RNS Number : 5475E
Twenty PLC
29 September 2008
29 SEPTEMBER 2008
TWENTY PLC
(AIM: TWE)
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Twenty plc ('Twenty' or the 'Group'), the AIM quoted integrated marketing solutions provider, announces it's interim results for the six
months ended 30 June 2008.
Enquiries:
Twenty Plc Tel: 01908 829 300
Ian Lancaster, Chief Executive
www.twentyplc.com
Daniel Stewart & Company plc Tel: 020 7776 6550
Lindsay Mair
Twenty Plc
Chairman's Statement
Dear Shareholder
This has been a disappointing six months for Twenty. Results fell short of our expectations because a major customer, Inside Track, went
into administration and new business converted more slowly than planned.
The Group disposed of its Direct Communications Division at the beginning of September 2008. This Division operated in the very
competitive and low margin end of the market delivering polywrapping machine enclosing and laser print services. This Division was not core
to the Groups strategy and the disposal should improve second half performance and enable the management team to focus on growing Twenty's
integrated data driven marketing services. It is pleasing to see that these integrated data driven marketing services formed the majority of
new contract wins in recent months.
As detailed in the Chief Executive's report, the Board is focused on restoring shareholder value by organic developments rather than
acquisitions as present market conditions are not conducive. The directors are confident that if Twenty continues to move in the right
strategic direction it will emerge from the current economic slowdown in a much stronger position.
Mark Patron
Non-Executive Chairman
29 September 2008
Twenty Plc
Chief Executive's Statement
Introduction
These are a disappointing set of results for the Group in the first half of 2008. The loss of Inside Track as major customer through the
liquidation was outside of our control and resulted in a significant cash impact on a business of our size. This had a double impact as we
lost the fee income forecast for the remainder of this year and beyond. We had expected our new business teams to drive new client
acquisition in this period but this did not happen as quickly as we had planned and has resulted in the operating losses as we have
maintained our cost base.
However, through this difficult period, we have completed all the investment we believe is required to transform our working
environments and maintained our investment in training and people development. We have also recently disposed of the Groups Direct
Communications Division, which will improve the second half performance of the Group as we can fully focus on our core strategy of providing
integrated marketing services.
Financials
The interim results for Twenty Plc reflect the six-month period to 30 June 2008. Comparatives include the acquisition of our e-commerce
business from 9 August 2007. The results have been prepared in accordance with International Financial Reporting Standards (IFRS) and
International Accounting Standards (IAS).
The results for the period reflect a disappointing period of trading in which the Group reports a pre tax loss of �0.98m. These results
include the impact of a major customer going into administration owing the Group �0.23m together with lost revenues for the period resulting
in an overall variance of �0.32m in the first half of the year. In addition, the Group has been slower to convert new business into actual
customers during the period leading to a further variance to budget of �0.82m.
The operating performance for this 6 month period is mitigated to some extent by the Group having recently won approximately �8.0m worth
of new contracts for delivery over the next 24 to 36 months together with the sale of the Groups Direct Communications Division in September
2008, for �0.34m generating cash of �0.30m immediately and a profit on sale of �0.15m.
The Group had net cash outflow during the period of �0.16m. Net cash generated from operating activities of �0.74m was used to fund
�0.33m in capital expenditure and �0.57m in financing activities; of which �0.29m related to capital repayments of borrowings.
Cash at the end of the period was �0.04m, bank debts of �2.59m and obligations under finance leases of �0.40m resulted in net debt of
�2.96m. Debt repayments, as at the Balance Sheet Date, due in the next 12 months equate to �1.01m. The Group has an invoice financing
facility of �2.0m with the Bank of Scotland, of which �1.83m was used at the end of the period. This balance has been reflected in Other
Creditors.
Outlook
The outlook for the remainder of 2008 is more positive than the interim results for the first six months as the new business wins
achieved in Q2 are now delivering revenues returning the Group to operating profitability in the second half.
