TIDMPGC
RNS Number : 6203L
Prologic plc
03 August 2011
PGC.L
Prologic plc
("Prologic" or the "Company")
Preliminary results for the year ended 31 March 2011
Prologic is one of the leading providers of IT business
solutions to fashion and lifestyle retailers and distributors.
Financial Highlights
-- Revenue up 1% to GBP9.86m (2010: GBP9.75m)
-- Recurring revenues up 4% to GBP5.33m (2010: GBP5.13m),
representing 54% of total revenue
-- Gross profit up 12% to GBP4.48m (2010: GBP4.01m); gross
margin 45% (2010: 41%)
-- Adjusted operating profit* GBP21,000 (2010: GBP82,000)
-- Operating loss GBP7.78m (2010: profit GBP82,000)
-- Year end net cash position GBP1.23m (2010: net cash
GBP1.41m)
-- Remaining loan cleared during the year
Operational Highlights
-- Tom Fischer appointed CEO, Sam Jackson assumed CTO role
-- Secured first SaaS based contract with Pretty Green
-- First customer go-live on new Fashion Line Merchandising
product
-- Major new versions of head office and point of sale products
released
- CIMS Enterprise Version 8
- CIMS PoS Series 8
(first customer implementations for both new products
underway)
Post Period End
-- Restructuring implemented reducing the cost base by GBP1.12m
annualised
-- New customer contract award from Heidi Klein
* Calculated before the impairment and de-recognition of
intangible assets of GBP7.80m (2010: GBPnil), which had no impact
on cash.
Tom Fischer, Chief Executive Officer, commented:
"Since my appointment as Chief Executive, I have been encouraged
by the continuing support of our customer base, and their ongoing
investment in our products and services. We have recently released
two new major software versions, CIMS Enterprise Version 8 and CIMS
PoS Series 8, both of which deliver increased functionality and
performance to our customers, while bringing significant cost
savings.
With these developments now complete, and recognising the
challenging market conditions, we have restructured the business
and expect to benefit from an annualised reduction in the cost base
of over GBP1 million.
The fashion industry continues to attract new entrants, many of
whom have multiple sales channels from their inception. Our
strategy, therefore, has been to widen our market by targeting
early-stage fashion businesses and our recent wins at Pretty Green
and Heidi Klein have validated our belief that our solutions are
attractive to this sector. In our traditional market, we believe
that established retailers will come under increasing pressure to
replace inadequate and inefficient operational systems in order to
meet the consumer demand for properly integrated, multi-channel
retailing.
As a result of our product strategy and the actions we have
taken, we believe Prologic is well positioned to take advantage of
the market opportunity."
For more information, please contact:
Prologic plc 01442 876
277
Tom Fischer, Chief www.prolo
Executive gic.com
Officer
David Parry,
Finance Director
Arbuthnot 020 7012
Securities 2000
Limited
Hugh Field/Ed
Groome
Biddicks 020 3178
6378
Zoe Biddick
Chairman's Statement
While some improvement in trading conditions was discernible in
the early part of the year, sustained economic uncertainty led to
increased customer caution as the year progressed. In many cases,
this has manifested itself in a lengthening of the sales cycle.
A high proportion of our revenues continue to be derived from
recurring revenues and sales to our customer base. Despite the
challenging conditions, during the year our customers continued to
invest in our products and services, resulting in revenues slightly
ahead of last year.
We have continued, throughout the economic downturn, to invest
in product development and have recently launched two major new
releases of our CIMS head office and point of sale solutions. The
functional enhancements and operational efficiencies offered by
these new products have made them very attractive to both existing
and prospective customers.
During the year we were delighted to secure the business of the
Pretty Green clothing label, which represents our first Software as
a Service (SaaS) based contract. The commercial benefits of this
model are particularly attractive for younger businesses and have
broadened our market reach.
Board Changes
We were delighted to welcome Tom Fischer to the Board on 1
November 2010 as Chief Executive Officer. Tom has considerable
experience in the retail software market and his strong sales and
general management background complements the existing strengths of
the Board. Sam Jackson, under whose stewardship Prologic developed
its market-leading suite of solutions for the fashion and lifestyle
industry, has assumed the role of Chief Technology Officer.
