RNS Number:5802E
Superscape Group PLC
27 September 2007
27 September 2007
SUPERSCAPE GROUP PLC
INTERIM RESULTS
Superscape Group plc, a leading publisher of 2D and 3D mobile games, today
announces unaudited interim results for the six months ended 31 July 2007. As
the Group's principal assets and operations are based in the US and the majority
of its operations are conducted in US Dollars, Superscape changed its reporting
currency from Pounds Sterling to US Dollars with effect from 1 February 2007.
Financial and operating highlights
* Publishing revenues increase by 20% to $7.2m (2006: $6.0m)
* Overall margins increased to 74.5% (2006: 71.0%)
* Publishing margins increase to 74.4% (2006: 66.6%)
* Operating costs (excluding exceptional costs in prior year) reduced by 6%
* Loss before taxation and exceptional items reduced to $2.6m (2006: $3.2m)
* Loss per share reduced to 1.5c (2006: 6.0c)
* Three of the top five revenue generating games based on Superscape's own
intellectual property (5 of the top 8 are owned IP)
* Total cash outflow from operations reduced to $2.9m (2006: $5.9m)
Larry Quinn, Chairman of Superscape commented, "We have continued to strengthen
our position within the top 10 North American mobile game publishers. With the
strong revenue growth from our publishing business, the continuing growth of our
diverse game portfolio, including the increasing proportion of games based on
our owned intellectual property, and a focus on our operating costs, the Company
is well positioned for future growth."
The Company's Interim Report for the six months ended 31 July 2007 will be
published tomorrow on its website www.superscape.com.
For further information:
Superscape Group plc Tel: 01494 483674
Kevin Roberts, Chief Executive Officer
Dave Goodman, Chief Financial Officer
Maggie Templeman, Director of Communications
Hudson Sandler Tel: 020 7796 4133
Jessica Rouleau/Sandrine Gallien
An investor presentation will be available on the company's website:
www.superscape.com/investors/financialreports.php
Superscape Group plc
Interim results for the six months to 31 July 2007
OVERVIEW
The six months to 31 July 2007 have continued the trend of strong revenue growth
in Superscape's mobile games publishing business. This revenue growth, combined
with improving margins resulting from sales of Superscape owned IP titles and a
decreasing operating cost base has led to a significant improvement in our
results as compared to the prior year.
Publishing revenue for the period increased by more than 20% to $7.2m (2006:
$6.0m). Overall gross margin increased to 74.5% (2006: 71%), as an increasing
proportion of our revenue is derived from game titles developed using our own IP
(intellectual property). Total operating expenses (before exceptional items)
fell to $8.3m (2006: $8.8m), a more than 6% decrease from the same period in the
prior year.
The Company continues to be ranked among the top ten North American games
publishers by Telephia (the world's largest provider of syndicated consumer
research to the telcom and mobile media markets). This ranking is important as
75% of all game publishing revenue in the USA is achieved by the top ten
publishers, with approximately 60% being secured by the top five.
Superscape has gained a reputation for designing, developing and delivering high
quality, innovative entertainment products in a highly efficient manner. The
decisions of the Board in 2006 to focus on the North American market and to
build strong relationships with key accounts in this region are paying off. The
marketplace, although still in its infancy, is growing extremely fast and
becoming increasingly competitive. This is in stark contrast to Europe where
mobile games revenues are reported to be flat and the industry is suffering from
increased fragmentation. Telephia is also reporting that the number of
individuals who download games (as a percentage of the total wireless subscriber
population in the USA) is continuing to grow quarter on quarter (Q1 2007: 8.1%;
Q1 2006: 6.1%).
The Board is pleased with the Company's progress in the first half of the year.
