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(IDS.L) Ideal Shopping Direct PLC Buy/Sell
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Summary
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| Date/Time | Headline | Source |
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| 05-10-09 | RNS |
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RNS Number : 2319A Ideal Shopping Direct PLC 05 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
notification obligation: 4. Full name of shareholder(s) (if different from 3.):
which the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-09-09 | RNS |
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RNS Number : 8016Z Ideal Shopping Direct PLC 29 September 2009 Ideal Shopping Direct plc Issue of Equity and Total Voting Rights Ideal Shopping Direct plc ("the Company") announces that on 28 September 2009 it issued 15,000 new ordinary shares of 3p each in the Company, following the exercise of options by certain employees of the Company. 10,000 share options were exercised at a price of 47p per share and 5,000 share options were exercised at a price of 85p per share. The new ordinary shares will rank pari passu with existing ordinary shares and application will be made for these new ordinary shares to be admitted to trading on AIM, which is expected to occur on 5 October 2009. Total Voting Rights As a consequence of the exercise of share options as detailed above, the Company's issued share capital now comprises 29,684,505 ordinary shares of 3p each. There are no ordinary shares held in Treasury. Therefore the total number of voting rights in Ideal Shopping Direct plc is now 29,684,505. The above figure of 29,684,505 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. Enquiries: Ideal Shopping Direct Plc Mike Hancox, Chief Executive Paul Wright, Chairman Tel: 01733 316203 Fairfax I.S. PLC Ewan Leggat / Laura Littley Tel: 020 7598 5368 Buchanan Communications Richard Darby / Miranda Higham Tel: 020 7466 5000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-09-09 | RNS |
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RNS Number : 7574Z Ideal Shopping Direct PLC 28 September 2009 Ideal Shopping Direct Plc ("the Company") Director Shareholding The Company has received notification today that Mike Hancox, Chief Executive Officer of the Company purchased a total of 500,000 ordinary shares of 3 pence each in the Company at a price of 80p per ordinary share on 28 September 2009. The total beneficial holding of Mike Hancox following this transaction is 570,500 ordinary shares of 3 pence each which represents approximately 1.92% of the Company's issued share capital. In addition, the Company has received notification today that Ian Jebson, Finance Director of the Company purchased a total of 40,000 ordinary shares of 3 pence each in the Company at a price of 80p per ordinary share on 28 September 2009. The total beneficial holding of Ian Jebson following this transaction is 62,500 ordinary shares of 3 pence each which represents approximately 0.21% of the Company's issued share capital. Enquiries: Ideal Shopping Direct Plc Mike Hancox, Chief Executive Paul Wright, Chairman Tel: 01733 316203 Fairfax I.S. PLC Ewan Leggat / Laura Littley Tel: 020 7598 5368 Buchanan Communications Richard Darby / Miranda Higham Tel: 020 7466 5000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 23-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 4833Z
Ideal Shopping Direct PLC
23 September 2009
For Immediate Release 23 September 2009
Ideal Shopping Direct Plc
Ideal Shopping Direct PLC
(the 'Company' or the 'Group')
Interim Results
For the 26 weeks ended 28 June 2009
Ideal Shopping Direct Plc, the independent TV shopping and online business, today announces its interim results for the 26 weeks ended 28 June 2009.
Financial Highlights
* Sales revenue broadly flat at £47.4m (2008: £47.5m)
* Gross margin improved to 40.9% (2008: 38.2%)
* Underlying loss from operations reduced to £0.9m (2008: £1.2m loss)
* Loss before tax of £1.2m after exceptional items of £0.3m (2008: £1.2m)
* Basic loss per share of 4.1p (2008: 2.9p loss)
* Cash of £9.2m at 28 June 2009 (28 December 2008: £8.4m)
Operational Highlights
* Major strategic review with significant remedial actions to stabilise the Company
* Customer service improvements initiated
* Reduction in stock levels by 59%
* Successful broadcast trials with leading retail high street brands
Paul Wright, Chairman, commented:
"During the first half, we have undertaken a major strategic review and we are pleased that a number of remedial actions have been undertaken to stabilise the business. We are optimistic that we now have a solid platform from which to drive top line growth and restore profitability. Current trading in the second half is in line with management expectations with the critical last quarter performance yet to unfold."
