | - | | - | | - | | - | | - |
| payments | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| New shares issues | 507 | | 553 | | - | | - | | 1,060 |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| As at 31 March | 1,619 | | 4,475 | | 300 | | (4,731) | | 1,663 |
| 2010 | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | |
+--------------------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
CONSOLIDATED BALANCE SHEET
As at 31 March 2010 (31 December 2008)
+----------------------------------+----+------------+----------+------------+
| | | 31 March | | 31 |
| | | 2010 | | December |
| | | | | 2008 |
+----------------------------------+----+------------+----------+------------+
| | | GBP'000 | | GBP'000 |
+----------------------------------+----+------------+----------+------------+
| NON-CURRENT ASSETS | | | | |
+----------------------------------+----+------------+----------+------------+
| Intangible assets | | 343 | | 425 |
+----------------------------------+----+------------+----------+------------+
| Property, plant and equipment | | 868 | | 434 |
+----------------------------------+----+------------+----------+------------+
| Investments | | 18 | | 50 |
+----------------------------------+----+------------+----------+------------+
| | | 1,229 | | 909 |
+----------------------------------+----+------------+----------+------------+
| CURRENT ASSETS | | | | |
+----------------------------------+----+------------+----------+------------+
| Inventories | | 337 | | 312 |
+----------------------------------+----+------------+----------+------------+
| Trade and other receivables | | 1,374 | | 3,162 |
+----------------------------------+----+------------+----------+------------+
| Cash and cash equivalents | | 993 | | 531 |
+----------------------------------+----+------------+----------+------------+
| | | 2,704 | | 4,005 |
+----------------------------------+----+------------+----------+------------+
| TOTAL ASSETS | | 3,933 | | 4,914 |
+----------------------------------+----+------------+----------+------------+
| | | | | |
+----------------------------------+----+------------+----------+------------+
| CURRENT LIABILITIES | | | | |
+----------------------------------+----+------------+----------+------------+
| Trade and other payables | | (1,322) | | (1,645) |
+----------------------------------+----+------------+----------+------------+
| Borrowings | | (260) | | (450) |
+----------------------------------+----+------------+----------+------------+
| | | (1,582) | | (2,095) |
+----------------------------------+----+------------+----------+------------+
| NET CURRENT ASSETS | | 1,122 | | 1,910 |
+----------------------------------+----+------------+----------+------------+
| | | | | |
+----------------------------------+----+------------+----------+------------+
| NON-CURRENT LIABILITIES | | | | |
+----------------------------------+----+------------+----------+------------+
| Obligations under finance leases | | - | | (18) |
+----------------------------------+----+------------+----------+------------+
| Other | | (688) | | - |
+----------------------------------+----+------------+----------+------------+
| TOTAL LIABILITIES | | (2,270) | | (2,113) |
+----------------------------------+----+------------+----------+------------+
| | | | | |
+----------------------------------+----+------------+----------+------------+
| NET ASSETS | | 1,663 | | 2,801 |
+----------------------------------+----+------------+----------+------------+
| | | | | |
+----------------------------------+----+------------+----------+------------+
| EQUITY | | | | |
+----------------------------------+----+------------+----------+------------+
| Share capital | | 1,619 | | 1,112 |
+----------------------------------+----+------------+----------+------------+
| Share premium account | | 4,475 | | 3,922 |
+----------------------------------+----+------------+----------+------------+
| Merger reserve | | 300 | | 300 |
+----------------------------------+----+------------+----------+------------+
| Retained loss | | (4,731) | | (2,533) |
+----------------------------------+----+------------+----------+------------+
| TOTAL EQUITY | | 1,663 | | 2,801 |
+----------------------------------+----+------------+----------+------------+
| | | | | |
+----------------------------------+----+------------+----------+------------+
STATEMENT OF CONSOLIDATED CASH FLOWS
For the period 15 months ended 31 March 2010 (12 months ended 31 December 2008)
+----------------------------------+----+------------+----------+------------+
| | | 15 months | | 12 months |
| | | ended | | ended |
| | | 31 March | | 31 |
| | | 2010 | | December |
| | | | | 2008 |
| | | | | |
