TIDMIBL
RNS Number : 5300S
International Brand Licensing PLC
20 May 2009
International Brand Licensing Plc
(the "Company")
Results for the year ended 31 December 2008
International Brand Licensing plc, the branded sports lifestyle company,
announces its preliminary results for the year ended 31 December 2008.
Highlights:
* Shareholder funds increased to GBP5.07m (2007: GBP4.98m)
* Cash and cash equivalents increased 74% to GBP2.50m (2007: GBP1.44m)
* Sale of three Admiral territories (Japan, South Africa, and Turkey), grossing
over GBP1.8m in cash
* Completion of WICB cricket contract with annual sponsorship costs terminated
* Termination of ECB cricket contract with annual sponsorship costs terminated
* All Admiral cricket stock written off and closure of warehouse, reducing ongoing
fixed costs
* Further investment in the Admiral and Muscle Brands, both of which have been
expensed to the Income Statement
Contact:
International Brand Licensing Plc
Adam Reynolds
Paul Foulger
Tel: +44(0) 207 245 1100
Zeus Capital
Ross Andrews
Tom Rowley
Tel: +44(0)161 8311512
Website:www.zeuscapital.co.uk
Chairman's Statement
Despite the depressed global economic climate, International Brand Licensing plc
("IBL"), and in particular the Admiral brand, performed as well as could be
expected in 2008. During the year the Board considerably simplified the business
by terminating the cricket contracts with both the England and Wales Cricket
Board ("ECB") and the West Indies Cricket Board ("WICB"). In addition,
substantial efforts were made to further reduce the Company's fixed cost base
and to increase the Company's cash balances.
In particular, the following was achieved during 2008:
· Shareholder funds increased to GBP5.07m (2007: GBP4.98m)
· Cash and cash equivalents increased 74% to GBP2.50m (2007: GBP1.44m)
· Sale of three Admiral territories (Japan, South Africa, and Turkey), grossing
over GBP1.8m in cash
· Completion of WICB cricket contract with annual sponsorship costs terminated
· Termination of ECB cricket contract with annual sponsorship costs terminated
· All Admiral cricket stock written off and closure of warehouse, reducing
ongoing fixed costs
· Further investment in the Admiral and Muscle Brands, both of which have been
expensed to the Income Statement
Following the sale of the above-mentioned three territories in 2008, the Board
took the decision to undertake an impairment review of the Admiral trademark at
the end of the year. Following this review, it was decided to write down the
value of the Admiral Trademark by GBP2.1m, which includes the cost attributable
to the regions which were sold. Without this exceptional write-off, the Group's
Income Statement would have been significantly healthier albeit, a much larger
Swiss corporation tax charge would have suppressed both the cash position as
well as shareholder funds.
The Board has achieved all of the objectives it set out to achieve in 2008; in
2009 it is envisaged that new territories for both the Admiral and Muscle brands
will be signed up and if possible, further sales of existing territories
executed in order to enhance shareholder value, should an appropriate
opportunity arise.
Due to its healthy cash resources coupled with a substantially reduced fixed
overhead base, the Group is very well positioned; it is interesting to note that
based upon the current market capitalisation, the Admiral and Muscle brands are
valued at less than GBP200,000, which is very surprising considering that during
2008, the Japanese territory alone for the Admiral brand was sold for in excess
of GBP1.2m.
Interest continues to be shown in the brand and a number of opportunities are
being actively pursued. Despite the economic difficulties, IBL is in a very
strong position and the Board will continue to work tirelessly to enhance
shareholder value in the coming year.
Adam Reynolds
Chairman
Principal Activities and Business Review
The principal activity of the Group is the development and exploitation of a
portfolio of sports and lifestyle brands, trademarks, trade names and logos. The
Group seeks to exploit the value of its brands by granting licences to third
parties authorising the manufacture, marketing and sale of specified licensed
products for a fixed term by reference to a particular territory.
Historically, the business has comprised two elements a) royalties received
worldwide through the licensing of the Admiral brand to contracted licensees and
b) sales of cricket replica kits through its sponsorship agreements with the ECB
and WICB. As both these sponsorship contracts terminated during 2008, the
financial statements reflect only the ongoing business i.e. royalty income
received from licensees around the world. As such, all income and costs relating
to the cricket replica business have been classified as discontinued operations
on the Consolidated Income Statement and the 2007 comparatives have been
restated accordingly.
Group turnover increased by 36% to GBP465,000 (2007: GBP341,000). The increase
in revenue was partly due to an early redemption fee from one of the UK
licensees as well as favourable exchange rates on sales to both the US and Euro
territories.