For further information please contact:
Paul Wright, Chairman
Mike Hancox, Chief Executive
Ian Jebson, Finance Director
Ideal Shopping Direct Plc +44 (0) 1733 316203
Ewan Leggat, Laura Littley
Fairfax IS PLC +44 (0) 207 598 5368
Richard Darby, Nicola Cronk, Miranda Higham
Buchanan Communications +44 (0) 20 7466 5000
Notes to editors:
Ideal Shopping Direct is one of the UK's leading home shopping retailers, selling via its TV channels and the internet. Its main channel, Ideal World, is broadcast on the rapidly expanding Freeview platform as well as on Sky, Virgin Media and Freesat. It has three other channels on Sky, 'Ideal World 2', 'Ideal World 3' and 'Create and Craft'.
'Ideal World' offers a broad selection of general merchandise with six product categories, led by Home, Leisure and Craft along with Fashion, Health & Beauty and Jewellery. 'Ideal World 2 and 3' repeat selected shows of Ideal World and 'Create and Craft' is a niche channel selling craft products.
Ideal's transactional websites www.idealworld.tv and www.createandcraft.tv carry a live web stream of the TV broadcasts and offer a wide selection of products sold on TV as well as web-only deals.
For more information see www.idealshoppingdirect.tv
Chairman's and Chief Executive's Review
Introduction
The first half saw a major strategic review, following a new non-executive Board and the appointment of Finance Director, Ian Jebson, to join Mike Hancox who was appointed in November 2008. The new Board is focused and working well and a number of significant remedial actions have been undertaken to stabilise the Company. There is, however, still much to do. We are optimistic that we now have a solid platform from which to drive top line growth and restore profitability. Our initial focus was to address what had become a poor customer experience with the Company and the actions implemented so far are already bearing fruit. We now turn our attention to significantly improving our product range and promotional strategies and vigorously pursuing a true multi-channel sales offering.
Financial Results
The year on year comparison of key numbers is as follows:
£'000's 26 weeks ended 28 June 26 weeks ended 29 June 2008
2009
Underlying Exceptional Total Total
Sales Revenue 47,419 0 47,419 47,468
Gross Profit 19,404 0 19,404 18,117
Operating Loss (965) (257) (1,222) (1,384)
Loss from Continuing (945) (257) (1,202) (1,235)
Operations
Total revenues reduced year on year by 0.1% in the first half of 2009, reflecting a robust performance against a weak retail environment. We saw strong improvements in our Home category, in particular gardening and kitchen products. There were, however, reductions in other categories that offset these increases in revenue.
Gross profit margin increased to 40.9% of sales revenue, up from 38.2% for the comparative period.
Underlying overheads were 4.5% higher at £20.4 million (2008: £19.5 million) and as a consequence the underlying operational gearing of the group rose to 43.0% from 41.1%. The main increases in operating costs were call centre costs of £0.5 million, broadcasting costs of £0.3 million, (partially driven by our new channel Ideal World 3, rebranded in July 2009) and total website and marketing costs of £0.6 million reflecting an improved presence in the market place. Staff salaries and temporary costs reduced by £0.4 million in accordance with tighter cost controls that have been implemented throughout the business.
The reported operating loss, before exceptional items, was £0.9 million compared to a loss of £1.4 million for the comparative period. Exceptional costs of £0.26 million relate to management restructuring costs together with associated legal expenses.
In July 2009, we received £157,000 in relation to a partial recovery of a lost deposit with Kaupthing Singer & Friedlander. The total deposit written off as an exceptional item in 2008 was £0.6 million. The recovery will be reported in our full year 2009 statutory accounts.
The reported loss after exceptional items before tax was £1.2 million (2008: loss £1.2 million) and basic earnings per share for the period was 4.1p loss (2008: 2.9p loss).
Despite the progress made during the first half of the year, the Board is not recommending an interim dividend (2008: 3.75p). This will be reviewed at the year end, depending on performance.
Inventory & Cash
At 28 June 2009, inventory stood at £3.0m, representing a reduction of £4.3 million, 59% lower than the second half of 2008. This was achieved following a reduction in warehousing from nine units to three and passing more inventory risk to suppliers.