Under Tom's leadership, the directors have undertaken a
comprehensive review of the Company's operations. Significant
overhead savings have been identified and operational improvements
implemented, resulting in a streamlining of the business while
maintaining the high levels of service our customers expect.
Financial Results
Revenue for the year was GBP9.86m (2010: GBP9.75m) and included
GBP5.33m of recurring revenues (2010: GBP5.13m), which represented
54% of total revenues (2010: 53%). The adjusted operating profit
was GBP21,000 (2010: GBP82,000), which was calculated before the
impairment and de-recognition of intangible assets, and there was
an unadjusted operating loss of GBP7.78m (2010: profit GBP82,000).
The year end cash balance and net cash position stood at GBP1.23m
(2010: cash balance GBP1.45m, net cash GBP1.41m), with the
Company's remaining loan having been cleared during the year.
The Board has decided not to recommend the payment of a dividend
for the year ended 31 March 2011.
Management and Staff
On behalf of the Board, I would like to thank all our employees
for their hard work and dedication and look forward to their
continuing support in the coming year.
Colin Wells
Chairman
Chief Executive's Review
Operational Review
Against a backdrop of ongoing economic uncertainty, it is
encouraging to report that our customers continued to invest in
Prologic solutions throughout last year. During the period we had
our first customer go-live on our new Fashion Line Merchandising
(FLM) product, which helps retailers to increase sales and
profitability at individual stores through merchandise optimisation
techniques. I am also pleased to report that we secured our first
SaaS based contract with Pretty Green.
While the majority of our revenues came from existing customers,
we have continued to engage in new business opportunities. In a
market that remains cautious, we are seeing a lengthening of sales
cycles as noted in the Chairman's statement. I am, however, pleased
to confirm that we have now secured the luxury swimwear brand,
Heidi Klein, as our latest customer (post period end). This,
together with Pretty Green, demonstrates that Prologic's solutions
are applicable and attractive to early stage fashion companies,
broadening our target market within the sector.
Throughout the economic downturn, Prologic has continued to
invest in product development culminating in two major new software
releases in the year:
-- CIMS Enterprise Version 8 is the latest generation of our
multi-channel trading platform, optimised to meet the demands of
modern fashion and lifestyle businesses. This new release has also
been designed to run on a cost effective Linux/Intel platform,
significantly improving cost performance. Fat Face has become the
first customer to deploy this new version, with many of our other
customers planning to upgrade during the coming year.
-- CIMS PoS Series 8 is our new point of sale solution, designed
to deliver an enhanced multi-channel experience in store while
running in a lower-cost operating environment. The new Java user
interface makes for a faster and simpler sales transaction and has
been well received by staff at EAST, the first of our customers to
adopt this solution. Other customers are scheduled to deploy this
version over the summer.
Having completed these important developments and recognising
the continued uncertainty in the market, the directors have
recently undertaken a comprehensive review of the business. As a
result, operations have been restructured in order to increase
operational efficiency, and clearer executive reporting lines have
been established. At the same time, the review identified cost
savings of GBP1.12m on an annualised basis, which have been
implemented since the year end. We have been able to achieve these
savings without reducing headcount in our Customer Support
department or our strong Professional Services team, which we feel
is essential to maintaining a high quality of service to our
customers going forward.
Financial Review
Operating Results
Revenue for the year increased slightly to GBP9.86m from
GBP9.75m the previous year and recurring revenue (which includes
annual licence fees, support and managed services) was 54% of total
revenue in 2011, up from 53% in 2010.
Gross profit in 2011 was GBP4.48m, an increase of GBP0.48m from
2010, and the gross margin percentage rose by 4% to 45% of revenue.
This was the result of a relative increase in (high margin)
software sales.
The operating loss for 2011 was GBP7.78m (2010: profit
GBP82,000) and there was a loss per share of 70.01p (2010: earnings
per share 1.45p). The adjusted operating profit, before the
impairment and de-recognition of intangible assets (detailed
below), was GBP21,000 (2010: GBP82,000).
Development expenditure increased to GBP2.32m in 2011 from
GBP1.99m the previous year, reflecting the substantial investment
made in developing the new versions of the Company's head office
and point of sale products. Following completion of these
developments, the directors undertook a review of previously
capitalised development costs, and identified GBP2.72m of net
development costs where no future economic benefits were expected
to be returned from their use. Accordingly, these were
de-recognised in accordance with IAS 38 Intangible Assets.
