TIDMCLC
RNS Number : 0232R
Clinical Computing PLC
13 August 2010
CLINICAL COMPUTING PLC
Clinical Computing Plc ("the Group"), the international developer of clinical
information systems for the healthcare market and developer of programme
management software, announces its Interim Results for the six months ended 30
June 2010. The Group trades through four operating subsidiaries: Clinical
Computing UK Limited in the United Kingdom and Europe, Clinical Computing Inc.
in the United States, Clinical Computing Pty Limited in Australia and Hydra
Management Limited ("Hydra") in the United Kingdom.
Financial Highlights
· Total revenue of GBP1,517,767 (H1 2009: GBP1,528,439)
· Recurring maintenance revenues decreased 5.8% to GBP833,675 (H1 2009:
GBP884,969)
· Operating costs decreased 8.9% to GBP1,606,367 (H1 2009: GBP1,762,795)
· Loss from operations reduced to GBP88,600 (H1 2009: GBP234,356)
· R&D tax credit of GBP240,377 (H1 2009: GBP394,183)
· Profit after tax of GBP144,185 (H1 2009: profit of GBP154,550)
· Earnings per share of 0.1p (H1 2009: earnings 0.1p)
· EBITDA positive GBP3,877 (H1 2009: negative GBP145,405)
· Positive cash flow from operating activities GBP282,345 (H1: 2009 negative
GBP36,669)
Operational Highlights
· First US clinicalvision V hosted contract secured
· First French-Canadian clinicalvision V site goes live
· Two NHS Trusts signed contracts for clinicalvision V
· Seven implementations of clinicalvision V underway and anticipating one
go-live per month for remainder of 2010
· 11 new contracts signed by Hydra business
· Strong customer loyalty with majority of orders placed from existing Hydra
customers
· Successful Launch of Hydra Manager V7 at Hydra User Group
Outlook
Chairman Howard Kitchner, commenting on the Group outlook, said:
"On the back of positive operating cash flow, positive EBITDA and after tax
profitability the Group's balance sheet continues to strengthen organically. The
two operating subsidiaries are positioned to continue to deliver improving
operating results.
The Hydra business backlog is relatively strong for the near term and the
Clinical business is positioned to expand from its footprint of clinicalvision V
reference customers."
+----------------------------------------------+------------------------+
| Contacts: | |
+----------------------------------------------+------------------------+
| Joe Marlovits, Chief Executive | 020 3006 7536 |
| Clinical Computing Plc | |
| www.ccl.com | |
| | |
+----------------------------------------------+------------------------+
| Simon Sacerdoti | 020 7148 7900 |
| Cairn Financial Advisers LLP - Nominated | |
| Adviser | |
+----------------------------------------------+------------------------+
CHAIRMAN'S STATEMENT
Introduction
We are pleased to report our interim results for the six month period to 30 June
2010. The Group continues its recent positive financial trends with respect to
operating results, profitability and operating cash flow. These positive trends
result from several successful product enhancements across both business units.
We now have reference accounts for clinicalvision V in the US, UK, Canada and
French speaking Canada; additionally Hydra has recently launched version 7.0 of
Hydra Manager, which increases the planning functionality of this industry
leading application. During the six month period Clinical has won three new
contracts and Hydra has won 11 new contracts.
Although revenues are relatively flat when compared to last year we have reduced
our operating costs following the completion of clinicalvision V and are pleased
to report a continued reduction in operating losses and a profit after tax of
GBP144,185.
Clinical business
During the period under review we are pleased to report two firsts for the
business: we have secured our first US clinicalvision V hosted contract with a
hospital-based customer and have completed the implementation of the first
French-Canadian version of clinicalvision. In addition we have secured two
clinicalvision V contracts with NHS customers one of which is a new customer for
the business. The business is now managing seven concurrent implementations for
clinicalvision and we are anticipating one go-live per month for the remainder
of the year.
