TIDMAVI
RNS Number : 5275W
Avisen PLC
30 July 2009
30 July 2009
Avisen plc
("Avisen" or the "Company")
Final results for the 11 month period ended 31 January 2009
The board of directors ("Board") of Avisen, the AIM quoted performance
management specialist, is pleased to announce the Company's final results for
the 11 month period ended 31 January 2009.
Highlights
* Net profit increased to GBP505,229 (2008: Net loss of GBP4,910,515)
* EPS of 2.1p (2008: Loss per Share 20.7p)
* Avisen Group Limited acquired by the AIM quoted cash shell Z GROUP plc on 2nd
February 2009 in a reverse take-over transaction
Post Balance Sheet Highlights
* Three acquisitions completed; Wexner Global Limited, Eon Enterprises Limited and
Quadrum Consulting (Propriety) Limited
* Fourth acquisition, Inca Holdings Limited, announced 17 July 2009 - completion
imminent
Marcus Hanke, CEO of Avisen, commented:
"Avisen's management team has grown the business rapidly in a relatively short
period of time, both organically and through the pursuit of a targeted
"buy-and-build" strategy. We are confident that we can continue to deliver
growth and are excited by the prospect of becoming a leading player in the
business intelligence and performance management market."
For further information, please contact:
+----------------------------------------------------------+----------------------+
| Avisen plc | |
+----------------------------------------------------------+----------------------+
| Marcus Hanke (CEO) | Tel: +44 (0)870 |
| | 8802978 |
+----------------------------------------------------------+----------------------+
| Louis Peacock (Executive Director and Acting CFO) | Tel: +44 (0)7899 |
| | 667533 |
+----------------------------------------------------------+----------------------+
| | |
+----------------------------------------------------------+----------------------+
| NOMAD and Broker: | |
+----------------------------------------------------------+----------------------+
| John East & Partners Limited, a subsidiary of Merchant | Tel: +44 (0)20 |
| Securities Plc | 76282200 |
+----------------------------------------------------------+----------------------+
| Bidhi Bhoma | |
+----------------------------------------------------------+----------------------+
| | |
+----------------------------------------------------------+----------------------+
| Financial PR: | |
+----------------------------------------------------------+----------------------+
| Bishopsgate Communications | Tel: +44 (0)20 7562 |
| | 3355 |
+----------------------------------------------------------+----------------------+
| Robyn Samuelson/Siobhra Murphy | |
+----------------------------------------------------------+----------------------+
| avisen@bishopsgatecommunications.com | |
+----------------------------------------------------------+----------------------+
CHAIRMAN'S STATEMENT
I am pleased to present the results of the Company for the 11 month period ended
31 January 2009 (the Company's accounting reference date having been changed
from 28 February to 31 January to reflect the acquisition of Avisen Group
Limited ("Avisen Group"), described below).
RESULTS
The profit on ordinary activities after taxation for the period amounted to
GBP505,229 (2008 - loss GBP4,910,515) representing earnings per share of 2.1
pence (2008 - loss per share 20.7 pence).
BACKGROUND INFORMATION ON THE COMPANY
Z GROUP plc was incorporated on 20 April 2005 and admitted to trading on AIM on
21 June 2005. At that time, the Company operated in the software and computer
services sector. Following the disposal of its trading subsidiaries on 7 January
2008, the Company no longer had a trading business and accordingly the Company
became an investing company pursuant to Rule 15 of the AIM Rules. In January
2008, the directors at that time stated that the Company intended to implement
an investing strategy, in accordance with the AIM Rules, and seek a suitable
investment opportunity for the Company, being a target in the technology, media
or sciences sectors. Any potential acquisition would also need to satisfy the
main criteria of having an experienced management team, a sizeable projected
market for the target's products and/or services and the promising potential
growth of that market.
KEY ACQUISITION
Having reviewed a large number of potential acquisition candidates, the business
and future prospects of Avisen Group, a business and technology consultancy
specialising in performance management, was seen to represent a significant
opportunity for shareholders.
On 7 January 2009, the Company entered into a conditional acquisition agreement
to acquire the entire issued share capital of Avisen Group, with the
consideration to be satisfied by the issue of 86,666,667 new ordinary shares.
The acquisition was conditional on the passing of certain resolutions proposed
at a general meeting held on 30 January 2009 with re-admission to the AIM market
becoming effective on 2 February 2009. Further information on Avisen Group and
the rationale behind the acquisition is set out in the Company's AIM Admission
Document which is available from the Company's website, www.avisenplc.com.
