RNS Number:5664M
Cardpoint PLC
23 November 2006
Thursday 23 November 2006
Cardpoint plc
("Cardpoint" or the "Company")
Preliminary results for the year ended 30 September 2006
Cardpoint, the provider of electronic payment transactions and the market leader
in the independent cash machine sector, with operations in the UK and Germany,
announces the Company's preliminary results for the full year ended 30 September
2006.
Operating highlights
* Integration of Moneybox, acquired in July 2005 for #87.3m, realising
synergies in excess of #3m
* Strengthening of Board and Management following the appointment of Bob
Thian as Chairman
* Significant expansion in Germany and renewal of agreements with GE Money
Bank until 2013
* Operation of ATMs for Bradford and Bingley and Norwich and Peterborough
Building Societies
Financial highlights
* Reported revenues up 60% to #97.9m, including Moneybox contribution of
#47.3m
* Underlying profit before tax up 135% to #8.3m
* Strong cash flow, with EBITDA* up 121% to #19.8m
* Adjusted earnings per share* up 46% to 7.82p (2005: 5.35p)
* before goodwill amortisation, charges for share based payments and exceptional
items
Commenting on the results, Bob Thian, Chairman said:
"Following the integration of Moneybox, Cardpoint has made good progress during
2006, with the achievement of substantial increases in turnover, profit and
earnings. The business is in good shape and we have seen an encouraging start
to this year with positive October trading. I am confident that a more
structured approach to managing and improving our estate will generate value."
There will be a meeting for analysts today at Financial Dynamics, 26 Southampton
Buildings, London WC2A 1PB. For further information please contact Claire
Rowell on 0207 269 7285.
Enquiries:
Cardpoint
Bob Thian, Chairman Today: 0207 831 3113
Robin Gregson, Finance Director Thereafter: 01253 361 300
Financial Dynamics
David Yates / Ben Brewerton 0207 831 3113
CHAIRMAN'S REVIEW
I am pleased to report good progress for Cardpoint during the year ended 30
September 2006 with significant increases being reported in turnover, profit*
and adjusted earnings per share*. Major achievements include the integration of
Moneybox plc and the subsequent disposal of its non core subsidiary G2IS.
Revenues for the year were #97.9 million (2005: #61.1 million), up 60%,
including a #47.3 million contribution from Moneybox. EBITDA* increased 121% to
#19.8 million (2005: #8.9 million) and profit before tax* increased 135% to #8.3
million (2005: #3.5 million). Adjusted earnings per share* increased 46% to 7.82
pence per share (2005: 5.35 pence per share).
Our financial performance confirms that our customers happily pay a modest
charge to withdraw cash from convenient locations and that our business model is
sustainable. Whilst we have increased the signage to forewarn our customers of
the charge, this has had a minimal effect on the business.
Cardpoint's strategy is to grow our ATM network and the volume of transactions
organically through improving the quality and deployment of the estate in the
United Kingdom and the EU, particularly in Germany. In addition, we will pursue
value enhancing acquisitions.
The acquisition of Moneybox was strategically important. It increased our scale
in the UK, reducing unit costs, enhanced prospects, especially in Germany, and
broadened our range of retailers and services.
Cardpoint's organic business has also performed well and continues to be
underpinned by a number of long-term contracts. We now operate cash machines for
most of the UK's petrol station operators, large convenience retailers and
leisure industry operators. In addition, our focus during the year has been to
install Through The Wall ("TTW") machines, as these 24-hour-devices attract high
usage levels and are popular with our existing retailers, including those
secured from the Moneybox acquisition.
Cardpoint continues to operate ATMs on behalf of the Bradford and Bingley and
Norwich and Peterborough Building Societies. The arrangements are long term and
profitable and allow us to develop business models attractive to other financial
institutions.
Our German business units have made encouraging progress with over 720 cash
machines in total and 225 cash machines now operational through our arrangement
with Hanseatic Bank, including some TTWs. The German ATM market is still
immature with a lower level of withdrawals than the UK, but both the number of
independently operated ATMs and the transactions per machine are trending up.
In addition to the organically grown Cardpoint estate, the German business
acquired with Moneybox operates some 500 cash machines in collaboration with GE
Money Bank GmbH. There are two key aspects to this business where we operate in
partnership with GE and we have renewed these agreements until 2011 and 2013,
providing security and enhanced prospects for the business in the future.
