Restated Interim Results
03 Agosto 2007 - 4:02AM
UK Regulatory
RNS Number:4738B
MKM Group PLC
03 August 2007
MKM Group Plc
("MKM Group" or "the Group")
Restated Interim results for the six months ended 30 September 2006
MKM Group Plc, the marketing services group, announces its restated interim
results for the six months to 30 September 2006 having adopted International
Financial Reporting Standards (IFRS) for the full year to 31 March 2007.
Explanation
The Group has adopted IFRS earlier than previously planned to deliver internal
efficiencies. This necessitates the restatement of our Interim results from UK
GAAP to IFRS and the re-release of these results.
The Annual report and Accounts for the year ended 31 March 2007 under IFRS will
also be released today.
Enquiries to:
MKM Group Plc (www.mkmgroupplc.com)
Andrew Johnson, Executive Chairman
Matthew Toynton, Finance Director 0161 877 1112
WH Ireland
David Youngman 0161 832 2174
Biddicks
Katie Tzouliadis, Managing Director 020 7448 1000
Sophie Lane
MKM GROUP PLC
Consolidated income statement for the six months ended 30 September 2006
Unaudited Unaudited Unaudited*
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
#'000 #'000 #'000
Revenue 1,824 2,404 4,575
Cost of sales (632) (1,864) (3,279)
GROSS PROFIT 1,192 540 1,296
====================================
Administrative expenses (912) (1,056) (1,689)
------------------------------------
PROFIT/(LOSS) FROM OPERATIONS 280 (516) (393)
------------------------------------
Finance expense - (6) (17)
Finance income 13 23 48
------------------------------------
PROFIT/(LOSS) BEFORE TAXATION 293 (499) (362)
Income tax credit - - 4
------------------------------------
PROFIT/(LOSS) FOR THE YEAR 293 (499) (358)
====================================
Attributable to the equity holders of
the parent 293 (499) (358)
====================================
*The comparatives for the year ending 31 March 2006 are based on the audited
accounts to that date but have been restated under IFRS.
MKM GROUP PLC
Consolidated statement of changes in equity for the six months ended 30
September 2006
Share
Share Share Option Retained
capital premium Reserve earnings Total
Unaudited #000's #000's #000's #000's #000's
Balance as at 1 April 2006 218 2,205 31 (687) 1,767
----------------------------------------------
Changes in equity for the six months
ended 30 September 2006
Net income recognised
directly inequity - - 15 - 15
Net profit for the period - - - 293 293
----------------------------------------------
Total recognised income and expense
for the period - - 15 293 308
----------------------------------------------
Balance as at 30 September 2006 218 2,205 45 (393) 2,075
==============================================
Consolidated statement of changes in equity for the six months ended 30 September
2005
Share
Share Share Option Retained
capital premium Reserve earnings Total
Unaudited #000's #000's #000's #000's #000's
Balance as at 1 April 2005 66 949 15 (329) 701
----------------------------------------------
Changes in equity for the six months
ended 30 September 2005
Net income recognised
directly in equity - - 8 - 8
Net loss for the period - - - (499) (499)
----------------------------------------------
Total recognised income and expense
for the period - - 8 (499) (491)
Issue of equity shares 138 1,133 - - 1,271
----------------------------------------------
Balance as at 30 September 2005 66 949 23 (828) 1,481
==============================================
MKM GROUP PLC
Consolidated balance sheet at 30 September 2006
Unaudited Unaudited Unaudited*
30 Sept 30 Sept 31 March
2006 2005 2006
#'000 #'000 #'000
NON-CURRENT ASSETS
Property, plant & equipment 244 365 285
Intangibles 823 823 823
---------------------------------
1,067 1,188 1,108
CURRENT ASSETS
Inventories 1 1 1
Trade and other receivables 523 1,014 259
Cash and cash equivalents 1,751 1,112 1,696
---------------------------------
2,275 2,127 1,956
CURRENT LIABILITIES
Trade & other payables (1,235) (1,190) (1,276)
Provisions (32) (644) (21)
(1,267) (1,834) (1,297)
---------------------------------
NET ASSETS 2,075 1,481 1,767
=================================
CAPITAL AND RESERVES ATTRIBUTABLE TO THE
EQUITY HOLDERS OF THE COMPANY
Share Capital 218 204 218
Share Premium 2,205 2,082 2,205
Share Option Reserve 45 23 31
Retained earnings (393) (828) (687)
---------------------------------
TOTAL EQUITY 2,075 1,481 1,767
=================================
*The comparatives for the year ending 31 March 2006 are based on the audited
accounts to that date but have been restated under IFRS.