The closing gross cash balances were £9.2 million (H1 2008: £9.7 million). The net cash inflow of £0.8 million in the half arose from £1.4 million inflow from operating activities and outflows of £0.25 million capital expenditure, £0.2 million payment of dividends and £0.2 million from repayment of finance.
Bank Facilities
On 9 April 2009 bank facilities were renewed with Barclays Bank Plc. These include a 10 year mortgage which has 5 years to maturity. The mortgage had a balance of £1.7 million at 28 June 2009 and is repayable by quarterly instalments of £0.08 million.
Development
Since the beginning of the second half of the year the management team has focused on continuing to deliver initiatives that support our multi channel strategy and improve profitability.
As with any retailer, customer service is key to retaining new and existing customers and therefore we have focused our efforts on improving their overall experience. In May 2009, we appointed a new 'final mile' delivery provider, to ensure professional and efficient delivery.
Also in May, we commenced a contract with Cellcast, selling airtime between the hours of midnight and 5am on Freeview.
We have continued our successful broadcast trials with a number of leading retail high street brands allowing our customers to have access to a range of popular and diverse products. As we do not stock these products ourselves, revenue is guaranteed without the stock risk.
Board
As previously announced, Graham Cole was appointed as an independent non-executive director to the PLC Board with effect from 1 July 2009. He joins our other non-executive directors, Paul Wright and Valerie Kaye who were appointed on 3 February 2009 and our executive directors, Mike Hancox and Ian Jebson who joined the Board as Finance Director on 1 March 2009.
Current Trading
Trading in the first 10 weeks of the second half are in line with management expectations. However, the critical last quarter performance is yet to unfold.
Paul Wright Mike Hancox
Chairman Chief Executive
23 September 2009
Independent Review Report to Ideal Shopping Direct Plc
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly report for the six months ended 28 June 2009 which comprises the Condensed Consolidated Statement of Financial Position, the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Changes in Equity, the Condensed Consolidated Statement of Cashflows and the related explanatory notes. We have read the other information contained in the half-yearly report 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 the terms of our engagement. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this 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 conclusions we have reached.
Directors' responsibilities
The half-yearly report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly report in accordance with the AIM Rules.
The annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly report has been prepared in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly 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 UK. 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 condensed set of financial statements in the half-yearly report for the six months ended 28 June 2009 is not prepared, in all material respects, in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU and the AIM Rules.
S J Purkess
for and on behalf of KPMG Audit Plc
Chartered Accountants
2 Cornwall Street
Birmingham
B3 2DL
23 September 2009
Condensed consolidated statement of comprehensive income
26 weeks ended 26 weeks ended 52 weeks ended
28-Jun-09 29-Jun-08 28-Dec-08
Underlying Exceptional Total Total Underlying Total
£'000 £'000 £'000 £'000 £'000 £'000
(unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited)
Sales revenue 47,419 47,419 47,468 94,947 94,657
Cost of sales (28,015) - (28,015) (29,351) (59,126) (61,884)
Gross profit 19,404 - 19,404 18,117 35,821 32,773
Distribution costs (2,209) - (2,209) (2,134) (4,519) (4,519)
Administrative expenses (18,022) (257) (18,279) (17,317) (34,842) (41,037)
Other expenses (138) - (138) (50) (62) (62)
Operating loss (965) (257) (1,222) (1,384) (3,602) (12,845)
Finance costs (24) - (24) - (643) (643)
Finance income 44 - 44 149 267 267
Loss from continuing (945) (257) (1,202) (1,235) (3,978) (13,221)
operations before taxation
Taxation - - - 378 - 1,669
Loss from continuing (945) (257) (1,202) (857) (3,978) (11,552)
operations and for the period
Other comprehensive income:
Revaluation of property plant - - - - - (724)
and equipment
Total comprehensive income for (945) (257) (1,202) (857) (3,978) (12,276)
the period attributable to
owners of the Group
Earnings per share
From continuing operations:
Basic (4.1)p (2.9)p (38.9)p
Diluted (4.0)p (2.9)p (38.9)p