Following the establishment of reference sites in our key markets we are
actively involved in several regional tenders spread across Australia, UK and
the US which we believe will be decided in the second half of 2010. Additionally
we are working to capitalise on the footprint we have developed in the Canadian
market.
Since the release of clinicalvision V we have been reducing our overall
investment in research and development and for the period under review we are
reporting a six month cost run-rate reduction of 15.7%. The reduction in costs
has resulted in an improvement in operating performance of the business and we
are reporting a business line operating loss of GBP81,538 (H1 2009: GBP143,896).
During the period under review we have seen a reduction in maintenance revenue
when compared to the prior year, however, we expect this trend to reverse in the
second half as we manage the above noted clinicalvision contracts through to
go-live and transition these accounts to maintenance contracts.
Hydra business
During the period under review we are pleased to report a 52.3% increase in
revenue to GBP442,870 (H1 2009: GBP290,870). The business has won a number of
new contracts in the period with public sector bodies, local authorities,
nationalised businesses and emergency services providers. In addition a number
of blue chip private sector businesses have chosen Hydra in competitive bid
situations. These organisations cover a range of sectors and include insurance,
marketing, software and entertainment.
The depth and breadth of features and stability of the Hydra Software combined
with fast implementation times have proved to be key reasons why customers have
been selecting Hydra over other alternatives.
During the period the business also launched its V7 version of the product at
its Annual User Group Forum. Extensive market research was used as part of the
design of V7 resulting in enhanced planning features and reporting capabilities.
There has been strong interest in the new version which is due for release in
the fourth quarter of this year.
The Hydra Manager application assists organisations in improving efficiencies
and delivering against budget and automatically produces key information
regarding the performance of portfolios, projects and resources. In the current
economic climate businesses are seeking efficiency improvements and Hydra
Manager is a key tool in managing the delivery of these improvements.
The combination of the market, product strengths and short payback period has
contributed to the revenue growth and profits generated by Hydra in the period.
Hydra operating profit was GBP78,851 (2009 H1: loss GBP8,693).
Financial results
Group revenue of GBP1,517,767 was consistent with the amount reported for the
same period in the prior year (H1 2009: GBP1,528,439).
The revenue mix by business was:
70.8% Clinical business or revenues of GBP1,074,897 (H1 2009: GBP1,237,569 and
81%)
29.2% Hydra business or revenues of GBP442,870 (H1 2009: GBP290,870 and 19%).
Recurring maintenance revenues accounted for 54.9% (H1 2009: 57.9%) of our total
revenues and decreased 5.8% to GBP833,675 (H1 2009: GBP884,969). The decrease in
maintenance revenues is attributed to the Clinical business's Proton customers
not renewing maintenance contracts at the same rate as prior years. Proton has
been superseded by clinicalvision V and we are actively working to upgrade this
customer base.
The Group's operating costs continue to decrease as we adjust our operating
structure away from research and development. Total operating costs have
decreased 8.9% to GBP1,606,367 (H1 2009: GBP1,762,795). We anticipate a further
decline to operating costs during the second half of 2010.
The operating costs are attributed to business unit as follows:
72.0% Clinical business or GBP1,156,435 (H1 2009: GBP1,381,465 and 78.4%)
22.7% Hydra business or GBP364,019 (H1 2009: GBP299,563 and 17%)
5.3% Parent company costs were GBP85,913 (H1 2009: GBP81,767 and 4.6%).
Loss from operations improved to GBP88,600 (H1 2009: loss GBP234,356) and are
shown below by business line:
Clinical business operating loss GBP81,538 (H1 2009: loss GBP143,896)
Hydra business operating profit GBP78,851 (H1 2009: loss GBP8,693)
Parent Company operating loss GBP85,913 (H1 2009: loss GBP81,767)
As in prior years the Group continues to develop its core technologies:
clinicalvision and Hydra Manager. This development effort has resulted in the
Group receiving R&D tax credits under the United Kingdom R&D tax credit regime.
For the year under review the Group has received GBP240,377 of tax credits for
research and development activities undertaken in 2009 (H1 2009: R&D tax credit
of GBP394,183 for research and development undertaken in 2008, 2007 and 2006).