At the general meeting held on 30 January 2009, all resolutions were duly
passed, which, subject only to the shares of the enlarged group being readmitted
to trading on AIM, resulted in the Company completing the acquisition of Avisen
Group and the Company's name being changed to Avisen plc.
EVENTS AFTER 31 JANUARY 2009, INCLUDING BOARD CHANGES AND ACQUISITIONS
The Company was readmitted to trading on AIM on 2 February 2009.
Upon completion of the acquisition, Marcus Hanke, Andrew Turner, Louis Peacock
and Keith Jones were appointed to the Board and Ian Smith resigned from the
Board. Jon Claydon remained as Non-Executive Chairman, Marcus Yeoman remained as
a Non-Executive Director and Marcus Hanke was appointed as Chief Executive
Officer. Duncan Neale resigned as Finance Director on 30 June 2009, at which
point Louis Peacock was appointed as Interim Finance Director.
During the period since the end of the financial year the Company has completed
three acquisitions; Wexner Global Limited ("Wexner"), Eon Enterprises Limited
("Eon") and Quadrum Consulting (Propriety) Limited ("Quadrum"). A fourth
acquisition, Inca Holdings Limited, was announced on 17 July 2009 and is
expected to be completed shortly.
Wexner has a successful history of working with blue chip clients to develop and
implement their strategy. It works with them, with the aim of improving their
profitability through increased productivity and cost reduction, transforming
both their finance and their operational functions. The purchase of Wexner's
assets, including its industry know-how and contacts, not only provides Avisen
with access to Wexner's client base, but augments the Company's ability to
provide high-end consulting and advisory services.
Eon's sole wholly owned subsidiary, Infocube Limited ("Infocube") is a leading
IBM Cognos Business Partner. Infocube, founded in 1988, provides practical and
cost-effective business intelligence, planning, forecasting and data warehousing
solutions for its clients. Infocube works in partnership with Cognos, an IBM
company, which is the world's leading developer of Enterprise Business
Intelligence and Performance Management software, in order to provide a
comprehensive range of services, including software licences, consultancy,
development, training and post implementation support.
Quadrum, founded in 2006, is a South African business which provides business
intelligence, planning, forecasting and activity based costing and financial
consolidation solutions for its clients. Quadrum works in partnership with IBM
Cognos in order to provide a comprehensive range of services, including software
licenses, consultancy, development, training and post implementation support.
Avisen is now positioned as a leading IBM Cognos reseller and consultancy both
in the UK and in South Africa. The Company will have access to both Quadrum's
blue-chip client base and its pool of skilled resources, which are intended to
augment Avisen's offshore services capability.
The Board is delighted with the acquisitions and the process of integrating the
businesses is either completed or well underway. These acquisitions are in line
with the Company's stated strategy and the Board believes that they, in addition
to Inca Holdings Limited, will make a significant contribution to the revenues
of the Company and will improve its competitive position.
PROSPECTS
Avisen's management team have grown the business rapidly in a relatively short
period of time, both organically and through the pursuit of a targeted
"buy-and-build" strategy. We are confident that we can continue to deliver
growth and are excited by the prospect of becoming a leading player in the
business intelligence and performance management market.
