TIDMACSO
RNS Number : 0296Z
Accesso Technology Group PLC
15 September 2015
15 September 2015
accesso(R) Technology Group plc
("accesso" or the "Group")
INTERIM RESULTS
for the six month period ended 30 June 2015
accesso Technology Group plc (AIM: ACSO), the premier technology
solutions provider to leisure, entertainment and cultural markets,
announces interim results for the six months ended 30 June 2015.
The period, in line with previous years, contributes a smaller
proportion of our full year revenues and profit than the second
half but these results demonstrate another period of strong
progress, including significant investment to capitalise on
opportunities across the Group.
Financial Highlights
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2015 2014 % change 2014
$m $m $m
Revenue 32.10 25.88 +24.0 75.09
Adjusted operating
profit * 1.56 1.28 +21.9 8.72
Net debt** 18.81 4.63 14.31
Adjusted earnings
per share - basic
(cents)*** 4.37 4.28 +2.1 30.81
--------------------- ----------- ----------- ------------ -------------
* Adjusted operating profit is defined as operating profit
before the deduction of amortisation related to acquisitions,
acquisition costs, and share based payments as detailed within the
consolidated statement of comprehensive income as set out in note
4
** Cash and cash equivalents less borrowings
*** Comparative data uses the full year effective tax rate for
the respective period
Operational Highlights
A period of strong growth delivered by a balanced and
established portfolio
o Strong revenue growth to $32.10m from $25.88m, a 24%
increase
o Integration of our latest acquisition, ShoWare, well underway
and performing strongly
o Over 60 new business wins in North America, South America,
Asia and, post-period end, Australasia indicate the continuing
expansion of accesso's global footprint
o Post-period end deal with Merlin Entertainments demonstrates
the scale and capability of our offer
o Significant investment throughout the period in our
development and operational teams in anticipation of future demands
on operational capacity from post-period end business wins
accesso LoQueue(SM) - Significant step taken in Asian
expansion
o Important step forward with deal for first Qsmart(SM)
installation in Asia, at The Movie Animation Park Studios in Ipoh,
Malaysia. Five-year contract for the use of patented
smartphone-based queuing solution, Qsmart(SM) , to begin when park
opens in mid-2016
o Five-year contract for Qbot(SM) in substantial North American
theme park signed, installed and trading strongly
o Q100 trials continuing at a significant European theme
park
accesso Passport(R) - Extending our reach across the
industry
o Landmark wins for accesso's ticketing solution at Navy Pier in
Chicago and Nashville Zoo at Grassmere, Tennessee
o Contract extension with the Cedar Fair Entertainment Co to
provide accesso Passport across its venues in North America
o 3 year agreement signed for the full accesso Passport suite
for the One World Observatory at the One World Trade Centre in New
York
o Exclusive agreement with Merlin post-period end marks a
significant watershed for the Group
o Rapid transition to mobile ticketing continues - a 300%
increase in H1 2015 representing 22% of ticket volumes (2014:
7%)
accesso Siriusware(SM) - Continued momentum
o Eight prominent U.S. venues secured in period (Brooklyn Museum
of Art, The Skydeck, McWane Center Adventures in Science, Arizona
Sonora Desert Museum, The Asian Art Museum, The Trustees of
Reservations, Oakland Museum of California, and Black Ball Ferry
Line)
ShoWare - Bedding down and delivering on expectations
o November acquisition integrated into the Group with 41 new or
extended contracts in the period
o Expanded client roster now includes event promoters, sports
stadia, music & theatre venues and arts spaces
o Growing accesso's geographical footprint and establishing the
Group in South America
o Delivering repeatable, transaction-based revenue in a new
market segment of smaller and mid-sized "assigned seat" venues
Post-Period End Highlights - Global Merlin agreement transforms
accesso ticketing footprint
o accesso named Merlin Entertainments exclusive global ticketing
solution provider on July 30(th) 2015
o accesso Passport solution to operate across more than 100
Merlin venues for 7 year period
o Increased costs within the period ahead of the agreement and
its subsequent deployment
o Costs incurred relate to development costs in respect of
product globalization, additional functionality and headcount
increases across implementation and service teams
o Further wins for ShoWare, accesso Siriusware and accesso
LoQueue in the US, Mexico and Australia
o First same-site integration of ShoWare and accesso Siriusware
now live
o Strong post period-end trading underpins confidence in full
year performance
Commenting on the results Tom Burnet, Chief Executive of
accesso, said:
"This is an exciting period for us, and I think today's results
reflect this. We have increasing momentum across all our lines of
business as we start to capitalise on the hard work and investments
of the last few years.