+----------------------------------+----+------------+----------+------------+
| | | GBP'000 | | GBP'000 |
+----------------------------------+----+------------+----------+------------+
| | | | | |
+----------------------------------+----+------------+----------+------------+
| Cash flows from operating | | 27 | | (1,130) |
| activities | | | | |
+----------------------------------+----+------------+----------+------------+
| | | | | |
+----------------------------------+----+------------+----------+------------+
| Investing activities | | | | |
+----------------------------------+----+------------+----------+------------+
| Interest received | | 3 | | 44 |
+----------------------------------+----+------------+----------+------------+
| Acquisition of plant, property | | (859) | | (98) |
| and equipment | | | | |
+----------------------------------+----+------------+----------+------------+
| Compensation received for | | 820 | | - |
| relocation | | | | |
+----------------------------------+----+------------+----------+------------+
| Acquisition of intangible assets | | (84) | | (219) |
+----------------------------------+----+------------+----------+------------+
| Net cash used in investing | | (120) | | (273) |
| activities | | | | |
+----------------------------------+----+------------+----------+------------+
| | | | | |
+----------------------------------+----+------------+----------+------------+
| Financing activities | | | | |
+----------------------------------+----+------------+----------+------------+
| Interest and similar expenses | | (57) | | (40) |
| paid | | | | |
+----------------------------------+----+------------+----------+------------+
| Repayment of borrowings | | (190) | | (200) |
+----------------------------------+----+------------+----------+------------+
| Invoice debt finance | | (244) | | 364 |
| acquired/(repaid) | | | | |
+----------------------------------+----+------------+----------+------------+
| Finance lease borrowings | | - | | 56 |
| acquired | | | | |
+----------------------------------+----+------------+----------+------------+
| Repayment of obligations under | | (15) | | (17) |
| finance leases | | | | |
+----------------------------------+----+------------+----------+------------+
| New shares issued | | 1,061 | | - |
+----------------------------------+----+------------+----------+------------+
| Net cash from financing | | 555 | | 163 |
| activities | | | | |
+----------------------------------+----+------------+----------+------------+
| | | | | |
+----------------------------------+----+------------+----------+------------+
| Net increase/(decrease) in cash | | 462 | | (1,240) |
| and cash equivalents | | | | |
+----------------------------------+----+------------+----------+------------+
| Cash and cash equivalents at | | 531 | | 1,771 |
| beginning of year | | | | |
+----------------------------------+----+------------+----------+------------+
| Cash and cash equivalents at | | 993 | | 531 |
| year end | | | | |
+----------------------------------+----+------------+----------+------------+
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1 BASIS OF PREPARATION
The financial information set out in the preliminary announcement does not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985, but is derived from those accounts. While the financial information
in this preliminary announcement has been prepared in accordance with
International Financial Reporting Standards (IFRS), this announcement does not
itself contain sufficient information to comply with IFRS. The IFRS accounting
policies applied in respect of the current period and prior years have
previously been disclosed with the exception of the following:
New Standards and Interpretations
In the current financial period, the Group has adopted IAS 1 "Presentation of
Financial Statements" (revised 2007) and IFRS 8 "Operating Segments". The main
change affecting Touch Group plc as a result of adopting IAS 1 (revised)
required the presentation of a statement of changes in equity as a primary
statement, separate from the income statement and statement of comprehensive
income. As a result, a consolidated statement of changes in equity has been
included as a primary statement, showing changes in each component of equity for
each period presented. The main change in adopting IFRS 8 is to disclose
segmental performance as management assess performance.
Going Concern
As discussed in the Chairman's Statement and the Operating and Financial Review,
the Company has suffered a significant reduction in revenues in the 15 months
ended 31 March 2010 which has resulted in a GBP2.2 million loss for the period
and has had to implement a number of significant actions to reverse this trend.