At the end of the year, the directors agreed to simplify the
group structure and now consider the subsidiaries not to be
material. Accordingly, group accounts have not been prepared this
year.
The reduced levels of profitability reported by the Company and
the continued caution in the market have indicated that the
intangible assets may be impaired. As detailed in note 6, an
impairment review was undertaken, and an impairment charge of
GBP5.09m was recognised against the value of goodwill and
development costs of GBP2.72m were de-recognised.
The adjustments to the carrying value of intangible assets noted
above had no impact on the Company's cash.
Taxation
There was a current tax credit in the year of GBP0.32m, which
was primarily due to the availability of development tax credits.
There was also a GBP0.47m deferred tax credit, which arose from the
de-recognition of capitalised development costs.
Financial Position
Net assets at 31 March 2011 amounted to GBP4.44m, which was
GBP7.00m lower than in 2010, primarily due to the impairment and
de-recognition of intangible assets. At the year end, the net value
of goodwill was GBP2.48m (2010: GBP7.57m) and net capitalised
development costs were GBP3.08m (2010: GBP4.77m).
The cash balance at 31 March 2011 was GBP1.23m (2010: GBP1.45m)
and there was no outstanding debt (2010: GBP39,000 debt). At the
year end, there were net current liabilities of GBP0.32m (2010:
current assets GBP0.60m) and, therefore, since the year end, the
Company has secured short-term funding arrangements and the
directors also have a number of additional funding avenues at their
disposal should the need arise.
There was GBP2.35m of current deferred income at the year end
(2010: GBP2.12m) and GBP0.76m of non-current deferred income (2010:
GBP1.08m), which is the income received on multi-year support
contracts that will not have been recognised as revenue by the end
of the next financial year.
As part of the group restructure undertaken at the end of the
year, the directors instigated a process to dissolve the dormant
subsidiary Pitcomp 192 Ltd, and thus released the GBP3.92m merger
reserve at the year end. At 31 March 2011, retained earnings were
GBP1.59m (2010: GBP4.67m).
Market Overview and Outlook
We are working with our customers to develop long-term plans as
they execute their strategies for growth. Meanwhile, the
acceleration of non-store retailing is continued evidence of a
significant change in consumer behaviour. During the economic
downturn, many fashion businesses have deferred investing in their
operational systems leaving them poorly equipped to meet the
increasingly sophisticated expectations of their customers. Across
the sector, many retailers continue to operate with older legacy
systems that we believe are unable to support the tight sales
channel integration necessary to deliver a cohesive multi-channel
consumer experience. Consequently, it is our view that there is a
growing need to replace these older systems in order to operate
efficiently in the modern retail environment.
Prologic was early to recognise the operational advantages of an
integrated multi-channel solution and many of our customers have
exploited the advanced capabilities of our software to deliver
strong results despite a generally weak market. As a proven
provider of solutions to the fashion and lifestyle sector, we
believe we are well placed to benefit as the need for many
retailers to replace legacy systems becomes more acute.
Despite uncertainty in the market, the fashion sector continues
to attract new entrants, many of whom have multiple sales channels
from their inception. Our new software releases, delivered through
our SaaS deployment model, are well suited to early stage companies
and our successes with Pretty Green and Heidi Klein have validated
our belief that this represents an opportunity to extend our target
market. We are continuing to focus on this as a growth area and
expect to see further momentum over the course of the year.