Our new contracts this year, including the agreement with
Merlin, demonstrate the substantial demand for technology solutions
that deliver revenue enhancing, yet engaging experiences and help
venues build better connections with their guests around the
world.
We are very confident as we move into the second half we will
continue to deliver."
For further information, please contact:
accesso Technology Group plc +44 (0)118 934 7400
Tom Burnet, Chief Executive
Officer
John Alder, Chief Financial
Officer
FTI Consulting, LLP +44 (0)20 3727 1000
Matt Dixon, Lucy Delaney,
Adam Davidson
Canaccord Genuity Limited
(Nomad and Joint Broker) +44 (0)20 7523 8000
Simon Bridges, Cameron Duncan
Numis Securities Limited +44 (0)20 7260 1000
Etienne Bottari, Simon Willis,
Mark Lander
Chief Executive's Statement
Financial Review
During H1 accesso has continued to make excellent strides along
its growth path. The Group now has four growing, well-aligned and
well-positioned, complementary technologies, ready to deliver on
the encouraging momentum gathered to date. We have invested
considerably throughout the period in our development and
operational teams in anticipation of this success, and continue to
work busily to improve the quality of our services and monetise our
IP. Our hard work has delivered excellent results, and I would like
to thank the whole accesso team for their effort and commitment in
making this happen.
Key financial metrics
In line with previous years, the larger proportion of our
revenue and particularly our profit will continue to be generated
in the second half of the year. As such, the first half
performance, while important, is not the lead indicator for the
overall performance of the Group.
The first half has seen accesso continue to benefit from its
diverse geographical footprint and expanding customer portfolio.
Group revenues in the first half increased by 24% year on year to
$32.10m (H1 2014: $25.88m), with the Group's business growing
organically in line with the Board's expectations and with the
additional benefit from the acquisition of ShoWare in November
2014.
Despite flat theme park attendance figures overall, in a reverse
of the same period last year, theme park attendances were strong in
North America but poor in Europe. However, the continued expansion
of accesso's client base by market and region helps mitigate the
impact of theme park attendance on our results and improve the
overall resilience of the business.
Adjusted operating profit increased by 21.9% to $1.56m (H1 2014:
$1.28m). While this benefitted from the ShoWare acquisition in H2
of 2014, it also included a substantial like-for-like increase in
the underlying overhead base of the business. In anticipation of
our agreement with Merlin Entertainments, which was announced on 30
July 2015, we took the decision to invest heavily in our
development and operational teams. This investment was incurred
throughout a substantial part of the H1 period, but given the
seasonality of the business and the three year roll out of the
agreement with Merlin, the revenue benefits from this and other
contract wins in H1 were insignificant.
Our unadjusted operating result and result before tax were, as
expected, impacted by the increased amortization relating to the
ShoWare acquisition of $1.07m taking total amortization on
acquisitions to $2.12m (2014: $1.05m) and increased interest on the
debt used for funding that acquisition of $0.24m ($0.11m).
Cash
The Group's cash position is in line with expectations, with net
debt increasing from $14.31m at 31 December 2014 to $18.81m at 30
June 2015, representing a net outflow of $4.5m (2014: $2.62m). The
H1 period traditionally results in a net cash outflow and given the
significant investment in the business ahead of newly contracted
business, the Board is pleased with this position and the
significant headroom to the Group's borrowing facility with Lloyds
Bank of $29m. Expenditure on intangible fixed assets in the period
of $2.80m (2014: $1.04m), which substantially represents
development expenditure, was the key factor in the net outflow
increase.
Tax
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The tax credit for the period is based on the expected annual
effective rate. The tax credit for the comparative period was based
on the estimated taxable result for the group for the 2014 six
month period. The Board are evaluating opportunities to lower its
effective rate in future periods.
Dividend
The Board maintains its view that the payment of a dividend is
unlikely in the short to medium term with cash better invested in
growth focused investment opportunities.