Larry Quinn
Chairman
Superscape Group plc
Financial Review
Change in Reporting Currency
As the Group's principal assets and operations are based in the US and the
majority of its operations are conducted in US Dollars, Superscape changed its
reporting currency from Pounds Sterling to US Dollars with effect from 1
February 2007. The Group redenominated its share capital into US Dollars on 1
February 2007 and will retain all reserves in US Dollars. Financial information
for prior periods has been restated from Pounds Sterling into US Dollars in
accordance with IAS 21.
Summary
The financial results for the six months to 31 July 2007 reflect the Group's
continuing growth in the publishing business and the benefits derived from the
restructuring of the Group's UK operations during the prior year.
Turnover for the six-month period ended 31 July 2007 amounted to $7.2m (2006:
$7.4m).
The Group reported a loss before tax of $2.6m (2006:$10.7m) The 2006 results
included exceptional items totalling $7.6m related to the restructuring of the
Group's operations. The loss per share for the period was 1.5c (2006: 6.0c).
Revenues
Total revenues for the Group for the six months to 31 July 2007 were $7.2m
(2006: $7.4m) representing a decrease of 2.6% over the same period in the
previous year. This decrease resulted from the loss of non-recurring revenue
recognised in the prior year. Publishing revenues, which account for $7.2m
(2006: $6.0m) increased by more than 20% in the period. Publishing revenues now
account for more than 99% of the Group's revenues (2006: 81%) with the balance
resulting from some residual licensing revenue. During the comparable period in
the prior year, the Group earned non-publishing revenues of $1.4m from the
licensing of the Group's technology and residual non-recurring projects.
Cost of Sales and Gross Profit
The Group's cost of sales relates primarily to royalty payments made to IP
licensors. During the comparable period in the prior year cost of sales also
included costs related to the completion of third party development contracts.
The Group's gross profit for the six months to 31 July 2007 amounted to $5.4m
(2006:$5.3m). Gross profit margin increased to 74.5% during the period (2006:
71.0%) as a result of an increasing proportion of the publishing revenue being
derived from the Group's own IP titles. Publishing margins increased to 74.4%
from 66.6% during the comparable period in the prior year.
Operating Expenses
Operating costs totalled $8.3m (2006:$16.4m). Excluding exceptional costs of
$7.6m incurred in the six months to 31 July 2006, current period operating costs
have decreased by more than 6%. This decrease is attributable to the Group's
continued focus on expense management since restructuring its operations during
the prior year. R&D spend in the period decreased by 12% and Sales and Marketing
costs decreased by 8% compared to the same period last year.
During the six months to 31 July 2006, exceptional costs of $7.6m were incurred
as a result of the restructuring of the Group's business. These costs included
redundancy costs, costs associated with the closure of the Group's office in
Hook, Hampshire and the renegotiation of the Group's licensing agreement with
GWE.
Balance Sheet and Cash Flow
Net current assets at the period end amounted to $17.1m of which cash and cash
equivalents accounted for $10.7m (2006:$16.0m).
Change in net funds over the six months to 31 July 2007 was an outflow of $3.7m
(2006:$7.4m). Net cash used in operating activities was $2.9m (2006:$5.9m)
principally resulting from the reduced loss in the current period. Net cash used
in investing activities was $0.9m (2006:$1.4m). During the current period, the
Group acquired ownership of 6 new game titles for a total of $1.0m. These
acquisitions will serve to further increase the Group's publishing margins in
future periods.
Dave Goodman
Chief Financial Officer
Superscape Group plc
OPERATIONAL REVIEW
The Superscape games portfolio
As of 31 July 2007, Superscape had 91 mobile titles live in the marketplace.
About 80% of the games are now based on our own IP (intellectual property) and
are classified as 'casual games'. Superscape was the first content provider to
introduce a unique, entertaining portfolio of casual titles (such as Ultimate
Pinball 3D, Rock Paper Scissors Rumble and Dominos Locos) based on original IP.
With a significant 'first to market advantage' over the competition, we have
been able to establish Superscape as a leading provider of such games (with the
largest portfolio of 3D casual games in the industry) and have amassed
considerable expertise in identifying what makes a successful casual game.