The Group is reporting a profit after tax of GBP144,185 for the period (H1 2009:
profit GBP154,550). Earnings per share for the period under review are 0.1p (H1
2009: earnings per share of 0.1p).
EBITDA for the first half 2010 was a positive GBP3,877 compared to a negative
GBP145,504 in the first half of 2009. The non-cash charge for depreciation and
amortisation for the first half of 2010 was GBP92,477 (H1 2009: GBP88,951). This
is the second consecutive six month period in which the Group has reported
positive EBITDA.
Likewise, we are also reporting the second consecutive six month period of
positive cash flow from operating activities. Operating cash flows were
GBP282,345 for the period under review (H1 2009: negative 36,669) and were a
positive GBP256,171 in the second half of 2009.
During the twelve month period ending 30 June 2010 the Group increased its
borrowings by GBP52,220. The Group's debt facilities amount to GBP930,000, of
which GBP734,687 was drawn at 30 June 2010. Consequently at 30 June 2010 there
were undrawn facilities of GBP195,313, in addition to the cash balance of
GBP847,859. Given the above cash resources, the Group's operational performance
and order book, and its forecasts and projections, it should be able to operate
within the level of the above noted facilities. As a consequence, the directors
have a reasonable expectation that the Group has adequate resources to continue
in operational existence for the foreseeable future.
Outlook
On the back of positive operating cash flow, positive EBITDA and after tax
profitability the Group's balance sheet continues to strengthen organically. The
two operating subsidiaries are positioned to continue to deliver improving
operating results.
The Hydra business backlog is relatively strong for the near term and the
Clinical business is positioned to expand from its footprint of clinicalvision V
reference customers.
Against this, and balanced against general market conditions, we are cautiously
optimistic that we will sustain our recent positive financial trends.
Howard Kitchner
Chairman
13 August 2010
Unaudited condensed consolidated income statement
Six months ended 30 June 2010
+------------------------------------+----------------+----------------+-------------------+
| | | | Audited |
+------------------------------------+----------------+----------------+-------------------+
| | Six | Six | year |
| | months | months | |
+------------------------------------+----------------+----------------+-------------------+
| | ended | ended | ended |
+------------------------------------+----------------+----------------+-------------------+
| | 30 June | 30 June | 31 December |
| | 2010 | 2009 | 2009 |
+------------------------------------+----------------+----------------+-------------------+
| | GBP | GBP | GBP |
+------------------------------------+----------------+----------------+-------------------+
| Continuing operations | | | |
+------------------------------------+----------------+----------------+-------------------+
| | | | |
+------------------------------------+----------------+----------------+-------------------+
| Total revenue (Note 3) | 1,517,767 | 1,528,439 | 3,179,365 |
+------------------------------------+----------------+----------------+-------------------+
| Cost of sales | (365,956) | (366,532) | (805,487) |
+------------------------------------+----------------+----------------+-------------------+
| | -------------- | -------------- | ----------------- |
+------------------------------------+----------------+----------------+-------------------+
| Gross profit | 1,151,811 | 1,161,907 | 2,373,878 |
+------------------------------------+----------------+----------------+-------------------+
| | | | |
+------------------------------------+----------------+----------------+-------------------+
| Distribution costs | (155,132) | (141,004) | (330,578) |
+------------------------------------+----------------+----------------+-------------------+
| Administrative expenses | | | |
+------------------------------------+----------------+----------------+-------------------+
| Research and development | (654,947) | (758,012) | (1,341,838) |