G2IS, a subsidiary we acquired through Moneybox, was sold to G4Tech in October
2006 for #3.2 million. This is an excellent result for Cardpoint as the business
did not complement the ATM business and had low profitability.
The UK mobile pre-pay business sells circa #4 million of airtime per month from
electronic terminals located in convenience stores and off-licences. However we
have not been able to scale this business satisfactorily and are reviewing its
future within the group.
Outlook
This is a successful business in good health and poised to grow. Our objective
in the coming year is to continue to improve the deployment, quality and
security of our estate; the focus on increasing the number of TTWs and improving
the location of machines both lead to higher yields. Through the implementation
of this structured approach, I am confident that further income can be
generated, additional savings realised and shareholder value enhanced.
The current year has begun well, with encouraging trading during October. We
have a good sales pipeline of machines under order, particularly of the higher
yielding TTWs, and we expect to extract further synergies from the Moneybox
acquisition. As a result, I believe that the company is well placed to make
further progress in profitability during the coming year.
Finally, I would like to express my thanks to Mark Mills and the Cardpoint
management team for their considerable achievements over the last seven years. I
am sure Mark would like to join me in thanking our dedicated staff, customers,
suppliers, shareholders and our bankers for their continuing support. I look
forward to accelerating growth for the group and I am confident we can build on
the strong foundations already established in the business for the benefit of
our customers, shareholders, staff and all concerned with the company.
Bob Thian
Chairman
23 November 2006
* before goodwill amortisation, charges for share based payments and exceptional
items
FINANCE DIRECTOR'S REVIEW
Group results
Turnover for the year of #97.9 million, which included a #47.3 million
contribution from Moneybox, represents a 60% increase compared to the 2005
figure of #61.1 million and demonstrates the progress made by the group and
another year of continued growth. The G2IS business, which was acquired last
year with Moneybox, was sold on 19 October 2006. This business contributed #8.3
million of turnover during the year and has been classified within discontinued
operations in the accounts as it was sold shortly after the end of the financial
year.
Operating profit before exceptional items, depreciation, goodwill amortisation
and charges for share based payments (EBITDA) increased by #10.8 million (121%)
to #19.8 million. EBITDA excluding the contribution from Moneybox and before
central costs, increased from #9.2 million to #11.1 million, an increase of 21%.
Moneybox contributed #10.5 million to group EBITDA, before central costs. Profit
before tax, goodwill amortisation, charges for share based payments and
exceptional items was #8.3 million compared to #3.5 million in 2005, an increase
of 135%.
These results demonstrate the significant progress made by the group during the
year, particularly as they are after absorbing an increase in interest payable
of #3.5 million, due to the increased level of borrowings which financed the
Moneybox acquisition. These measures of performance are considered before
goodwill amortisation, which is presently written off over five years. This
policy is prudent but the varying amounts of amortisation have the effect of
distorting a comparison of pre-tax profit in assessing the financial performance
of the company.
The results reflect a strong finish to the financial year which benefited from
satisfactory trading as well as a release of surplus accruals for direct costs,
particularly for theft from ATMs. These costs had been accrued during the year
based on the level of losses sustained in previous years. However we have made
significant operational changes to improve security and reduce the level of
losses from theft during the year and as these continued to reduce towards the
end of the year, we were able to reflect this improvement in the results for the
year. The group also benefited from reduced interest costs compared to budget
following careful management of both working capital and capital expenditure.
The depreciation charge also benefited from reduced capital expenditure as well
as reductions resulting from the fair value adjustments which were required to
write down the value of assets acquired with Moneybox.
After goodwill amortisation of #30.4 million (2005: #14.6 million), the result
for the year was a loss before tax of #24.9 million compared to a loss of #11.5
million in 2005, the increase being a result of the higher goodwill charge
arising from the Moneybox acquisition which more than offset the increase in
underlying profitability of the group.
Interest charges and taxation
Interest charges show a significant increase from #1.4 million to #4.9 million,
with the majority of the increase being due to interest on the additional
borrowings which financed the acquisition of Moneybox. Interest cover, at the
EBITDA level excluding goodwill amortisation, continues to be at a satisfactory
level at 4 times. Group borrowings are at variable interest rates although 60%
of the term loan is covered by interest rate hedging arrangements as described
in more detail in the notes to the accounts. No tax charge arises for the year
and there are in excess of #35 million of tax losses carried forward which has
the benefit that no significant amounts of UK corporation tax are likely to be
paid in the foreseeable future.