Our pre-eminence in 3D casual games has helped us gain entry to the pre-load
marketplace over the course of the last few months. Thus in addition to
marketing our games to the network operators, we have also actively promoted our
titles to manufacturers, including Motorola, Nokia and LG, across both BREW and
J2ME phones, as part of their pre-load packages. A number of our titles (AMF
Bowling Deluxe 2D & 3D, Classic Mini Golf, Gumblox) have been supplied as
preload games at these manufacturers, guaranteeing that when the phones come to
market, a demonstration version of Superscape's titles are included as part of
the initial purchase.
Our ability to rapidly port 2D and 3D games to pre-commercial handsets, combined
with our reputation for high-quality development and reliability have been key
in helping us become one of the few companies qualified for these very
competitive pre-load opportunities.
Preload games are an important source of future revenue for Superscape, and we
anticipate that this will continue to grow. It takes less time to produce a
preload game compared with porting the same game to the complete range of
devices. Given the high profile position of the game on the customer's handset,
these titles typically generate substantially more revenue and have a longer
lifespan as they are available for purchase for as long as the consumer retains
that phone. This is in contrast to the volatility of the game decks, where
titles are constantly jockeying for position.
We are also currently involved in producing white label games. These titles,
which are branded with the network operators' name, tend to be heavily promoted
due to the network operators' vested interest in their success. To date, we have
produced ten white label games and we anticipate that this area of activity will
increase in the future.
An external measure of the quality and professionalism of our game development
operation is the award of self-certification status. We have achieved this in
BREW for Verizon and Java for Virgin Mobile and T-Mobile in the USA. Self
certification status is only awarded by the network operators to those games
companies who have consistently submitted high quality, professional games. The
benefit of having been awarded this status is that certification costs are
dramatically reduced and we are able to bring our games to market in a matter of
a few days, compared with several weeks for those developers without
self-certification.
Superscape's Moscow operation
The tools and technology team in Moscow is charged with developing software and
selecting relevant new technologies which can be used not only to increase the
vibrancy of our mobile games, but also to further improve the business processes
and efficiency of Superscape.
During the period, the team has continued to make excellent progress in
supporting and improving our in-house development and porting platform. This has
now been expanded to cover Windows Mobile and during the last quarter of the
year will see our first deployment of Windows mobile games. By carrying out this
work in house, we retain control of this vital activity at a substantially lower
cost than if the work was carried out by a third party.
Kevin Roberts
Chief Executive Officer
Superscape Group plc
PRINCIPAL RISKS
The Company considers strategic, operational and financial risks and identifies
actions to mitigate those risks. These risk profiles are updated at least
annually. The principal risks and uncertainties for the remaining six months of
the financial year are discussed below. Further details of the Company's risk
profile can be found in the Annual Report for the year ended 31 January 2007.
The Company's revenue is derived exclusively from the sale of mobile games by
network operators to mobile phone users. The sale of these games is controlled
by network operators and the Company's success is directly related to its
ability to obtain placement on the various game decks or as pre-loads on
handsets. To mitigate the risk of placement, the Company maintains close working
relationships with all network operators and handset manufacturers enlisting
their advice on game title and content.
The ultimate success of a mobile game is dependent on the creative design and
the technology employed in its development. The Company is the leading 3D
producer of mobile games. To mitigate the associated risk, the Company is
constantly developing cutting edge tools and technology to enable it to maintain
its lead in this competitive marketplace. The Company also strives to hire and
retain the most creative artists and research and development personnel
available.
The timely delivery of a mobile game to a network operator is a key risk to the
Company's success. Failure to deliver games when expected can result in
placement delays of weeks and/or months. To mitigate the impact of this risk,
the Company maintains development teams in both its San Clemente and Moscow
offices and assesses its production and delivery schedules regularly. Having the
ability to quickly shift development between locations guarantees more timely
deliveries.