+------------------------------------+----------------+----------------+-------------------+
| Other | (430,332) | (497,247) | (921,147) |
+------------------------------------+----------------+----------------+-------------------+
| Total administrative expenses | (1,085,279) | (1,255,259) | (2,262,985) |
+------------------------------------+----------------+----------------+-------------------+
| | -------------- | ------------- | ----------------- |
+------------------------------------+----------------+----------------+-------------------+
| Loss from operations | (88,600) | (234,356) | (219,685) |
+------------------------------------+----------------+----------------+-------------------+
| | | | |
+------------------------------------+----------------+----------------+-------------------+
| Finance income | 101 | 1,327 | 1,506 |
+------------------------------------+----------------+----------------+-------------------+
| Finance expense | (7,693) | (6,604) | (14,453) |
+------------------------------------+----------------+----------------+-------------------+
| | -------------- | ------------ | ----------------- |
+------------------------------------+----------------+----------------+-------------------+
| Loss before tax | (96,192) | (239,633) | (232,632) |
+------------------------------------+----------------+----------------+-------------------+
| Income tax credit (Note 4) | 240,377 | 394,183 | 453,026 |
+------------------------------------+----------------+----------------+-------------------+
| | -------------- | ------------ | ----------------- |
+------------------------------------+----------------+----------------+-------------------+
| Profit for the period attributable | | | |
| to equity holders of the company | 144,185 | 154,550 | 220,394 |
+------------------------------------+----------------+----------------+-------------------+
| | -------------- | ------------ | ---------------- |
+------------------------------------+----------------+----------------+-------------------+
| Basic earnings per share (Note 5) | 0.1p | 0.1p | 0.2p |
| | -------------- | ------------ | ---------------- |
+------------------------------------+----------------+----------------+-------------------+
| Diluted earnings per share (Note | 0.1p | 0.1p | 0.2p |
| 5) | -------------- | -------------- | ---------------- |
+------------------------------------+----------------+----------------+-------------------+
The notes form part of this condensed financial information.
Unaudited condensed consolidated statement of comprehensive income
Six months ended 30 June 2010
+------------------------------------+---------------+---------------+------------------+
| | | | Audited |
+------------------------------------+---------------+---------------+------------------+
| | Six | Six | Year |
| | months | months | |
+------------------------------------+---------------+---------------+------------------+
| | ended | Ended | Ended |
+------------------------------------+---------------+---------------+------------------+
| | 30 June | 30 June | 31 December |
| | 2010 | 2009 | 2009 |
+------------------------------------+---------------+---------------+------------------+
| | GBP | GBP | GBP |
+------------------------------------+---------------+---------------+------------------+
| Profit for the period | 144,185 | 154,550 | 220,394 |
+------------------------------------+---------------+---------------+------------------+
| Exchange differences on | | | |
| translating foreign operations | (37,333) | 19,621 | (22,521) |
+------------------------------------+---------------+---------------+------------------+
| | ------------- | ------------- | ---------------- |
+------------------------------------+---------------+---------------+------------------+
| Total comprehensive income for the | 106,852 | 174,171 | 197,873 |
| period | | | |
+------------------------------------+---------------+---------------+------------------+
| | ------------- | ------------- | ---------------- |
+------------------------------------+---------------+---------------+------------------+
The notes form part of this condensed financial information.