The Group now has its assets invested in the right areas having exited from the highly competitive direct mailing sector with a clear
focus on providing fully integrated data driven marketing services. The strategy embarked upon in 2006, albeit taking longer to deliver the
results, has proven to be the right one supported by our recent new business wins. We must now focus on returning the Group to sustained
profitability in 2009, and the team we have assembled have the ability and desire to make this happen.
At a macro level we are entering a toughening economic climate which will no doubt have an impact on our clients businesses which may
temper our desire to grow as fast as we would like.
The close management of our cash position and debt levels remains a key consideration as we focus on restoring shareholder value in the
existing assets within the Group rather than pursuing an acquisitive strategy at this point in the economic cycle.
Ian Lancaster
Chief Executive
29 September 2008
Twenty Plc
Consolidated Income Statement (Unaudited)
For the period ended 30 June 2008
6
months to 6 months to Year to
30.06.2008 30.06.2007 31.12.2007
Unaudited Unaudited Audited
Note
� � �
Continuing operations
Revenue 2
8,516,907 9,496,817 18,796,748
Cost of sales 2
(4,455,168) (4,602,730) (9,066,691)
Gross Profit
4,061,739 4,894,087 9,730,057
Administrative expenses
(4,861,310) (4,543,720) (8,946,699)
Operating (Loss)/Profit 2
(799,571) 350,367 783,358
Finance Income
1,563 6,122 13,497
Finance Costs
(185,368) (123,464) (282,243)
(Loss)/Profit before Taxation
(983,376) 233,025 514,612
Taxation 3
290,028 (78,550) (177,323)
(Loss)/Profit for the period from continuing operations
(693,348) 154,475
337,289
Attributable to:
Equity holders of the parent 13
(693,348) 154,475 337,289
(693,348) 154,475 337,289
(Loss)/Earnings per share:
Basic 5
(1.44p) 0.32 p 0.70p
Diluted 5
(1.44p) 0.32 p 0.70p
There are no recognised income or expenses for the current and prior year other than as stated above. As a consequence a statement of
recognised income and expenses is not presented.
Twenty Plc
Consolidated Balance Sheet (Unaudited)
As at 30 June 2008
As at As at As at
30.06.2008 30.06.2007 31.12.2007
Unaudited Unaudited Audited
Note � � �
Assets
Non-current assets
Property, plant and equipment 6 1,240,443 1,168,671 1,193,941
Software development costs 7 251,109 - 178,656
Goodwill 11,654,615 9,980,273 12,876,281
13,146,167 11,148,944 14,248,878
Current assets
Trade and other receivables 8 4,902,787 4,950,725 5,114,012
Current tax asset 181,458 - -
Cash and cash equivalents 41,446 487,919 198,719
Total current assets 5,125,691 5,438,644 5,312,731
Total assets 18,271,858 16,587,588 19,561,609
Equity & liabilities
Current liabilities
Trade and other payables 9 5,967,500 4,698,665 5,306,662
Obligations under finance leases 11 174,814 127,171 140,775
Current tax liabilities - 47,545 108,570
Interest bearing loans, overdrafts and bank loans 10 833,152 482,550 758,231
Total current liabilities 6,975,466 5,355,931 6,314,238
Non-current liabilities
Bank loans 10 1,760,909 1,599,199 2,128,041
Other creditors 293,789 - 1,257,008
Obligations under finance leases 11 228,149 140,621 175,071
Total non-current liabilities 2,282,847 1,739,820 3,560,120
Total liabilities 9,258,313 7,095,751 9,874,358
Equity
Share capital 12/13 4,827,060 4,827,060 4,827,060
Share premium account 13 3,901,164 3,901,164 3,901,164
Share options reserve 13 63,073 30,831 43,431
Retained earnings 13 222,248 732,782 915,596
Total equity 9,013,545 9,491,837 9,687,251
Total equity & liabilities 18,271,858 16,587,588 19,561,609
Twenty Plc
Consolidated Cash Flow Statement (Unaudited)
For the period ended 30 June 2008
6 months ended 30.6.2008 6 months ended 30.6.2007 Year
ended 31.12.2007
Unaudited Unaudited
Audited
� � � � �
�
Cash flow from operating activities
(Loss)/profit for the period (693,348) 154,475
337,289
Adjustments for:
Finance income (1,563) (6,122) (13,497)
Finance costs 185,368 123,464 282,243
Taxation (290,028) 78,550 177,323
Depreciation of property, plant and equipment 387,356 240,702 602,167
Share-based payment expense 19,642 12,600 25,200
Gain on disposal of property, plant and equipment (2,342) (14,794) (26,704)
298,433 434,400
1,046,732
Operating cash flows before movements in working capital
(394,915) 588,875 1,384,021
Decrease/(Increase) in receivables 211,225 (409,137) (363,806)
Increase in payables 919,285 485,015 840,755
1,130,510 75,878
476,949
Cash generated from operations 735,595 664,753
1,860,970
Taxation paid - -
