This Half Year Report will be sent to shareholders and published
on the Investor Relations section of the corporate website at
www.kbcat.com. Further copies of this Half Year Report may be
obtained from the Company Secretary, KBC Advanced Technologies plc,
KBC House, 42-50 Hersham Road, Walton on Thames, Surrey, KT12
1RZ.
The financial information contained in this document does not
constitute statutory accounts as defined in Section 435 of the
Companies Act 2006.
The comparatives for the full year ended 31 December 2010 are
not the Group's full statutory accounts for that year. A copy of
the statutory accounts for that year has been delivered to the
Registrar of Companies. The auditors' report on those accounts was
unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report and did not contain a statement under section 498(2)-(3) of
the Companies Act 2006.
The following new standards, amendments to standards and
interpretations are mandatory for the first time for the financial
year beginning 1 January 2011, but are not currently relevant for
the Group:
Standard Title Effective
date
IAS 32 (amendment) Classification of rights issue 1 February
2010
IFRIC 19 Extinguishing financial liabilities 1 July 2010
with equity instruments
IAS 24 (revised) Related party disclosures 1 January
2011
IFRIC 14 (amendment) IAS 19 - The limit on a defined benefit 1 January
asset, minimum funding requirements 2011
and their interaction
IFRS Improvements to IFRS (2010) 1 January
2011
IFRS 1 (amendment) First time adoption of IFRS 1 July 2010
The following new standards, amendments to standards and
interpretations have been issued, but are not effective for the
financial year beginning 1 January 2011 and have not been adopted
early:
Standard Title Effective
date
IFRS 1 (amendment) Severe hyperinflation and removal 1 July 2011
of fixed dates for first time adopters
IFRS 7 (amendment) Transfers of financial assets 1 July 2011
IAS 12 (amendment) Recovery of underlying assets 1 January
2012
IAS 1 (amendment) Presentation of items of other 1 July 2012
comprehensive income
IFRS 9 Financial instruments 1 January
2013
IFRS 10 Consolidated financial statements 1 January
2013
IFRS 11 Joint arrangements 1 January
2013
IFRS 12 Disclosure of interests in other 1 January
entities 2013
IFRS 13 Fair value measurement 1 January
2013
IAS 27 Separate financial statements 1 January
2013
IAS 28 Investments in associates and joint 1 January
ventures 2013
IAS 19 Employee benefits 1 January
2013
The Directors are assessing whether the adoption of these
standards and interpretations will have a material impact on the
Group's financial statements in the period of initial
application.
2 EARNINGS PER SHARE
The calculation of basic earnings per share is based upon
earnings of GBP1.51m (30 Jun 2010: GBP1.05m, 31 Dec 2010: GBP2.22m)
and on 54,777,000 (30 Jun 2010: 56,213,000, 31 Dec 2010:
55,281,000) ordinary shares, being the weighted average number of
ordinary shares in issue during the period after excluding shares
owned by the KBC Advanced Technologies plc Employee Trust.
The calculation of diluted earnings per share is based upon
earnings of GBP1.51m (30 Jun 2010: GBP1.05m, 31 Dec 2010: GBP2.22m)
and on 55,204,000 (30 Jun 2010: 57,096,000, 31 Dec 2010:
56,053,000) ordinary shares, being the weighted average number of
ordinary shares in issue during the period after excluding shares
owned by the KBC Advanced Technologies plc Employee Trust and
adjusted for the weighted average effect of share options
outstanding during the period.
The calculation of basic underlying earnings per share is based
upon earnings of GBP1.81m (30 Jun 2010: GBP0.88m, 31 Dec 2010:
GBP3.07m) and on 54,777,000 (30 Jun 2010: 56,213,000, 31 Dec 2010:
55,281,000) ordinary shares, being the weighted average number of
ordinary shares in issue during the period after excluding shares
owned by the KBC Advanced Technologies plc Employee Trust.
3 UNDERLYING OPERATING PROFIT
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2011 2010 2010
GBP000 GBP000 GBP000
Operating profit 2,262 1,828 3,776
Amortisation of acquisition
intangibles 68 138 247
Development costs carried forward (282) (659) (1,068)
Amortisation of development costs
carried forward 241 126 358
Exceptional debtor provision - - 1,478
Arbitration costs 378 - -
Redundancy costs - - 225
---------- ---------- -------------
Underlying operating profit 2,667 1,433 5,016
Finance revenue 13 3 7
Finance cost (49) (28) (135)
---------- ---------- -------------
Underlying profit before tax 2,631 1,408 4,888
Tax expense (821) (533) (1,818)
---------- ---------- -------------
Underlying profit after tax 1,810 875 3,070
---------- ---------- -------------
The basic underlying earnings per share calculated using this
measure is 3.27p (30 Jun 2010: 1.56p, 31 Dec 2010: 5.56p).
4 SEGMENTAL INFORMATION
The Group has adopted IFRS 8, Operating segments, which uses a
"management approach", under which information is presented on the
same basis as that used for internal reporting purposes.
Income statement for
the six months ended Americas Asia EMEA Unallocated Total
30 June 2011 GBP000 GBP000 GBP000 GBP000 GBP000
Rendering of services
(Consulting) 8,388 5,131 6,022 - 19,541
Sale of goods
(Software) 1,876 2,304 2,325 - 6,505
----------------------- --------- -------- -------- ------------ --------
Total revenue 10,264 7,435 8,347 - 26,046
----------------------- --------- -------- -------- ------------ --------
Contribution 4,412 3,073 3,260 - 10,745
Operating profit
before amortisation 1,841 1,082 923 (1,275) 2,571
Amortisation - - - (309) (309)
----------------------- --------- -------- -------- ------------ --------
Operating profit 1,841 1,082 923 (1,584) 2,262
Finance revenue - - - 13 13
Finance cost - - - (49) (49)
----------------------- --------- -------- -------- ------------ --------
Profit before tax 1,841 1,082 923 (1,620) 2,226
Tax expense - - - (712) (712)
----------------------- --------- -------- -------- ------------ --------
Profit/(loss)for the
period 1,841 1,082 923 (2,332) 1,514
----------------------- --------- -------- -------- ------------ --------
Income statement for
the six months ended Americas Asia EMEA Unallocated Total
30 June 2010 GBP000 GBP000 GBP000 GBP000 GBP000
Rendering of services
(Consulting) 8,521 5,658 5,576 - 19,755
Sale of goods
(Software) 2,640 1,140 2,032 - 5,812
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