JON CLAYDON
Non-executive Chairman
30 July 2009
CONSOLIDATED INCOME STATEMENT FOR THE 11 MONTH PERIOD ENDED 31 JANUARY 2009
+---------------------------------------+-------+----------------+----------------+
| |Notes | 11 months | Year ended |
| | | ended | 29 February |
| | | 31 January | 2008 |
| | | 2009 | GBP |
| | | GBP | |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Revenue | | 8,750 | - |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Cost of sales | | (5,000) | - |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Share based payments credit | | 636,972 | 383,667 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Other administrative expenses | | (269,725) | (860,830) |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Proceeds on disposal of investments | | - | 60,000 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Write down of investments | | - | (4,638,803) |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| OPERATING PROFIT / (LOSS) | 2 | 370,997 | (5,055,966) |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Finance income | 3 | 64,232 | 53,404 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Other income | 3 | 70,000 | 91,231 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| PROFIT / (LOSS) BEFORE INCOME TAX | | 505,229 | (4,911,331) |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Income tax credit | 4 | - | 816 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| PROFIT / (LOSS) FOR THE PERIOD | | 505,229 | (4,910,515) |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| EARNINGS / (LOSS) PER SHARE (pence) | | | |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Basic | 5 | 2.13 | (20.68) |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Diluted | 5 | 2.11 | (20.68) |
+---------------------------------------+-------+----------------+----------------+
AUDITED CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2009
+---------------------------------------+-------+----------------+----------------+
| |Notes | 31 January | 29 February |
| | | 2009 | 2008 |
| | | GBP | GBP |
+---------------------------------------+-------+----------------+----------------+
| ASSETS | | | |
+---------------------------------------+-------+----------------+----------------+
| Investments | 6 | - | - |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Property, plant and equipment | | 1,501 | 10,898 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Other receivables | | 117,500 | 117,500 |
+---------------------------------------+-------+----------------+----------------+
| Non-current assets | | 119,001 | 128,398 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Trade and other receivables | | 377,959 | 374,552 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Cash and cash equivalents | 7 | 1,165,131 | 1,203,824 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Current assets | | 1,543,090 | 1,578,376 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Total assets | | 1,662,091 | 1,706,774 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| EQUITY AND LIABILITIES | | | |
+---------------------------------------+-------+----------------+----------------+
| Capital and reserves attributable to | | | |
| equity holders of the Company | | | |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Share capital | | 1,187,294 | 1,187,294 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Share premium account | | 5,967,758 | 5,967,758 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Share option reserve | | 63,410 | 700,382 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Retained losses | | (5,793,965) | (6,299,194) |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Total equity | | 1,424,497 | 1,556,240 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Trade and other payables | | 237,594 | 150,534 |
+---------------------------------------+-------+----------------+----------------+
| Current liabilities | | 237,594 | 150,534 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Total liabilities | | 237,594 | 150,534 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
| Total equity and liabilities | | 1,662,091 | 1,706,774 |
+---------------------------------------+-------+----------------+----------------+
| | | | |
+---------------------------------------+-------+----------------+----------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 11 MONTH PERIOD ENDED 31
JANUARY 2009
+------------------------+-----------+-----------+-----------+-------------+-----------+
| | Share | Share | Share | Retained | Total |
| | capital | premium | based | earnings | |
| | | | payments | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| Balance at 1 March | 1,187,294 | 5,967,758 | 700,382 | (6,299,194) | 1,559,240 |
| 2008 | | | | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| Share option credit in | | | (636,972) | | (636,972) |
| the year | | | | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| Profit for the period | | | | 505,229 | 505,229 |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| Total recognised | - | - | (636,972) | 505,229 | (131,743) |
| income and expense for | | | | | |
| the period | | | | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| Balance at 31 January | 1,187,294 | 5,967,758 | 63,410 | (5,793,965) | 1,424,497 |
| 2009 | | | | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | |
+------------------------+-----------+-----------+-----------+-------------+-----------+
CONSOLIDATED CASH FLOW STATEMENT FOR THE 11 MONTH PERIOD ENDED 31 JANUARY 2009
+----------------------------------------------+-----------------+-----------------+
| | 11 months ended | Year ended |
| | 31 January | 29 February |
| | 2009 | 2008 |
| | GBP | GBP |
+----------------------------------------------+-----------------+-----------------+
| Cash flows from operating activities | | |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Operating profit / (loss) | 370,997 | (5,055,966) |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Depreciation | 3,599 | 32,711 |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Amortisation | - | 510 |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Share option credit | (636,972) | (383,667) |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Write down of investments sold in the year | - | 16,991,305 |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| (Increase) / Decrease in trade and other | (3,406) | 2,388,261 |
| receivables | | |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Increase / (Decrease) in trade and other | 87,060 | (14,417,368) |
| payables | | |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Write down of web development costs and | - | 1,807 |
| domain names | | |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Write down of property, plant and equipment | 5,798 | - |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Cash used in operations | (172,924) | (442,407) |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Income tax credit | - | 816 |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Net cash (used in) operating activities | (172,924) | (441,591) |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Cash flows from investing activities | | |
+----------------------------------------------+-----------------+-----------------+
| Purchase of property, plant and equipment | - | (5,340) |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Proceeds from the sale of property, plant | - | 99,649 |
| and equipment | | |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Repayment of overdraft | 705 | - |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Interest received | 64,232 | 53,404 |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Other income | 70,000 | 91,231 |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Net cash from / (used in) investing | 134,937 | 238,944 |
| activities | | |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Net (decrease) in cash and cash equivalents | (37,987) | (202,647) |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Cash and cash equivalents at the beginning | 1,203,118 | 1,405,765 |
| of the period | | |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Cash and cash equivalents at the end of the | 1,165,131 | 1,203,118 |
| period | | |
+----------------------------------------------+-----------------+-----------------+
NOTES TO THE PRELIMINARY RESULTS FOR THE 11 MONTH PERIOD ENDED 31 JANUARY 2009
1. BASIS OF PREPARATION
These financial statements have been prepared in accordance with International
Financial Reporting Standards, International Accounting Standards and
Interpretations (collectively IFRS) issued by the International Accounting
Standards Board (IASB) as adopted by European Union ("adopted IFRSs"), and are
in accordance with IFRS as issued by the IASB.