(37,082)
Net cash generated from operating activities
735,595 664,753 1,823,888
Twenty Plc
Consolidated Cash Flow Statement (Unaudited)
For the period ended 30 June 2008 (Continued)
6 months ended 30.6.2008 6 months
ended 30.6.2007 Year ended 31.12.2007
Unaudited
Unaudited Audited
� � �
� � �
Net cash from operating activities
735,595 664,753
1,823,888
Investing activities
Interest received 1,563 6,122
13,497
Proceeds on disposal of property, plant and equipment 2,342 14,794
26,704
Purchases of property, plant and equipment (328,617) (357,158)
(620,112)
Acquisition of subsidiary undertakings - -
(1,669,260)
Interest bearing loans and overdrafts acquired with subsidiary - -
(96,024)
Net cash used in investing activities (324,712)
(336,242) (2,345,195)
Financing activities
Interest paid (185,368) (123,464)
(282,243)
Repayments of borrowings (292,211) (227,967)
(423,444)
Repayments of obligations under finance leases (90,577) (78,893)
(164,019)
Dividends - (96,541)
(96,541)
New bank loans raised - -
1,000,000
Net cash from financing activities (568,156)
(526,865) 33,753
Net decrease in cash and cash equivalents
(157,273) (198,354)
(487,554)
Cash and cash equivalents at the beginning of the period 198,719
686,273 686,273
Cash and cash equivalents at the end of the period 41,446
487,919 198,719
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2008
General Information
Twenty Plc is a company incorporated and domiciled in the UK and is listed on the Alternative Investment Market (AIM). The addresses of
its registered office and principal place of business are disclosed in the introduction to the annual report.
1 Accounting Policies
a) Basis of preparation
The interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS's) adopted by
the European Union, IFRIC interpretations and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS and
comply with International Accounting Standard (IAS) 34 'Interim Financial Reporting'. They have been prepared on
a consistent basis with the accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2007. The
preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities at the year end and reported amounts of revenue and expenses during the financial year. Actual
results could differ from the original estimates and assumptions.
As a result of the adverse performance in the first half of the year, as noted in the statements elsewhere in this report, the Group
was close to its funding limits as at the balance sheet
The consolidated financial information has been prepared under the historical cost convention.
b) Recently issued standards and interpretations not yet applied
At the date of signing of these financial statements, there were a number of International Financial Reporting Standards and
interpretations in issue but not yet effective. The directors anticipate that the adoption of these standards and interpretations will have
no material impact on the Group's financial statements or will not be relevant to the activities of the Group.
c) Publication of non-statutory accounts
The financial information contained in this document is unaudited and does not constitute statutory accounts within the meaning of
section 240 of the Companies Act 1985. The information for the year ended 31 December 2007 is based on the company's statutory accounts for
that year which received an unqualified audit report and have been filed with the Registrar of Companies.
c) Basis of consolidation
The consolidated financial statements comprise the financial statements of the company and its subsidiaries. The results of
subsidiaries acquired or disposed of during the period are included in the consolidated income statement from the effective date of
acquisition or disposals, as appropriate.
d) Revenue recognition
Revenue comprises the invoiced amounts of services, excluding VAT, adjusted for amounts invoiced in advance at both the beginning and
end of the year, such that revenue is recognised in line with performance under the contract. Profit on long term contracts is taken over
the life of the contract when the outcome of the contract, or a separately identifiable portion of it, can be
assessed with reasonable certainty.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2008 (Continued)
e) Goodwill
Goodwill arising from the acquisition of a subsidiary represents the excess of the fair value of the cost of acquisition over the
group's net interest in the fair value of the identifiable net assets acquired. In accordance with IFRS3, goodwill is not amortised.
Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value
is impaired. An impairment loss is recognised for the amount by which the carrying net value of the asset exceeds its recoverable amount. An
impairment loss recognised for goodwill is not reversed in a subsequent period.
Goodwill is allocated to cash generating units for the purpose of impairment testing.
On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
f) Property, plant and equipment
Property, plant and equipment are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation has
been calculated on the straight line method and aims to write down the cost, less estimated residual value, of property, plant and equipment
over their expected useful lives, using the following periods:
Leasehold improvements
Over the terms of the lease
Plant, machinery and database equipment
4 to 8 years
Fixtures, fittings and office equipment
3 to 10 years
Motor vehicles
4 years
g) Research and development
Costs associated with developing or maintaining computer software programmes are recognised as an expense as incurred. Costs that are
directly associated with the development of identifiable and unique software products controlled by the Group, and that will probably
generate economic benefits exceeding beyond one year, are recognised as intangible assets. Costs include the software
development costs.
Computer software development costs recognised as assets are amortised on a straight-line basis over their estimated useful lives (not
exceeding three years).
h) Deferred taxation
Deferred taxation is provided in full, using the liability method, in respect of all temporary timing differences between the tax base
cost of the Group's assets and liabilities, and their carrying amount in the financial statements that have originated but have not been
reversed by the balance sheet date. The deferred tax is calculated using tax rates enacted or substantially
enacted by the balance sheet date. A deferred tax asset is recognised only to the extent that is probable that future taxable profits
will be available against which the asset can be utilised. Deferred tax is not discounted.
i) Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair
value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the
equity-settled share-based payments is expensed on a straight line basis over the vesting period, based on the
group's estimate of the shares that will eventually vest and adjusted for the effect of non market-based vesting conditions.
Fair value is measured using a modified Black-Scholes pricing model. The expected life used in the model has been adjusted, based on
management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2008 (Continued)
j) Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially the risks and rewards of ownership to
the lessee. All other leases are classified as operating leases.
Assets held under finance leases, are recognised as tangible fixed assets at their fair value at the inception of the lease or, if
lower, at the present value of the minimum lease payments, and are depreciated over the shorter of the lease terms and their useful lives.
The capital elements of future lease obligations are recorded as liabilities, while the interest elements are
charged to the income statement over the period of the lease to produce a constant rate of charge on the balance of capital repayments
outstanding.
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a
basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the
lease term, except where the period to the review date on which the rent is first expected to be adjusted to the
prevailing market rate is shorter than the full lease term, in which case the shorter period is used.
k) Retirement benefits
Pension payments are made in respect of defined contribution schemes. The annual payments are charged to the income statement. The
company has no potential further liability in respect of pensions.
l) Financial instruments
Trade and other receivables
Trade receivables are stated at original invoice amount less any allowances for uncollectable amounts. Bad debts are written off when
identified. Other receivables are stated at cost.
Trade and other payables
Trade and other payables are initially measured at fair value.
Interest income
Interest income is recognised as interest accrues.
Cash and cash equivalents
Cash and short term deposits at the balance sheet date comprise cash at bank and in hand and short term deposits with a maturity of one
month or less.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that
evidences a residual interest in the assets of the Company after deducting all of its liabilities. The accounting
policies adopted for specific financial liabilities and equity instruments are set out below.
Bank borrowings
Interest-bearing bank loans and overdrafts are initially measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement redemption of
borrowings is recognised over the term of the borrowings in the Income Statement in the period in which they are
incurred.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2008 (Continued)
m) Provisions
Provisions are recognised when a present obligation has arisen as a result of a past event, and it is probable that the Company will be
required to settle that obligation. Provisions are measured at the directors' best estimate of the expenditure required to settle the
obligation at the balance sheet date, and are discounted to present value where the effect is material.
