Preliminary Results -4-
09 September 2009 - 4:00PM
UK Regulatory
+-----------------------------------------------+-------+--+-----------+--+-----------+
| | | | (75) | | (691) |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Total liabilities | | | (23,980) | | (29,220) |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Net assets | | | 32,158 | | 32,862 |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Equity attributable to equity holders of | | | | | |
| parent company | | | | | |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Called up share capital | 11 | | 3,382 | | 3,382 |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Share premium account | 11 | | 14,851 | | 14,851 |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Merger reserve | 11 | | 9,565 | | 9,565 |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Other reserves | 11 | | (2,486) | | (2,486) |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Currency translation reserve | 11 | | 104 | | (13) |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Retained earnings | 11 | | 6,742 | | 7,563 |
+-----------------------------------------------+-------+--+-----------+--+-----------+
| Total equity | | | 32,158 | | 32,862 |
+-----------------------------------------------+-------+--+-----------+--+-----------+
+--------------------------------------------------------+--+-----------+--+-----------+
| Consolidated Cash Flow Statement | | | | |
| For the year ended 31 May 2009 | | | | |
+--------------------------------------------------------+--+-----------+--+-----------+
| | | 2009 | | 2008 |
+--------------------------------------------------------+--+-----------+--+-----------+
| | | GBP'000 | | GBP'000 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Cash flows from operating activities | | | | |
+--------------------------------------------------------+--+-----------+--+-----------+
| Profit for the period | | 259 | | 3,357 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Income tax expense | | 212 | | 1,037 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Finance income | | (552) | | (459) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Finance costs | | 287 | | 243 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Depreciation and amortisation charge | | 1,139 | | 611 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Goodwill reduction in respect of tax losses | | - | | 141 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Loss on disposal of non-current assets | | 51 | | 13 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Share-based payments charge/(credit) | | 7 | | (805) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Operating cash flows before movement in working | | 1,403 | | 4,138 |
| capital | | | | |
+--------------------------------------------------------+--+-----------+--+-----------+
| (Increase)/decrease in inventories | | (1,067) | | 825 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Decrease/(increase) in receivables | | 7,617 | | (9,057) |
+--------------------------------------------------------+--+-----------+--+-----------+
| (Decrease)/increase in payables and provisions | | (5,973) | | 8,813 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Cash generated from operations | | 1,980 | | 4,719 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Interest received | | 281 | | 249 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Tax received/(paid) | | 56 | | (1,368) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Net cash from operating activities | | 2,317 | | 3,600 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Cash flows from investing activities | | | | |
+--------------------------------------------------------+--+-----------+--+-----------+
| Purchase of property, plant and equipment | | (460) | | (892) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Sale of property, plant and equipment | | 46 | | 52 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Capitalised development costs | | (174) | | (1,132) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Purchased software | | (68) | | (236) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Sale of property held for resale | | - | | 2,060 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Deferred consideration on acquisition made in 2005 | | (382) | | (99) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Investment in joint venture | | (45) | | - |
+--------------------------------------------------------+--+-----------+--+-----------+
| Net cash used in investing activities | | (1,083) | | (247) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Cash flows from financing activities | | | | |
+--------------------------------------------------------+--+-----------+--+-----------+
| Interest paid | | (11) | | - |
+--------------------------------------------------------+--+-----------+--+-----------+
| Dividends paid | | (1,087) | | (1,009) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Net cash used in financing activities | | (1,098) | | (1,009) |
+--------------------------------------------------------+--+-----------+--+-----------+
| Effect of exchange rate changes on cash and cash | | 35 | | - |
| equivalents | | | | |
+--------------------------------------------------------+--+-----------+--+-----------+
| Net increase in cash and cash equivalents | | 171 | | 2,344 |
+--------------------------------------------------------+--+-----------+--+-----------+
| Cash and cash equivalents at the beginning of the | | 7,940 | | 5,596 |
| period | | | | |
+--------------------------------------------------------+--+-----------+--+-----------+
| Cash and cash equivalents at the end of the period | | 8,111 | | 7,940 |
+--------------------------------------------------------+--+-----------+--+-----------+
Notes to the Consolidated Financial Statements
For the year ended 31 May 2009
1. Basis of preparation
The information contained within this Preliminary Announcement has been
extracted from the financial statements which have been prepared in accordance
with IFRS as adopted by the European Union ('adopted IFRS'), and with those
parts of the Companies Act 2006 applicable to companies reporting under adopted
IFRS. They have been prepared using the historical cost convention except where
the measurement of balances at fair value is required.
2. Segmental analysis
Revenue and underlying profit from operations (operating profit before
exceptional costs, goodwill reduction and share-based payments charge/(credit)),
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