TIDMIMTK
RNS Number : 9961T
Imaginatik PLC
27 November 2013
27 November 2013
Imaginatik Plc
("Imaginatik" or the "Company")
Interim Results
Imaginatik plc (AIM: IMTK.L), the world's first full service
innovation provider, announces its unaudited results for the half
year ended 30 September 2013.
Imaginatik enables organisations to compete in the
information-rich, rapidly-changing 21(st) century by helping them
to build a sustainable innovation discipline.
Key points*
-- Revenue of GBP1.51m (2012 restated: GBP1.50m)
-- Loss after tax of GBP0.68m (2012 restated: GBP0.54m)
-- Deferred revenue as at 30 September 2013 of GBP2.34m (30
September 2012: restated: GBP2.36m)
-- Several significant contracts secured with new customers, including Shell in the UK
-- Improved level of renewals, with 97% of available revenue secured
-- Positive references in industry analysis from both Forrester and Gartner
-- Development of three new consultancy offerings, to be
launched in the second half of the year
-- Placing in May 2013 raising GBP1.26m before expenses
-- Cash position strengthened post period end due to signing
significant multi-year contract, announced 24 October 2013
-- Strong start to Q3, with the signing of several new
contracts; increased new business pipeline for remainder of the
year and beyond
*all financials for 2012 have been restated under the Company's
revised revenue recognition policy
Matt Cooper, Executive Chairman of Imaginatik, commented, "We
have enjoyed a strong start to the third quarter, signing several
new contracts and have a steadily growing pipeline of further
opportunities, both in the US and Europe. The focus for the
remainder of the year will be on building sales momentum and taking
our new product offerings out to the market. With the right
strategy, a strong team and extended offering, we remain confident
in the future success of Imaginatik."
For further information please contact:
Imaginatik plc Tel: 01329 243243
Matt Cooper, Executive Chairman / Shawn
Taylor, CFO
finnCap Tel: 0207 220
0500
Charlotte Stranner/ Victoria Bates
Newgate Threadneedle Tel: 020 7653
9850
Caroline Evans-Jones / Hilary Millar
About Imaginatik
Imaginatik(R) is the world's first full-service innovation
provider. We have 16 years of experience building innovation into a
sustainable competence at some of the world's largest and most
respected companies. Through a mix of consulting and advisory,
hands-on innovation projects and program management, and our
award-winning enterprise software platform, we help clients develop
innovation capability into a permanent competitive advantage.
Imaginatik is the trusted partner of leading organisations
including Blue Cross Blue Shield, CSC, Cargill, The World Bank,
Mayo Clinic, The Chubb Group of Insurance Companies, HCA, Dow
Chemical and Goodyear.
Imaginatik is a public company whose shares are traded on the
AIM market of the London Stock Exchange (LSE:IMTK.L) and is a World
Economic Forum Technology Pioneer with offices in Boston, MA, and
Fareham, UK. For more information visit www.imaginatik.com.
Introduction
We have had a solid first half, making operational and strategic
progress both in the US and Europe. The innovation market is
emerging in just the way that we envisaged. Leading industry
research houses, such as Forrester and Gartner, are now covering
the innovation industry as a standalone market. Innovation
conferences are taking place around the world, including what we
believe to be the world's first Chief Innovation Officer conference
next month in the US, at which we will be presenting, and
innovation is now broadly acknowledged as a business imperative at
board level.
Importantly, we are seeing evidence that our strategy to address
the big problem of innovation - how an organization can embed
innovation into its culture - is the right one. Analysts like it,
with both Gartner and Forrester highlighting Imaginatik as a
leading vendor for completeness of offering. Our ability to combine
consultancy with technology delivering a complete innovation
service continues to set us apart from all others in the
market.
Our integrated sales strategy is beginning to pay dividends. We
are having conversations with increasingly more senior people at
target customers and have secured some impressive new clients in
the period and post period end, including Shell in the UK and a
major Canadian bank. We are also pleased with the improved level of
renewals in the period, which was a key objective as stated in the
final results released in July 2013.
We continue to invest in our capabilities, extending aspects of
our service and look forward to launching three new consulting
offerings in the second half of the year.
Imaginatik is still in a period of transition and operationally
there remains much for us to do. But we remain confident that the
market is developing as we expected, that our strategy is the right
one and that we are well positioned for growth.
