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| Date/Time | Headline | Source |
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9036Z
Twenty PLC
30 September 2009
30 SEPTEMBER 2009
TWENTY PLC
(AIM: TWE)
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2009
Twenty plc ('Twenty' or the 'Group'), the AIM quoted integrated marketing solutions provider, announces its interim results for the six months ended 30 June 2009.
A copy of this statement is available on the Company's website at www.twentyplc.com.
Enquiries:
Twenty Plc Tel: 01908 829 300
Ian Lancaster, Chief Executive
www.twentyplc.com
Daniel Stewart & Company plc Tel: 020 7776 6550
Graham Webster
Twenty Plc
Chairman's Statement
Dear Shareholder
Given the challenging economic climate, we are pleased to report a profitable first half of the year. The resourceful management team has done excellent work in lowering costs resulting in the return to profitability.
Market conditions remain tough and the group is experiencing pricing pressure on some projects. However, the management team has responded and implemented operational efficiencies in order to reduce the impact as much as possible. Similarly, new business in the current environment takes longer to convert. Whilst 2009 has so far been a challenging year, the actions on costs taken to date and those in progress in the second half should hold the Group in good stead for the future.
The board is focused on restoring shareholder value by organic developments rather than acquisitions at present. We are grateful for the support shown by our shareholders in this difficult period. I thank all our employees for their hard work.
Mark Patron
Non-Executive Chairman
30 September 2009
Twenty Plc
Chief Executive's Statement
Introduction
I'm pleased to report that the group has returned an operating profit of £0.24m in the first half of 2009, representing an improvement at an operating profit level of over £1.0m on the first half of 2008 where we reported an operating loss of £0.79m, when we were hit by a significant bad debt, together with difficult trading conditions in our polywrapping and bulk printing business.
The reduction in revenues from £8.5m in the same period 2008 to £6.4m in first half 2009 is largely accounted for by the disposal of the polywrapping and bulk printing business in August 2008.
The improvement in our operating profit has been achieved through a tight control of operating costs, improvement in the quality of our delivery, the disposal of our polywrapping and bulk printing business and the consolidation of our properties.
We have completed our strategy of repositioning the group as an integrated marketing services provider and look forward to the continuing benefits of this in the coming years.
Financials
The interim results for Twenty Plc reflect the six-month period to 30 June 2009. Comparatives include the direct communications division which was sold on 31 August 2008. The results have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).
The results for the period reflect an improved period of trading in which the Group reports a return to profit, with a pre tax profit of £0.12m achieved primarily through a review and reduction in the overhead costs within the business by £1.0m against the same period last year.
Trading within both the analytical crm and data services and operational crm segments reflects a significantly better trading performance this year. Analytical crm and data services have seen revenue growth of 50% against the same period last year, delivering an 11% return on sales.
Despite lower revenues in operational crm (as a result of the sales of the direct communications division in August last year) the segment delivered a profit before unallocated corporate expenses of £0.21m, an improvement of £0.73m from the same period last year. The ecommerce segment delivered a loss of £0.06m in the period as we have continued to invest time in the proposition and integrating this business over the period.
The Group had net cash outflow during the period of £0.03m. Net cash generated from operating activities of £0.47m was used to fund £0.08m in capital expenditure and £0.42m in financing activities of which £0.30m related to capital repayments of borrowings.
Cash and bank debt of £1.93m together with obligations under finance leases of £0.53m resulted in net debt of £2.46m. Debt repayments, as at the Balance Sheet Date, due in the next 12 months equate to £0.43m. The Group has an invoice financing facility with the Bank of Scotland, which had a drawn down balance of £1.04m at the balance sheet date. This balance has been reflected in Other Creditors. In the last 12 months net debt (including invoice finance facility drawdown balance) has decreased by £1.3m.
Outlook
The outlook for the business is directly related to the speed of recovery in the overall economy as our revenues are largely driven by the rate of consumer interaction our clients have with their customers. We have been under significant cost pressure as our client base has reviewed their operating costs and looked for efficiency savings to maintain margins. As a group we have responded to these challenges through improving the efficiency of our operations and reduced our overhead cost base to a level consistent with the level of our forecast current revenues.
Whilst the business has returned to profit this year after the significant bad debt experienced in 2008 the trading outlook remains subdued as the level of new opportunities are more limited than in normal economic times.
Ian Lancaster
Chief Executive
30 September 2009
Twenty Plc
Consolidated Income Statement (Unaudited)
For the period ended 30 June 2009
6 months to 6 months to Year to
30.06.2009 30.06.2008 31.12.2008
Unaudited Unaudited Audited
Note £ £ £
Continuing operations
Revenue 2 6,396,755 8,516,907 16,199,603
Cost of sales 2 (3,393,408) (4,455,168) (8,167,211)
Gross Profit 3,003,347 4,061,739 8,032,392
Administrative expenses (2,764,107) (4,861,310) (8,751,519)
Operating Profit/(Loss) 2 239,240 (799,571) (719,127)
pre-exceptional
Exceptional item - goodwill impairment - - (823,331)
Operating Profit/(Loss) 2 239,240 (799,571) (1,542,458)
post-exceptional
Finance Income 1 1,563 3,562
Finance Costs (119,365) (185,368) (359,357)
Profit/(Loss) before Taxation 119,876 (983,376) (1,898,253)
Taxation 3 (33,564) 290,028 39,622
Profit/(Loss) for the period from continuing operations
86,312 (693,348) (1,858,631)
Attributable to:
Equity holders of the parent 86,312 (693,348) (1,858,631)
86,312 (693,348) (1,858,631)
Earnings/(loss) per share:
Basic 5 0.16 p (1.44p) (3.85p)
Diluted 5 0.16 p (1.44p) (3.85p)
There are no recognised income or expenses for the current and prior year other than as stated above. As a consequence a statement of comprehensive income is not presented.