Tom Fischer
Chief Executive Officer
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2011
Note 2011 2010
GBP'000 GBP'000
---------------------------------------------- ---- -------- -------
Revenue 9,859 9,748
Cost of sales (5,376) (5,741)
Gross profit 4,483 4,007
Administrative expenses (12,266) (3,925)
Operating profit before impairment and
de-recognition of intangible assets 21 82
Impairment and de-recognition of intangible
assets (7,804) -
---------------------------------------------- ---- -------- -------
Operating (loss)/profit (7,783) 82
Finance income 3 1
Finance expenses (8) (22)
(Loss)/profit before tax (7,788) 61
Taxation 2 787 84
(Loss)/profit for the period and total
comprehensive (expense)/income for the
period (7,001) 145
---------------------------------------------- ---- -------- -------
Pence Pence
(Loss)/earnings per share - basic and diluted 3 (70.01) 1.45
STATEMENT OF FINANCIAL POSITION
At 31 March 2011
Note 2011 2010
GBP'000 GBP'000
--------------------------------- ---- ------- -------
Non-current assets
Goodwill 6 2,483 7,572
Development costs 6 3,084 4,768
Other intangible assets 6 114 184
Property, plant and equipment 412 447
6,093 12,971
--------------------------------- ---- ------- -------
Current assets
Inventories 120 116
Trade and other receivables 2,638 3,725
Current tax 320 151
Cash and cash equivalents 1,232 1,451
--------------------------------- ---- ------- -------
4,310 5,443
--------------------------------- ---- ------- -------
Total assets 10,403 18,414
--------------------------------- ---- ------- -------
Current liabilities
Trade and other payables (2,288) (2,687)
Bank loan - (39)
Deferred revenue (2,345) (2,122)
--------------------------------- ---- ------- -------
(4,633) (4,848)
--------------------------------- ---- ------- -------
Net current (liabilities)/assets (323) 595
--------------------------------- ---- ------- -------
Non-current liabilities
Deferred revenue (758) (1,083)
Deferred tax liabilities (569) (1,037)
--------------------------------- ---- ------- -------
(1,327) (2,120)
--------------------------------- ---- ------- -------
Total liabilities (5,960) (6,968)
--------------------------------- ---- ------- -------
Net assets 4,443 11,446
--------------------------------- ---- ------- -------
Equity
Share capital 50 50
Share premium account 2,734 2,734
Merger reserve - 3,924
Other reserve 66 68
Retained earnings 1,593 4,670
--------------------------------- ---- ------- -------
Total equity 4,443 11,446
--------------------------------- ---- ------- -------
CASH FLOW STATEMENT
For the year ended 31 March 2011
Note 2011 2010
GBP'000 GBP'000
---------------------------------------------- ----- ------- -------
Cash flows from operating activities
Operating (loss)/profit (7,783) 82
Adjustments for:
Amortisation of intangible assets 1,401 1,204
Impairment and de-recognition of intangible
assets 7,804 -
Depreciation of property, plant and equipment 194 205
Share option credit (2) -
(Increase)/decrease in inventories (4) 25
Decrease/(increase) in receivables 1,084 (1,215)
(Decrease)/increase in payables (399) 1,102
(Decrease)/increase in deferred revenue (102) 813
----------------------------------------------------- ------- -------
Cash generated by operations 2,193 2,216
Interest received 3 1
Interest paid (2) (5)
Tax repaid 149 260
----------------------------------------------------- ------- -------
Net cash from operating activities 2,343 2,472
----------------------------------------------------- ------- -------
Cash flows from investing activities
Development expenditure (2,318) (1,994)
Purchase of other intangible assets (44) (74)
Purchase of property, plant and equipment (159) (137)
----------------------------------------------------- ------- -------
Net cash used in investing activities (2,521) (2,205)
----------------------------------------------------- ------- -------
Net cash (outflow)/inflow before financing (178) 267
----------------------------------------------------- ------- -------
Cash flows from financing activities
Repayment of bank loan (41) (164)
----------------------------------------------------- ------- -------
Net cash used in financing activities (41) (164)
----------------------------------------------------- ------- -------
Net increase/(decrease) in cash and cash
equivalents (219) 103
Cash and cash equivalents at 1 April 1,451 1,348
----------------------------------------------------- -------
Cash and cash equivalents 1,232 1,451
----------------------------------------------------- ------- -------
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2011
Share Share
Share premium Merger option Retained Total
Note capital account reserve reserve profit equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- ---- ------- ------- ------- ------- -------- -------
At 1 April 2009 50 2,734 3,924 68 4,525 11,301
Profit and total
comprehensive
income for the
period - - - - 145 145
----------------- ---- ------- ------- ------- ------- -------- -------
At 31 March 2010
and 1 April
2010 50 2,734 3,924 68 4,670 11,446
Loss and total
comprehensive
expense for the
period - - - - (7,001) (7,001)
Transactions with
owners:
Share option
credit - - - (2) - (2)
Release of merger
reserve 5 - - (3,924) - 3,924 -
At 31 March 2011 50 2,734 - 66 1,593 4,443
----------------- ---- ------- ------- ------- ------- -------- -------
NOTES:
1. BASIS OF PREPARATION
This preliminary statement has been prepared on the basis of
accounting policies consistent with the audited financial
statements for the year ended 31 March 2010.
