TIDMWFCA
RNS Number : 1675X
WFCA PLC
10 February 2012
WFCA plc
("WFCA", "the Company" or "the Group")
INTERIM RESULTS
WFCA plc (AIM: WFCA.L), a leading regional advertising and
marketing agency, today announces its interim results for the 6
months ended 31 December 2011.
Highlights
-- Net Profit before taxation GBP530 (2010 H1: loss of GBP91,167)
-- Cost cutting measures and the development of the client base showing benefits
-- A number of new projects have been won with no client losses
Interim Statement
The net profit before taxation of GBP530 for the six months
ended 31st December 2011 compares to a loss of GBP91,167 for the
six months ended 30th December 2010. The result benefits from the
inclusion of an exceptional credit of GBP109,926 arising from the
collection of amounts previously written off and recorded in the
interim statement last year.
The trading loss before tax and exceptional items of GBP92,341
compares to a profit of GBP127,073 for the comparative period in
2010. It represents a significant recovery from the GBP316,450 loss
incurred in the second six months of the previous financial year
ended 30th June. This improvement arose from cost cutting measures
implemented in early 2011 and the development of our client base
generally throughout the calendar year.
With client advertising budgets remaining depressed, future
organic growth needs to be driven by acquiring new assignments from
existing clients, and additionally by winning new clients in their
own right. Since our last statement, we are pleased to report that
the Group has won projects with Threadneedle Asset Management,
Attwoods Solicitors, Saga Services and Central Homecare and has
increased its services to a number of retained clients. No client
has been lost by the Group in the last twelve months. We anticipate
that this improvement, together with a series of current
opportunities moving forward, will allow the Group to continue with
its recovery in the current year.
The Group remains in dialogue with a series of strategic
opportunities and while the acquisition of WBR (as reported in the
June 2011 Annual Report) remains the only opportunity completed to
date in the current financial year, we anticipate further
developments in this area during 2012.
Group Income Statement
For the 6 months ended 31st December 2011
12 months
6 months ended 6 months ended ended
30th June
31st Dec 2011 31st Dec 2010 2011
unaudited unaudited audited
GBP GBP GBP
Revenue 3,591,604 8,073,019 11,145,221
Direct costs (2,450,155) (6,302,533) (8,362,536)
Gross profit 1,141,449 1,770,486 2,782,685
Other operating
income - -
Operating costs
before share option
charge (1,191,862) (1,580,113) (2,844,067)
Share option charge (1,652) (3,453) (4,992)
Total operating
costs (1,193,514) (1,583,566) (2,849,059)
Depreciation (14,310) (27,576) (53,936)
Total operating
profit (66,375) 159,344 (120,310)
Net finance Cost (25,966) (32,271) (69,117)
Profit before taxation,
exceptional items
and discontinued
operations (92,341) 127,073 (189,427)
Income tax credit
/ (charge) (808) (1,086) 83,806
Profit before exceptional
items and discontinued
operations (93,149) 125,987 (105,621)
Profit / (Loss)
from exceptional
items 92,871 (218,240) (403,388)
(Loss) / Profit
after exceptional
items and before
discontinued operations (278) (92,253) (509,009)
(Loss) / Profit
from discontinued
operations - - (3,569)
(Loss) / Profit
for the period
attributable to
equity holders
of the parent (278) (92,253) (512,578)
Earnings per share
Basic earnings
per share - -0.03p -0.17p
Diluted earnings
per share - -0.03p -0.16p
No Group Statement of Comprehensive Income has been prepared
because there were no material gains or losses for the year
other than those recognised in the Group Income Statement.