2 Segmental analysis
Analytical CRM & Data Services
Operational CRM
Ecommerce
2008
� � �
�
Revenue
1,110,617 7,001,413 404,877
8,516,907
Cost of sales
(563,864) (3,690,673) (200,631)
(4,455,168)
Gross Profit
546,753 3,310,740 204,246
4,061,739
Administrative expenses
(567,523) (3,827,309) (245,193)
(4,640,025)
Segment result
(20,770) (516,569) (40,947)
(578,286)
Unallocated corporate expenses
(221,285)
Operating loss
(799,571)
Finance Income
1,563
Finance Costs
(185,368)
Loss before Taxation
(983,376)
Taxation
290,028
Loss for the period
(693,348)
Administrative costs are allocated to segments whether they are directly attributable.
All revenue and profit has been generated solely within the United Kingdom.
3 Taxation
The taxation charge has been estimated by the group based on previous taxation adjustments and future rates.
4 Dividends
The directors proposed and approved a final ordinary dividend in respect of the financial year ended 31 December 2006 of 0.2p per
share. The dividend was paid on 31 May 2007.
The directors do not recommend the payment of an interim dividend.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2008 (Continued)
5 Earnings per share
The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the company is based on the
following data:
6 months to
6 months to Year to
30.06.2008
30.06.2007 31.12.2007
Unaudited
Unaudited Audited
�
� �
Earnings
(Loss)/Earnings for the purposes of basic earnings per share
337,289
(693,348)
154,475
Effect of dilutive potential ordinary shares:
-
- -
(Loss)/Earnings for the purposes of diluted earnings per share
337,289
(693,348)
154,475
6 months to
6 months to Year to
30.06.2007
30.06.2007 31.12.2007
Unaudited
Unaudited Audited
No.
No. No.
Number of shares
Weighted average number of ordinary shares
48,270,600
48,270,600
48,270,600
Effect of dilutive potential ordinary shares:
Management options
3,572,024
4,127,136 3,677,624
Broker & Nomad options
1,447,368
1,447,368 1,447,368
Warrants
6,800,000
6,800,000 6,800,000
Weighted average number of ordinary shares for the purposes of diluted EPS
60,089,992
60,645,104 60,195,592
Basic (Loss)/Earnings per Share (in pence)
0.70
(1.44)
0.32
Effect of dilutive potential ordinary shares on the EPS (in pence):
Management options
-
- -
Broker & Nomad options
-
- -
Warrants
-
- -
Diluted (Loss)/Earnings per Share (in pence)
0.70
(1.44)
0.32
Share options and warrants do not have a dilutive effect because the exercise price was above the average share price during the
period.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2008 (Continued)
6 Property, plant and equipment
Plant, Fixtures,
Group
machinery & fittings &
Leasehold database office
Motor
improvements equipment equipment
vehicles Total
� � �
� �
Cost
At 1 January 2008
341,021 4,042,386 2,694,471
25,895 7,103,773
Additions
18,898 365,158 8,967
- 393,023
Disposals
- (284,403) (34,596)
- (318,999)
At 30 June 2008
359,919 4,123,141 2,668,842
25,895 7,177,797
Accumulated depreciation
At 1 January 2008
192,105 3,384,035 2,307,797
25,895 5,909,832
Charge for the period
23,557 185,284 109,055
- 317,896
Eliminated on disposal
- (283,993) (6,381)
- (290,374)
At 30 June 2008
215,662 3,285,326 2,410,471
25,895 5,937,354
Net Book Value
At 30 June 2008
144,257 837,815 258,371
- 1,240,443
At 30 June 2007
54,659 739,750 373,751
511 1,168,671
At 31 December 2007
148,916 658,351 386,674
- 1,193,941
Included in the net book value of tangible fixed assets is �296,409 (Year ended 31.12.2007: �234,154) of Plant, machinery & database
assets and �70,692 (Year ended 31.12.2007: �92,479) of office assets held under finance leases and hire purchase agreements. The
depreciation charge on these assets during the period was �115,439 (Year ended 31.12.2007: �156,944) and �21,787 (Year ended 31.12.2007:
�25,500) respectively.