Condensed consolidated statement of financial position
26 weeks ended 26 weeks ended 52 weeks ended
28-Jun-09 29-Jun-08 28-Dec-08
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Property,plant and equipment 8,229 10,964 8,574
Intangible assets 3,065 3,225 3,302
Goodwill - 1,523 -
Deferred tax assets - 71 131
Total non-current assets 11,294 15,783 12,007
Current assets
Inventories 2,991 7,349 3,872
Trade and other receivables 4,152 5,883 4,538
Current tax assets - 713 1,300
Cash and cash equivalents 9,193 9,650 8,399
Total current assets 16,336 23,595 18,109
Total assets 27,630 39,378 30,116
Equity
Share Capital 895 894 895
Share premium 314 310 314
Other reserves 1,754 2,657 1,666
Retained earnings 4,811 16,850 5,863
Total equity attributable to 7,774 20,711 8,738
shareholders of Ideal Shopping
Direct Plc
Liabilities
Current liabilities
Provisions 269 274 803
Trade and other payables 17,779 15,560 18,166
Borrowings 339 339 1,863
Current tax liabilities 115 - 94
Dividends payable - - 221
Obligations under finance - 96 -
leases
Total current liabilities 18,502 16,269 21,147
Non-current liabilities
Borrowings 1,354 1,693 -
Deferred tax liabilities - 705 131
Total non-current liabilities 1,354 2,398 131
Total liabilities 19,856 18,667 21,278
Total equity and liabilities 27,630 39,378 30,016
Condensed consolidated statement of cashflows
26 weeks ended 26 weeks ended 52 weeks
ended
28-Jun-09 29-Jun-08 28-Dec-08
£000 £000 £000
(unaudited) (unaudited) (audited)
Cash flows from operating
activities
(Loss)/profit for the period (1,202) (857) (11,552)
Depreciation 392 375 683
Amortisation of intangible 443 182 577
assets
Impairment of assets - - 324
Loss on disposal 4 - 745
Impairment of goodwill - - 1,523
Equity settled share-based 138 36 63
payment transactions
Income tax expense - (378) (1,669)
Net finance (expense) / income (20) (149) (231)
(245) (791) (9,537)
Change in inventories 881 (599) 2,878
Change in trade and other 386 (367) 978
receivables
Change in trade and other (387) (1,419) 1,187
payables
Change in provisions (534) (175) 354
Cash generated from operations 101 (3,351) (4,140)
Interest paid - - (36)
Income tax received / (paid) 1,321 (559) (181)
Net cash flows from operating 1,422 (3,910) (4,357)
activities
Cash flows from investing
activities
Acquisition of property,plant (51) (706) (767)
and equipment
Acquisition of intangible assets (206) (1,094) (1,396)
Proceeds from sale of property, - 7 7
plant and equipment
Interest received 20 149 267
Net cash flows from investing (237) (1,644) (1,889)
activities
Cash flows from financing
activities
Proceeds from issue of share - 2 7
capital
Repayment of bank loans (170) (170) (339)
Payment of finance lease - (213) (309)
liability
Dividends paid (221) (1,112) (1,411)
Net cash flows from financing (391) (1,493) (2,052)
activities
Net increase/(decrease) in cash 794 (7,047) (8,298)
and cash equivalents from
continuing operations
Net increase/(decrease) in cash 794 (7,047) (8,298)
and cash equivalents
Cash and cash equivalents at the 8,399 16,697 16,697
beginning of the period
Cash and cash equivalents at the 9,193 9,650 8,399
end of the period
Condensed consolidated statement of changes in equity
For the six months ended 28 Share capital Share premium Other reserves Retained earnings Total
June 2009
£000 £000 £000 £000 £000
Balance at 28 December 2008 895 314 1,666 5,963 8,838
Profit / (loss) for the period - - - (1,202) (1,202)
Total comprehensive income for - - - (1,202) (1,202)
the period
Share based payment - - 88 50 138
transactions
Total transactions with owners - - 88 50 138
Balance at 28 June 2009 895 314 1,754 4,811 7,774
For the six months ended 29 Share capital Share premium Other reserves Retained earnings Total
June 2008
£000 £000 £000 £000 £000
Balance at 30 December 2007 894 308 2,642 18,832 22,676
Profit / (loss) for the period - - - (857) (857)
Other comprehensive income:
Depreciation transfer on - - (21) 0 (21)
revaluation of land and
buildings
Total comprehensive income for - - (21) (857) (878)
the period
Dividends to equity holders - - - (1,112) (1,112)
Share based payment - 2 36 (13) 25
transactions
Total transactions with owners - 2 36 (1,125) (1,087)
Balance at 29 June 2008 894 310 2,657 16,850 20,711
Notes:
1. Basis of preparation
These consolidated Group interim financial statements are for the 26 weeks ended 28 June 2009. The annual consolidated financial statements of the Group have been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards (IFRS) as adopted by the EU and under the historical cost convention, except they have been modified to include the revaluation of certain non-current assets, financial assets and liabilities. The measurement bases and the principal accounting policies of the Group are set out below.