The Group made an operating loss before exceptional items for the year ended 31
December 2008 of GBP482,000 (2007: GBP443,000). There are four issues worth
highlighting for shareholders when reviewing these results:
* This loss would have been less if it had not been for around GBP115,000 having
been spent on marketing costs for both the Admiral and Muscle Athletic brands
which will not be repeated in 2009.
* There were a number of transitional costs incurred in the year associated with
moving the IBL offices from Klosters to Lausanne which will not be repeated in
2009.
* Travel costs were higher than expected in the year due partly due to the
extended negotiations associated with the three territory sales as well as
certain visits to other worldwide licensees. A concerted effort will be made in
2009 to significantly reduce this expenditure.
* Legal costs were still relatively high in the year due mainly to the continued
maintenance and renewal of the various trademarks around the world. The Board
has already put into place arrangements with its Trademark lawyers to
significantly reduce these costs in 2009.
An exceptional profit on the sale of intangible assets of GBP834,000 was
generated in the year. This related to the Admiral territorial sales of Japan,
Turkey, and South Africa which grossed more than GBP1.8m in sales proceeds;
around GBP187,000 of costs were associated with these sales but then a prudent
accounting approach was taken whereby the brand value was reduced by GBP791,000
in order to reflect diminished future royalty incomes resulting from these three
territories no longer generating revenues for the Group. It is of course hoped
that future income streams will increase as a result of signing up new
territories as well as organic growth from existing ongoing licensees.
In addition to the intangible asset reduction of GBP791,000 above, an impairment
review of the brand was undertaken at the year end and a further GBP1,300,000
was written off and charged to the Income Statement. Again, this was a prudent
accounting decision and the Board is confident that through the continued
exploitation of both the Admiral and Muscle Athletic brands, the business will
experience strong growth in the future.
A share based payment, which is a non-cash item, of GBP61,000 (2007: GBP61,000)
has been charged to the Income Statement.
Following the above charges, an operating loss after exceptional items of
GBP1,009,000 (2007: GBP163,000) has been incurred during the year.
After having received interest income of GBP86,000 (2007: GBP50,000), a loss
before tax of GBP923,000 (2007: GBP120,000) was reported.
Income tax of GBP146,000 (2007: GBP150,000) was charged in the year, resulting
in a loss from continuing operations of GBP1,069,000 (2007: loss of GBP270,000).
In addition to the above loss, an additional GBP238,000 (2007: profit of
GBP735,000) was charged to the Income Statement in relation to discontinued
operations i.e. the cricket replica kit business. This charge related mainly to
stock write-offs, unrecoverable debts, and other final closure costs.
The loss for the year was reported at GBP1,307,000 (2007: profit of GBP465,000).
The balance sheet shows the Group's financial position remains strong with total
assets of GBP5.74 million
(2007 - GBP5.57 million) and net assets of GBP5.07 million (2007 - GBP4.98
million).
Included in the above assets are cash and cash equivalent balances of GBP2.50
million (2007: GBP1.44 million) as well as GBP176,000 of accrued income, most of
which has been received after the year end.
It is worth noting that Intangible Assets are now valued at GBP2.62 million
(2007: GBP3.37 million). As discussed above, around GBP2.28 million has been
charged to the Income Statement following the disposal of certain Admiral
territories during the year as well as an impairment review of the brand
valuation having been undertaken. However, due to the volatile Swiss Franc /
Sterling exchange rate fluctuation during the year, a net exchange rate gain of
around GBP1.35 million has increased the brand value; in accordance with
International Financial Reporting Standards this gain has not been realised in
the Income Statement but has been credited to Equity within Foreign Currency
Reserves as shown on the face of the Group Balance Sheet.
Future Outlook
The Group will continue to grow the Admiral and Muscle Athletic brands by
negotiating new geographic territories with new Licensees as well as by
encouraging existing Licensees to increase revenue.
