TIDMCSC
RNS Number : 7633D
cScape Group PLC
29 March 2011
29 March 2011
cScape Group plc
Interim results for the six months ended 31 December 2010
cScape Group plc ("cScape" or "the Group"), the digital services
business, today announces its unaudited interim results for the six
months ended 31 December 2010.
Enquiries, please contact:
Rob Killick
Director
cScape Group plc
020 7689 8800
Azhic Basirov / Siobhan Sergeant
Smith & Williamson Corporate Finance Limited
020 7131 4000
Chairman's statement
Financial and operational review
cScape Group made a pre tax profit of GBP65,000 in the first six
months of 2010/11. Both cScape Strategic Internet Services (CSIS)
and Blue Sky Hosting contributed to the profit, combined with a
benefit from further reductions in central costs.
Blue Sky Hosting maintained its client base and revenues and
continues to deliver a consistent profit stream. Blue Sky Hosting
is repositioning itself to take advantage of the quickening pace of
cloud hosting opportunities.
CSIS continues to win new business through its expertise in
SharePoint development. In addition, CSIS delivered its first major
project using the web content management product SDL Tridion to its
long standing customer, the Chartered Institute of Personnel and
Development (CIPD). CSIS added two new blue chip clients to its
roster in this period, Deutsche Bank and Toshiba.
Outlook
While we expect Blue Sky Hosting to continue to deliver positive
results in the second half of the financial year, the prospect for
the CSIS side of the business is more challenging. The early part
of 2011 has seen a decline in demand for services in all sectors as
uncertainty has come to dominate the client outlook. Clients are
generally very cautious about spending, leading to a reduction in
the value of individual projects and also a stretching out of the
sales cycle. However, we remain confident in the long term
prospects for CSIS.
Keith Young
Chairman
29 March 2011
CSCAPE GROUP PLC
CONSOLIDATED INCOME STATEMENT
For the 6 months ended 31 December 2010
Unaudited
Unaudited 6 Months
6 Months to Audited
to 31 December Year Ended
31 December 2009 30 June
Notes 2010 As restated 2010
GBP'000 GBP'000 GBP'000
Revenue
Existing operations 3 2,349 2,503 4,734
Cost of sales (260) (306) (386)
------------- ------------- ------------
Gross profit 2,089 2,197 4,348
Administrative expenses (1,930) (2,184) (4,305)
------------- ------------- ------------
Earnings before interest,
tax, depreciation,
amortisation and
impairment losses 159 13 43
Depreciation (79) (69) (155)
Other operating income - 4 16
Exceptional item - - (70)
------------- ------------- ------------
Total (Loss) from
continuing operations 80 (52) (166)
Finance income - 5 3
Finance cost - continuing
operations 3 (15) (8) (63)
------------- ------------- ------------
Profit/(Loss) before tax 65 (55) (226)
Taxation 5 (7) - -
------------- ------------- ------------
Profit/(Loss) for the
year after tax -
existing operations 58 (55) (226)
Profit/(Loss) for the
year after tax -
discontinued operations - 238 239
------------- ------------- ------------
Profit for the year after
tax 58 183 13
============= ============= ============
Profit per share- basic 6 5.06p 16.18p 1.15p
(restated)
============= ============= ============
CSCAPE GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 31 December 2010
Unaudited
Unaudited 6 Months
6 Months to Audited
to 31 December Year Ended
31 December 2009 30 June
Notes 2010 As restated 2010
GBP'000 GBP'000 GBP'000
Profit/Loss for the period 58 183 13
Other comprehensive
income
Available for sale financial
assets - - 60
------------- ------------- ------------
Other comprehensive income
for the period - - 60
------------- ------------- ------------
Total comprehensive income
for the period 58 183 73
------------- ------------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 31 December 2010
Unaudited
Unaudited 6 Months
6 Months to Audited
to 31 December Year Ended
31 December 2009 30 June
Notes 2010 As restated 2010
GBP'000 GBP'000 GBP'000
Profit/(Loss) for the period 58 183 13
------------- ------------- ------------
Total recognised income and
expenses for the period 58 183 13
Shares issued in the
period 250 - -
Share issue costs (22) - -
Available-for-sale financial
asset - - 60
------------- ------------- ------------
Net change in equity in the
period 286 183 73
Opening equity 522 449 449
------------- ------------- ------------
Closing equity 808 632 522
============= ============= ============
CSCAPE GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2010