Twenty Plc
Group Statement of Financial Position (Unaudited)
As at 30 June 2009
As at As at As at
30.06.2009 30.06.2008 31.12.2008
Unaudited Unaudited Audited
£ £ £
Assets
Non-current assets
Property, plant and equipment 988,521 1,240,443 1,199,795
Software development costs 135,671 251,109 172,993
Goodwill 10,730,273 11,654,615 10,730,273
Deferred tax 87,304 147,719 87,304
Total non-current assets 11,941,769 13,293,886 12,190,365
Current assets
Trade and other receivables 2,817,156 4,936,526 3,307,885
Cash and cash equivalents 3,814 41,446 38,727
Total current assets 2,820,970 4,977,972 3,346,612
Total assets 14,762,739 18,271,858 15,536,977
Equity & liabilities
Current liabilities
Trade and other payables 4,266,431 5,967,500 4,918,274
Obligations under finance leases 204,598 174,814 244,150
Current tax liabilities - - -
Interest bearing loans, overdrafts and bank loans 520,322 833,152 433,332
Total current liabilities 4,991,351 6,975,466 5,595,756
Non-current liabilities
Bank loans 1,413,323 1,760,909 1,681,299
Other creditors - 293,789 -
Obligations under finance leases 322,475 228,149 406,102
Total non-current liabilities 1,735,798 2,282,847 2,087,401
Total liabilities 6,727,149 9,258,313 7,683,157
Equity
Share capital 4,833,860 4,827,060 4,827,060
Share premium account 3,979,364 3,901,164 3,901,164
Share options reserve 79,089 63,073 68,631
Retained earnings (856,723) 222,248 (943,035)
Total equity 8,035,590 9,013,545 7,853,820
Total equity & liabilities 14,762,739 18,271,858 15,536,977
Twenty Plc
Consolidated Statement of Cash Flows (Unaudited)
For the period ended 30 June 2009
6 months ended 30.6.2009 6 months ended 30.6.2008 Year ended 31.12.2008
Unaudited Unaudited Audited
£ £ £ £ £ £
Cash flow from operating activities
Profit/(loss) for the period 86,312 (693,348) (1,858,631)
Adjustments for:
Finance income (1) (1,563) (3,562)
Finance costs 119,365 185,368 359,357
Taxation 33,564 (290,028) (39,622)
Depreciation of property, plant and equipment 291,224 387,356 586,856
Amortisation of software development costs 37,322 228,091
Impairment of goodwill - 823,331
Share-based payment expense 10,458 19,642 25,200
Gain on disposal of property, plant and equipment (949) (2,342) (140,000)
490,983 298,433 1,839,651
Operating cash flows before movements in working capital
577,295 (394,915) (18,980)
Decrease in receivables 490,729 211,225 1,658,408
(Decrease)/increase in payables (600,407) 919,285 (307,658)
(109,678) 1,130,510 1,350,750
Cash generated from operations 467,617 735,595 1,331,770
Taxation paid - - -
Net cash generated from operating activities
467,617 735,595 1,331,770
Twenty Plc
Consolidated Statement of Cash Flows (Unaudited)
For the period ended 30 June 2009 (Continued)
6 months ended 30.6.2009 6 months ended 30.6.2008 Year ended 31.12.2008
Unaudited Unaudited Audited
£ £ £ £ £ £
Net cash from operating activities
467,617 735,595 1,331,770
Investing activities
Interest received 1 1,563 3,562
Proceeds on disposal of property, plant and equipment 949 2,342 340,000
Purchases of property, plant and equipment (79,950) (328,617) (288,169)
Payments for intangible assets - - (222,428)
Net cash used in investing activities (79,000) (324,712) (167,035)
Financing activities
Interest paid (119,365) (185,368) (359,357)
Repayments of borrowings (180,986) (292,211) (771,641)
Repayments of obligations under finance leases (123,179) (90,577) (193,729)
Net cash from financing activities (423,530) (568,156) (1,324,727)
Net decrease in cash and cash equivalents
(34,913) (157,273) (159,992)
Cash and cash equivalents at the beginning of the period 38,727 198,719 198,719
Cash and cash equivalents at the end of the period 3,814 41,446 38,727
Twenty Plc
Statement of Changes in Equity (Unaudited)
For the period ended 30 June 2009
Group
Share premium Retained earnings/ (losses)
Share options account
reserve
Share Capital Total
£ £ £ £ £
At 1 January 2008 4,827,060 43,431 3,901,164 915,596 9,687,251
Loss for the period - - - (1,858,631) (1,858,631)
Share options - 25,200 - - 25,200
At 31 December 2008 4,827,060 68,631 3,901,164 (943,035) 7,853,820
Profit for the period - - - 86,312 86,312
Issue of new share capital 6,800 - 78,200 - 85,000
Share options - 10,458 - - 10,458
At 30 June 2009 4,833,860 79,089 3,979,364 (856,723) 8,035,590
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009
General Information
Twenty Plc is a company incorporated and domiciled in the UK and is listed on the Alternative Investment Market (AIM). The addresses of its registered office and principal place of business are disclosed in the introduction to the annual report.