Financial Review
These are the first set of interim results to be reported under
a revised revenue recognition policy, within which the Company now
recognises all Technology revenue on a monthly basis over the life
of the contract. Previously a large element of the contract value
was attributed to the software licence fee and was recognised in
the month the contract was signed. The selection of accounting
policies in respect of revenue involves a degree of judgement and
having reconsidered this critical judgement, the directors now
consider it more appropriate to recognise this revenue evenly over
the term of the contract. This revised policy has been applied
retrospectively as it results in the financial statements providing
reliable and more relevant information about the effects of
transactions on the Company's financial position and financial
performance. This is due to the revised policy resulting in revenue
being recognised over a term which is more reflective of the
Company's on-going relationship with clients.
The primary impacts of the policy on the comparative year under
report have been as follows:
-- revenue for the six months to 30 September 2012 has decreased from GBP1.75m to GBP1.50m
-- the loss after tax for the six months to 30 September 2012
has increased from GBP0.28m to GBP0.54m
-- the amount of deferred revenue on the balance sheet as at 30
September 2012 has increased from GBP0.65m to GBP2.36m
-- cumulative losses carried forward as at 30 September 2012
have increased from GBP6.52m to GBP8.23m
-- EPS for H1 2012 increased to GBP0.08p loss per share from 0.04p loss per share
All numbers in the section below for the 6 months ended 30
September 2012 have been restated under the revised revenue
recognition policy.
Total recorded revenue for the six months to 30 September 2013
was GBP1.51m (2012: GBP1.50m). While the US continues to be our
core market, with revenues recognised from the region in the period
accounting for 85% of the total (2012: 93%), the European market
had a strong performance in the period and we anticipate this
continuing in the second half.
During the period, the Company had gross bookings of GBP1.74m
(2012: GBP1.75m) of which 31% was from up-selling our software and
consultancy services into existing customers, 30% from selling into
new clients, and 39% from renewals business (2012: 7%: 69%: 24%
respectively).
During the period we achieved a far higher renewals rate, with
97% by value of the available renewal revenue being contracted
(2012: 70%), with the loss of only one small client in the period.
This was offset by a lower level of new customers, adding 6 (2012:
17) including a significant multi-year contract with Shell, and
others being a mix of consulting or pilot software projects.
The Company had deferred revenue at 30 September 2013 of
GBP2.34m (30 September 2012: restated: GBP2.36m). This amount has
increased in the second half of the year due to the contracts
signed post period end.
Investment into our technology platform remains a key focus of
the Company. Improvements were made to core functionality in the
period and we have now largely completed our work on multi-lingual
capabilities and connectors for various corporate and social media
platforms. During the period, the Company capitalised internal
development costs amounting to GBP0.07m (2012: GBP0.12m).
The Company secured an R&D tax credit from HMRC of GBP0.11m
(2012: GBP0.13m) reflecting the pioneering nature of the research
and development work we undertake. This is reflected in the
taxation line in the consolidated statement of comprehensive
income.
Administrative expenses for the period increased by 9% to
GBP2.17m compared to the prior year, (2012: GBP2.00m) reflecting
the increased investment in consultancy personnel and marketing
activities. As a result of this investment, losses for the period
increased to GBP0.68m versus GBP0.54m for the prior period.
Cash outflows from operating activities were GBP1.02 million
(2012: GBP1.01 million). These outflows were met through the
institutional fundraising, referred to below. The Company's cash
position has been strengthened post period end as a result of
signing a significant multi-year contract announced on 24 October
2013.
The Company completed a placing of new ordinary shares with
institutional and other investors in May 2013 raising approximately
GBP1.26m before expenses. In addition, as part of the May 2013
funding round, certain of the Directors committed to being paid a
proportion of their salary in equity, subscribing for 262,400,000
new ordinary shares, raising a further GBP164,000. In addition to
providing working capital, these funds have strengthened the
financial position of the Company, providing reassurance to
existing and new clients as to the Company's continued ability to
provide and to develop its software and range of consulting
services. The funds are being used to expand Imaginatik's sales and
consulting capacity in the US and European markets.
In September 2013, the Company sold 54,053,815 ordinary shares
in the share capital of the Company that it was awarded in October
2012 as a result of the litigation with the former CEO. The total
consideration received as a result of this sale of shares was
GBP0.04m which was received post period end and has been accounted
for as a movement in reserves.
Operational Review
Customers
Of the six new customers won in the period, three were in the
US, being SPX, Ingredion and Flextronics, and three in the UK;
Shell, Digital Life Sciences and NATS, the UK's leading provider of
air traffic control services. All contain elements of consultancy
and technology, with Shell and Ingredion in particular being
excellent examples of the success of our integrated sales
approach.