Unaudited Unaudited Audited
31 December 31 December 30 June
2010 2009 2010
Notes GBP'000 GBP'000 GBP'000
ASSETS
Non Current Assets
Other intangible assets 1,252 1,252 1,252
Property, plant and
equipment 443 357 427
------------- ------------- ---------
1,695 1,609 1,679
============= ============= =========
CURRENT ASSETS
Trade and other receivables 1,065 1,039 985
Available-for-sale financial
asset 60 - 60
Cash and cash equivalents 220 161 188
------------- ------------- ---------
1,345 1,200 1,233
------------- ------------- ---------
TOTAL ASSETS 3,040 2,809 2,912
============= ============= =========
LIABILITIES
Current Liabilities
Trade and other payables 711 600 638
Financial liabilities 60 45 62
Current tax liabilities 1,396 1,177 1,525
------------- ------------- ---------
2,167 1,822 2,225
============= ============= =========
Non-Current Liabilities
Trade and other payables - - 100
Financial liabilities 65 55 65
Provisions for liabilities
and other charges - 300 -
65 355 165
------------- ------------- ---------
TOTAL LIABILITIES 2,232 2,177 2,390
============= ============= =========
EQUITY
Share capital 8 1,167 1,131 1,131
Share premium 691 499 499
Capital redemption reserve 6 6 6
Other reserves 60 - 60
Retained earnings (1,116) (1,004) (1,174)
------------- ------------- ---------
TOTAL EQUITY 808 632 522
------------- ------------- ---------
TOTAL LIABILITIES AND EQUITY 3,040 2,809 2,912
============= ============= =========
CSCAPE GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
For the 6 months ended 31 December 2010
Unaudited Unaudited
6 Months 6 Months to Audited
to 31 December Year Ended
31 December 2009 30 June
2010 As restated 2010
GBP'000 GBP'000 GBP'000
Operating activities
Profit/(Loss) from operations 80 (52) (96)
Depreciation 79 43 155
Exceptional item - - (70)
Other payments (100) - (100)
Increase in trade and other
receivables (81) (89) (35)
Increase/(decrease) in trade and
other payables (61) 165 422
Cash inflow/ (outflow) from
operations (83) 67 276
Interest paid (12) (4) (51)
Interest received - 5 3
Interest element of finance
leases (3) (4) (12)
Net inflow on operating
activities from discontinued
operations - 96 96
------------- ------------- ------------
Net cash inflow/ (outflow) from
operating activities (98) 160 312
------------- ------------- ------------
Purchase of property, plant and
equipment (71) (52) (106)
Sale of property, plant and
equipment - - 13
Disposal of subsidiary, net of
cash disposed - (28) (28)
Net outflow on investing
activities from discontinued
operations - (4) (4)
Net cash used in investing
activities (71) (84) (125)
------------- ------------- ------------
Cash flow from financing
activities
Finance leases and hire purchase
obligations (25) (43) (106)
Proceeds from share issue 250 - -
Expenses in connection with share
issue (22) - -
Increase/(Decrease) in bank loan (2) - -
Repayment of bank loans - - 5
Net outflow on financing
activities from discontinued
operations - (182) (182)
------------- ------------- ------------
Net cash inflow/(outflow) from
financing activities 201 (225) (283)
------------- ------------- ------------
Net change in cash equivalents 32 (149) (96)
Cash and cash equivalents at the
beginning of the period 188 284 284
------------- ------------- ------------
Cash and cash equivalents at the
end of the period 220 135 188
============= ============= ============
CSCAPE GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the 6 months ended 31 December 2010
1. FINANCIAL INFORMATION
The financial information is for the six months ended 31
December 2010 and is neither audited nor reviewed as defined by APB
Bulletin 1999/4.
The unaudited interim accounts have been prepared in accordance
with International Financial Reporting Standards and International
Accounting Standards (collectively IFRS) as adopted by the EU and
the accounting policies set out in cScape Group plc's Annual Report
for the year ended 30 June 2010. These interim accounts have been
prepared in accordance with International Accounting Standard 34
"Interim Financial Reporting" they do not include all the
statements required for full annual accounts, and should be read in
conjunction with the consolidated accounts of the Group as at 30
June 2010.
2. INTERNATIONAL FINANCIAL REPORTING STANDARDS
The consolidated financial information has been prepared using
accounting policies consistent with International Financial
Reporting Standards ('IFRS') as adopted by the European Union
applied in accordance with the provisions of the Companies Act
2006.