1 Accounting Policies
a) Basis of preparation
The interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS's) adopted by the European Union, IFRIC interpretations and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS and comply with International Accounting Standard (IAS) 34 'Interim
Financial Reporting'. They have been prepared on a consistent basis with the accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2008. The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the year
end and reported amounts of revenue and expenses during the financial year. Actual results could differ from the original estimates and assumptions.
New accounting standards being applied starting on 1 January 2009 are as follows:
* The revised IAS 1 (Presentation of Financial Statements) requires a number of changes to the presentati
The consolidated financial information has been prepared under the historical cost convention.
b) Recently issued standards and interpretations not yet applied
At the date of signing of these financial statements, there were a number of International Financial Reporting Standards and interpretations in issue but not yet effective. The directors anticipate that the adoption of these standards and interpretations will have no material impact on the Group's financial statements or will not be relevant
to the activities of the Group.
c) Publication of non-statutory accounts
The financial information contained in this document is unaudited and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The information for the year ended 31 December 2008 is based on the company's statutory accounts for that year which received an unqualified audit report and have been filed
with the Registrar of Companies.
c) Basis of consolidation
The consolidated financial statements comprise the financial statements of the company and its subsidiaries. The results of subsidiaries acquired or disposed of during the period are included in the consolidated income statement from the effective date of acquisition or disposals, as appropriate.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
d) Revenue recognition
Revenue comprises the invoiced amounts of services, excluding VAT, adjusted for amounts invoiced in advance at both the beginning and end of the year, such that revenue is recognised in line with performance under the contract. Profit on long term contracts is taken over the life of the contract when the outcome of the contract, or a
separately identifiable portion of it, can be assessed with reasonable certainty.
e) Goodwill
Goodwill arising from the acquisition of a subsidiary represents the excess of the fair value of the cost of acquisition over the group's net interest in the fair value of the identifiable net assets acquired. In accordance with IFRS3, goodwill is not amortised.
Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value is impaired. An impairment loss is recognised for the amount by which the carrying net value of the asset exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less
costs to sell and the value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss recognised for goodwill is not reversed in a subsequent period.
Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose identified according to the operating segment.
On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
f) Property, plant and equipment
Property, plant and equipment are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation has been calculated on the straight line method and aims to write down the cost, less estimated residual value, of property, plant and equipment over their expected useful lives, using the following periods:
Leasehold improvements Over the terms of the lease
Plant, machinery and database equipment 4 to 8 years
Fixtures, fittings and office equipment 3 to 10 years
Motor vehicles 4 years
g) Research and development
Costs associated with developing or maintaining computer software programmes are recognised as an expense as incurred. Costs that are directly associated with the development of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding beyond one year, are recognised as
intangible assets. Costs include the software development costs.
Computer software development costs recognised as assets are amortised on a straight line basis over their estimated useful lives (not exceeding three years) and are included in administration expenses within the consolidated income statement.
h) Deferred taxation
Deferred taxation is provided in full, using the liability method, in respect of all temporary timing differences between the tax base cost of the Group's assets and liabilities, and their carrying amount in the financial statements that have originated but have not been reversed by the balance sheet date. The deferred tax is calculated using
tax rates enacted or substantially enacted by the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is not discounted.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
i) Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight line
basis over the vesting period, based on the group's estimate of the shares that will eventually vest and adjusted for the effect of non market-based vesting conditions.
Fair value is measured using a modified Black-Scholes pricing model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
j) Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Assets held under finance leases, are recognised as tangible fixed assets at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments, and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as
liabilities, while the interest elements are charged to the income statement over the period of the lease to produce a constant rate of charge on the balance of capital repayments outstanding.
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term, except where the period to the review date on which the rent
is first expected to be adjusted to the prevailing market rate is shorter than the full lease term, in which case the shorter period is used.
k) Retirement benefits
Pension payments are made in respect of defined contribution schemes. The annual payments are charged to the income statement. The company has no potential further liability in respect of pensions.
l) Financial instruments
Trade and other receivables
Trade receivables are stated at original invoice amount less any allowances for uncollectable amounts. Bad debts are written off when identified. Other receivables are stated at cost.
Trade and other payables
Trade and other payables are initially measured at fair value.
Interest income
Interest income is recognised as interest accrues.
Cash and cash equivalents
Cash and short term deposits at the balance sheet date comprise cash at bank and in hand and short term deposits with a maturity of one month or less.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting
all of its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set out below.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
Bank borrowings
Interest-bearing bank loans and overdrafts are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement redemption of borrowings is recognised over the term of the borrowings in the Income
Statement in the period in which they are incurred.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
m) Provisions
Provisions are recognised when a present obligation has arisen as a result of a past event, and it is probable that the Company will be required to settle that obligation. Provisions are measured at the directors' best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value
where the effect is material.