Customer case study: Ingredion
Opportunity
For approximately five years the innovation team at Ingredion
Incorporated, a $5 billion global ingredient manufacturer, tried to
unlock its potential for big breakthrough ideas with limited
success. Incremental innovation was achieved through a steady
stream of ideas and insights, but the company wanted to think
bigger, commissioning Imaginatik to help produce three or four big
($30-$40M) ideas.
Approach
Imaginatik designed a two-day breakthrough workshop to foster
new thinking and new concepts. Using our platform, we worked with
internal groups to derive insights into Ingredion's products and
business model, and designed a programme pushing the team to look
outside Ingredion. The programme used perspectives from customers
and other external sources, such as third party experts, to develop
new breakthrough concepts.
Results
We identified five ideas that had the potential to meet the
brief all of which are moving towards implementation. Ingredion now
had a new way to consider its toughest problems, and with
Imaginatik's guidance developed a new method for using external
catalysts to spark the group's creative thinking process.
Consultancy offerings
Over the last six months we have developed three new offerings
integrating both software and consulting. Each offering leverages
our existing technology asset base, extends our consulting reach at
senior executive levels and represents an increased opportunity for
us to deliver on significantly larger sized engagements.
Innovation Governance
The offering is primarily a consultative and coaching model of
engagement, leveraging our decision making and innovation
monitoring tools. Innovation Governance targets the needs of senior
executives to improve their capability in executing on an
innovation agenda and attaining results. It represents an
opportunity for Imaginatik to engage more fully in the back end of
innovation, putting in place the operational model (roles, metrics,
process, portfolio, systems, structures) necessary for innovation
to demonstrate measurable value.
Big Ideas
This offering is intended to feed our existing challenge work
and provide a purposeful hook for our 3rd integrated offering:
'people centric' described below. Building on the success of our
newly launched Discovery Central offering, we are extending the
application of our Discovery method into a business strategy
approach to identify disruptive innovation and white space,
enabling the client to enter unchartered territories. It positions
us distinctly from existing competitors in innovation strategy in
that we can uniquely bring to bear a range of virtual tools and
live facilitation approaches to not only define but also to help
executives execute and monitor progress against expectations.
People Centric
This offering capitalises on the corporate trend in social
enterprise and is targeted at innovation leaders who want to get
more out of their existing investment in social technologies and
approaches. The goal is to build and scale communities across an
organisation, engaging them in purposeful and deliberate ways that
both generate ideas and build core knowledge. The offering is
intended to drive demand for our software and ultimately larger
consulting engagements around building full scale innovation
programs.
Marketing activities
Marketing efforts in the period have been focused on furthering
Imaginatik's ability to sell and deliver integrated innovation
consulting and software solutions to senior decision-makers.
From a brand-building perspective, the focus has been on
positioning innovation as an area that is the concern of the board
directly. To secure our elevated brand position, we've developed
core thought leadership around high level issues such as growth
strategy, competitive differentiation, and the customer
experience.
Building upon our adjusted positioning, demand generation
efforts have focused on relationship-based outreach and networking
by Imaginatik's sales organization. Outbound appointment-setting
and conference attendance have taken priority, allowing Imaginatik
sales and marketing to share our message face-to-face with senior
executives whenever possible.
Efforts to reinforce Imaginatik's strong webinar and blog
channels have continued to yield value. As the volume and quality
of our communications increases, we have seen an increased ability
to move sales prospects through the organisation.
Technology
During the period we have completed the work on making our
platform truly multilingual and this in now in use with several
customers on global initiatives. We have largely completed work on
providing connectors between various social media platforms and
Innovation Central, allowing workstreams to readily pass from one
platform to the other. We expect to complete this work in the
second half of the year as well as undertaking work on various new
quantitative data analysis tools within Innovation Central
providing further differentiation between Imaginatik and its
competitors.
Outlook
We have enjoyed a strong start to the third quarter, signing
several new contracts and have a steadily growing pipeline of
further opportunities, both in the US and Europe.
The focus for the remainder of the year will be on building
sales momentum and taking our new product offerings out to the
market. With the right strategy, a strong team and extended
offering, we remain confident in the future success of
Imaginatik.