Operational Review
Each of our four products have continued to grow strongly during
the period. We have seen good demand with significant new contract
wins and expanding relationships with existing customers. We remain
focused on continually improving our products to meet our
customers' demands, as they in turn look to offer their visitors
the best possible guest experience before, during and after a venue
or attraction visit.
The period has also been one of significant investment in the
business in anticipation of the landmark contract with Merlin
Entertainments signed post-period end. In advance of the deal we
implemented a program to substantially increase and improve
capacity to deliver our services. This involved recruitment across
our US and European teams to support multi- region implementation,
accelerated product globalisation and enhanced functionality. This
investment will allow accesso to deliver fully on the great promise
of this agreement, whilst improving the overall business
infrastructure to the benefit of the wider Group.
New wins | Stronger relationships | Watershed moments
accesso LoQueue(SM)
The first half has been a successful one for our queuing
products and attendance in Europe aside, all key indicators were
positive.
accesso LoQueue revenue per guest increased during the period by
6.2%. Following pilot schemes in 2014, increased emphasis has been
placed on enhancing the on-line and in-park sale processes, from
updated and improved retail locations to simplified pricing
structures. We expect to continue to see the benefit that these
joint initiatives with customers will bring as we trade through the
remainder of the year and in particular the key summer months.
New business success was marked by a five year agreement with
the Movie Animation Park Studios in Ipoh, Malaysia for the use of
accesso's smartphone-based queuing solution, Qsmart(SM) . This deal
marked the formalisation of an already existing Memorandum of
Understanding with the park, and represents an important milestone
in the Group's progression into the Asian leisure market.
Additionally, we have signed and implemented a new 5 year deal for
our Qbot(SM) solution in a leading North America theme park and
post period end, extended our agreement with Dreamworld,
Australia's largest theme park, for a further 5 years.
The continuing progress in the queuing side of accesso's
business demonstrates the enduring quality of the idea at the heart
of this technology: to take guests out of physical lines and free
them up to enjoy their day more fully.
accesso Passport(R)
accesso Passport solutions have continued to show strong
performance in the first half, with global ticketing volumes
increasing organically by 18% on the same period in 2014. As
expected the majority of this growth was achieved from our mobile
offering which experienced a 300% increase versus the same period
in 2014. Mobile represented 22% of ticket volumes (2014: 7%).
Important new wins have been combined with growing relationships
at existing customers, all underpinned by our dedication to
building class-leading technology solutions combined with a
relentless commitment to customer service.
The three-year contract with Chicago's Navy Pier was noteworthy
given its imminent centennial anniversary in 2016. This occasion
will be marked by an extensive redevelopment programme placing
accesso Passport at the heart of operations for one of America's
premier urban waterfront destinations.
A further three-year agreement with Nashville Zoo at Grassmere,
Tennessee indicates the quality and diversity of the clients
accesso Passport can serve. The venue is growing rapidly and must
keep pace with equally rapid changes in consumer behaviour as
guests demand ever-more flexibility and responsiveness in planning
their visits. accesso Passport is helping Nashville Zoo and other
venues of similar size and complexity navigate this change and
improve guest experience across technology platforms and
devices.
We are also proud to be working with the operators of the One
World Observatory at the newly opened One World Trade Centre in New
York City, who have chosen the full accesso Passport suite to serve
this extraordinary venue at the top of the western hemisphere's
tallest building.
accesso Passport is also helping the Group increase its reach
and longevity within existing client relationships. Announced in
March, the three-year extension with Cedar Fair Entertainment Co is
another example of accesso's ongoing importance to clients that
place the quality of user experience at the heart of their
operations. accesso strives to build this kind of long-term,
mutually beneficial relationship built on the Group's ability to
act as a key revenue driver for the venues it serves.
accesso Siriusware(SM)
During the first half we have added eight prominent U.S. venues,
which have adopted accesso Siriusware's solutions, being the
Brooklyn Museum of Art, The Skydeck, McWane Center Adventures in
Science, Arizona Sonora Desert Museum, The Asian Art Museum, The
Trustees of Reservations, Oakland Museum of California, and Black
Ball Ferry Line.
These attractions have all installed accesso Siriusware guest
management, ticketing, ecommerce and point-of-sale technology into
their operations.