2 Segmental analysis Analytical CRM & Data Services 6 months ended 30.6.2009
Operational CRM
Ecommerce
£ £ £ £
Revenue 1,662,967 4,404,219 329,569 6,396,755
Cost of sales (918,896) (2,238,306) (236,206) (3,393,408)
Gross Profit 744,071 2,165,913 93,363 3,003,347
Administrative expenses (557,722) (1,954,202) (151,860) (2,663,784)
Segment result 186,349 211,711 (58,497) 339,563
Unallocated corporate expenses (100,323)
Operating profit 239,240
Finance Income 1
Finance Costs (119,365)
Profit before Taxation 119,876
Taxation (33,564)
Profit for the period 86,312
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
Analytical CRM & Data Services 6 months ended 30.6.2008
Operational CRM
Ecommerce
£ £ £ £
Revenue 1,110,617 7,001,413 404,877 8,516,907
Cost of sales (563,864) (3,690,673) (200,631) (4,455,168)
Gross Profit 546,753 3,310,740 204,246 4,061,739
Administrative expenses (567,523) (3,827,309) (245,193) (4,640,025)
Segment result (20,770) (516,569) (40,947) (578,286)
Unallocated corporate expenses (221,285)
Operating loss (799,571)
Finance Income 1,563
Finance Costs (185,368)
Loss before Taxation (983,376)
Taxation 290,028
Loss for the period (693,348)
Operational CRM
Delivery of interaction with our client's customers. This includes contact centre services, fulfillment services and campaign services
Analytical CRM
Provision of marketing platform design, development and support and customer data analytical services.
E-Commerce
Design, development and support of client's e-commerce platforms.
Administrative costs are allocated to segments where they are directly attributable.
All revenue and profit has been generated solely within the United Kingdom.
The group reports assets and liabilities internally on a statutory entity basis and therefore has not reported on assets and liabilities by segment.
3 Taxation
The taxation charge has been estimated by the group based on previous taxation adjustments and future rates.
4 Dividends
The directors do not recommend the payment of an interim dividend.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
5 Earnings per share
The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the company is based on the following data:
6 months to 6 months to Year to
30.06.2009 30.06.2008 31.12.2008
Unaudited Unaudited Audited
£ £ £
Earnings
Earnings/(loss) for the purposes of basic earnings per share 86,312 (1,858,631)
(693,348)
Effect of dilutive potential ordinary shares: - - -
Earnings/(loss) for the purposes of diluted earnings per share 86,312 (1,858,631)
(693,348)
Goodwill impairment - - 823,331
Software development & consultancy write off, Inside track bad debt & excess property costs - - 526,086
Earnings/(loss) for the purposes of adjusted earnings per share (basic & diluted) 86,312 (509,214)
(693,348)
6 months to 6 months to Year to
30.06.2009 30.06.2008 31.12.2008
Unaudited Unaudited Audited
No. No. No.
Number of shares
Weighted average number of ordinary shares 53,342,423 48,270,600
48,270,600
Effect of dilutive potential ordinary shares:
Management options 4,092,066 3,572,024 3,994,062
Broker & Nomad options 1,447,368 1,447,368 1,447,368
Warrants 6,800,000 6,800,000 6,800,000
Weighted average number of ordinary shares for the purposes of diluted EPS 65,681,857 60,089,992 60,512,030
Basic and diluted Earnings/(Loss) per Share (in pence) 0.16 (1.44) (3.85)
Adjusted Earnings/(Loss) per share (basic & diluted) 0.16 (1.44) (1.05)
Share options and warrants do not have a dilutive effect because the exercise price was above the average share price during the period.
6 Related Party Transaction
On 16 February 2009 the Company issued 6,800,000 ordinary 0.1p shares for £85,000 to the vendors of Emaginating Limited in settlement of the deferred consideration following the acquisition by Twenty Plc in December 2006. Of the new shares issued, 3,400,000 were issued to Professor Martin Clarke who is a non executive director of Twenty Plc.
Independent review report to Twenty Plc
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 which comprises the consolidated income statement, group statement of financial position, consolidated statement of cash flows, consolidated statement of changes in equity and related notes. We have read the other information contained in the half-yearly financial 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 International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Rules of the Alternative Investment Market.
As disclosed in note 1(a), the annual financial statements of the group and company are prepared in accordance with IFRS as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union.
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 United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Rules of the Alternative Investment Market.
Kingston Smith LLP
30 September 2009
Devonshire House
60 Goswell Road
London
EC1M 7AD
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9036Z
Twenty PLC
30 September 2009
30 SEPTEMBER 2009
TWENTY PLC
(AIM: TWE)
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2009
Twenty plc ('Twenty' or the 'Group'), the AIM quoted integrated marketing solutions provider, announces its interim results for the six months ended 30 June 2009.
A copy of this statement is available on the Company's website at www.twentyplc.com.