OUTLOOK
We are continuing to develop a broadening portfolio of 3D games for mass market
consumer phones. In addition, we have recently started working on the
optimisation of our games for high volume hardware accelerated devices such as
the 'LG enV'. These devices further enhance the user experience and allow us to
include even more sophisticated, differentiating features within the games. We
anticipate that these devices will start to become more prevalent in the
marketplace towards the end of this year.
Our games portfolio is meeting with an enthusiastic response from the network
operators and phone manufacturers. Looking ahead, each of our major accounts has
indicated that they will take 90-100% of our new titles for 2008/2009 - which is
a clear endorsement of our decision to increase the number of casual games,
utilising our own IP.
The Board believes that the Company's strategy of promoting its games through a
variety of different channels - preloads, white labels and network operators -
will ensure a strong and sustained increase in Superscape's publishing revenues
during the remainder of the year, and in the year ahead. Notwithstanding the 20%
increase in the Group's publishing business during the first six months of the
current year and the anticipated increased growth during the remainder of the
year, the Board now believes this publishing revenue increase will not
completely compensate for the non recurring revenue earned during the prior
year. However, the underlying publishing business trend remains positive and on
track.
FORWARD-LOOKING STATEMENTS
Certain statements in this interim report are forward-looking. Although the
Company believes that the expectations reflected in these forward-looking
statements are reasonable, we can give no assurance that these expectations will
prove to have been correct. Because these statements involve risks and
uncertainties, actual results may differ materially from those expressed or
implied by these forward-looking statements.
We undertake no obligation to update any forward-looking statements whether as a
result of new information, future events or otherwise.
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 JULY 2007
Six months Six months Exceptional Total
ended ended items* Six months
31 July 2007 31 July ended
2006 before 31 July
exceptional 2006*
items*
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
$000 $000 $000 $000
Revenue 7,234 7,427 - 7,427
Cost of sales (1,847) (2,152) - (2,152)
Gross profit 5,387 5,275 - 5,275
Research and development
expenses (3,730) (4,222) (696) (4,918)
Sales and marketing
expenses (1,724) (1,875) (3,376) (5,251)
Administrative expenses (2,834) (2,733) (3,481) (6,214)
(8,288) (8,830) (7,553) (16,383)
Operating loss (2,901) (3,555) (7,553) (11,108)
Finance revenue 254 377 - 377
Loss before tax (2,647) (3,178) (7,553) (10,731)
Tax (122) (85) - (85)
Loss for the period (2,769) (3,263) (7,553) (10,816)
Loss per share
Loss per share - basic and
diluted (1.5)c (6.0)c
* Amounts restated for change in reporting currency (see Note 1)
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENDITURE
FOR THE SIX MONTHS ENDED 31 JULY 2007
Six months ended Six months ended
31 July 2007 31 July 2006*
(Unaudited) (Unaudited)
$000 $000
Loss for the period (2,769) (10,816)
Exchange differences on translation of foreign operations 600 955
Total recognised income and expense for the period (2,169) (9,861)
* Amounts restated for change in reporting currency (see Note 1)
CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2007
As at As at As at
31 July 2007 31 January 2007* 31 July 2006*
(Unaudited) (Audited) (Unaudited)
$000 $000 $000
Non-current assets
Property, plant and equipment 259 303 267
Intangible assets 5,563 5,747 6,766
5,822 6,050 7,033
Current assets
Trade and other receivables 6,423 6,303 7,762
Cash and cash equivalents 10,680 13,950 16,001
17,103 20,253 23,763
Total assets 22,925 26,303 30,796
Liabilities
Non-current liabilities
Provisions 800 985 1,884
800 985 1,884
Current liabilities
Trade and other payables 3,339 4,189 5,170
Provisions 428 622 1,624
3,767 4,811 6,794
Total Liabilities 4,567 5,796 8,678
Equity
Called up share capital 35,840 35,820 35,233
Share premium account 131,958 131,958 131,849
Other reserves 307 307 769
Translation reserve (12,750) (13,350) (14,203)
Retained losses (136,997) (134,228) (131,530)
Total equity shareholders' funds 18,358 20,507 22,118