The level of success of these actions in increasing revenues combined with the
current economic conditions creates uncertainty, particularly over the level of
demand for our products and services, and our ability to convert our sales
opportunities.
The Company's forecasts and projections, after taking into account reasonable
assumptions with respect to trading performance, show that the Company should be
able to operate within the current levels of funding available. However, the
margin of forecast cash reserves over forecast requirements is not large and
inherently there can be no certainty in relation to these matters. The current
funding provided by the Company's bankers is not guaranteed for twelve months
from the date of approval of these financial statements; however, there are no
indications that the current facilities will not continue to be provided for
this period of time.
Having fully considered the above matters, the Directors have a reasonable
expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future. Thus they continue to adopt the going
concern basis of accounting in preparing the financial statements.
2 LOSS PER ORDINARY SHARE
+----------------------------+----+--+----------+----------+------------------+
| | | 15 months | 12 months ended |
| | | ended | 31 December 2008 |
| | | 31 March | |
| | | 2010 | |
+----------------------------+----+-------------+-----------------------------+
| | GBP'000 | | GBP'000 |
+---------------------------------+-------------+----------+------------------+
| |
| The calculation of the basic and diluted earnings per share is based on the |
| following: |
| |
+-----------------------------------------------------------------------------+
| Earnings | | | |
| Earnings for the purpose of basic | | | |
| and diluted earnings per share | (2,198) | | (769) |
+------------------------------------+----------+----------+------------------+
| | | | | | |
+----------------------------+----+--+----------+----------+------------------+
+----------------------------------+-------------+----------+---------------+
| |
| Number of shares |
+---------------------------------------------------------------------------+
| Weighted average number of | | | |
| ordinary shares for the purposes | | | |
| of basic and diluted earnings | 127,961,378 | | 111,191,921 |
| per share | | | |
+----------------------------------+-------------+----------+---------------+
Share options granted to employees could potentially dilute basic earnings per
share in the future but were not included in the calculation of diluted earnings
per share as they are anti-dilutive for the period presented.
3 NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
+-------------------------------+------------+----------+------------+
| | 15 months | 12 months ended 31 |
| | ended 31 | December |
| | March | 2008 |
| | 2010 | |
+-------------------------------+------------+-----------------------+
| | GBP'000 | | GBP'000 |
+-------------------------------+------------+----------+------------+
| | | | |
+-------------------------------+------------+----------+------------+
| Operating loss for the | (2,144) | | (773) |
| period: | | | |
+-------------------------------+------------+----------+------------+
| | | | |
| Adjustments for | | | |
+-------------------------------+------------+----------+------------+
| Depreciation of property, | 195 | | 86 |
| plant and equipment | | | |
+-------------------------------+------------+----------+------------+
| Amortisation of intangibles | 166 | | 88 |
+-------------------------------+------------+----------+------------+
| Impairment | 230 | | 99 |
+-------------------------------+------------+----------+------------+
| Share based payment | - | | 71 |
| charge/(credit) | | | |
+-------------------------------+------------+----------+------------+
| Operating cash flows before | | | |
| movements in working capital | (1,553) | | (429) |
+-------------------------------+------------+----------+------------+
| Increase in inventories | (25) | | (146) |
+-------------------------------+------------+----------+------------+
| Reduction/(Increase) in | 2,027 | | (526) |
| receivables | | | |
+-------------------------------+------------+----------+------------+
| Decrease in payables | (422) | | (29) |
+-------------------------------+------------+----------+------------+
| Net cash from operating | 27 | | (1,130) |
| activities | | | |
+-------------------------------+------------+----------+------------+
4. ANNUAL REPORT AND FINANCIAL STATEMENT FOR THE 15 MONTHS ENDED 31
MARCH 2010
The audited Annual Report and Financial Statements for the 15 months ended 31
March 2010 will be sent to shareholders and published at
www.touchbriefings.com/reports.htm before 31 August 2010
Copies of this announcement may be obtained from the Company's Registered
Office at Saffron House, 6-10 Kirby Street, London EC1N 8TS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Touch Group (LSE:TOU)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