Key Performance Indicators ("KPIs")
The Group's Directors are of the opinion that the following KPIs are relevant
2008 2007
GBP'000 GBP'000
Turnover: GBP465 GBP341
Operating loss:(GBP1,009) (GBP163)
Number of Staff:5 8
Consolidated Income Statement
For the year ended 31 December 2008
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| | Notes | 2008 | | 2007 |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| | | | | |
| | | GBP'000 | | GBP'000 |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Revenue | 2 | 465 | | 341 |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Operating expenses | | (1,474) | | (504) |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| | | | | |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Operating loss | | (1,009) | | (163) |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| | | | | |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Operating loss analysed as: | | | | |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Before exceptional items | | (482) | | (443) |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Exceptional profit on sale of intangible assets | 3 | 834 | | 341 |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Exceptional impairment of intangible assets | | (1,300) | | |
| | | | | - |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Share based payments | | (61) | | (61) |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Operating loss after exceptional items | | (1,009) | | (163) |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| | | | | |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Finance Income | | 86 | | 50 |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Finance Costs | | | | (7) |
| | | - | | |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| | | | | |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Loss before income tax | | (923) | | (120) |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Income tax expenses | | (146) | | (150) |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Loss from continuing operations | | (1,069) | | (270) |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| (Loss)/profit from discontinued operations | | (238) | | 735 |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| (Loss)/profit for the year attributable to | | (1,307) | | 465 |
| shareholders | | | | |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| | | | | |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| (Loss)/earnings per ordinary share | | | | |
| | | Pence | | Pence |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| Basic and diluted | 4 | (3.9) | | 1.4 |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
| | | | | |
+-----------------------------------------------------+-------------+-------------------------------+----+----------------------------+
Consolidated Statement of Recognised Income and Expenses
For the year ended 31 December 2008
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| | 2008 | | | 2007 |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| | | | | |
| | GBP'000 | | | GBP'000 |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| Exchange differences on translation of foreign operations | 1,420 | | | 224 |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| Fair value adjustment in respect of available-for-sale financial | | | | (43) |
| assets | (49) | | | |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| | | | | |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| Income and expense recognised directly in equity | 1,371 | | | 181 |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| (Loss)/profit for the year | (1,307) | | | 465 |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| | | | | |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| Total recognised income for the year | 64 | | | 646 |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
| All amounts are attributable to equity holders of the company | | | | |
+------------------------------------------------------------------+----------------------------+----+---+-----------------------+
Balance Sheet
As at 31 December 2008
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| | | | | | | | |
| | | | | Group | | Group | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| | | | | 2008 | | 2007 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Assets | | | | | | | |
| | | | | GBP'000 | | GBP'000 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Non-current assets | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Property, plant and equipment | | | | 3 | | 6 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Intangibles | | | | 2,621 | | 3,365 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Deferred tax assets | | | | 62 | | 50 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Investments | | | | | | | |
| | | | | - | | - | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Available-for-sale financial | | | | 21 | | 70 | |
| assets | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Total non-current assets | | | | 2,707 | | 3,491 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Current assets | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Inventories | | | | | | 110 | |
| | | | | - | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Trade and other receivables | | | | 530 | | 527 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Cash and cash equivalents | | | | 2,501 | | 1,437 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Total current assets | | | | 3,031 | | 2,074 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Total assets | | | | 5,738 | | 5,565 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Liabilities | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Current liabilities | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Trade and other payables | | | | (457) | | (491) | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Current tax liabilities | | | | (211) | | (98) | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Total current liabilities | | | | (668) | | (589) | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Net assets | | | | 5,070 | | 4,976 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Equity | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Share capital | | | | 336 | | 336 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Share premium | | | | 3,090 | | 3,090 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Other reserve | | | | 244 | | 244 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Foreign currency reserves | | | | 1,483 | | 63 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Retained earnings | | | | (83) | | 1,243 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| Total shareholders' equity | | | | 5,070 | | 4,976 | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
| | | | | | | | |
+---------------------------------+--------+--------------+--------------+--------------------+---+----------------------+---+
Consolidated Cash Flow Statement
For the year ended 31 December 2008
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| | 2008 | | 2007 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| | | | |
| | GBP'000 | | GBP'000 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Operating activities | | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Operating loss | (1,009) | | (163) |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| (Loss)/profit from discontinued operations | (238) | | 735 |
| Depreciation | 3 | | 3 |
| Exceptional impairment of intangible assets | 1,300 | | - |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Exceptional profit on sale of intangible asset | (834) | | (1,152) |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| (Increase)/decrease in receivables | (3) | | 812 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Decrease in payables | (65) | | (77) |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Decrease in inventories | 110 | | 483 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Share-based payment | 61 | | 61 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Taxes paid | (45) | | (118) |
| Foreign currency translation | 73 | | |
| | | | - |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Net cash (used in)/generated by operating activities | (647) | | 584 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| | | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Investing activities | | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Interest received | 86 | | 50 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Net proceeds on sale of intangible asset | 1,625 | | 1,152 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Purchase of listed Investments | | | (113) |
| | - | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Net cash generated by investing activities | 1,711 | | 1,089 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| | | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Financing activities | | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Interest paid | | | (7) |
| | - | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Net cash used in financing activities | | | (7) |
| | - | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| | | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Net increase in cash and cash equivalents | 1,064 | | 1,666 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| | | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Cash and cash equivalents at beginning of year | 1,437 | | (229) |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| | | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| Cash and cash equivalents at end of year | 2,501 | | 1,437 |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
| | | | |
+----------------------------------------------------------------------+-------------------------------------+----+-----------------------------+
Notes
1. Basis of preparation
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS and IFRIC Interpretations)
issued by the International Accounting Standards Board (IASB) as adopted by the
European Union and with those parts of the Companies Acts applicable to
companies preparing their financial statements under IFRS. Practice is
continuing to evolve on the application and interpretations of IFRS. Further
standards may be issued by the International Accounting Standards (IASB) and
standards currently in issue and endorsed by the EU may be subject to
interpretations issued by IFRIC.