Earnings per share and dividends
Adjusted earnings per share before goodwill amortisation have increased from
5.35p last year to 7.82p, a significant uplift of 46%. We believe this measure
of earnings per share is a fairer reflection of the group's performance compared
to a consideration of basic earnings per share, which is affected by goodwill
amortisation and shows a loss per share of 23.76p compared to a loss of 17.18p
last year. This increase in the loss per share is entirely due to higher levels
of goodwill amortisation this year. As in previous years the company does not
propose to pay a dividend although the directors will keep this situation under
review as the underlying profitability of the group continues to improve.
Exceptional items
The profit and loss account includes exceptional items of #1.96m of which #1.5
million relates to reorganisation and restructuring costs. These predominantly
relate to the acquisition of Moneybox and the reorganisation of the group which
was required to integrate and combine Moneybox with Cardpoint. These costs also
cover certain changes to the board of directors which occurred during the year.
Other exceptional costs include #293,000 relating to insurance claims for cash
losses from ATMs operated by the group where valid insurance cover was in place,
but the underwriter refused to honour the claims in line with the policy
conditions. Whilst we successfully pursued the total amount of the claim we are
left with this balance where we are taking further legal action to recover the
outstanding monies from our insurance broker and we are advised that we have a
strong case in our favour. This category also includes #41,000 of costs
relating to unsolicited takeover approaches and #85,000 in respect of losses
incurred in Germany following the business failure of a cash in transit
supplier.
Cash flow and capital expenditure
The cash inflow from operating activities for the year was #12.9 million, a
significant increase compared to cashflow of #6.1 million in the previous year,
even though it was affected by large creditor payments following the Moneybox
acquisition. Capital expenditure was #6.0 million compared to #4.5 million the
previous year. The majority of capital expenditure was on ATM installations in
the UK and Germany, as well as equipment upgrades in Germany.
Cash outflow in respect of acquisitions made in previous years of #7.1 million
relates to the acquisition of Moneybox and some final costs from the HBOS
acquisition. As Moneybox was acquired towards the end of the previous financial
year, certain elements of the consideration and costs of the acquisition were
accrued at the end of last year, for payment this year. This amounted to #5.6
million, of which #1.0 million is included in the financing section of the cash
flow statement.
New bank facilities were arranged with Bank of Scotland at the time of the
Moneybox acquisition and a drawdown of additional funds of #4.2 million was made
during the year to finance the balance of consideration payable this year in
respect of the acquisition.
Net cash outflow was #0.6 million compared to an inflow of #5.9 million in 2005
and excluding payments relating to prior periods' acquisitions, there was an
increase in cash for the year of #2.0 million.
Shareholders' funds and financing
Shareholders' funds have reduced from #77.1 million to #53.2 million as the
amortisation of goodwill more than offsets profits generated by the business.
Group borrowings have increased by #4.1 million to #70.8 million as further
funding was required to settle outstanding liabilities relating to the Moneybox
acquisition.
The balance sheet includes adjustments of approximately #7 million in relation
to the assessment of the fair values of the assets and liabilities acquired with
Moneybox and follows the provisional assessment of these values included in the
2005 accounts. These have been revisited during the current financial year where
a comprehensive review of the assets and liabilities of the Moneybox group was
carried out before being adjusted to fair value by reference to the more prudent
accounting principles followed by Cardpoint compared to those followed by
Moneybox.
Net debt is #62.8 million after including cash of #8.0 million of which #0.8
million, whilst being generated by the group, is held in a trust account pending
payment to the mobile phone networks.
The group's banking facilities with Bank of Scotland were finalised in July 2005
to finance the Moneybox acquisition and provide working capital facilities to
the enlarged group. The facilities consist of a medium term loan of up to #70
million which is repayable over five years, a #4 million revolving credit
facility and an overdraft facility of #1 million. At 30 September 2006 total
facilities were #75 million of which #70.9 million was being utilised. These
facilities together with the group's strong operational cash flow indicate that
the group has sufficient facilities available to fund its operations and allow
for future organic expansion.
At 30 September 2006 gearing was 118% and this level is due to the additional
borrowings which financed the Moneybox acquisition. However, the group's
underlying profitability and strong cash flow should reduce the level of
borrowing in the future and help ensure that the level of borrowing remains
under control and is at a reasonable level in relation to net assets.