Enquiries:
Twenty Plc Tel: 01908 829 300
Ian Lancaster, Chief Executive
www.twentyplc.com
Daniel Stewart & Company plc Tel: 020 7776 6550
Graham Webster
Twenty Plc
Chairman's Statement
Dear Shareholder
Given the challenging economic climate, we are pleased to report a profitable first half of the year. The resourceful management team has done excellent work in lowering costs resulting in the return to profitability.
Market conditions remain tough and the group is experiencing pricing pressure on some projects. However, the management team has responded and implemented operational efficiencies in order to reduce the impact as much as possible. Similarly, new business in the current environment takes longer to convert. Whilst 2009 has so far been a challenging year, the actions on costs taken to date and those in progress in the second half should hold the Group in good stead for the future.
The board is focused on restoring shareholder value by organic developments rather than acquisitions at present. We are grateful for the support shown by our shareholders in this difficult period. I thank all our employees for their hard work.
Mark Patron
Non-Executive Chairman
30 September 2009
Twenty Plc
Chief Executive's Statement
Introduction
I'm pleased to report that the group has returned an operating profit of £0.24m in the first half of 2009, representing an improvement at an operating profit level of over £1.0m on the first half of 2008 where we reported an operating loss of £0.79m, when we were hit by a significant bad debt, together with difficult trading conditions in our polywrapping and bulk printing business.
The reduction in revenues from £8.5m in the same period 2008 to £6.4m in first half 2009 is largely accounted for by the disposal of the polywrapping and bulk printing business in August 2008.
The improvement in our operating profit has been achieved through a tight control of operating costs, improvement in the quality of our delivery, the disposal of our polywrapping and bulk printing business and the consolidation of our properties.
We have completed our strategy of repositioning the group as an integrated marketing services provider and look forward to the continuing benefits of this in the coming years.
Financials
The interim results for Twenty Plc reflect the six-month period to 30 June 2009. Comparatives include the direct communications division which was sold on 31 August 2008. The results have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).
The results for the period reflect an improved period of trading in which the Group reports a return to profit, with a pre tax profit of £0.12m achieved primarily through a review and reduction in the overhead costs within the business by £1.0m against the same period last year.
Trading within both the analytical crm and data services and operational crm segments reflects a significantly better trading performance this year. Analytical crm and data services have seen revenue growth of 50% against the same period last year, delivering an 11% return on sales.
Despite lower revenues in operational crm (as a result of the sales of the direct communications division in August last year) the segment delivered a profit before unallocated corporate expenses of £0.21m, an improvement of £0.73m from the same period last year. The ecommerce segment delivered a loss of £0.06m in the period as we have continued to invest time in the proposition and integrating this business over the period.
The Group had net cash outflow during the period of £0.03m. Net cash generated from operating activities of £0.47m was used to fund £0.08m in capital expenditure and £0.42m in financing activities of which £0.30m related to capital repayments of borrowings.
Cash and bank debt of £1.93m together with obligations under finance leases of £0.53m resulted in net debt of £2.46m. Debt repayments, as at the Balance Sheet Date, due in the next 12 months equate to £0.43m. The Group has an invoice financing facility with the Bank of Scotland, which had a drawn down balance of £1.04m at the balance sheet date. This balance has been reflected in Other Creditors. In the last 12 months net debt (including invoice finance facility drawdown balance) has decreased by £1.3m.
Outlook
The outlook for the business is directly related to the speed of recovery in the overall economy as our revenues are largely driven by the rate of consumer interaction our clients have with their customers. We have been under significant cost pressure as our client base has reviewed their operating costs and looked for efficiency savings to maintain margins. As a group we have responded to these challenges through improving the efficiency of our operations and reduced our overhead cost base to a level consistent with the level of our forecast current revenues.
Whilst the business has returned to profit this year after the significant bad debt experienced in 2008 the trading outlook remains subdued as the level of new opportunities are more limited than in normal economic times.
Ian Lancaster
Chief Executive
30 September 2009
Twenty Plc
Consolidated Income Statement (Unaudited)
For the period ended 30 June 2009
6 months to 6 months to Year to
30.06.2009 30.06.2008 31.12.2008
Unaudited Unaudited Audited
Note £ £ £
Continuing operations
Revenue 2 6,396,755 8,516,907 16,199,603
Cost of sales 2 (3,393,408) (4,455,168) (8,167,211)
Gross Profit 3,003,347 4,061,739 8,032,392
Administrative expenses (2,764,107) (4,861,310) (8,751,519)
Operating Profit/(Loss) 2 239,240 (799,571) (719,127)
pre-exceptional
Exceptional item - goodwill impairment - - (823,331)
Operating Profit/(Loss) 2 239,240 (799,571) (1,542,458)
post-exceptional
Finance Income 1 1,563 3,562
Finance Costs (119,365) (185,368) (359,357)
Profit/(Loss) before Taxation 119,876 (983,376) (1,898,253)
Taxation 3 (33,564) 290,028 39,622
Profit/(Loss) for the period from continuing operations
86,312 (693,348) (1,858,631)
Attributable to:
Equity holders of the parent 86,312 (693,348) (1,858,631)
86,312 (693,348) (1,858,631)
Earnings/(loss) per share:
Basic 5 0.16 p (1.44p) (3.85p)
Diluted 5 0.16 p (1.44p) (3.85p)
There are no recognised income or expenses for the current and prior year other than as stated above. As a consequence a statement of comprehensive income is not presented.