MKM GROUP PLC
Consolidated cash flow statement for the six months ended 30 September 2006
Unaudited Unaudited Unaudited*
Six months Six months Year ended
ended ended 31 March
30 Sept 30 Sept
2006 2005 2006
#000's #000's #000's
CASHFLOWS FROM OPERATING ACTIVITIES
Profit before taxation 293 (499) (362)
Adjustments for
Interest receivable (13) (17) (48)
Depreciation 41 82 129
Loss on sale of non-current assets - 97 178
Interest expense - 6 17
Share option charge 15 8 16
----------------------------------
336 (323) (70)
Increase in inventories - - -
(Increase)/decrease in trade receivables (264) (112) 643
(Decrease)/increase in trade payables (30) (1,105) (1,636)
Decrease in provisions 15 5 -
----------------------------------
Cash generated from operations (279) (1,212) (993)
Interest paid - (6) (17)
Taxation credit received - 270 270
----------------------------------
- 264 253
----------------------------------
Net cash generated from operations 57 (1,271) (810)
----------------------------------
CASHFLOWS FROM INVESTING ACTIVITIES
Purchase of non-current assets (12) (51) (114)
Proceeds from sale of non-current assets 0 0 14
Finance income 13 17 48
----------------------------------
Net cash from investing activities 1 (34) (52)
----------------------------------
CASHFLOWS FROM FINANCING ACTIVITIES
Issue of ordinary share capital - 1,270 1,408
Interest on capital - - (1)
----------------------------------
Net cash used in financing activities - 1,270 1,407
----------------------------------
Net increase in cash and cash equivalents 58 (35) 545
Cash and cash equivalents at the beginning
of the period 1,693 1,147 1,151
----------------------------------
Cash and cash equivalents at the end of
the period 1,751 1,112 1,696
----------------------------------
*The comparatives for the year ending 31 March 2006 are based on the audited
accounts to that date but have been restated under IFRS.
MKM GROUP PLC
Notes forming Part of the Financial Statements for Six months ended 30 September
2006
1. Accounting Policies
The Interim results for the six months ended 30 September 2006, which are not
audited, have been restated on the basis of accounting policies consistent with
IFRS which has been adopted in the statutory financial statements for the year
ended 31 March 2007.
During the period to 30 September 2006, the company has adopted IFRS2 Share
based payments for the first time and this has resulted in a prior year
adjustment. The comparatives for the year ending 31 March 2006 and the six
months ended 30 September 2005 are based on the audited/unaudited accounts
respectively to those dates but have been amended to include a prior year
adjustment in relation to this change in accounting policy. Therefore, the
comparatives for the year ended 31 March 2006 are shown as 'unaudited'. Detailed
reconciliations of the impact to the financial statements have been included in
the consolidated financial statements for the year ended 31 March 2007.
2. Basis of preparation
The Interim results are unaudited and do not constitute full accounts within the
meaning of Section 240 of the Companies Act 1985. The results for the year ended
31 March 2006 and the balance sheet as at that date are abridged from the
Company's Report and Financial Statements which have been delivered to the
Registrar of Companies but have been restated in line with the requirements of
IFRS. The pre IFRS adjusted auditors' report on the accounts delivered to the
registrar of Companies was unqualified and did not contain statements under the
Companies Act 1985, section 237(2) or (3).
3. Turnover
Turnover is wholly attributable to the principal activity of the group and
arises in the United Kingdom.
4. Taxation
The tax charge for the period is based on the anticipated effective rate of tax
for the year ended 31 March 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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