Unaudited condensed consolidated statement of financial position
30 June 2010
+-----------------+---------------+-----------------+-------------------+
| | | | |
+-----------------+---------------+-----------------+-------------------+
| | | | Audited |
| | 30 June | 30 June | 31 December |
+-----------------+---------------+-----------------+-------------------+
| | 2010 | 2009 | 2009 |
+-----------------+---------------+-----------------+-------------------+
| | GBP | GBP | GBP |
+-----------------+---------------+-----------------+-------------------+
| | | | |
+-----------------+---------------+-----------------+-------------------+
| Non-current | | | |
| assets | | | |
+-----------------+---------------+-----------------+-------------------+
| Intangible | | | |
| assets | 257,444 | 365,960 | 309,426 |
+-----------------+---------------+-----------------+-------------------+
| Goodwill | 157,658 | 157,658 | 157,658 |
+-----------------+---------------+-----------------+-------------------+
| Property, plant | | | |
| and equipment | 60,485 | 94,861 | 78,269 |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | --------------- | ------------ |
+-----------------+---------------+-----------------+-------------------+
| | 475,587 | 618,479 | 545,353 |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | --------------- | ------------ |
+-----------------+---------------+-----------------+-------------------+
| Current assets | | | |
+-----------------+---------------+-----------------+-------------------+
| Trade and other | | | |
| receivables | 530,857 | 722,002 | 450,574 |
+-----------------+---------------+-----------------+-------------------+
| Cash and cash | | | |
| equivalents | 847,859 | 260,794 | 551,404 |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | --------------- | ------------ |
+-----------------+---------------+-----------------+-------------------+
| | 1,378,716 | 982,796 | 1,001,978 |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | --------------- | ------------ |
+-----------------+---------------+-----------------+-------------------+
| Total assets | 1,854,303 | 1,601,275 | 1,547,331 |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | --------------- | ------------ |
+-----------------+---------------+-----------------+-------------------+
| | | | |
+-----------------+---------------+-----------------+-------------------+
| Current | | | |
| liabilities | | | |
+-----------------+---------------+-----------------+-------------------+
| Trade and other | | | |
| payables | (1,278,011) | (1,239,456) | (1,103,626) |
+-----------------+---------------+-----------------+-------------------+
| Bank loans | (734,687) | (682,467) | (726,664) |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | --------------- | ------------- |
+-----------------+---------------+-----------------+-------------------+
| | (2,012,6998) | (1,921,923) | (1,830,290) |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | --------------- | --------------- |
+-----------------+---------------+-----------------+-------------------+
| | | | |
+-----------------+---------------+-----------------+-------------------+
| | | | |
+-----------------+---------------+-----------------+-------------------+
| Net liabilities | (158,395) | (320,648) | (282,959) |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | --------------- | ------------- |
+-----------------+---------------+-----------------+-------------------+
| | | | |
+-----------------+---------------+-----------------+-------------------+
| Equity | | | |
+-----------------+---------------+-----------------+-------------------+
| Share capital | 2,433,251 | 2,433,251 | 2,433,251 |
+-----------------+---------------+-----------------+-------------------+
| Share premium | 7,750,957 | 7,750,957 | 7,750,957 |
| account | | | |
+-----------------+---------------+-----------------+-------------------+
| Share option | 142,393 | 110,694 | 124,681 |
| reserve | | | |
+-----------------+---------------+-----------------+-------------------+
| Translation | (31,710) | 47,765 | 5,623 |
| reserve | | | |
+-----------------+---------------+-----------------+-------------------+
| Retained | (10,453,286) | (10,663,315) | (10,597,471) |
| earnings | | | |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | --------------- | ----------------- |
+-----------------+---------------+-----------------+-------------------+
| | | | |
+-----------------+---------------+-----------------+-------------------+
| Shareholders' | | | |
| funds - deficit | (158,395) | (320,648) | (282,959) |
| (Note 6) | | | |
+-----------------+---------------+-----------------+-------------------+
| | ------------- | -------------- | ------------ |
+-----------------+---------------+-----------------+-------------------+
The notes form part of this condensed financial information.
Unaudited condensed consolidated statement of cash flow
Six months ended 30 June 2010
+------------------------------------+-----------------+-----------------+------------------+
| | | | Audited |
+------------------------------------+-----------------+-----------------+------------------+
| | Six months | Six months | year |
+------------------------------------+-----------------+-----------------+------------------+
| | ended | ended | ended |
+------------------------------------+-----------------+-----------------+------------------+
| | 30 June | 30 June | 31 |
| | 2010 | 2009 | December |
| | | | 2009 |
+------------------------------------+-----------------+-----------------+------------------+
| | GBP | GBP | GBP |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Net cash from operating activities | 282,345 | (36,669) | 219,502 |
| (Note 7) | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Investing activities | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Interest received | 101 | 1,327 | 1,506 |
+------------------------------------+-----------------+-----------------+------------------+
| Purchases of property, plant and | (2,676) | (4,042) | (12,203) |
| equipment | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | -------------- |
+------------------------------------+-----------------+-----------------+------------------+
| Net cash used in investing | (2,575) | (2,715) | (10,697) |
| activities | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | -------------- |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Financing activities | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Increase in bank loan | 8,023 | 9,712 | 53,909 |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | --------------- |
+------------------------------------+-----------------+-----------------+------------------+
| Net cash from financing activities | 8,023 | 9,712 | 53,909 |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | --------------- |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Net increase/(decrease) in cash | | | |
| and cash equivalents | | | |
| | 287,793 | (29,672) | 262,714 |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Cash and cash equivalents at | | | |
| beginning of period | 551,404 | 299,188 | 299,188 |
+------------------------------------+-----------------+-----------------+------------------+
| Effect of foreign exchange rate | 8,662 | (8,722) | (10,498) |
| changes | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | ---------------- |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Cash and cash equivalents at end | 847,859 | 260,794 | 551,404 |
| of period | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | --------------- |
+------------------------------------+-----------------+-----------------+------------------+
The notes form part of this condensed financial information.