Group Balance Sheet
As at 31st December 2011
At At At
30th June
31st Dec 2011 31st Dec 2010 2011
unaudited unaudited audited
GBP GBP GBP
Assets
Non-current assets
Property, plant
and equipment 78,563 115,942 92,872
Goodwill 8,760,324 8,497,909 8,497,907
Deferred tax assets 464,284 419,630 423,509
9,303,171 9,033,481 9,014,288
-------------- -------------- -----------
Current assets
Trade and other
receivables 1,846,611 3,261,554 862,187
Non-current assets
held for sale - 190,000 142,000
Cash and short
term deposits 302,951 209,889 704,217
2,149,562 3,661,443 1,708,404
-------------- -------------- -----------
Total Assets 11,452,733 12,694,924 10,722,692
Equity and liabilities
Share capital 4,459,660 2,684,660 4,459,660
Share premium 1,331,350 1,425,398 1,332,706
Retained earnings 3,134,147 3,551,568 3,132,773
8,925,157 7,661,626 8,925,139
-------------- -------------- -----------
Non-current liabilities
Long term borrowings 650,000 687,500 662,500
Provisions for
other liabilities
and charges 35,291 - -
685,291 687,500 662,500
-------------- -------------- -----------
Current liabilities
Trade and other
payables 1,781,948 4,269,903 1,135,053
Provisions for
other liabilities
and charges 60,337 - -
Corporate income
tax payable - 75,895 -
1,842,285 4,345,798 1,135,053
-------------- -------------- -----------
Total liabilities 2,527,576 5,033,298 1,797,553
-------------- -------------- -----------
Total equity and
liabilities 11,452,733 12,694,924 10,722,692
Group Cash Flow Statement
For the 6 months ended 31st December 2011
12 months
6 months ended 6 months ended ended
30th June
31st Dec 2011 31st Dec 2010 2011
unaudited unaudited audited
GBP GBP GBP
Cash inflow from
operating activities
Profit from operations
before taxation 530 (91,167) (592,815)
Share option charge
for the period 1,652 3,453 4,992
Discontinued operations - - (3,569)
Depreciation of
property, plant
and machinery 14,310 27,576 53,936
Operating cashflows
before movement
in working capital 16,492 (60,138) (537,456)
Diminution in value
of property - - 48,000
(Increase) / decrease
in receivables (961,460) (843,565) 1,555,800
Increase / (decrease)
in payables 504,843 573,711 (1,794,707)
Cash generated
/ (consumed) by
operations (440,125) (329,992) (728,363)
Income tax received - - -
Net cash from operating
activities (440,125) (329,992) (728,363)
Cash (outflow)
from investing
activities
Acquisition of
subsidiary (71,124) - -
Sale of freehold
property 142,000 - -
Purchase of property,
plant and equipment - - (3,291)
Net cash used in
investment activities 70,876 - (3,291)
Cash (outflow) / inflow from
financing activities
Proceeds on issue of shares - - 1,775,000
Costs of share issue (1,356) (9,000) (101,692)
Long term borrowings (62,500) (12,500) -
Net cash from financing activities (63,856) (21,500) 1,673,308
Net decrease in cash and cash
equivalents (433,105) (351,492) 941,654
Cash and cash equivalents at
beginning of period 704,217 (137,447) (237,437)
Cash and cash equivalents at
end of period 271,112 (488,939) 704,217
Cash and cash equivalents as
at 31st Dec 2011
Represented by:
Cash and short term deposits 302,951 209,889 704,217
Bank facilities (31,839) (698,828) -
Total cash and cash equivalents 271,112 (488,939) 704,217
Group Statement of Changes in Equity
For the 6 months ended 31st December 2011
Share Share Retained
Capital Premium Earnings Total
GBP GBP GBP GBP
Balance at 1st
July 2011 4,459,660 1,332,706 3,132,773 8,925,139
Charge for share
options - - 1,652 1,652
Issue of share
capital - - - -
Issue costs - (1,356) - (1,356)
Profit for the
period - - (278) (278)
Balance at 31st
December 2011 4,459,660 1,331,350 3,134,147 8,925,157
Basis of Preparation
This interim financial report is unaudited and does not constitute
statutory accounts within the meaning of section 434 of the
Companies Act 2006. The financial statements for the year to
30th June 2011, which were prepared in accordance with International
Reporting Standards ('IFRS') as adopted by the European Union
and upon which the auditors have issued an unqualified report,
have been delivered to the Registrar of Companies.
The interim financial report for the six months ended 31st
December 2011 have been prepared in accordance with IAS 34
'Interim Financial Reporting' as adopted by the European Union.
The accounting policies applied in the interim financial report
are consistent with those set out and applied in the Group's
Annual Report for the year to 30th June 2011.
The interim financial report for the six months ended 31st
December 2011 which comprise the Group Income Statement, Group
Balance Sheet, Group Cash Flow Statement, Group Statement of
Changes in Equity and the related notes, has been reviewed
by the Group's auditor. In addition, the Group's auditor has
read the other information contained in the interim financial
report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.
Further enquiries:
WFCA plc
Stephen Latter, Financial Director Tel: 01892 703 201
Daniel Stewart & Company plc
David Hart & James Felix Tel: 020 7776 6550
WFCA plc is a uniquely placed full service Marketing
Communications Agency and positioned as the "London Agency not in
London". Their role is as a different kind of Agency, with
completely integrated and full service resource delivering
advertising, design, direct, digital and media solutions to a wide
range of blue chip Clients, but at a much lower cost than their
London based competitors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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