International Financial Reporting Standards
International Financial Reporting Standards ('IFRS') is now mandatory for UK
listed companies and the London Stock Exchange intends to mandate IFRS for AIM
companies for periods beginning on or after 1 January 2007. The first accounting
period where IFRS would apply to Cardpoint would therefore be the year ended 30
September 2008.
The group is currently assessing the changes that will be required under IFRS in
order to plan the transition from UK Accounting Standards. This includes a
detailed comparison of the group's existing accounting policies with IFRS and an
evaluation of the impact on the financial statements in terms of presentation
and reported performance.
Robin Gregson
Finance Director
23 November 2006
Consolidated profit and loss account
for the year ended 30 September 2006
2006
Note Before
goodwill
amortisation, Goodwill
exceptional amortisation,
items and exceptional
share based items and share
payments based payments Total
#000 #000 #000
Turnover
Continuing operations 89,599 - 89,599
Discontinued operations 8,272 - 8,272
______ ______ ______
97,871 - 97,871
Cost of sales (67,401) - (67,401)
______ ______ ______
Gross profit 30,470 - 30,470
Administrative expenses
Amortisation of goodwill - (30,378) (30,378)
Exceptional items 2 - (1,961) (1,961)
Other (17,327) (870) (18,197)
______ ______ ______
Total administrative expenses (17,327) (33,209) (50,536)
______ ______ ______
Operating profit/(loss)
Continuing operations 12,854 (33,065) (20,211)
Discontinued operations 289 (144) 145
______ ______ ______
13,143 (33,209) (20,066)
Net interest (4,875) - (4,875)
______ ______ ______
Profit/(loss) on ordinary activities before taxation
8,268 (33,209) (24,941)
______ ______
Tax on loss on ordinary activities -
______
Loss on ordinary activities after taxation (24,941)
Equity minority interests (46)
______
Loss for the financial year transferred to reserves 4 (24,987)
______
(Loss)/earnings per ordinary share
Basic and fully diluted 3 (23.76)p
______
Adjusted (before goodwill amortisation, exceptional
items and share based payments) 3 7.82p
______
Basic and fully diluted continuing operations 3 (23.90)p
Diluted adjusted (before goodwill amortisation,
exceptional items and share based payments) 3 7.51p
______
Consolidated profit and loss account
for the year ended 30 September 2006 (continued)
2005
Note Before
goodwill
amortisation, Goodwill
exceptional amortisation,
items and exceptional
share based items and share
payments based payments Total
#000 #000 #000
Turnover
Continuing operations 61,052 - 61,052
Discontinued operations - - -
______ ______ ______
61,052 - 61,052
Cost of sales (47,916) - (47,916)
______ ______ ______
Gross profit 13,136 - 13,136
Administrative expenses
Amortisation of goodwill - (14,578) (14,578)
Exceptional items 2 - - -
Other (8,242) (405) (8,647)
______ ______ ______
Total administrative expenses (8,242) (14,983) (23,225)
______ ______ ______
Operating profit/(loss)
Continuing operations 4,894 (14,983) (10,089)
Discontinued operations - - -
______ ______ ______
4,894 (14,983) (10,089)
Net interest (1,370) - (1,370)
______ ______ ______
Profit/(loss) on ordinary activities before taxation 3,524 (14,983) (11,459)
______ ______
Tax on loss on ordinary activities -
______
Loss on ordinary activities after taxation (11,459)
Equity minority interests 33
______
Loss for the financial year transferred to reserves 4 (11,426)
______
(Loss)/earnings per ordinary share
Basic and fully diluted 3 (17.18)p
______
Adjusted (before goodwill amortisation, exceptional
items and share based payments) 3 5.35p
______
Basic and fully diluted continuing operations 3 (17.18)p
Diluted adjusted (before goodwill amortisation,
exceptional items and share based payments) 3 5.10p
______
Statement of total recognised gains and losses
for the year ended 30 September 2006
Note 2006 2005
#000 #000
Loss for the financial year (24,987) (11,426)
Currency differences on foreign currency net investments (26) 217
______ ______
Total recognised gains and losses for the year (25,013) (11,209)
______ ______
Consolidated balance sheet
at 30 September 2006
Note 2006 2005
#000 #000
Fixed assets
Intangible assets 101,025 124,411
Tangible assets 30,352 32,011
______ ______
131,377 156,422
______ ______
Current assets
Stocks 1,471 4,060
Debtors 8,967 11,369
Cash at bank and in hand 8,044 8,721
______ ______
18,482 24,150