NOTES:
1. Basis of preparation
The accounting policies applied in the unaudited condensed interim financial
statements have been prepared in conformity with recognition and measurement
principles required by International Financial Reporting Standards ("IFRS") in
issue and as adopted by the European Union and are effective or are expected to
be adopted and effective at 31 December 2010. The unaudited financial statements
have been prepared using accounting policies consistent in all material respects
with those applied in the Group's Annual Report for the year ended 31 December
2009 and consistent with those that will be applied during the year ended 31
December 2010. The financial information provided herein should be read in
connection with the Group's audited Consolidated Financial Statements and the
notes thereto for the year ended 31 December 2009.
The Group is marginally loss making at the operational level. The directors
continue to monitor management's forecasts for revenues, costs and working
capital needs on a regular basis. Although these projections show improving
trading conditions, inherently there can be no certainty that these forecasts
will be achieved. Following a review of the above noted forecasts and taking
into account available borrowing facilities, the directors have formed a
judgement, at the time of approving this interim announcement, that there is
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future.
This interim report does not constitute statutory accounts of the Group within
the meaning of section 435 of the Companies Act 2006. Statutory accounts for the
year ended 31 December 2009 have been filed with the Registrar of Companies. The
auditors' report on those accounts was unqualified and did not contain a
statement under section 498 of the Companies Act 2006.
2. Business and geographic segments
+-+----------------------------------+-----------------+------------------+------------------+
| | | Unaudited | Unaudited | Audited |
| | | six | six | year |
| | | months | months | |
+-+----------------------------------+-----------------+------------------+------------------+
| | | ended | ended | ended |
+-+----------------------------------+-----------------+------------------+------------------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+-+----------------------------------+-----------------+------------------+------------------+
| | | 2010 | 2009 | 2009 |
+-+----------------------------------+-----------------+------------------+------------------+
| | | GBP | GBP | GBP |
+-+----------------------------------+-----------------+------------------+------------------+
| | Revenue by segment | | | |
+-+----------------------------------+-----------------+------------------+------------------+
| | Clinical business UK | 406,502 | 342,668 | 602,916 |
+-+----------------------------------+-----------------+------------------+------------------+
| | Clinical business USA | 627,480 | 861,713 | 1,747,973 |
+-+----------------------------------+-----------------+------------------+------------------+
| | Clinical business Australia | 40,915 | 33,188 | 77,465 |
+-+----------------------------------+-----------------+------------------+------------------+
| | Hydra business | 442,870 | 290,870 | 751,011 |
+-+----------------------------------+-----------------+------------------+------------------+
| | | --------------- | --------------- | ---------------- |
+-+----------------------------------+-----------------+------------------+------------------+
| | | 1,517,767 | 1,528,439 | 3,179,365 |
+-+----------------------------------+-----------------+------------------+------------------+
| | | --------------- | ---------------- | ---------------- |
+-+----------------------------------+-----------------+------------------+------------------+
3. Revenue
+-+----------------------------------+---------------+---------------+----------------+
| | | Unaudited | Unaudited | Audited |
| | | six | six | year |
| | | months | months | |
+-+----------------------------------+---------------+---------------+----------------+
| | | Ended | Ended | Ended |
+-+----------------------------------+---------------+---------------+----------------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+-+----------------------------------+---------------+---------------+----------------+
| | | 2010 | 2009 | 2009 |
+-+----------------------------------+---------------+---------------+----------------+
| | | GBP | GBP | GBP |
+-+----------------------------------+---------------+---------------+----------------+
| | Revenue by type | | | |
+-+----------------------------------+---------------+---------------+----------------+
| | Software licences | 506,747 | 466,872 | 1,016,954 |
+-+----------------------------------+---------------+---------------+----------------+
| | Maintenance | 833,675 | 884,969 | 1,716,862 |