The financial information set out above does not constitute the Company's
statutory accounts for the year ended 29 February 2008 and the 11 month period
to 31 January 2009, but is derived from those accounts. Statutory accounts for
the year ended 29 February 2008 have been delivered to the Registrar of
Companies and those for the 11 month period ended 31 January 2009 will be
delivered following the Company's Annual General Meeting. The Auditors have
reported on those accounts; their reports were unqualified and did not contain
statements under the Companies Act 1985, sections 237(2) or (3).
2. OPERATING PROFIT / (LOSS)
+----------------------------------------------+----------------+----------------+
| | 11 months | Year ended |
| | ended | 29 February |
| | 31 January | 2008 |
| | 2009 | GBP |
| | GBP | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| The Company's operating profit (2008: loss) | | |
| is shown after charging / (crediting): | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Significant items: | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Write down on sale of fixed asset | - | 4,638,803 |
| investments | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Share based payments (credit) / charge | (636,972) | (383,667) |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Depreciation | 3,599 | 32,711 |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Amortisation | - | 510 |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Fees payable to the Company's auditor for | 5,000 | 12,000 |
| the audit of the Company's annual accounts | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Other services related to taxation | 11,000 | 14,600 |
+----------------------------------------------+----------------+----------------+
3. FINANCE & OTHER INCOME
+--------------------------------------------------------------+----------------------+----------------------+
| | 11 months ended | Year ended |
| | 31 January | 29 February |
| | 2009 | 2008 |
| | GBP | GBP |
| | | |
+--------------------------------------------------------------+----------------------+----------------------+
| Bank interest receivable | 64,232 | 53,404 |
+--------------------------------------------------------------+----------------------+----------------------+
| | | |
+--------------------------------------------------------------+----------------------+----------------------+
| Dividend income | 70,000 | - |
+--------------------------------------------------------------+----------------------+----------------------+
| | | |
+--------------------------------------------------------------+----------------------+----------------------+
| Rent income | - | 91,231 |
+--------------------------------------------------------------+----------------------+----------------------+
| | | |
+--------------------------------------------------------------+----------------------+----------------------+
| Finance and other income | 134,232 | 144,635 |
+--------------------------------------------------------------+----------------------+----------------------+
| | | |
+--------------------------------------------------------------+----------------------+----------------------+
4. INCOME TAX CREDIT
+----------------------------------------------+----------------+----------------+
| | 11 months | Year ended |
| | ended | 29 February |
| | 31 January | 2008 |
| | 2009 | GBP |
| | GBP | |
+----------------------------------------------+----------------+----------------+
| Factors affecting tax charge for period: | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Profit / (Loss) on ordinary activities | 505,229 | (4,911,331) |
| before tax | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Profit / (Loss) on ordinary activities | 151,569 | (1,473,399) |
| multiplied by standard rate of corporation | | |
| tax in the UK of 30% (2008: 30%) | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Effects of: | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Expenses not deductible for tax purposes | 7,249 | 133,326 |
+----------------------------------------------+----------------+----------------+
| Temporary differences in the recognition of | - | 15,507 |
| profits or losses not recognised for tax | | |
| purposes | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Losses not recognised for tax purposes | (158,818) | 1,439,666 |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Adjustment in respect of previous period's | - | (816) |
| income tax | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Share based payments not recognised for tax | - | (115,100) |
| purposes | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Tax credit for the period | - | (816) |
+----------------------------------------------+----------------+----------------+
5. EARNINGS / (LOSS) PER SHARE
+----------------------------------------------+----------------+----------------+
| | 31 January | 29 February |
| | 2009 | 2008 |
| | No. | No. |
+----------------------------------------------+----------------+----------------+