Total equity and liabilities 22,925 26,303 30,796
* Amounts restated for change in reporting currency (see Note 1)
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 JULY 2007
Six months ended Six months ended
31 July 2007 31 July 2006*
(Unaudited) (Unaudited)
$000 $000
Cash flows from operating activities
Loss before tax (2,647) (10,731)
Adjustments for:
Depreciation of property, plant and equipment 83 202
Amortisation of intangible assets 1,037 543
Impairment of intangible assets 247 -
Gain on disposal of property, plant and equipment (1) -
Share based remuneration 303 157
Finance revenue (254) (377)
Operating cash flows before movements in working capital (1,232) (10,206)
(Increase)/decrease in receivables (274) 312
(Decrease)/increase in payables (1,256) 3,701
Cash used by operations (2,762) (6,193)
Income tax (paid)/received (122) 250
Net cash used in operating activities (2,884) (5,943)
Cash flows from investing activities
Interest received 258 398
Purchase of intangible fixed assets (1,079) (1,772)
Purchase of property, plant and equipment (38) (73)
Net cash used in investing activities (859) (1,446)
Cash flows from financing activities
Gross proceeds from issue of share capital 20 4
Net cash generated from financing activities 20 4
Net increase/(decrease) in cash and cash equivalents (3,723) (7,386)
Effect of exchange rates on cash and cash equivalents 453 (1,517)
Cash and cash equivalents at beginning of period 13,950 24,904
Cash and cash equivalents at end of period 10,680 16,001
* Amounts restated for change in reporting currency (see Note 1)
1. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
General Information
Superscape Group PLC is a public limited Group incorporated and domiciled in
England and Wales and its ordinary shares are traded on the London Stock
Exchange.
The condensed consolidated interim financial information was approved for issue
by the Board of directors on 26 September 2007.
These interim financial results do not comprise statutory accounts within the
meaning of Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 January 2007 were approved by the Board of directors on 19 April
2007 and delivered to the Registrar of Companies. The report of the auditors on
those accounts was unqualified, did not contain an emphasis of matter paragraph
and did not contain any statement under Section 237 of the Companies Act 1985.
Basis of preparation
The condensed consolidated interim financial information for the 6 months ended
31 July 2007 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim
financial reporting' as adopted by the European Union. The interim condensed
consolidated financial report should be read in conjunction with the annual
financial statements for the year ended 31 January 2007, which have been
prepared in accordance with IFRSs as adopted by the European Union.
Presentation of financial information
As the Group's principal assets and operations are based in the US and the
majority of its operations are conducted in US Dollars, the Group changed its
reporting currency from Pounds Sterling to US Dollars with effect from 1
February 2007. The Group redenominated its share capital into US Dollars on 1
February 2007 and will retain all reserves in US Dollars. Financial information
for prior periods has been restated from Pounds Sterling into US Dollars in
accordance with IAS 21.
Accounting policies
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 31 January 2007, as described in those
annual financial statements
The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial year ending 31 January 2008.
*IFRIC 7, 'Applying the restatement approach under IAS 29', effective for
annual periods beginning on or after March 1 2006. This interpretation is
not relevant for the Group.
*IFRIC 8, 'Scope of IFRS 2', effective for annual periods beginning on or
after 1 May 2006. This interpretation has not had any impact on the
recognition of share-based payments in the Group.
*IFRIC 9, 'Reassessment of embedded derivatives', effective for annual
periods beginning on or after 1 June 2006. This interpretation is not
relevant for the Group.
*IFRIC 10, 'Interims and impairment', effective for annual periods
beginning on or after 1 November 2006. This interpretation has not had any
impact on the timing of recognition of impairment losses as the Group
already accounted for such amounts using principles consistent with IFRIC
10.
