TIDMPGC
RNS Number : 6129D
Prologic plc
07 December 2009
PGC.L
Prologic plc
("Prologic", the "Company" or the "Group")
Interim Results for the six months ended 30 September 2009
Prologic plc, a specialist provider of software, services and consultancy to the
fashion & lifestyle sector, announces its interim results for the six months
ended 30 September 2009.
Financial Headlines
* In difficult trading conditions, revenue down 4% to GBP4.81m (2008: GBP5.01m)
* Recurring revenue 54% of total revenue (2008: 52%)
* Operating profit GBP14k (2008: GBP26k)
* Administrative expenses reduced by 12% to GBP1.79m (2008: GBP2.03m)
* EPS 1.5p (2008: 0.6p)
* Cash balance GBP1.30m (2008: GBP2.00m)
* Net cash position GBP1.19m (2008: GBP1.75m)
Operational Highlights
* GBP0.75m contract awarded by the outdoor wear and camping equipment retailer, Go
Outdoors, for major enhancements to its supply chain and reporting systems
* Order received for GBP0.2m from Dune related to the integration of recently
acquired Shoe Studio
* Ted Baker launched new website based on Prologic's eCommerce solution (since the
period end)
* Completion of fast track roll out of 442 tills into 160 stores for
Internacionale Retail
Sam Jackson, Managing Director, commented:
"The past twelve months have been a testing time for the Company, but with
revenue down by just 4% Prologic has shown resilience in the face of
unprecedented economic conditions that began in late 2008. Throughout the
economic slowdown, Prologic has continued to invest for the future and, in
particular, we have made a significant investment in the development of our
innovative eCommerce solution. I am pleased to report that Ted Baker's recently
launched new website is the first to be based on this solution.
Our first eCommerce go-live was later than originally anticipated and therefore
this is expected to push some business opportunities into the next financial
period. This, combined with the lengthening sales cycles resulting from the
downturn, is likely to impact revenue for the full year.
We are confident however that the new eCommerce solution will not only be
attractive to existing customers, but that it will also help drive new client
sales. A recent and substantive survey of the sector undertaken by Martec
International shows that for 63% of fashion companies, eCommerce is the top IT
investment priority."
Further information:
+-----------------------------------------------+---------------------------------+
| Prologic plc | 01442 876 277 |
+-----------------------------------------------+---------------------------------+
| Sam Jackson, Managing Director | |
+-----------------------------------------------+---------------------------------+
| David Parry, Finance Director | |
+-----------------------------------------------+---------------------------------+
| Arbuthnot Securities Limited | 020 7012 2000 |
+-----------------------------------------------+---------------------------------+
| Alasdair Younie | |
+-----------------------------------------------+---------------------------------+
| Biddicks | 020 7448 1000 |
+-----------------------------------------------+---------------------------------+
| Shane Dolan | |
+-----------------------------------------------+---------------------------------+
Prologic plc
Interim Results 2009
Chairman's Statement
Overview
The continuing difficult market conditions resulted in reduced revenue for the
first half of this year, however our strong recurring revenue base and the cost
reduction measures we implemented last year helped to insulate us from the
downturn. Revenue for the period of GBP4.81m was 4% lower than in the previous
half year, while operating profit of GBP14k was almost the same, and was in line
with management expectations. Our period end cash balance was GBP1.30m, with a
net cash position of GBP1.19m.
Despite the economic downturn, we have continued to make significant investment
in development to ensure that Prologic CIMS remains one of the leading
multi-channel solutions available to fashion and lifestyle businesses. In
particular, we have invested strongly in our innovative eCommerce solution and
Ted Baker have recently launched their new website based on this solution. The
eCommerce project has taken longer to develop than intended, however the
solution is more functional and capable than was originally planned. It is part
of a single comprehensive solution supporting merchandising, stock, warehousing
and in-store systems, which we believe has significant advantages over
competitive offerings
Although the environment for new client business remains challenging, Prologic
has taken advantage of a number of opportunities that have arisen through sector
consolidation. During the period we completed a fast track rollout of 442 tills
into 160 stores for Internacionale Retail following their acquisition of the
high street fashion retailer MK One. We also won a contract worth GBP0.2m
following Dune's purchase of Shoe Studio from the Mosaic Group. Also during the
period, we won a GBP0.75m contract from Go Outdoors, the outdoor wear and
camping equipment specialist, to provide software and services to support their
rapid growth plans.