Creditors: amounts falling due within one year (33,386) (41,516)
______ ______
Net current liabilities (14,904) (17,366)
______ ______
Total assets less current liabilities 116,473 139,056
Creditors: amounts falling due after more than one year (63,199) (61,563)
______ ______
Net assets 53,274 77,493
______ ______
Capital and reserves
Called up share capital 5,274 5,256
Share premium account 88,379 88,154
Merger reserve 354 354
Profit and loss account (40,838) (16,630)
______ ______
Shareholders' funds 4 53,169 77,134
Minority interests 105 359
______ ______
53,274 77,493
______ ______
Consolidated cash flow statement
for the year ended 30 September 2006
Note 2006 2005
#000 #000
Net cash inflow from operating activities 5 12,881 6,089
______ ______
Return on investments and servicing of finance
Interest received 160 181
Finance lease interest paid - (2)
Other interest payable (4,938) (1,533)
______ ______
Net cash outflow from returns on investments and servicing of finance (4,778) (1,354)
______ ______
Taxation received 4 -
______ ______
Capital expenditure and financial investment
Purchase of tangible fixed assets (5,966) (4,458)
Proceeds from disposal of tangible fixed assets 93 595
______ ______
Net cash outflow from capital expenditure and financial investment (5,873) (3,863)
______ ______
Acquisitions and disposals
Purchase of acquired businesses - (85,958)
Payments in relation to businesses acquired in prior periods,
including costs (6,034) -
Payment of deferred and contingent consideration - (7,595)
Net cash acquired with subsidiaries - 5,489
______ ______
Net cash outflow from acquisitions and disposals (6,034) (88,064)
______ ______
Net cash outflow before financing (3,800) (87,192)
______ ______
Financing
Issue of share capital, including payment of share issue expenses (860) 52,584
Receipts from borrowings 4,241 66,065
Repayment of borrowings (202) (25,555)
Capital element of finance lease rentals - (31)
______ ______
Net cash inflow from financing 3,179 93,063
______ ______
(Decrease)/increase in cash in the year 6 (621) 5,871
______ ______
Notes to Editors
1. Basis of preparation and financial information
The financial information in this preliminary announcement has been prepared in
accordance with the accounting policies set out in the financial statements of
Cardpoint plc for the year ended 30 September 2005 which have remained unchanged
for the financial year ended 30 September 2006. The financial information in
this document does not constitute the company's statutory accounts for the year
ended 30 September 2006 or 2005, but is derived from those accounts. Statutory
accounts for 2005 have been delivered to the Registrar of Companies and those
for 2006 will be delivered following the company's Annual General Meeting. The
auditors have reported on these accounts and their reports were unqualified and
did not contain statements under sections 237(2) or (3) of the Companies Act
1985.
2. Exceptional items
Exceptional items included within administrative expenses are
summarised below:
2006 2005
#000 #000
Reorganisation and restructuring costs (i) 1,542 -
Other exceptional costs (ii) 419 -
______ ______
Total exceptional costs 1,961 -
______ ______
(i) Reorganisation and restructuring costs relate to the reorganisation of the
group and integration of Moneybox plc as well as including changes to the board
of directors which occurred during the year.
(ii) Other exceptional costs include #293,000 relating to insurance claims for
cash losses from ATMs operated by the group where valid insurance cover was in
place, but the underwriter refused to honour the claims in line with the policy
conditions. The group is taking legal action to recover the outstanding monies
from its insurance broker and has been advised there is a strong case in favour
of the group. This category also includes #41,000 of costs relating to
unsolicited takeover approaches and #85,000 in respect of losses incurred in
Germany following the business failure of a cash in transit supplier.
3. (Loss)/earnings per ordinary share
Basic loss per ordinary share and adjusted earnings per ordinary share (before
exceptional items, charges for share based payments and amortisation of
goodwill) are calculated below. Adjusted earnings per share are shown by
reference to earnings before goodwill amortisation, since the directors consider
that this gives a more meaningful measure of the underlying performance of the
group.