The figures for the year ended 31 March 2010 have been extracted
from the statutory financial statements, which have been filed with
the Registrar of Companies. The auditor's report on those financial
statements was unmodified.
In previous years, group accounts have been prepared, but the
directors no longer consider the subsidiaries to be material and,
therefore, company only accounts have been prepared.
During the downturn, the Company has continued to make a
significant investment in product development to maintain its
competitiveness, and this has culminated in two major new software
releases in the year. This level of development expenditure,
however, depleted the level of working capital to a net current
liability position of GBP0.32m at the year end. Having completed
the new software releases, the directors instigated a
restructuring, which will reduce the Company's cost base by
GBP1.12m on an annualised basis. Since the year end, the Company
has secured short-term funding arrangements and the directors also
have a number of additional funding avenues at their disposal
should the need arise.
More than 50% of the Company's revenues are derived from
annually renewable or multi-year contracts, which help to provide
forward visibility of revenues, profits and cash flows. The Company
also has multi-year contracts with its major suppliers providing
comfort in terms of continuing supply and pricing.
Based on the above, the directors have modelled a number of
scenarios, which give a reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Accordingly, they continue to adopt the going
concern basis of accounting in preparing the annual financial
statements.
2. TAXATION
2011 2010
GBP'000 GBP'000
-------------------------------------------- ------- -------
Corporation tax at 28% (498) (274)
Adjustments in respect of prior years 1 (35)
Restricted development tax relief 179 123
-------------------------------------------- ------- -------
Total current tax (318) (186)
Deferred tax - origination of and reversal
of temporary differences (469) 102
-------------------------------------------- ------- -------
Tax on (loss)/profit on ordinary activities (787) (84)
-------------------------------------------- ------- -------
Factors affecting the tax charge for the period:
2011 2010
GBP'000 GBP'000
------------------------------------------------ ------- -------
(Loss)/profit on ordinary activities multiplied
by standard rate of corporation tax (2,181) 17
------------------------------------------------ ------- -------
Effect of:
Expenses not deductible for tax purposes 17 16
Capital allowances for the period in excess
of depreciation (15) (3)
Capitalised development costs qualifying for
development tax relief (358) (371)
Development tax credit (192) (220)
Restricted development tax relief 179 123
Disallowable amortisation 2,231 282
(Decrease)/increase in unamortised development
costs (469) 107
Adjustments in respect of prior years 1 (35)
------------------------------------------------ ------- -------
Tax credit for the period (787) (84)
------------------------------------------------ ------- -------
There is no unprovided deferred tax.
3. LOSS PER SHARE
The loss per share has been calculated by dividing the loss
attributable to shareholders by the average number of shares in
issue during the period. The diluted number of shares assumes the
dilution effect of converting the share options in issue during the
period into ordinary shares.
2011 2010
Number Number
------------------------------------------------ ---------- ----------
Weighted average number of ordinary shares 10,000,000 10,000,000
Diluted weighted average number of ordinary
shares (due to impact of share options issued) 10,000,000 10,000,000
2011 2010
Pence Pence
----------------------- ------- -----
Basic loss per share (70.01) 1.45
----------------------- ------- -----
Diluted loss per share (70.01) 1.45
----------------------- ------- -----
4. DIVIDENDS
No dividend was paid in 2011 for the year ended 31 March 2010.
The Board has not recommended the payment of a dividend in respect
of the year ended 31 March 2011.
5. GROUP STRUCTURE
At 31 March 2011, the subsidiaries of Prologic plc were as
follows:
Class of share capital
Subsidiary undertaking held Proportion held
Pitcomp 192 Limited Ordinary shares 100%
Prologic Computer Consultants
Limited Ordinary shares 100%
Pitcomp 192 Limited was an intermediate holding company for
Prologic Computer Consultants Limited, which operated in the
development, supply and support of specialist software and computer
systems to the fashion and lifestyle industry, prior to the
transfer of its trade and assets to Prologic plc on 5 July 2004.
Both companies are registered in England and Wales and have been
dormant in the year to 31 March 2011.