Financial results
Revenue for the period was GBP4.81m, a decrease of 4% on the previous first
half. Recurring revenue from annual licence fees, support and Unify amounted to
54% of total revenue for the six months (2008: 52%). Gross profit reduced by
GBP0.25m to GBP1.81m with the gross margin percentage at 38% of revenue (2008:
41%). Administrative expenses decreased by GBP0.24m to GBP1.79m as a result of
cost reduction measures. Operating profit was GBP14k (2008: GBP26k) and earnings
per share was 1.50p (2008: 0.59p).
The tax credit of GBP0.14m principally arose from the effect of capitalising and
amortising development expenditure, and the availability of development tax
credits.
At 30 September 2009, the Group had net cash of GBP1.19m, (2008: GBP1.75m) and
the period end cash balance was GBP1.30m (2008: GBP2.00m).
Dividend
In line with previous practice, the directors are not proposing an interim
dividend.
Outlook
Our high level of recurring revenue and enviable customer base, including many
of the most respected fashion businesses, continue to provide us with a high
degree of resilience in tough market conditions.
The development of our eCommerce solution has taken longer than planned, which
means, in the short term, some prospects we had anticipated closing this
financial year are now expected to come to fruition in the next financial year.
This, however, continues to be a high growth area of the market and we can be
confident of the prospects for our eCommerce product in the medium and long
term.
We believe that the strength of our product and services portfolio and our
ability to take advantage of growth areas of the market means that the Company
will be well placed as conditions improve.
Colin Wells
Chairman
4 December 2009
Independent review report to Prologic plc
Introduction
We have been engaged by the Company to review the financial information in the
Interim Results Report for the six months ended 30 September 2009 which
comprises the Consolidated statement of comprehensive income, Consolidated
statement of financial position, Consolidated cash flow statement, Consolidated
statement of changes in equity and the related explanatory notes 1 to 4. We have
read the other information contained in the Interim Results Report which
comprises only the Financial Headlines, Operational Highlights and the
Chairman's Statement and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the condensed
set of financial statements.
This report is made solely to the Company in accordance with guidance contained
in International Standard on Review Engagements (UK and Ireland) 2410, 'Review
of Interim Financial Information performed by the Independent Auditor of the
Entity'. Our review work has been undertaken so that we might state to the
company those matters we are required to state to them in a review report and
for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the company, for our review work,
for this report, or for the conclusion we have formed.
Directors' responsibilities
The Interim Results Report is the responsibility of, and has been approved by,
the directors. The AIM rules of the London Stock Exchange require that the
accounting policies and presentation applied to the interim figures are
consistent with those which will be adopted in the annual accounts having regard
to the accounting standards applicable for such accounts.
As disclosed in Note 1, the annual financial statements of the group are
prepared in accordance with the basis of preparation.
Our responsibility
Our responsibility is to express to the Company a conclusion on the financial
information in the Interim Results Report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the financial information in the Interim Results Report for the six months
ended 30 September 2009 is not prepared, in all material respects, in accordance
with the basis of accounting described in Note 1.
Grant Thornton UK LLP
Chartered accountants
London Thames
Valley
Slough
4 December 2009
Consolidated statement of comprehensive income
+---------------------------------------+---+--------------+--+--------------+------------+
| | | Unaudited | Unaudited | Audited |
+---------------------------------------+---+-----------------+--------------+------------+
| | | six months to | six months | Year to |
| | | | to | |
+---------------------------------------+---+-----------------+--------------+------------+
| | | 30 September | 30 September | 31 March |
+---------------------------------------+---+-----------------+--------------+------------+
| | | 2009 | 2008 | 2009 |
+---------------------------------------+---+-----------------+--------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+---+-----------------+--------------+------------+
| | | | | |
+---------------------------------------+---+-----------------+--------------+------------+
| Revenue | | 4,814 | 5,013 | 9,709 |
+---------------------------------------+---+-----------------+--------------+------------+
| | | | | |
+---------------------------------------+---+-----------------+--------------+------------+
| Cost of sales | | (3,008) | (2,956) | (5,565) |
+---------------------------------------+---+-----------------+--------------+------------+
| | | | | |
+---------------------------------------+---+-----------------+--------------+------------+
| Gross profit | | 1,806 | 2,057 | 4,144 |
+---------------------------------------+---+-----------------+--------------+------------+
| | | | | |
+---------------------------------------+---+-----------------+--------------+------------+
| Administrative expenses | | (1,792) | (2,031) | (4,039) |
+---------------------------------------+---+-----------------+--------------+------------+
| | | | | |
+---------------------------------------+---+-----------------+--------------+------------+