2006
Weighted average (Loss)/ earnings
ordinary shares in per ordinary
(Loss) / profit issue share
#000 '000 pence
Basic loss per share (24,987) 105,181 (23.76)
Amortisation of goodwill, exceptional
items and charges for share based
payments 33,209 - -
______ ______ ______
Adjusted earnings per share 8,222 105,181 7.82
______ ______ ______
(Continued from table above)
2005
Weighted average (Loss)/ earnings per
ordinary shares in ordinary
(Loss)/ profit issue share
#000 '000 pence
Basic loss per share (11,426) 66,520 (17.18)
Amortisation of goodwill, exceptional 14,983 - -
items and charges for share based
payments
______ ______ ______
Adjusted earnings per share 3,557 66,520 5.35
______ ______ ______
The basic loss per share can be analysed into that derived from continuing and
discontinued operations as follows:
2006
Weighted average (Loss)/ earnings per
ordinary shares in ordinary
(Loss) / profit issue share
#000 '000 pence
Basic loss per share
- continuing operations (25,137) 105,181 (23.90)
- discontinued operations 150 - 0.14
______ ______ ______
(24,987) 105,181 (23.76)
______ ______ ______
(Continued from table above)
2005
Weighted average
ordinary shares in
issue Loss per ordinary
Loss profit share
#000 '000 pence
Basic loss per share
- continuing operations (11,426) 66,520 (17.18)
- discontinued operations - - -
(11,426) 66,520 (17.18)
______ ______ ______
The share options are anti-dilutive in respect of the basic earnings per share
calculation. A diluted adjusted earnings per share has been calculated below.
2006
Weighted average Earnings per
ordinary shares in ordinary
Profit issue share
#000 '000 Pence
Adjusted earnings per share 8,222 105,181 7.82
Dilutive effect of share options - 4,294 -
______ ______ ______
Diluted adjusted earnings per share 8,222 109,475 7.51
______ ______ ______
(Continued from table above)
2005
Weighted average Earnings per
ordinary shares in ordinary
Profit issue share
#000 '000 Pence
Adjusted earnings per share 3,557 66,520 5.35
Dilutive effect of share options - 3,193 -
______ ______ ______
Diluted adjusted earnings per share 3,557 69,713 5.10
______ ______ ______
4. Reconciliation of movements in shareholders' funds
2006 2005
#000 #000
Retained loss for the financial year (24,987) (11,426)
Credit for equity settled share based payments 805 405
Foreign currency differences (26) 217
Issue of share capital (net of expenses) 243 51,546
______ ______
(23,965) 40,742
Opening shareholders' funds 77,134 36,392
______ ______
Closing shareholders' funds 53,169 77,134
______ ______
5. Reconciliation of operating loss to net cash inflow from
operating activities
2006 2005
#000 #000
Operating loss (20,066) (10,089)
Depreciation 6,626 4,052
Loss on disposal of fixed assets 211 21
Amortisation of goodwill 30,378 14,578
Equity settled share based payments 870 405
Foreign currency differences (26) 217
Increase in stocks (463) (342)
Decrease/(increase) in debtors 1,598 (1,965)
Decrease in creditors (6,247) (788)
______ ______
Net cash inflow from operating activities 12,881 6,089
______ ______
6. Reconciliation of net cash flow to movement in net debt
2006 2005
#000 #000
(Decrease)/increase in cash in the year (621) 5,871
Cash outflow from finance leases - 31
Receipts from borrowings (4,241) (66,065)
Repayment of borrowings 202 25,555
______ ______
Movement in net debt arising from cash flows (4,660) (34,608)
Loans acquired with subsidiary undertaking - (13,160)
Other non-cash movements (97) (16)
______ ______
Movement in net debt (4,757) (47,784)
Opening net debt (58,021) (10,237)
______ ______
Closing net debt (62,778) (58,021)
______ ______
7. Reconciliation between non statutory and statutory financial
information
2006 2005
#000 #000
EBITDA 19,769 8,946
Depreciation (6,626) (4,052)
Goodwill amortisation (30,378) (14,578)
Exceptional items (1,961) -
Charge for share based payments (870) (405)
Net interest (4,875) (1,370)
______ ______
Loss on ordinary activities before taxation (24,941) (11,459)
______ ______
Profit before tax, goodwill amortisation, exceptional items and
share based payments 8,268 3,524
______ ______
8. Copies of the preliminary announcement are available from the
company's registered office at Transaction House, Amy Johnson Way, Blackpool,
Lancashire, United Kingdom FY4 3RS. The Annual Report and Accounts for the year
ended 30 September 2006 will be posted to shareholders on or about 20 December
2006.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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