+-+----------------------------------+---------------+---------------+----------------+
| | Services and other revenue | 177,345 | 176,598 | 445,549 |
+-+----------------------------------+---------------+---------------+----------------+
| | | ------------- | ------------- | -------------- |
+-+----------------------------------+---------------+---------------+----------------+
| | Revenue | 1,517,767 | 1,528,439 | 3,179,365 |
+-+----------------------------------+---------------+---------------+----------------+
| | | ------------- | ------------- | -------------- |
+-+----------------------------------+---------------+---------------+----------------+
4.Tax
The tax credits of GBP240,377 for the first half 2010 were derived from
activities under taken in 2009. The tax credits of GBP394,183 for the half year
ended 30 June 2009 included credits for R&D undertaken in 2006 and 2007 of
GBP192,970 and tax credits for R&D undertaken in 2008 of GBP201,213. The Group
accounts for research and development tax credits when there is sufficient
certainty over receipt of the amounts involved, which is generally, when the
claim has been filed with the applicable tax authority.
5.Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | Unaudited | Unaudited | Audited |
| | | six | six | year |
| | | months | months | |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | ended | ended | ended |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | 2010 | 2009 | 2009 |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | GBP | GBP | GBP |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | Earnings for the purposes of | 144,185 | 154,550 | 220,394 |
| | basic and diluted earnings | | | |
| | per share | | | |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | --------------- | --------------- | --------------- |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | | | |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | Number | Number | Number |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | Weighted average number of | | | |
| | ordinary shares used in basic | | | |
| | earnings per share | 110,883,694 | 110,883,694 | 110,883,694 |
| | calculation | | | |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | Dilutive share options | - | 467,831 | 1,149,833 |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | --------------- | --------------- | --------------- |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | Weighted average number of | | | |
| | shares used in diluted | 110,883,694 | 111,351,525 | 112,033,527 |
| | earnings per share | | | |
| | calculation | | | |
+-+-------------------------------+-----------------+-----------------+-----------------+
| | | --------------- | --------------- | --------------- |
+-+-------------------------------+-----------------+-----------------+-----------------+
6.Unaudited condensed consolidated statement of changes in equity
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | Share | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | Share | Share | option | Translation | Retained | Shareholders' |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | capital | premium | reserve | reserve | losses | funds |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 31 | 2,433,251 | 7,750,957 | 97,588 | 28,144 | (10,817,865) | (507,925) |
| December | | | | | | |
| 2008 | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Share | - | - | 27,093 | - | - | 27,093 |
| options | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Translation | | | | | | |
| of foreign | - | - | - | (22,521) | - | (22,521) |
| operations | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Profit for | - | - | - | - | 220,394 | 220,394 |
| the year | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ----------- | ----------- | -------------- | --------------- |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 31 | 2,433,251 | 7,750,957 | 124,681 | 5,623 | (10,597,471) | (282,959) |
| December | | | | | | |
| 2009 | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ---------- | ----------- | -------------- | --------------- |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Share | - | - | 17,712 | - | - | 17,712 |
| options | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Translation | | | | | | |
| of foreign | - | - | - | (37,333) | - | (37,333) |
| operations | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Profit for | - | - | - | - | 144,185 | 144,185 |
| the period | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ----------- | ----------- | -------------- | --------------- |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 30 June | 2,433,251 | 7,750,957 | 142,393 | (31,710) | (10,453,286) | (158,395) |