Matt Cooper
Executive Chairman
27 November 2013
Imaginatik Plc
Condensed Unaudited Consolidated Interim Statement of
Comprehensive Income
For the six months ended 30 September 2013
Restated
Unaudited 6 months to 30 Unaudited 6 months to 30
Sept Sept Audited year to 31 March
2013 2012 2013
Note GBP'000 GBP'000 GBP'000
Revenue 1,512 1,500 3,009
Cost of sales (131) (170) (295)
Gross profit 1,381 1,330 2,714
-------------------------- -------------------------- ---------------------------
Administrative expenses (2,168) (1,997) (3,980)
Operating loss before
financing and taxation (787) (667) (1,266)
Operating loss before share
option costs (736) (617) (1,187)
Share option costs (51) (50) (79)
--------------------------- ---- -------------------------- -------------------------- ---------------------------
Finance income/(costs) - - (7)
Loss on ordinary activities
before taxation (787) (667) (1,273)
Taxation 105 131 131
Loss on ordinary activities
for the period (682) (536) (1,142)
-------------------------- -------------------------- ---------------------------
Basic and diluted loss per
share (p) 4 (0.03) (0.08) (0.15)
-------------------------- -------------------------- ---------------------------
All amounts are attributable to equity holders of the parent,
and all arise from continuing operations. No amounts were
recognised directly in equity, and therefore no separate statement
of comprehensive income has been presented.
Imaginatik Plc
Condensed Unaudited Consolidated Interim Statement of Financial
Position
As at 30 September 2013
Restated
Unaudited Unaudited
30 Sept 30 Sept
2013 2012 Audited 31 March 2013
Note GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 24 46 29
Intangible assets 284 161 254
Trade & other receivables 381 345 339
--------- ---------- ---------------------
689 552 622
Current assets
Trade and other receivables 1,499 1,735 1,063
Cash and cash equivalents 215 305 136
1,714 2,040 1,199
--------- ---------- ---------------------
Total assets 2,403 2,592 1,821
--------- ---------- ---------------------
EQUITY AND LIABILITIES
Equity
Issued capital 6 1,637 341 341
Share premium 6 6,467 6,592 6,592
Share option reserve 6 894 814 843
Retained earnings 6 (9,482) (8,232) (8,838)
--------- ---------- ---------------------
Total equity attributable to equity holders of the parent (484) (485) (1,062)
--------- ---------- ---------------------
Liabilities
Non-current liabilities
Other payables 852 225 115
--------- ---------- ---------------------
Total non-current liabilities 852 225 115
--------- ---------- ---------------------
Current liabilities
Trade and other payables 2,035 2,852 2,768
2,035 2,852 2,768
--------- ---------- ---------------------
Total liabilities 2,887 3,077 2,883
--------- ---------- ---------------------
Total equity and liabilities 2,403 2,592 1,821
--------- ---------- ---------------------
Imaginatik Plc
Condensed Unaudited Consolidated Interim Statement of Cash
Flows
For the six months ended 30 September 2013
Unaudited
6 months Restated
to 30 Sept Unaudited
Note 2013 6 months to 30 Sept 2012 Audited Year to 31 March 2013
GBP'000 GBP'000 GBP'000
Cash outflows from operating activities 7 (1,021) (1,007) (1,072)
----------- ------------------------- -----------------------------
Investing activities
Acquisition of property, plant and
equipment (5) (18) (17)
Acquisition of intangible assets (66) (120) (226)
----------- ------------------------- -----------------------------
Net cash used in investing activities (71) (138) (243)
----------- ------------------------- -----------------------------
Net cash flow before financing activities (1,092) (1,145) (1,315)
----------- ------------------------- -----------------------------
Financing activities
Net proceeds from the issue of share
capital 1,171 907 908
Net cash generated from financing
activities 1,171 907 908
----------- ------------------------- -----------------------------
Net (decrease)/increase in cash and cash
equivalents 79 (238) (407)
Cash and cash equivalents at start of
period 136 543 543
Net foreign exchange difference - - -
----------- ------------------------- -----------------------------
Cash and cash equivalents at end of
period 215 305 136
----------- ------------------------- -----------------------------
Imaginatik Plc
Condensed Unaudited Consolidated Interim Statement of Changes in
Equity
For the six months ended 30 September 2013
Share capital Share premium Share option reserve Retained earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April 2012 321 5,704 764 (7,696) (907)
-------------- -------------- --------------------- ------------------ --------
Loss for the period - - - (536) (536)
Share option costs - - 50 - 50
Shares issued 20 888 - - 908
-------------- -------------- --------------------- ------------------ --------
20 888 50 (536) 422
Balance at 30 September 2012 341 6,592 814 (8,232) (485)
-------------- -------------- --------------------- ------------------ --------
Loss for the period - - - (606) (606)
Share option costs - - 29 - 29
Shares issued - - - - -
-------------- -------------- --------------------- ------------------ --------
- - 29 (606) (577)
Balance at 31 March 2013 341 6,592 843 (8,838) (1,062)
-------------- -------------- --------------------- ------------------ --------
Loss for the period - - - (682) (682)
Share option costs - - 51 - 51
Sale of Treasury shares - - - 38 38
Shares issued 1,296 (125) - - 1,171
-------------- -------------- --------------------- ------------------ --------
1,296 (125) 51 (644) 578
Balance at 30 September 2013 1,637 6,467 894 (9,482) (484)
-------------- -------------- --------------------- ------------------ --------
Imaginatik Plc
Notes to the Condensed Unaudited Consolidated Interim Financial
Statements
For the six months ended 30 September 2013
1. Background
Imaginatik plc (the "Company") is a company domiciled in the
United Kingdom. The unaudited condensed consolidated interim
financial statements of the Company for the six months ended 30
September 2013 comprise the Company and its subsidiary (together
referred to as the "Group").