These wins underline the strategic value of accesso Siriusware's
offering to the Group, by extending accesso's sales opportunity
into previously untapped leisure verticals.
ShoWare
The ShoWare ticketing platform is now a fully integrated part of
the Group, and has delivered a strong period with 41 new business
successes across 6 countries.
These new wins in the first half prove the Group's ability to
deliver assigned seat ticketing solutions to a variety of venue
sizes and vertical type. Each of these wins adds a
transaction-based and repeatable revenue stream helping to
accelerate accesso's growth throughout North and South America.
This contract momentum is also helping accesso diversify its
client base by vertical-type as well as by geography. Among
ShoWare's new clients are event promoters, sports stadia, music
& theatre venues and arts spaces - all clients who want to
benefit from a versatile, customisable cloud-based ticketing
solution.
Post-period end
Since the period end, there has been more encouraging news for
accesso's two newest products. As announced in July, accesso
Siriusware and ShoWare have each added eight new clients across the
U.S. and South America.
Additionally we have seen the first same-site integration of the
accesso Siriusware and ShoWare solutions go live. Previously an
accesso Siriusware customer, in adopting ShoWare to manage and
execute its online ticket sales, the Taos Community Auditorium has
become the first venue to integrate the two products in a move that
exploits the full breadth of accesso's online, mobile and
traditional point-of-sale solutions.
Lastly, following an extensive trial in several venues, accesso
has been named exclusive global ticketing solution provider to
Merlin Entertainments in a seven year deal for the installation and
deployment of accesso Passport across over 100 attractions around
the world. This includes such recognizable brands as LEGOLAND(R)
Parks, Madame Tussauds(TM), SEA LIFE and The Eye Brand, and marks a
watershed moment for the Group.
Building for the future
accesso's continuing success is predicated on an evolving
product portfolio designed to meet the changing needs of our
clients. Development in our product lines is ongoing, with several
important projects initiated during the period in addition to those
already in progress at the beginning of the year.
A number of well received trials of our Q100 queuing product
have continued throughout the summer. This product fulfils a
long-standing ambition to create a queueless theme park, and the
prevalence of smartphones among groups of attraction guests allows
this idea to become real possibility. In these trials, the entirety
of a venue's guest population queue virtually for a selection of
the most popular attractions. The potential to take 100% of
visitors out of line and into circulation around the venue's retail
environments, while improving the overall guest experience,
presents an extensive opportunity for operators. We are pursuing
this avenue with relish and to date, feedback has been extremely
positive.
Amongst many other development projects, during the period we
have followed on from the successful deployment of our fully
responsive mobile shopping cart for accesso Passport with a similar
launch for ShoWare. As a significant number of consumers choose to
buy products on their handheld device, this an excellent example of
how our investment in cloud hosted technology helps us to maintain
and deepen relationships with venues as we can quickly rollout
platform wide enhancements and maintain the most agile suite of
services available.
Intellectual Property
accesso has over 40 patents or patents pending that protect many
of our inventions. We remain committed to maintaining this
portfolio, as well as exploring means of monetising and expanding
it where possible.
Queen's Award for Enterprise
In April 2015, we were delighted to be honoured with a Queen's
Award for Enterprise in the Innovation category. This represented a
second award for accesso and was in recognition of the Group's
LoQueue solution.
The right mix
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These results represent an important moment in accesso's
progression. We have invested time assessing the market, developing
and acquiring world class technology and establishing the
infrastructure to capitalise on the significant opportunity we see
globally. We believe that with our success to date the Group is
primed for the next stage in its development. The post period-end
deal with Merlin signifies the caliber and scale of client accesso
is being chosen to represent. We are immensely proud of this
achievement and will be uncompromising in our attempts to further
improve our business.
Current Trading and Outlook
We are pleased with the Group's performance in the first half,
delivered by a business well positioned in a market it fully
understands. The Board has previously reiterated its guidance for
2015, upgraded its expectations for 2016, and materially upgraded
its expectations for 2017. We will continue to work hard to achieve
our targets and deliver on the new contract momentum across the
business, and we remain confident that we are in a position to do
so.