Twenty Plc
Group Statement of Financial Position (Unaudited)
As at 30 June 2009
As at As at As at
30.06.2009 30.06.2008 31.12.2008
Unaudited Unaudited Audited
£ £ £
Assets
Non-current assets
Property, plant and equipment 988,521 1,240,443 1,199,795
Software development costs 135,671 251,109 172,993
Goodwill 10,730,273 11,654,615 10,730,273
Deferred tax 87,304 147,719 87,304
Total non-current assets 11,941,769 13,293,886 12,190,365
Current assets
Trade and other receivables 2,817,156 4,936,526 3,307,885
Cash and cash equivalents 3,814 41,446 38,727
Total current assets 2,820,970 4,977,972 3,346,612
Total assets 14,762,739 18,271,858 15,536,977
Equity & liabilities
Current liabilities
Trade and other payables 4,266,431 5,967,500 4,918,274
Obligations under finance leases 204,598 174,814 244,150
Current tax liabilities - - -
Interest bearing loans, overdrafts and bank loans 520,322 833,152 433,332
Total current liabilities 4,991,351 6,975,466 5,595,756
Non-current liabilities
Bank loans 1,413,323 1,760,909 1,681,299
Other creditors - 293,789 -
Obligations under finance leases 322,475 228,149 406,102
Total non-current liabilities 1,735,798 2,282,847 2,087,401
Total liabilities 6,727,149 9,258,313 7,683,157
Equity
Share capital 4,833,860 4,827,060 4,827,060
Share premium account 3,979,364 3,901,164 3,901,164
Share options reserve 79,089 63,073 68,631
Retained earnings (856,723) 222,248 (943,035)
Total equity 8,035,590 9,013,545 7,853,820
Total equity & liabilities 14,762,739 18,271,858 15,536,977
Twenty Plc
Consolidated Statement of Cash Flows (Unaudited)
For the period ended 30 June 2009
6 months ended 30.6.2009 6 months ended 30.6.2008 Year ended 31.12.2008
Unaudited Unaudited Audited
£ £ £ £ £ £
Cash flow from operating activities
Profit/(loss) for the period 86,312 (693,348) (1,858,631)
Adjustments for:
Finance income (1) (1,563) (3,562)
Finance costs 119,365 185,368 359,357
Taxation 33,564 (290,028) (39,622)
Depreciation of property, plant and equipment 291,224 387,356 586,856
Amortisation of software development costs 37,322 228,091
Impairment of goodwill - 823,331
Share-based payment expense 10,458 19,642 25,200
Gain on disposal of property, plant and equipment (949) (2,342) (140,000)
490,983 298,433 1,839,651
Operating cash flows before movements in working capital
577,295 (394,915) (18,980)
Decrease in receivables 490,729 211,225 1,658,408
(Decrease)/increase in payables (600,407) 919,285 (307,658)
(109,678) 1,130,510 1,350,750
Cash generated from operations 467,617 735,595 1,331,770
Taxation paid - - -
Net cash generated from operating activities
467,617 735,595 1,331,770
Twenty Plc
Consolidated Statement of Cash Flows (Unaudited)
For the period ended 30 June 2009 (Continued)
6 months ended 30.6.2009 6 months ended 30.6.2008 Year ended 31.12.2008
Unaudited Unaudited Audited
£ £ £ £ £ £
Net cash from operating activities
467,617 735,595 1,331,770
Investing activities
Interest received 1 1,563 3,562
Proceeds on disposal of property, plant and equipment 949 2,342 340,000
Purchases of property, plant and equipment (79,950) (328,617) (288,169)
Payments for intangible assets - - (222,428)
Net cash used in investing activities (79,000) (324,712) (167,035)
Financing activities
Interest paid (119,365) (185,368) (359,357)
Repayments of borrowings (180,986) (292,211) (771,641)
Repayments of obligations under finance leases (123,179) (90,577) (193,729)
Net cash from financing activities (423,530) (568,156) (1,324,727)
Net decrease in cash and cash equivalents
(34,913) (157,273) (159,992)
Cash and cash equivalents at the beginning of the period 38,727 198,719 198,719
Cash and cash equivalents at the end of the period 3,814 41,446 38,727
Twenty Plc
Statement of Changes in Equity (Unaudited)
For the period ended 30 June 2009
Group
Share premium Retained earnings/ (losses)
Share options account
reserve
Share Capital Total
£ £ £ £ £
At 1 January 2008 4,827,060 43,431 3,901,164 915,596 9,687,251
Loss for the period - - - (1,858,631) (1,858,631)
Share options - 25,200 - - 25,200
At 31 December 2008 4,827,060 68,631 3,901,164 (943,035) 7,853,820
Profit for the period - - - 86,312 86,312
Issue of new share capital 6,800 - 78,200 - 85,000
Share options - 10,458 - - 10,458
At 30 June 2009 4,833,860 79,089 3,979,364 (856,723) 8,035,590
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009
General Information
Twenty Plc is a company incorporated and domiciled in the UK and is listed on the Alternative Investment Market (AIM). The addresses of its registered office and principal place of business are disclosed in the introduction to the annual report.