The condensed consolidated interim financial statements were
authorised for issuance on 27 November 2013.
The interim financial statements are not statutory accounts for
the purposes of S435 of the Companies Act 2006. The comparative
figures for the year ended 31 March 2013 are not the Company's
statutory accounts for that financial year. The financial
information for the year ended 31 March 2013 is based on the
statutory accounts for the financial year ended 31 March 2013.
Those accounts have been reported on by the Company's auditors and
delivered to the Registrar of Companies. The report of the auditors
was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report, and (iii) did not contain a
statement under section 498(2) or (3) of the Companies Act
2006.
2. Basis of preparation
The financial statements are presented in pounds sterling,
rounded to the nearest thousand, unless stated otherwise. They are
prepared on the historical cost basis.
These interim financial statements have been prepared using
accounting policies based on IFRS as adopted by the European Union
(including IAS and interpretations issued by the International
Financial Reporting Interpretations Committee ("IFRIC")) that are
expected to be applicable for the full reporting year in 2013.
These remain subject to ongoing amendment and/or interpretation and
are therefore subject to possible change. Consequently, information
contained in these interim financial statements may need updating
for any subsequent amendments to IFRS, or for any new standards
that the Group may elect to adopt early.
The accounting policies have been applied consistently
throughout the Group for purposes of these condensed unaudited
consolidated interim financial statements.
3. Prior period adjustment
The directors revised the revenue recognition policy for the
software licence fee element of the Technology services provided in
the Audited Financial Statements for the year ended 31 March 2013.
Previously an element of the contract value was attributed to
provision of the licence and recognised in the month the contract
was signed.
The primary impacts of the policy on the financial years under
report have been as follows:
-- Revenue for the period ended 30 September 2012 decreased by
GBP0.25m from GBP1.75m to GBP1.50m and for the year ended 31 March
2013 decreased by GBP0.12m from GBP3.13m to GBP3.01m.
-- The loss after tax for the period ended 30 September 2012
increased by GBP0.25m from GBP0.28m to GBP0.54m and for the year to
31 March 2013 has increased by GBP0.12m from GBP1.02m to
GBP1.14m.
-- The amount of deferred revenue on the balance sheet for the
period ended 30 September 2012 increased by GBP1.71m from GBP0.65m
to GBP2.36m and for the year ended 31 March 2013 increased by
GBP1.58m from GBP0.87m to GBP2.45m.
-- Cumulative losses carried forward as at 30 September 2012
increased by GBP1.71m from GBP6.52m to GBP8.23m and as at 31 March
2013 increased by GBP1.58m from GBP7.26m to GBP8.84m.
-- EPS for the period ended 30 September 2012 decreased to 0.08p
loss per share from 0.04p loss per share.
-- EPS for the year ended 31 March 2013 decreased to 0.15p loss
per share from 0.13p loss per share.
4. Loss per share
Basic loss per share
The calculation of basic loss per share for the period ended 30
September 2013 was based on the loss attributable to ordinary
shareholders of GBP682,000 (period ended 30 September 2012:
GBP536,000; year ended 31 March 2013: GBP1,142,000) and a weighted
average number of ordinary shares outstanding during the period
ended 30 September 2013 of 2,420,597,410 (period ended 30 September
2012: 684,252,511; year ended 31 March 2013: 763,032,110).