3. SEGMENTAL INFORMATION
The Group operates in the UK and the whole of its turnover and
profit relate to the UK market. The split between continuing and
discontinued activities are shown below;
Unaudited
Unaudited 6 Months
6 Months to Audited
to 31 December Year Ended
31 December 2009 30 June
2010 Continuing 2010
GBP000's GBP000's GBP000's
Turnover
Internet services 1,907 1,987 3,870
Head office 36 - 36
Specialist Hosting 497 507 1,040
Media and interactive technology 5 9 18
Group eliminations (96) - (230)
Group turnover 2,349 2,503 4,734
============ ============ ===========
Profit/(Loss) before tax
Internet services 85 (21) (61)
Head office (95) (172) (327)
Specialist Hosting 106 128 197
Media and interactive technology (31) 10 (35)
Group profit/(loss) before
tax 65 (55) (226)
============ ============ ===========
CSCAPE GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the 6 months ended 31 December 2010 (Continued)
4. GOODWILL
The board has assessed each subsidiary with reference to its
durability, ability to sustain future long term profitability and
assessed ability to maintain market position. Based on this
assessment the board is of the opinion that goodwill has an
indefinite life. The board carries out regular impairment reviews
on goodwill and recognizes any impairment immediately.
5. TAXATION
A provision has been made for UK Corporation tax of GBP7,000 for
the period.
6. PROFIT/(LOSS) PER ORDINARY SHARE
Basic profit/(loss) per share is calculated by dividing the
profit/(loss) attributable to ordinary shareholders by the weighted
average number of ordinary shares during the year. The diluted
profit/(loss) per share is the same as the actual profit/(loss) per
share.
Unaudited Unaudited
6 Months 6 Months Audited
to to Year Ended
31 December 31 December 30 June
2010 2009 2010
Basic - continuing operations
Basic earnings attributable to
ordinary shareholders: GBP'000 58 (55) (226)
Weighted average number of ordinary
shares (restated for 6 months ended
31 December 2009 and year ended
30 June 2010) 1,146,684 1,131,156 1,131,156
Profit/(Loss) per share: 5.06p (4.86p) (19.98p)
Basic - discontinued operations
Basic earnings attributable to
ordinary shareholders: GBP'000 - 238 239
Weighted average number of ordinary
shares (restated for 6 months ended
31 December 2009 and year ended
30 June 2010) 1,146,684 1,131,156 1,131,156
Profit/(Loss) per share: 0.00p 21.04p 21.13p
Total earnings per share 5.06p 16.18p 1.15p
------------ ------------ -----------
The weighted average number of shares has been restated for the
6 month period ending 31 December 2009 and for the year ended 30
June 2010 as a result of the share organisation, in order for the
comparatives figures to be comparable to the earnings per share for
the current period.
CSCAPE GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the 6 months ended 31 December 2010 (Continued)
7. ANALYSIS OF CHANGES IN NET (DEBT)/ FUNDS
At 1 July At 31 December
2010 Cash flow Other Movements 2010
Net cash: GBP000's GBP000's GBP'000's GBP000's
Cash at bank and
in hand 188 32 - 220
Debt:
Bank Loan (12) 2 - (10)
Hire purchase
agreements (115) 25 (25) (115)
--------- --------- --------------- --------------
Total 61 59 (25) 95
========= ========= =============== ==============
8. Share capital
Share Restructure
As a result of a share restructure on 23 December 2010, each of
the Company's 11,311,558 issued ordinary shares and 6,688,442
unissued ordinary shares of GBP0.10 each were each sub divided into
one Deferred Share of GBP0.09 and one New Ordinary Share of
GBP0.01.
Immediately following the share subdivision, the Company's New
Ordinary Shares were reconsolidated on the basis that every 10 New
Ordinary Shares became one Consolidation Ordinary Share of
GBP0.10.
Following the share subdivision and reconsolidation of shares,
the Company issued 357,143 Consolidation Shares on 24 December 2010
at a price of GBP0.70 per share.
As a result of the share subdivision, reconsolidation and issue
of new shares the Company's share capital on 31 December 2010 is as
follows;
Share Type No. Of Shares Nominal Value Total Value
--------------------- -------------- -------------- -------------
Consolidation Shares 1,488,298 GBP0.10 GBP 148,830
--------------------- -------------- -------------- -------------
Deferred Shares 11,311,558 GBP0.09 GBP1,018,040
--------------------- -------------- -------------- -------------
Total Issued Share GBP1,166,870
Capital
--------------------- -------------- -------------- -------------
The voting and other rights (including the rights to dividends)
conferred on the Consolidation Shares are identical to those
attached to the Ordinary Shares as set out in the articles of
association of the Company.
The Deferred Shares have no rights to vote or to participate in
dividends and carry limited deferred rights on any return of
capital. No application has been made been made by the Company for
the Deferred Shares to be admitted to trading on AIM.
9. COPIES OF THE INTERIM REPORT
Copies of the interim report are available from www.cscape.com
or the company secretary at cScape Group Plc, 4 Pear Tree Court,
London, EC1R 0DS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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