Tom Burnet
Chief Executive Officer
Consolidated statement of comprehensive income
for the six month period ended 30 June 2015
Six Six
months months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
$000 $000 $000
----------------- ----------------------------------------- ----------------------------------------- -----------------------------------
Revenue 32,098 25,884 75,091
Cost of sales (15,168) (14,065) (43,086)
----------------------------------------- ----------------------------------------- -----------------------------------
Gross profit 16,930 11,819 32,005
Administrative
expenses (17,753) (11,750) (26,534)
----------------------------------------- ----------------------------------------- -----------------------------------
Adjusted
operating
profit 1,564 1,282 8,718
Costs of
acquisition - - (559)
Amortisation
relating
to acquisitions (2,117) (1,047) (2,273)
Share based
compensation (270) (166) (415)
------------------ ----------------------------------------- ----------------------------------------- -----------------------------------
Operating (loss)
/
profit (823) 69 5,471
Finance expense (236) (107) (344)
Finance income 5 1 2
----------------------------------------- ----------------------------------------- -----------------------------------
(Loss) / profit
before
tax (1,054) (37) 5,129
Income tax 295 509 (1,344)
----------------------------------------- ----------------------------------------- -----------------------------------
(Loss) / profit
for
the period (759) 472 3,785
========================================= ========================================= ===================================
Other
comprehensive
income
Items that will be
reclassified
to the income
statement
Exchanges
differences on
translating
foreign operations 72 (620) 895
----------------------------------------- ----------------------------------------- -----------------------------------
Other comprehensive
income
/ (loss) for the
period net
of tax 72 (620) 895
----------------------------------------- ----------------------------------------- -----------------------------------
Total comprehensive
(loss)
/ income for the
period (687) (148) 4,680
========================================= ========================================= ===================================
(Loss) / profit
attributable
to:
Owners of the
parent (784) 472 3,785
Non-controlling
interest 25 - -
(759) 472 3,785
========================================= ========================================= ===================================
Total comprehensive
(loss)
/ income
attributable to:
Owners of the
parent (712) (148) 4,680
Non-controlling
interest 25 - -
(687) (148) 4,680
========================================= ========================================= ===================================
(Loss)/ earnings
per share
expressed in cents
per share:
Basic (3.46) 2.33 18.49
Diluted (3.46) 2.28 18.16
All activities of the company are classified as continuing
Consolidated statement of financial position
as at 30 June 2015
30 June 30 June 31 December
2015 2014 2014
$000 $000 $000
-------------------------------- -------- -------- ------------
Assets
Non-current assets
Intangible assets 70,902 32,484 71,083
Property, plant and equipment 2,707 3,622 2,733
Deferred tax 5,654 6,017 5,696
------------
79,263 42,123 79,512
-------- -------- ------------
Current assets
Inventories 1,033 1,117 648
Trade and other receivables 10,204 6,634 6,946
Tax receivable 507 1,712 1,052
Cash and cash equivalents 3,266 2,869 5,693
------------
15,010 12,332 14,339
-------- -------- ------------
Liabilities
Current liabilities
Trade and other payables 6,776 4,420 7,999
Finance lease liabilities 49 46 48
Corporation Tax payable - 275 -
------------
6,825 4,741 8,047
-------- -------- ------------
Net current assets 8,185 7,591 6,292
-------- -------- ------------
Non-current liabilities
Deferred tax 8,362 2,141 8,804
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Finance lease liabilities 89 138 114
Borrowings 22,075 7,500 20,000
------------
30,526 9,779 28,918
Total liabilities 37,351 14,520 36,965
Net assets 56,922 39,935 56,886
======== ======== ============
Shareholders' equity
Called up share capital 345 348 342
Share premium 25,479 27,460 25,229
Own shares held in trust (2,095) (2,278) (2,076)
Other reserves 2,881 2,018 2,593
Retained earnings 15,523 13,530 16,236
Merger reserve 14,670 - 14,540
Translation reserve 94 (1,143) 22
-------- -------- ------------
Total attributable to
equity holders 56,897 39,935 56,886
-------- -------- ------------
Non-controlling interest 25 - -
-------- -------- ------------
Total shareholders' equity 56,922 39,935 56,886
======== ======== ============
Consolidated statement of cash flows