Diluted loss per share
The options in place during the periods ended 30 September 2013
and 30 September 2012 and during the year ended 31 March 2013 are
considered to have an anti-dilutive effect. Therefore, basic and
diluted loss per share is the same for each of the three
periods.
5. Segmental reporting
Management currently identifies the Group's two revenue streams
as its operating segments. These operating segments are monitored
by the Group's Chief Operating Decision Maker. Only revenues are
reported by operating segment to the Group's Chief Operating
Decision Maker as profits or losses, other costs and assets and
liabilities cannot be reliably allocated to the operating
segments.
Restated
Unaudited Unaudited Audited
6 months 6 months Year to
to 30 Sept to 30 Sept 31 March
2013 2012 2013
GBP'000 GBP'000 GBP'000
Segmental revenue
Technology 1,252 1,209 2,456
Consultancy 260 291 553
------------ ------------ ----------
1,512 1,500 3,009
------------ ------------ ----------
All other information presented to the Chief Operating Decision
Maker is the same as is reported in these financial statements.
The Group's revenues from external customers and its non-current
assets are divided into the following geographical areas:
Unaudited
6 months
to 30 Sept Restated Audited Year to
2013 Unaudited 6 months to 30 Sept 2012 31 March 2013
GBP'000 GBP'000 GBP'000
Segmental revenue
United States of America 1,284 1,397 2,628
Rest of the world 228 103 381
1,512 1,500 3,009
----------- ----------------------------------- ---------------
Segmental non-current assets
United States of America 265 205 309
Rest of the world 424 347 313
----------- ----------------------------------- ---------------
689 552 622
----------- ----------------------------------- ---------------
Revenues from external customers have been identified on the
basis of the customer's geographical location. Non-current assets
are allocated based on their physical location.
The Group has one customer (2012: nil customers), who accounted
for revenues of GBP164,000 (2012: GBPnil), which amounted to more
than 10% of Group revenues. These revenues arose in the Technology
segment.
6. Share Capital and Reserves
Unaudited
6 months Restated Audited Year to
to 30 Sept Unaudited 6 months 31 March
2013 to 30 Sept 2012 2013
GBP'000 GBP'000 GBP'000
Share Capital
At the beginning of the period 341 321 321
Shares issued 1,296 20 20
----------- ------------------- ---------------
At the end of the period 1,637 341 341
----------- ------------------- ---------------
Share premium
At the beginning of the period 6,592 5,704 5,704
Shares issued in the period, net of expenses (125) 888 888
----------- ------------------- ---------------
At the end of the period 6,467 6,592 6,592
----------- ------------------- ---------------
Share option reserve
At the beginning of the period 843 764 764
Share-based payments 51 50 79
----------- ------------------- ---------------
At the end of the period 894 814 843
----------- ------------------- ---------------
Retained earnings
At the beginning of the period (8,838) (7,696) (7,696)
Loss for the period (682) (536) (1,142)
Sale of Treasury shares 38 - -
----------- ------------------- ---------------
At the end of the period (9,482) (8,232) (8,838)
----------- ------------------- ---------------
7. Cash flows from operating activities
Unaudited
6 months Restated
to 30 Sept Unaudited 6 months Audited Year to
2013 to 30 Sept 2012 31 March 2013
GBP'000 GBP'000 GBP'000
Operating loss (787) (667) (1,266)
Depreciation of tangible fixed assets 10 23 39
Amortisation of intangible fixed assets 36 10 23
Share-based payment expense 51 50 79
----------- ------------------- ---------------
Operating cash flows before movements in working capital (690) (584) (1,125)
(Increase) / decrease in trade and other receivables (440) (941) (262)
Increase / (decrease) in payables 4 387 191
----------- ------------------- ---------------
Net movement in working capital (436) (554) (71)
----------- ------------------- ---------------
Cash used by operations (1,126) (1,138) (1,196)
----------- ------------------- ---------------
Corporation tax received 105 131 131
Net interest expense - - (7)
----------- ------------------- ---------------
Net cash from operating activities (1,021) (1,007) (1,072)
----------- ------------------- ---------------
8. Availability of announcement
Copies of this announcement will be available from the Company's
offices at Carnac Cottage, Cams Hall Estate, Fareham, Hampshire,
PO16 8UU and from its website, www.imaginatik.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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