*IFRS 7, 'Financial instruments: Disclosures', effective for annual
periods beginning on or after 1 January 2007. IAS 1, 'Amendments to capital
disclosures', effective for annual periods beginning on or after 1 January
2007. IFRS 4, 'Insurance contracts', revised implementation guidance,
effective when an entity adopts IFRS 7. As this interim report contains only
condensed financial statements, and as there are no material financial
instrument related transactions in the period, full IFRS 7 disclosures are
not required at this stage.
The following new standards, amendments to standards and interpretations have
been issued but are not effective for the financial year ending 31 January 2008
and have not been early adopted:
*IFRIC 11, 'IFRS 2 - Group and treasury share transactions', effective for
annual periods beginning on or after 1 March 2007. Management do not expect
this interpretation to be relevant to the Group.
*IFRIC 12, 'Service concession arrangements', effective for annual periods
beginning on or after 1 January 2008. Management do not expect this
interpretation to be relevant to the Group.
*IFRS 8, 'Operating segments', effective for annual periods beginning on
or after 1 January 2009, subject to EU endorsement. Management is currently
considering the impact of this statement on the Group's geographical
segments.
2. REVENUE
Revenue disclosed in the income statement is analysed
as follows.
Six months Six months
ended 31 ended 31
July 2007 July 2006
(Unaudited) (Unaudited)
$000 $000
Publishing royalties 7,205 5,984
Development services - 349
Technology licenses 29 1,094
Total Revenue 7,234 7,427
3. SEGMENTAL REPORTING
The directors consider that the Group operates in only one business segment, being
the publishing of mobile games and associated services. The operations are monitored
by the three geographic regions of Europe, Americas and Asia. The segment information
in respect of the regions is presented below.
SEGMENTAL REPORTING
For the six months ending 31 July 2007 (unaudited) Europe Americas Asia Total
$000 $000 $000 $000
Segment revenue (51) 7,187 98 7,234
Segment result (582) 1,716 68 1,202
Group research & development costs (3,729)
Central costs (374)
Operating result (2,901)
Assets and liabilities
Segment assets 2,142 11,563 99 13,804
Unallocated assets 9,121
Total assets 22,925
Segment liabilities (1,929) (2,502) (29) (4,460)
Unallocated liabilities (107)
Total liabilities (4,567)
Other segment information
Capital expenditure 74 1043 - 1,117
Depreciation and amortisation 184 1,183 - 1,367
For the six months ending 31 July 2006 (unaudited) Europe Americas Asia Total
$000 $000 $000 $000
Segment revenue 1,392 5,891 144 7,427
Segment result 52 1,307 112 1,471
Group research & development costs (4,222)
Exceptional items (7,553)
Central costs (804)
Operating result (11,108)
Assets and liabilities
Segment assets 3,777 13,228 111 17,116
Unallocated assets 13,680
Total assets 30,796
Segment liabilities (4,371) (3,962) (30) (8,363)
Unallocated liabilities (315)
Total liabilities (8,678)
Other segment information
Capital expenditure 105 1,740 - 1,845
Depreciation and amortisation 256 489 - 745
4. EXCEPTIONAL ITEMS
Six months Six months
ended 31 ended 31
July 2007 July 2006
(Unaudited) (Unaudited)
$000 $000
Vacant property costs - 2,277
Redundancy costs - 2,279
Restructuring and business - 2,998
reorganisation costs
Total exceptional items - 7,553
In the six months ended 31 July 2006 exceptional items arose as a result of the
restructuring and downsizing of the Group's UK operations. These items have been
included in the operating expense lines of the income statement.