The preparation of financial statements, in conformity with general accepted
accounting principles under IFRS, requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reported period. Although these estimates are based on
management's best knowledge of the amount, event or actions, actual results may
ultimately differ from those estimates. The accounting policies have been
applied consistently throughout the Group for the purposes of preparation of
these consolidated financial statements.
2. Segmental Reporting
Primary segmental reporting
During the year the group discontinued its Replica kit business. Since then, the
group's business is attributable to a single segment, being its licensing
business.
Secondary segmental reporting format
The turnover is attributable to the principal activity of the Group. An analysis
of turnover by geographical destination is given below:
+------------------------------------------------------------------+----------------------------+----+------------------------+
| | 2008 | | 2007 |
+------------------------------------------------------------------+----------------------------+----+------------------------+
| | | | |
| | GBP'000 | | GBP'000 |
+------------------------------------------------------------------+----------------------------+----+------------------------+
| United Kingdom | 190 | | 120 |
+------------------------------------------------------------------+----------------------------+----+------------------------+
| Europe and Scandinavia | 30 | | 63 |
+------------------------------------------------------------------+----------------------------+----+------------------------+
| North America | 134 | | 81 |
+------------------------------------------------------------------+----------------------------+----+------------------------+
| Australia | | | 8 |
| | - | | |
+------------------------------------------------------------------+----------------------------+----+------------------------+
| Asia | 95 | | 53 |
+------------------------------------------------------------------+----------------------------+----+------------------------+
| Rest of the World | 16 | | 16 |
+------------------------------------------------------------------+----------------------------+----+------------------------+
| | 465 | | 341 |
+------------------------------------------------------------------+----------------------------+----+------------------------+
3. Exceptional Items
+----------------------------------------------------------------------+------
=----------+----+-------------------+
|
| 2008 | | 2007
|
+----------------------------------------------------------------------+---
=-------------+----+-------------------+
|
| | |
|
| |
GBP'000 | | GBP'000
|
+----------------------------------------------------------------------+---
=-------------+----+-------------------+
| Sales of intangible assets
| 1,812 | | 341
|
+----------------------------------------------------------------------+---
=-------------+----+-------------------+
|
| | |
|
+----------------------------------------------------------------------+---
--------------+----+-------------------+
| Costs associated with sale of
intangible assets | (978) | |
|
| |
| | -
|
+----------------------------------------------------------------------+---
=-------------+----+-------------------+
|
| 834 | | 341
|
+----------------------------------------------------------------------+---
--------------+----+-------------------+
Exceptional items are those significant items which are separately disclosed by
virtue of their size or incidence to enable a full understanding of the Group's
financial performance.
4. (Loss)/earnings per share
+--------------------------------------------------------------------+-----------------+---+------------------+
| | 2008 | | 2007 |
+--------------------------------------------------------------------+-----------------+---+------------------+
| | | | |
| | GBP'000 | | GBP'000 |
+--------------------------------------------------------------------+-----------------+---+------------------+
| (Loss)/earnings | | | |
+--------------------------------------------------------------------+-----------------+---+------------------+
| (Loss)/earnings for the purposes of basic and diluted earnings | | | 465 |
| per share | (1,307) | | |
+--------------------------------------------------------------------+-----------------+---+------------------+
| | | | |
| Numbers | | | |
+--------------------------------------------------------------------+-----------------+---+------------------+
| Weighted average number of ordinary shares for the purpose of | 33,593,353 | | 33,593,353 |
| basic earnings per share | | | |
+--------------------------------------------------------------------+-----------------+---+------------------+
| | | | |
+--------------------------------------------------------------------+-----------------+---+------------------+
| Basic (loss)/earnings per 1p share | (3.9)pence | | 1.4pence |
+--------------------------------------------------------------------+-----------------+---+------------------+
There is no dilutive effect of the options.
5. Delivery of Accounts
The statutory accounts in respect of the prior year ended 31 December 2007 have
been delivered to the Registrar of Companies and the auditors of the Company
made a report thereon under Section 235 of the Act. That report was an
unqualified report and did not contain a statement under Section 237 (2) or (3)
of the Act.
6. Availability of Accounts
This preliminary statement is not being posted to shareholders. The Report and
Accounts will be posted to shareholders later today. Copies of this announcement
and further copies of the Report and Accounts can be downloaded from the website
www.iblplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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