Ideal Shopping Direct plc, a public limited company, is the group's ultimate parent. It is incorporated and dominciled in the UK. The address of Ideal Shopping Direct Plc's registered office, which is also its principal place of business;
Ideal Home House
Newark Road
Peterborough
PE1 5WG
Ideal Shopping Direct Plc's shares are listed on the Alternative Investment Market of the London Stock Exchange
The financial statements set out in these statements in respect of the year to 28 December 2008 does not constitute the Company's financial statements for the year. The statutory financial statements for the year ended 28 December 2008 have been delivered to the Registrar of Companies and the auditors report thereon was unqualified and did not contain statements under section 240 of the Companies Act 1985. The financial statements for the 26 weeks ended 28 June 2009 and the 26 weeks to 29 June 2008 do not constitute statutory statements and are unaudited.
2. Segmental reporting
At 28 June 2009 the Group was organised into wholesale and retail business segments, both operating within the UK. Income segment results for the 26 weeks to 28 June 2009 are as follows;
Continuing operations Retail Wholesale Eliminations Total
£000 £000 £000 £000
Revenue
- from external customers 45,972 1,447 - 47,419
- from other segments - 4,695 (4,695) -
45,972 6,142 (4,695) 47,419
Cost of Sales (27,600) (5,302) 4,887 (28,015)
Gross Profit 18,372 840 192 19,404
Administration costs, distribution costs and other expenses (20,168) (458) - (20,626)
Segment operating profit/(loss) (1,796) 382 192 (1,222)
Balance sheet segment:
Assets and liabilities as at 28 June 2009 may be summarised as follows;
Segment assets 26,282 1,528 (180) 27,630
Segment impairment losses
Depreciation and amortisation 791 44 - 835
Impairment losses -
Income segment results for the 26 weeks to 29 June 2008 are as follows;
Segmental revenue and profit
Continuing operations Retail Wholesale Eliminations Total
£000 £000 £000 £000
Revenue
- from external customers 45,980 1,488 - 47,468
- from other segments - 4,013 (4,013) 0
45,980 5,501 (4,013) 47,468
Cost of Sales (29,130) (221) 4,007 (29,351)
Gross Profit 16,850 5,280 (6) 18,117
Administration costs, distribution costs and other expenses (18,691) (810) - (19,501)
Segment operating profit/(loss) (1,841) 4,470 (6) (1,384)
Balance sheet segment; assets and liabilities as at 28 June 2008 may be summarised as follows;
Segment assets 36,845 2,741 (208) 39,378
Segment impairment losses
Depreciation and amortisation (550) (7) - (557)
Impairment losses - - - -
Income segment results for the 52 weeks to 30 December 2008 are as follows;
Segmental revenue and profit
Continuing operations Retail Wholesale Eliminations Total
£000 £000 £000 £000
Revenue
- from external customers 91,222 3,435 - 94,657
- from other segments - 8,728 (8,728) 0
91,222 12,163 (8,728) 94,657
Cost of Sales (60,853) (9,590) 8,559 (61,884)
Gross Profit 30,369 2,573 (169) 32,773
Administration costs, distribution costs and other expenses (43,084) (2,534) - (45,618)
Segment operating profit/(loss) (12,715) 39 (169) (12,845)
Balance sheet segment; assets and liabilities as at 30 December 2008 may be summarised as follows;
Segment assets/(liabilities) 28,689 1,557 (130) 30,116
Segment impairment losses
Depreciation and amortisation (1,240) (20) - (1,260)
Impairment losses (1,016) - - (1,016)
3. Share issues
During the period under review 3,280,000 share options were granted. No share options granted under the Company's share based compensation plan have been exercised.
4. Earnings per share
To calculate the diluted earnings per share figure, the weighted average of dilutive employee share options expected to vest have been added. The number represents management's best estimate at the balance sheet date, which is also used for calculating employee remuneration expense relating to share based payment transactions.