| Weighted average number of shares: | | |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| For basic earnings per share | 23,745,885 | 23,745,885 |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Dilutive effect of share options | 200,775 | - |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| For diluted earnings per share | 23,946,660 | 23,745,885 |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Profit / (Loss) for the period | GBP505,229 | GBP(4,910,515) |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| Earnings / (Loss) per share: | | |
+----------------------------------------------+----------------+----------------+
| | pence | pence |
+----------------------------------------------+----------------+----------------+
| | | |
+----------------------------------------------+----------------+----------------+
| - Basic | 2.13 | (20.68) |
| - Diluted | 2.11 | (20.68) |
+----------------------------------------------+----------------+----------------+
6. INVESTMENTS
+---------------------------------------------------------------+----------------+
| Cost and net book value: | GBP |
+---------------------------------------------------------------+----------------+
| At 1 March 2008 | 16,991,305 |
+---------------------------------------------------------------+----------------+
| | |
+---------------------------------------------------------------+----------------+
| Book value of investments sold in the year | (16,991,305) |
+---------------------------------------------------------------+----------------+
| At 31 January 2009 | - |
+---------------------------------------------------------------+----------------+
7. CASH AND CASH EQUIVALENTS
+----------------------+--------------+--------------+--------------+--------------+
| | 31 January | 31 January | 29 February | 29 February |
+----------------------+--------------+--------------+--------------+--------------+
| | 2009 | 2009 | 2008 | 2008 |
+----------------------+--------------+--------------+--------------+--------------+
| | GBP | Fixed | GBP | Fixed |
| | | interest | | interest |
| | | rate thereon | | rate thereon |
+----------------------+--------------+--------------+--------------+--------------+
| | | | | |
+----------------------+--------------+--------------+--------------+--------------+
| Current account | 26,006 | 0.00% | 43,614 | 0.00% |
+----------------------+--------------+--------------+--------------+--------------+
| Deposit accounts | 1,139,125 | 5.65% | 1,160,210 | 5.65% |
+----------------------+--------------+--------------+--------------+--------------+
| | | | | |
+----------------------+--------------+--------------+--------------+--------------+
| | 1,165,131 | | 1,203,824 | |
+----------------------+--------------+--------------+--------------+--------------+
8. RELATED PARTY TRANSACTIONS
The only key management personnel of the Company are the Directors. Details of
the compensation of the key management personnel, as required by IAS 24 "Related
Party Disclosures", are disclosed in note 6 of the report and accounts of the
Company for the 11 month period to 31 January 2009.
Jack Bekhor and Jamie True purchased the trading subsidiaries of the Company on
7 January 2009 (the "MBO"). Jack Bekhor and Jamie True remain related parties of
the Company in their capacity as significant shareholders of the Company. A
summary follows of the movements in the debt due to and from these related
parties up to 31 January 2009:
+----------------------------------------------+-----------------+-----------------+
| | 11 months ended | Year ended |
| | 31 January | 28 February |
| | 2009 | 2008 |
| | GBP | GBP |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Opening debt due from / (to) related parties | 328,534 | 590,447 |
| | | |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Cash forwarded by the Company to the related | - | 4,512,109 |
| parties | | |
+----------------------------------------------+-----------------+-----------------+
| Cash forwarded by the related parties to the | (234,059) | (4,757,361) |
| Company | | |
+----------------------------------------------+-----------------+-----------------+
| Other re-charges from the related parties | - | 332,552 |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Other re-charges from the Company | - | (20,205) |
+----------------------------------------------+-----------------+-----------------+
| Loan waiver to ex-subsidiary | - | (329,008) |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
| Closing debt due from related parties | 94,475 | 328,534 |
+----------------------------------------------+-----------------+-----------------+
| | | |
+----------------------------------------------+-----------------+-----------------+
The closing debt of GBP94,475 has been paid to the Company after the period end.
9. POST BALANCE SHEET EVENTS
On 2 February 2009 Avisen Plc (formerly Z Group plc) acquired Avisen Group
Limited.
10. DIVIDENDS
The directors are unable to recommend the payment of a dividend.
11. COPIES OF THE REPORT & ACCOUNTS
Copies of the Report and Accounts have been posted to shareholders, are
available from the Company's registered office 16 Devonshire Street, London W1G
7AF and are available from the Company's website www.avisenplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEIFWUSUSEFW
Avisen (LSE:AVI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Avisen (LSE:AVI)
Historical Stock Chart
From Jul 2023 to Jul 2024