| Operating profit | | 14 | 26 | 105 |
+---------------------------------------+---+-----------------+--------------+------------+
| | | | | |
+---------------------------------------+---+-----------------+--------------+------------+
| Financial income | | 1 | 32 | 43 |
+---------------------------------------+---+--------------+-----------------+------------+
| Financial expenses | | (7) | (18) | (28) |
+---------------------------------------+---+--------------+-----------------+------------+
| | | | | |
+---------------------------------------+---+--------------+-----------------+------------+
| Profit before tax | | 8 | 40 | 120 |
+---------------------------------------+---+--------------+-----------------+------------+
| | | | | |
+---------------------------------------+---+--------------+-----------------+------------+
| Taxation | | 142 | 19 | 127 |
+---------------------------------------+---+--------------+-----------------+------------+
| | | | | |
+---------------------------------------+---+--------------+-----------------+------------+
| Profit and total comprehensive income | | 150 | 59 | 247 |
| for the period | | | | |
+---------------------------------------+---+--------------+-----------------+------------+
| | | | | |
+---------------------------------------+---+--------------+-----------------+------------+
| | | | | |
+---------------------------------------+---+--------------+-----------------+------------+
| | | Pence | Pence | Pence |
+---------------------------------------+---+--------------+-----------------+------------+
| | | | | |
+---------------------------------------+---+--------------+-----------------+------------+
| Earnings per share - basic and | | 1.50 | 0.59 | 2.47 |
| diluted | | | | |
+---------------------------------------+---+--------------+-----------------+------------+
| | | | | |
+---------------------------------------+---+--------------+-----------------+------------+
| | | | | |
+---------------------------------------+---+--------------+--+--------------+------------+
Consolidated statement of financial position
+--------------------------------------++++-----+--------------+------------+------------+
| | | Unaudited | Unaudited | Audited |
+-----------------------------------------+-----+--------------+------------+------------+
| | | 30 September | 30 | 31 March |
| | | | September | |
+-----------------------------------------+-----+--------------+------------+------------+
| | | 2009 | 2008 | 2009 |
+-----------------------------------------+-----+--------------+------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+-----+--------------+------------+------------+
| Non-current assets | | | | |
+-----------------------------------------+-----+--------------+------------+------------+
| Goodwill | | 7,572 | 7,572 | 7,572 |
+-----------------------------------------+-----+--------------+------------+------------+
| Development costs | | 4,261 | 3,508 | 3,841 |
+-----------------------------------------+-----+--------------+------------+------------+
| Other intangible assets | | 243 | 249 | 247 |
+-----------------------------------------+-----+--------------+------------+------------+
| Property, plant and equipment | | 470 | 499 | 515 |
+-----------------------------------------+-----+--------------+------------+------------+
| | | 12,546 | 11,828 | 12,175 |
+-----------------------------------------+-----+--------------+------------+------------+
| | | | | |
+-----------------------------------------+-----+--------------+------------+------------+
| Current assets | | | | |
+-----------------------------------------+-----+--------------+------------+------------+
| Inventories | | 63 | 84 | 141 |
+-----------------------------------------+-----+--------------+------------+------------+
| Trade and other receivables | | 2,408 | 3,179 | 2,510 |
+-----------------------------------------+-----+--------------+------------+------------+
| Current tax | | 446 | - | 227 |
+-----------------------------------------+-----+--------------+------------+------------+
| Cash and cash equivalents | | 1,299 | 2,004 | 1,348 |
+-----------------------------------------+-----+--------------+------------+------------+
| | | 4,216 | 5,267 | 4,226 |
+-----------------------------------------+-----+--------------+------------+------------+
| | | | | |
+-----------------------------------------+-----+--------------+------------+------------+
| Total assets | | 16,762 | 17,095 | 16,401 |
+-----------------------------------------+-----+--------------+------------+------------+
| | | | | |
+-----------------------------------------+-----+--------------+------------+------------+
| Current liabilities | | | | |
+-----------------------------------------+-----+--------------+------------+------------+
| Trade and other payables | | (1,628) | (1,883) | (1,585) |
+-----------------------------------------+-----+--------------+------------+------------+
| Current tax payable | | - | (288) | - |
+-----------------------------------------+-----+--------------+------------+------------+
| Bank loan | | (110) | (257) | (152) |
+-----------------------------------------+-----+--------------+------------+------------+
| Deferred revenue | | (2,562) | (2,659) | (2,392) |
+-----------------------------------------+-----+--------------+------------+------------+
| | | (4,300) | (5,087) | (4,129) |
+----------------------------------------+------+--------------+------------+------------+
| | | | | |
+----------------------------------------+------+--------------+------------+------------+
| Net current assets | | (84) | 180 | 97 |
+----------------------------------------+------+--------------+------------+------------+
| | | | | |