1 Accounting Policies
a) Basis of preparation
The interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS's) adopted by the European Union, IFRIC interpretations and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS and comply with International Accounting Standard (IAS) 34 'Interim
Financial Reporting'. They have been prepared on a consistent basis with the accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2008. The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the year
end and reported amounts of revenue and expenses during the financial year. Actual results could differ from the original estimates and assumptions.
New accounting standards being applied starting on 1 January 2009 are as follows:
* The revised IAS 1 (Presentation of Financial Statements) requires a number of changes to the presentation of financial statements. These include a requirement to present, in a statement of changes in equity, all owner changes in equity. All non-owner changes in equity (i.e. comprehensive income) are required to be presented in one statement
of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). As a result, the Group has elected to present a consolidated income statement, a consolidated statement of comprehensive income and a consolidated statement of changes in equity.
* IFRS 8 (Operating Segments) requires segment disclosures based on the components that the Chief Operating Decision Maker (i.e. the Board) monitors in making decisions about operating matters. Such components are identified on the basis of internal reports that the Board reviews regularly in allocating resources to segments and in assessing
performance. This standard replaces the previous standard IAS 14, "Segment Reporting". IFRS 8 has not resulted in a changed definition of the Group's segments.
Going Concern
The board has taken decisions over the last 12 months to improve the cost base of the business which has enabled the Group to return to profit. Current market conditions remain tough, but following these actions, together with renegotiated payment terms with its bank and forecasts of future financial performance and position, the board
consider it appropriate to adopt the going concern basis in preparing the interim accounts.
The consolidated financial information has been prepared under the historical cost convention.
b) Recently issued standards and interpretations not yet applied
At the date of signing of these financial statements, there were a number of International Financial Reporting Standards and interpretations in issue but not yet effective. The directors anticipate that the adoption of these standards and interpretations will have no material impact on the Group's financial statements or will not be relevant
to the activities of the Group.
c) Publication of non-statutory accounts
The financial information contained in this document is unaudited and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The information for the year ended 31 December 2008 is based on the company's statutory accounts for that year which received an unqualified audit report and have been filed
with the Registrar of Companies.
c) Basis of consolidation
The consolidated financial statements comprise the financial statements of the company and its subsidiaries. The results of subsidiaries acquired or disposed of during the period are included in the consolidated income statement from the effective date of acquisition or disposals, as appropriate.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
d) Revenue recognition
Revenue comprises the invoiced amounts of services, excluding VAT, adjusted for amounts invoiced in advance at both the beginning and end of the year, such that revenue is recognised in line with performance under the contract. Profit on long term contracts is taken over the life of the contract when the outcome of the contract, or a
separately identifiable portion of it, can be assessed with reasonable certainty.
e) Goodwill
Goodwill arising from the acquisition of a subsidiary represents the excess of the fair value of the cost of acquisition over the group's net interest in the fair value of the identifiable net assets acquired. In accordance with IFRS3, goodwill is not amortised.
Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value is impaired. An impairment loss is recognised for the amount by which the carrying net value of the asset exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less
costs to sell and the value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss recognised for goodwill is not reversed in a subsequent period.
Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose identified according to the operating segment.
On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
f) Property, plant and equipment
Property, plant and equipment are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation has been calculated on the straight line method and aims to write down the cost, less estimated residual value, of property, plant and equipment over their expected useful lives, using the following periods:
Leasehold improvements Over the terms of the lease
Plant, machinery and database equipment 4 to 8 years
Fixtures, fittings and office equipment 3 to 10 years
Motor vehicles 4 years
g) Research and development
Costs associated with developing or maintaining computer software programmes are recognised as an expense as incurred. Costs that are directly associated with the development of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding beyond one year, are recognised as
intangible assets. Costs include the software development costs.
Computer software development costs recognised as assets are amortised on a straight line basis over their estimated useful lives (not exceeding three years) and are included in administration expenses within the consolidated income statement.
h) Deferred taxation
Deferred taxation is provided in full, using the liability method, in respect of all temporary timing differences between the tax base cost of the Group's assets and liabilities, and their carrying amount in the financial statements that have originated but have not been reversed by the balance sheet date. The deferred tax is calculated using
tax rates enacted or substantially enacted by the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is not discounted.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
i) Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight line
basis over the vesting period, based on the group's estimate of the shares that will eventually vest and adjusted for the effect of non market-based vesting conditions.
Fair value is measured using a modified Black-Scholes pricing model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
j) Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Assets held under finance leases, are recognised as tangible fixed assets at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments, and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as
liabilities, while the interest elements are charged to the income statement over the period of the lease to produce a constant rate of charge on the balance of capital repayments outstanding.
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term, except where the period to the review date on which the rent
is first expected to be adjusted to the prevailing market rate is shorter than the full lease term, in which case the shorter period is used.
k) Retirement benefits
Pension payments are made in respect of defined contribution schemes. The annual payments are charged to the income statement. The company has no potential further liability in respect of pensions.
l) Financial instruments
Trade and other receivables
Trade receivables are stated at original invoice amount less any allowances for uncollectable amounts. Bad debts are written off when identified. Other receivables are stated at cost.
Trade and other payables
Trade and other payables are initially measured at fair value.