| 2010 | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------ | ------------ | --------- | ----------- | -------------- | --------------- |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | Share | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | Share | Share | option | Translation | Retained | Shareholders' |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | capital | premium | reserve | reserve | losses | funds |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 31 | 2,433,251 | 7,750,957 | 97,588 | 28,144 | (10,817,865) | (507,925) |
| December | | | | | | |
| 2008 | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Share | - | - | 13,106 | - | - | 13,106 |
| options | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Translation | | | | | | |
| of foreign | - | - | - | 19,621 | - | 19,621 |
| operations | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Profit for | - | - | - | - | 154,550 | 154,550 |
| the period | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ----------- | ----------- | -------------- | --------------- |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 30 June | 2,433,251 | 7,750,957 | 110,694 | 47,765 | (10,663,315) | (320,648) |
| 2009 | | | | | | |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------ | ------------ | --------- | ----------- | -------------- | --------------- |
+--------------+---------------+--------------+-------------+-------------+----------------+-----------------+
+--+------------------------------------------------------------+
| 7.| Reconciliation of operating loss to operating cash flows |
+--+------------------------------------------------------------+
+------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
| | six months | six months | year |
+------------------------------------+------------+------------+------------+
| | ended | ended | ended |
+------------------------------------+------------+------------+------------+
| | 30 June | 30 June | 31 |
| | 2010 | 2009 | December |
| | | | 2009 |
+------------------------------------+------------+------------+------------+
| | GBP | GBP | GBP |
+------------------------------------+------------+------------+------------+
+------------------------------------+-----------------+------------------+---------------------+
| Loss from operations | (88,600) | (234,356) | (219,685) |
+------------------------------------+-----------------+------------------+---------------------+
| Adjustments for: | | | |
+------------------------------------+-----------------+------------------+---------------------+
| Depreciation of property, plant | 22,783 | 28,338 | 54,527 |
| and equipment | | | |
+------------------------------------+-----------------+------------------+---------------------+
| Share option charges | 17,712 | 13,106 | 27,093 |
+------------------------------------+-----------------+------------------+---------------------+
| Amortisation of intangible assets | 51,982 | 47,507 | 104,040 |
+------------------------------------+-----------------+------------------+---------------------+
| | -------------- | ---------------- | ---------------- |
+------------------------------------+-----------------+------------------+---------------------+
| Operating cash flows before | (3,877) | (145,405) | (34,025) |
| movements in working capital | | | |
+------------------------------------+-----------------+------------------+---------------------+
| | | | |
+------------------------------------+-----------------+------------------+---------------------+
| Increase in receivables | (85,691) | (64,405) | (23,828) |
+------------------------------------+-----------------+------------------+---------------------+
| Increase/(decrease) in payables | 131,475 | (15,225) | (161,218) |
+------------------------------------+-----------------+------------------+---------------------+
| | -------------- | ---------------- | ----------------- |
+------------------------------------+-----------------+------------------+---------------------+
| Cash generated/(used) by | 41,907 | (223,035) | (219,071) |
| operations | | | |
+------------------------------------+-----------------+------------------+---------------------+
| | | | |
+------------------------------------+-----------------+------------------+---------------------+
| Tax credits received | 240,377 | 192,970 | 453,026 |
+------------------------------------+-----------------+------------------+---------------------+
| Interest paid | (7,693) | (6,604) | (14,453) |
+------------------------------------+-----------------+------------------+---------------------+
| | --------------- | ---------------- | ----------------- |
+------------------------------------+-----------------+------------------+---------------------+
| Net cash inflow/(outflow) from | 282,345 | (36,669) | 219,502 |
| operating activities | --------------- | ---------------- | ----------------- |
| | | | |
| | | | |
+------------------------------------+-----------------+------------------+---------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGGDIBSBBGGD
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