+----------------------------------------+------+--------------+------------+------------+
| Non-current liabilities | | | | |
+----------------------------------------+------+--------------+------------+------------+
| Bank loan | | - | (8) | (35) |
+---------------------------------------+-------+--------------+------------+------------+
| Deferred tax liabilities | | (1,015) | (899) | (936) |
+---------------------------------------+-------+--------------+------------+------------+
| | | | | |
+---------------------------------------+-------+--------------+------------+------------+
| | | (1,015) | (907) | (971) |
+---------------------------------------+-------+--------------+------------+------------+
| | | | | |
+---------------------------------------+-------+--------------+------------+------------+
| Total liabilities | | (5,315) | (5,994) | (5,100) |
+---------------------------------------+-------+--------------+------------+------------+
| | | | | |
+---------------------------------------+-------+--------------+------------+------------+
| Net assets | | 11,447 | 11,101 | 11,301 |
+---------------------------------------+-------+--------------+------------+------------+
| | | | | |
+---------------------------------------+-------+--------------+------------+------------+
| Equity | | | | |
+---------------------------------------+-------+--------------+------------+------------+
| Share capital | | 50 | 50 | 50 |
+--------------------------------------+--------+--------------+------------+------------+
| Share premium account | | 2,734 | 2,734 | 2,734 |
+--------------------------------------+--------+--------------+------------+------------+
| Merger reserve | | 3,924 | 3,924 | 3,924 |
+--------------------------------------+--------+--------------+------------+------------+
| Other reserve | | 64 | 56 | 68 |
+--------------------------------------+--------+--------------+------------+------------+
| Retained earnings | | 4,675 | 4,337 | 4,525 |
+---------------------------------------+-------+--------------+------------+------------+
| Total equity | | 11,447 | 11,101 | 11,301 |
+--------------------------------------++++-----+--------------+------------+------------+
Consolidated cash flow statement
+-------------------------------------+-----+--------------+--------------+------------+
| | | Unaudited | Unaudited | Audited |
+-------------------------------------+-----+--------------+--------------+------------+
| | | six months | six months | year to |
| | | to | to | |
+-------------------------------------+-----+--------------+--------------+------------+
| | | 30 September | 30 September | 31 March |
+-------------------------------------+-----+--------------+--------------+------------+
| | | 2009 | 2008 | 2009 |
+-------------------------------------+-----+--------------+--------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-----+--------------+--------------+------------+
| Cash flows from operating | | | | |
| activities | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Operating profit | | 14 | 26 | 105 |
+-------------------------------------+-----+--------------+--------------+------------+
| Adjustments for: | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Amortisation of development costs | | 505 | 398 | 851 |
+-------------------------------------+-----+--------------+--------------+------------+
| Amortisation of other intangible | | 84 | 78 | 157 |
| assets | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Depreciation of property, plant and | | 101 | 84 | 180 |
| equipment | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Share option charges | | (4) | (9) | 3 |
+-------------------------------------+-----+--------------+--------------+------------+
| Increase in inventories | | 78 | (44) | (101) |
+-------------------------------------+-----+--------------+--------------+------------+
| Decrease in receivables | | 102 | 636 | 1,305 |
+-------------------------------------+-----+--------------+--------------+------------+
| Decrease in payables | | 43 | (295) | (593) |
+-------------------------------------+-----+--------------+--------------+------------+
| Increase/(decrease) in deferred | | 170 | 104 | (163) |
| income | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Cash generated by operations | | 1,093 | 978 | 1,744 |
+-------------------------------------+-----+--------------+--------------+------------+
| | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Interest received | | 1 | 32 | 43 |
+-------------------------------------+-----+--------------+--------------+------------+
| Interest paid | | | (15) | (21) |
+-------------------------------------+-----+--------------+--------------+------------+
| Tax paid | | | - | (370) |
+-------------------------------------+-----+--------------+--------------+------------+
| Net cash from operating activities | | 1,094 | 995 | 1,396 |
+-------------------------------------+-----+--------------+--------------+------------+
| | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Cash flows from investing | | | | |
| activities | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Development expenditure | | (925) | (740) | (1,526) |
+-------------------------------------+-----+--------------+--------------+------------+
| Purchase of other intangible assets | | (80) | (59) | (136) |
+-------------------------------------+-----+--------------+--------------+------------+
| Purchase of property, plant and | | (56) | (284) | (396) |
| equipment | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Net cash used in investing | | (1,061) | (1,083) | (2,058) |
| activities | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Net cash outflow before financing | | 33 | (88) | (662) |
+-------------------------------------+-----+--------------+--------------+------------+
| | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Cash flows from financing | | | | |
| activities | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Repayment of bank loan | | (82) | (139) | (221) |
+-------------------------------------+-----+--------------+--------------+------------+
| Dividends paid to shareholders | | - | (200) | (200) |
+-------------------------------------+-----+--------------+--------------+------------+
| Net cash used in financing | | (82) | (339) | (421) |
| activities | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Net decrease in cash and cash | | (49) | (427) | (1,083) |
| equivalents | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Cash and cash equivalents at start | | 1,348 | 2,431 | 2,431 |
| of the period | | | | |
+-------------------------------------+-----+--------------+--------------+------------+
| Cash and cash equivalents | | 1,299 | 2,004 | 1,348 |
+-------------------------------------+-----+--------------+--------------+------------+
Consolidated statement of changes in equity
+---------------+----------+----------+----------+----------+----------+----------+----------+
| | | Share | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| | Share | premium | Merger | Other | Retained | Total |
+---------------+----------+---------------------+----------+----------+----------+----------+
| | capital | account | reserve | reserve | profit | equity |
+---------------+----------+---------------------+----------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------+----------+---------------------+----------+----------+----------+----------+
| | | | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| At 1 | 50 | 2,734 | 3,924 | 65 | 4,478 | 11,251 |
| April | | | | | | |
| 2008 | | | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| Share | - | - | - | (9) | - | (9) |
| option | | | | | | |
| charges | | | | | | |
+---------------+----------+----------+---------------------+----------+----------+----------+
| Dividends | - | - | - | - | (200) | (200) |
+---------------+----------+---------------------+----------+----------+----------+----------+
| Profit | - | - | - | - | 59 | 59 |
| and | | | | | | |
| total | | | | | | |
| comprehensive | | | | | | |
| income for | | | | | | |
| the period | | | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| At 30 | 50 | 2,734 | 3,924 | 56 | 4,337 | 11,101 |
| September | | | | | | |
| 2008 | | | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| Share | - | - | - | 12 | - | 12 |
| option | | | | | | |
| charges | | | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| Profit | - | - | - | - | 188 | 188 |
| and | | | | | | |
| total | | | | | | |
| comprehensive | | | | | | |
| income for | | | | | | |
| the period | | | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| At 31 | 50 | 2,734 | 3,924 | 68 | 4,525 | 11,301 |
| March | | | | | | |
| 2009 | | | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| Share | - | - | - | (4) | - | (4) |
| option | | | | | | |
| charges | | | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| Profit | - | - | - | - | 150 | 150 |
| and | | | | | | |
| total | | | | | | |
| comprehensive | | | | | | |
| income for | | | | | | |
| the period | | | | | | |
+---------------+----------+---------------------+----------+----------+----------+----------+
| At 30 | 50 | 2,734 | 3,924 | 64 | 4,675 | 11,447 |
| September | | | | | | |
| 2009 | | | | | | |
+---------------+----------+----------+----------+----------+----------+----------+----------+
Notes to the Financial Statements
1. Basis of preparation
These interim condensed consolidated financial statements (the statements) are
comprised of the unaudited results for the six months to 30 September 2009
together with comparative unaudited results for the six months to 30 September
2008 and audited results for the year ended 31 March 2009. They do not include
all of the information required for full annual financial statements.
The financial information included in the statements for the year ended 31 March
2009 does not constitute the statutory accounts (as defined in Section 240 of
the Companies Act 1985) for that year. Those accounts have been filed with the
Registrar of Companies and include an auditor's report which was unqualified and
did not contain a statement under section 237(2) or section 237(3) of the
Companies Act 1985
The statements have been prepared in accordance with the accounting policies
adopted in the last annual financial statements for the year to 31 March 2009
except for the adoption of IAS 1 Presentation of Financial Statements (Revised
2007) and IFRS 8 (Operating Segments). The accounts are prepared under the
historical cost convention and are prepared in accordance with the recognition
and measurement principles of IFRS.
The adoption of IAS 1 (Revised 2007) has resulted in changes to presentation of
primary statements.
2. Segmental Analysis
The business and IT solutions that Prologic provides to its customers are all
based around a single software product, Prologic CIMS, and resources across the
Group are focussed on developing, implementing and supporting these solutions.
The Group is therefore reported as a single operating segment, in accordance
with IFRS 8.
3. Earnings per share
Earnings per share is calculated by dividing the earnings attributable to
shareholders by the number of shares in issue during the period.
The weighted average number of shares in issue during the period was 10,000,000
(basic and diluted).
4. Approval
The interim results were approved by the Board on 4 December 2009 and are
available on the Company's website (www.prologic.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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