26 weeks ended 28 26 Weeks ended 29 52 weeks ended 30 December 2008
June 2009 June 2008
Reconciliation of average number of shares used for basic and diluted
earnings per share
Weighted average number of ordinary shares used for basic earnings per 29,669,505 29,664,102 29,665,428
share
Weighted average number of dilutive shares under option 143,078 273,955 30,327
Weighted average number of ordinary shares for diluted earnings per share 29,812,583 29,938,057 29,695,755
5. Exceptional items
Exceptional items during the interim period under review relate to board restructuring costs.
During the year to 28 December 2008 the following exceptional items were incurred:
52 weeks ended 28 52 weeks ended 28 December 2008
December 2008
£'000 £'000
Included in sales revenue:
Sales returns 290
Included in costs of sales:
Stock write downs 2,758
Included in administrative
expenses:
Restructuring costs 746
Doubtful debt provisions 752
Legal and professional fees in 355
respect of restructuring
Bank deposit loss 614
Write off planning permission 432
costs (historical)
Write off planning permission 260
costs (acquired in the year)
Impairment of IT system values 245
Write off of IT expenditure 884
(acquired in the year)
Assets written off under new 79
capitalisation policy
Assets written off after 305
physical audit
Impairment of goodwill 1,523
Asset write off's 3,728
9,243
None of these exceptional items were incurred during the first half of 2008.
6. Dividends
The Directors do not propose an interim dividend for 2009 ( 2008:£519,216 (1.75p per share)). The £221,000 balance remaining on the 2008 interim dividend was paid on 29th December 2008.
7. Principal accounting policies
The following principal accounting policies have been applied consistently.
Use of estimates and judgements
The preparation of financial statements, in conformity with adopted IFRSs, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements made by the directors in the application of accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below.
Revenue
Revenue represents the total invoice value (which includes postage & packing), excluding value added tax, of goods sold. The total invoice value equates to the fair value of consideration receivable. Revenue is recognised for the sale of goods on dispatch to the customer. Provision is made for the impact of anticipated returns. Agency fees are earned on sold airtime, this revenue is recognised at the point that the sold airtime is broadcast.
Exceptional Items
Exceptional items are those significant items which are separately disclosed by virtue of their size or incidence to enable a full understanding of the group's financial performance.
Provisions
Provisions are recognised when present obligations will probably lead to an outflow of economic resources from the Group and they can be estimated reliably. Timing or amount of the outflow may still be uncertain. A present obligation arises from the presence of a legal or constructive commitment that has resulted from past events.
Taxation
Current tax is the tax currently payable based on taxable profit for the year together with any adjustments to tax payable in respect of prior years.
Deferred tax is calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are provided in full, with no discounting.
Deferred tax assets are recognised to the extent that it is probable that the underlying deductible temporary differences will be able to be offset against future taxable income. Tax losses available to be carried forward are assessed for recognition as a deferred tax asset.
Current and deferred tax assets and liabilities are calculated at tax rates ruling at balance sheet date that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity in which case the related deferred tax is also charged or credited directly to equity.
8. Taxation
No tax charge has been provided for the period to 28 June 2009 as the Group has significant unrecognised losses which are considered to exceed any potential tax charge for the full year period based on current management forecasts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFFSAVIFFIA
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Hi,
Looks like the massive Director buy a couple of weeks ago at 80p has given this one a big boost. One of those lovely shares that just keeps rising. OCEAND More | View thread (4) | Respond | Login to Vote up | Login to Vote down |
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| 15-10-09 | ||||
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and so the momentum continues...
anyone more views/comments analysis... will it head back to £2+? More | View thread (4) | Respond | Login to Vote up | Login to Vote down |
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| 16-09-09 | ||||
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There's a lot more appreciation of IDS on ADVN than here and consequently a lot of peeps appear to have cottoned on to IDS maybe being undervalued and neglected....all ahead of the upcoming figs.
Hope this helps a bit. m More | View thread (4) | Respond | Login to Vote up | Login to Vote down |
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| 16-09-09 | ||||
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Interesting rise today...anyone with any info ?
More | View thread (4) | Respond | Login to Vote up | Login to Vote down |
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