5. PROVISIONS Onerous Employee Office Total
Lease Severance Closure
$000 $000 $000 $000
At 31 January 2006 (Audited) - - - -
Provided 2,335 903 270 3,508
Utilised - - - -
At 31 July 2006 (unaudited) 2,335 903 270 3,508
Onerous Employee Office Total
Lease Severance Closure
$000 $000 $000 $000
At 31 January 2007 (Audited) 1,253 151 203 1,607
Provided - - - -
Utilised (75) (151) (153) (379)
At 31 July 2007 (unaudited) 1,178 - 50 1,228
As at As at
31 July 31 July
2007 2006
(Unaudited) (Unaudited)
Provisions at the end of the period analysed $000 $000
as:
Current 428 1,624
Non-current 800 1,884
1,228 3,508
Amounts at 31 July 2007 predominantly comprise onerous lease obligations.
Amounts at 31 July 2006 comprise onerous lease obligations, office closure costs
and employee severance related to the Group's restructuring of its UK
operations.
Of the amounts included within non-current liabilities remaining at 31 July
2007, all are expected to be utilised within the next 5 years.
6. LOSS PER SHARE
From continuing operations
The calculation of the basic and diluted loss per share is based on the
following data:
Six months ended 31 July 2007 Six months ended 31 July 2006
(Unaudited) (Unaudited)
$000 $000
Net loss attributable to equity holders of the parent (2,769) (10,816)
Number of Shares
Weighted average number of ordinary shares for the 180,427 179,990
purposes of basic and diluted loss per share ('000)
(1.5)c (6.0)c
7. TAXATION
Six months ended 31 July 2007 Six months ended 31 July 2006
(Unaudited) (Unaudited)
$000 $000
Tax charged in the income statement
Tax on profit on ordinary activities
Overseas corporation tax (122) (85)
(122) (85)
8. SHARE CAPITAL
As at As at
31 July 31 July
2007 2006
(unaudited) (unaudited)
$000 $000
Authorised:
300,000,000 Ordinary 10p shares (31 July 2006: 30,000 30,000
300,000,000)
Allotted, called up and fully paid
2007 2006 2007 2006
000 000 $000 $000
At 1 February 182,999 179,983 35,820 35,229
Issued on exercise of share options 100 15 20 4
At 31 January 183,099 179,998 35,840 35,233
100,000 new Ordinary 10p shares were issued for cash consideration of $19,954 as a
result of the exercise of share options during the six month period ended 31 July
2007.
9. RECONCILIATION OF MOVEMENTS IN EQUITY
Share Share Other Translation Retained Total
Capital Premium Reserves Reserve Losses
$000 $000 $000 $000 $000 $000
At 31 January 2006 (Audited) 35,229 131,849 770 15,158 (120,714) 31,976
Exchange differences on - - - (955) - (955)
retranslation of net assets of
subsidiary undertakings
Deferred consideration of - - (1) - - (1)
acquisition
Exercise of options 4 - - - - 4
Share based payments - - - - 157 157
Retained loss for the period - - - - (10,973) (10,973)
At 31 July 2006 (Unaudited) 35,233 131,849 769 (14,203) (131,530) 22,118
Share Share Other Translation Retained Total
Capital Premium Reserves Reserve Losses
$000 $000 $000 $000 $000 $000
At 31 January 2007 (Audited) 35,820 131,958 307 (13,350) (134,228) 20,507
Exchange differences on - - - 600 - 600
retranslation of net assets of
subsidiary undertakings
Exercise of options 20 - - - - 20
Share based payments - - - - 303 303
Retained loss for the period - - - - (3,072) (3,072)
At 31 July 2007 (Unaudited) 35,840 131,958 307 (12,750) (136,997) 18,358
Translation reserve
The translation reserve is used to record exchange differences arising from the
translation of the financial statements of foreign subsidiaries. Included in the
opening balance as at 31 July 2006 is the cumulative adjustment arising on the
change in reporting currency to the US Dollar.
Other reserves
The balance in other reserves at 31 July 2007 represents the premium on the
shares issued on acquisition of 3DWG.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEFFAMSWSEEU
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