for the six month period ended 30 June 2015
Six Six
months months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
$000 $000 $000
-------------------------------- --------- --------- ------------
Cash flows from operating
activities
Cash generated from
operations (1,278) (1,324) 10,853
Tax received / (paid) 315 (60) (1,340)
--------- --------- ------------
Net cash (outflow) /
inflow from operating
activities (963) (1,384) 9,513
--------- --------- ------------
Cash flows from investing
activities
Acquisition of subsidiary,
net of cash acquired - - (18,088)
Purchase of intangible
fixed assets (2,798) (1,044) (2,697)
Purchase of property,
plant and equipment (449) (377) (825)
Interest received 5 1 2
--------- --------- ------------
Net cash used in investing
activities (3,242) (1,420) (21,608)
--------- --------- ------------
Cash flows from financing
activities
Share Issue 25 217 402
Interest paid (236) (107) (344)
Payments to finance
lease creditors (23) - (46)
Proceeds from borrowings 2,075 - 12,500
Net cash from financing
activities 1,841 110 12,512
--------- --------- ------------
Decrease in cash and
cash equivalents in the
period (2,364) (2,694) 417
Cash and cash equivalents
at beginning of year 5,693 5,489 5,489
Exchange (loss) / gain
on cash and cash equivalents (63) 74 (213)
--------- --------- ------------
Cash and cash equivalents
at end of period 3,266 2,869 5,693
========= ========= ============
Net cash from operating
activities
(Loss) / profit before
tax (1,054) (37) 5,129
Amortisation on acquired
intangibles 2,117 1,047 2,273
Amortisation on development
costs 843 385 687
Depreciation and amortization
on other fixed assets 518 479 1,592
Share based payment 270 190 353
Finance costs 236 107 344
Finance income (5) (1) (2)
--------- --------- ------------
2,925 2,170 10,376
--------- --------- ------------
(Increase) / decrease
in inventories (389) (310) 191
Increase in trade and
other receivables (3,164) (2,403) (1,605)
(Decrease) / increase
in trade and other payables (650) (781) 1,891
--------- --------- ------------
Net cash (outflow) /
inflow from operations (1,278) (1,324) 10,853
========= ========= ============
Consolidated statement of changes in equity
for the six month period ended 30 June 2015
Own Total
shares attributable
Share Share Retained Other held in Translation Merger to equity Non-controlling
capital premium earnings reserves trust reserve reserve holders interest Total
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
---------- -------- -------- --------- --------- -------- ------------ -------- ------------- ---------------- -------
Balance at
31
December
2014 342 25,229 16,236 2,593 (2,076) 22 14,540 56,886 - 56,886
(Loss) /
profit
for
period - - (784) - - - - (784) 25 (759)
Foreign
exchange 3 225 71 18 (19) 72 130 500 - 500
Issue of
share
capital - 25 - - - - - 25 - 25
Share
based
Payments - - - 270 - - - 270 - 270
Balance at
30 June
2015 345 25,479 15,523 2,881 (2,095) 94 14,670 56,897 25 56,922
======== ======== ========= ========= ======== ============ ======== ============= ================ =======
Balance at
31
December
2013 335 26,403 12,824 2,550 (2,133) (523) - 39,456 - 39,456
Profit for
period - - 472 - - - - 472 - 472
Foreign
exchange 11 842 234 - (145) (620) - 322 - 322
Issue of
share
capital 2 215 - - - - - 217 - 217
Share
based
Payments - - - 190 - - - 190 - 190
Share
option
tax
credit - - - (722) - - - (722) - (722)
Balance at
30 June
2014 348 27,460 13,530 2,018 (2,278) (1,143) - 39,935 - 39,935
======== ======== ========= ========= ======== ============ ======== ============= ================ =======
Notes to the Interim Statements
1. Basis of preparation
accesso Technology Group plc (the "Company") is a company
domiciled in England. The basis of preparation of this financial
information is consistent with the basis that will be adopted for
the full year accounts which were prepared in accordance with IFRS
as adopted by the European Union.
While the financial figures included in this half-yearly report
have been computed in accordance with IFRS, this half-yearly report
does not contain sufficient information to constitute an interim
financial report as that term is defined in IAS 34.
This interim financial information has neither been audited nor
reviewed pursuant to guidance issued by the FRC and the financial
information contained in this report does not constitute statutory
accounts within the meaning of Section 434 of the Companies Act
2006. The year to 31 December 2014 has been extracted from the
audited financial statements for that year other than the cash flow
statement which includes a restatement as set out in note 6.
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