7 Software development costs
Total
�
Cost
At 1 January 2008
485,097
Additions
141,914
At 30 June 2008
627,011
Impairment
At 1 January 2008
306,441
Charge
69,461
At 30 June 2008
375,902
Net Book Value
At 30 June 2008
251,109
At 30 June 2007
-
At 31 December 2007
178,656
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2008 (Continued)
8 Trade and other receivables
As at 30.06.2008
As at 30.06.2007 As at 31.12.2007
Unaudited
Unaudited Audited
Group
Group Group
�
� �
Trade debtors
3,735,622
3,639,689 4,076,597
Less: Provision for impairment of trade debtors
(264,741)
(496,543)
(45,789)
Trade debtors - net
3,239,079
3,593,900 3,811,856
Prepayments and accrued income
1,510,117
1,122,292 1,148,565
Deferred tax asset
147,719
229,960 147,719
Other debtors
5,872
4,573 5,872
4,902,787
4,950,725 5,114,012
9 Trade and other payables
As at 30.06.2008
As at 30.06.2007 As at 31.12.2007
Unaudited
Unaudited Audited
Group
Group Group
�
� �
Trade creditors
2,380,131
1,753,931 2,182,339
Other taxes and social security
664,777
541,795 389,078
Other creditors
1,935,010
1,497,782 1,885,667
Accruals and deferred income
987,582
905,157 849,578
5,967,500
4,698,665 5,306,662
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2008 (Continued)
10 Bank loans and overdrafts
As at
As at As at
30.06.2008
30.06.2007 31.12.2007
Unaudited
Unaudited Audited
�
� �
Bank loans
2,594,061
2,081,749 2,886,272
2,594,061
2,081,749 2,886,272
The borrowings are repayable as follows:
On demand or within one year
833,152
482,550 758,231
In the second year
921,527
524,308 812,382
In the third year
839,382
569,236 881,997
In the fourth year
-
505,655 433,662
2,594,061
2,081,749 2,886,272
Less: Amount due for settlement within 12 months (shown under current liabilities)
(758,231)
(833,152)
(482,550)
Amount due for settlement after 12 months
1,760,909
1,599,199 2,128,041
11 Obligations under finance leases
Minimum lease payments
As at
As at As at
30.06.2008
30.06.2007 31.12.2007
Unaudited
Unaudited Audited
�
� �
Repayable in less than one year
174,814
127,171 140,775
Repayable between one and five years
228,149
140,621 175,071
402,963
267,792 315,846
Present value of minimum
lease payments
As at
As at As at
30.06.2008
30.06.2007 31.12.2007
Unaudited
Unaudited Audited
�
� �
Repayable in less than one year
161,119
117,209 130,047
Repayable between one and five years
184,493
116,619 144,486
345,612
233,828 274,533
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2008 (Continued)
12 Issued Share Capital
As at
As at As at
30.06.2008
30.06.2007 31.12.2007
Unaudited
Unaudited Audited
�
� �
Authorised
80,000,000 (2007: 80,000,000) Ordinary shares of 10p each
8,000,000
8,000,000
8,000,000
Allotted, called up and fully paid
48,270,600 (2007: 48,270,600) Ordinary shares of 10p each
4,827,060
4,827,060
4,827,060
No employee share options were exercised during the year.
13 Changes in equity shareholders' funds
Group
Share premium account
Retained earnings/ (losses) Total
Share options
reserve
Share Capital
� � �
� �
At 1 January 2008
4,827,060 43,431 3,901,164
915,596 9,687,251
Loss for the period
- - -
(693,348) (693,348)
Share options
- 19,642 -
- 19,642
At 30 June 2008
4,827,060 63,073 3,901,164
222,248 9,013,545
14 Events after the balance sheet date
On 31 August 2008 the Group disposed of its direct mailing division - Direct Communications for a consideration of �0.34m.
15 Other information
The interim statement was approved by the directors of the company on 25 September 2008 and is available on the Group website -
'www.Twentyplc.com'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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