During the year, the directors agreed a reorganisation and
simplification of the Company, which included:
-- the waiver of the inter-company balances held by Prologic plc
and its two subsidiaries; and
-- the transfer of shares held in Prologic Computer Consultants
Limited by Pitcomp
192 Limited to Prologic plc.
Pitcomp 192 Limited was identified as having no continuing
relevance to the Company and it was agreed that it should be
dissolved (which was in process at 31 March 2011). The agreement to
dissolve Pitcomp 192 Limited led to the release of the GBP3,924,000
merger reserve.
6. INTANGIBLE ASSETS
Other
Development intangible
Goodwill costs assets Total
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- ----------- ---------- -------
Cost
At 1 April 2009 7,572 6,665 754 14,991
Additions - 1,994 74 2,068
----------------------------- -------- ----------- ---------- -------
At 31 March 2010 and 1 April
2010 7,572 8,659 828 17,059
Additions - 2,318 44 2,362
De-recognition (4,267) - (4,267)
Disposals - - (97) (97)
----------------------------- -------- ----------- ---------- -------
At 31 March 2011 7,572 6,710 775 15,057
----------------------------- -------- ----------- ---------- -------
Amortisation
At 1 April 2009 - 2,824 507 3,331
Provided in the year - 1,067 137 1,204
----------------------------- -------- ----------- ---------- -------
At 31 March 2010 and 1 April
2010 - 3,891 644 4,535
Provided in the year - 1,287 114 1,401
Impairment charge 5,089 - - 5,089
De-recognition - (1,552) - (1,552)
Disposals - - (97) (97)
----------------------------- -------- ----------- ---------- -------
At 31 March 2011 5,089 3,626 661 9,376
----------------------------- -------- ----------- ---------- -------
Net book value at 31 March
2011 2,483 3,084 114 5,681
----------------------------- -------- ----------- ---------- -------
Net book value at 31 March
2010 7,572 4,768 184 12,524
----------------------------- -------- ----------- ---------- -------
Following completion of the development of new versions of the
Company's head office and point of sale products, the directors
undertook a review of previously capitalised development costs and
GBP2,715,000 of net costs were identified as having no future
economic benefits expected from their use. These costs were
de-recognised in accordance with IAS 38 Intangible Assets.
Intangible assets are subject to an annual impairment review and
the recoverable amount is determined from a "value in use"
calculation, which estimates the present value of the future cash
flows expected to be derived. The directors consider that the
Company's activities constitute one class of business and similarly
regard the Company as a single cash-generating unit for this
purpose as this is the lowest level at which goodwill is monitored
internally. The ten-year cash flow projection used is based on past
performance, customer longevity and contracts in place.
The key assumptions on which management has based its cash flow
projections for the period covered by the most recent budget, and
thereafter, are that all key customers are retained (unless the
directors are already aware of a change) and there are new customer
sales. When considering the growth rate in operating profit over
the next five years, the directors took into account the relative
impact of new customer sales on the historical operating profits of
the Company and the impact of the cost base reduction implemented
after the year end. Operating profit has been projected to grow at
2% per annum after 5 years. The discount rate applied in the
impairment review was 7.6%.
The evaluation indicated that the intangible assets were
impaired and accordingly a GBP5,089,000 charge was made against
goodwill. If it were assumed that the Company lost a key existing
customer or that new customer sales were not achieved as quickly as
projected, there could be a further impairment of intangible
assets.
The goodwill arose in relation to the hive up of the trade and
assets of Pitcomp 192 Limited and Prologic Computer Consultants
Limited.
7. STATUS AND APPROVAL
The financial information set out above, which was approved by
the Board on 2 August 2011, is derived from the full accounts for
the year ended 31 March 2011 and does not constitute the statutory
accounts within the meaning of section 434 of the Companies Act
2006. The accounts on which the auditors have given an unqualified
report, which does not contain a statement under section 498(2) or
(3) of the Companies Act 2006 in respect of the accounts for 2011,
will be delivered to the Registrar of Companies in due course.
8. ANNUAL REPORT
Copies of the Annual Report will be despatched to shareholders
on or around 26 August 2011. Additional copies will also available,
free of charge, from the Company's registered office at Redwood
House, Rectory Lane, Berkhamsted, Herts, HP4 2DH, or from 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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