Interest income
Interest income is recognised as interest accrues.
Cash and cash equivalents
Cash and short term deposits at the balance sheet date comprise cash at bank and in hand and short term deposits with a maturity of one month or less.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting
all of its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set out below.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
Bank borrowings
Interest-bearing bank loans and overdrafts are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement redemption of borrowings is recognised over the term of the borrowings in the Income
Statement in the period in which they are incurred.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
m) Provisions
Provisions are recognised when a present obligation has arisen as a result of a past event, and it is probable that the Company will be required to settle that obligation. Provisions are measured at the directors' best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value
where the effect is material.
2 Segmental analysis Analytical CRM & Data Services 6 months ended 30.6.2009
Operational CRM
Ecommerce
£ £ £ £
Revenue 1,662,967 4,404,219 329,569 6,396,755
Cost of sales (918,896) (2,238,306) (236,206) (3,393,408)
Gross Profit 744,071 2,165,913 93,363 3,003,347
Administrative expenses (557,722) (1,954,202) (151,860) (2,663,784)
Segment result 186,349 211,711 (58,497) 339,563
Unallocated corporate expenses (100,323)
Operating profit 239,240
Finance Income 1
Finance Costs (119,365)
Profit before Taxation 119,876
Taxation (33,564)
Profit for the period 86,312
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
Analytical CRM & Data Services 6 months ended 30.6.2008
Operational CRM
Ecommerce
£ £ £ £
Revenue 1,110,617 7,001,413 404,877 8,516,907
Cost of sales (563,864) (3,690,673) (200,631) (4,455,168)
Gross Profit 546,753 3,310,740 204,246 4,061,739
Administrative expenses (567,523) (3,827,309) (245,193) (4,640,025)
Segment result (20,770) (516,569) (40,947) (578,286)
Unallocated corporate expenses (221,285)
Operating loss (799,571)
Finance Income 1,563
Finance Costs (185,368)
Loss before Taxation (983,376)
Taxation 290,028
Loss for the period (693,348)
Operational CRM
Delivery of interaction with our client's customers. This includes contact centre services, fulfillment services and campaign services
Analytical CRM
Provision of marketing platform design, development and support and customer data analytical services.
E-Commerce
Design, development and support of client's e-commerce platforms.
Administrative costs are allocated to segments where they are directly attributable.
All revenue and profit has been generated solely within the United Kingdom.
The group reports assets and liabilities internally on a statutory entity basis and therefore has not reported on assets and liabilities by segment.
3 Taxation
The taxation charge has been estimated by the group based on previous taxation adjustments and future rates.
4 Dividends
The directors do not recommend the payment of an interim dividend.
Notes to the Unaudited Interim Financial Statements
For the period ended 30 June 2009 (Continued)
5 Earnings per share
The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the company is based on the following data:
6 months to 6 months to Year to
30.06.2009 30.06.2008 31.12.2008
Unaudited Unaudited Audited
£ £ £
Earnings
Earnings/(loss) for the purposes of basic earnings per share 86,312 (1,858,631)
(693,348)
Effect of dilutive potential ordinary shares: - - -
Earnings/(loss) for the purposes of diluted earnings per share 86,312 (1,858,631)
(693,348)
Goodwill impairment - - 823,331
Software development & consultancy write off, Inside track bad debt & excess property costs - - 526,086
Earnings/(loss) for the purposes of adjusted earnings per share (basic & diluted) 86,312 (509,214)
(693,348)
6 months to 6 months to Year to
30.06.2009 30.06.2008 31.12.2008
Unaudited Unaudited Audited
No. No. No.
Number of shares
Weighted average number of ordinary shares 53,342,423 48,270,600
48,270,600
Effect of dilutive potential ordinary shares:
Management options 4,092,066 3,572,024 3,994,062
Broker & Nomad options 1,447,368 1,447,368 1,447,368
Warrants 6,800,000 6,800,000 6,800,000
Weighted average number of ordinary shares for the purposes of diluted EPS 65,681,857 60,089,992 60,512,030
Basic and diluted Earnings/(Loss) per Share (in pence) 0.16 (1.44) (3.85)
Adjusted Earnings/(Loss) per share (basic & diluted) 0.16 (1.44) (1.05)
Share options and warrants do not have a dilutive effect because the exercise price was above the average share price during the period.
6 Related Party Transaction
On 16 February 2009 the Company issued 6,800,000 ordinary 0.1p shares for £85,000 to the vendors of Emaginating Limited in settlement of the deferred consideration following the acquisition by Twenty Plc in December 2006. Of the new shares issued, 3,400,000 were issued to Professor Martin Clarke who is a non executive director of Twenty Plc.
Independent review report to Twenty Plc
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 which comprises the consolidated income statement, group statement of financial position, consolidated statement of cash flows, consolidated statement of changes in equity and related notes. We have read the other information contained in the half-yearly financial 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 International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Rules of the Alternative Investment Market.
As disclosed in note 1(a), the annual financial statements of the group and company are prepared in accordance with IFRS as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union.
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 United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Rules of the Alternative Investment Market.
Kingston Smith LLP
30 September 2009
Devonshire House
60 Goswell Road
London
EC1M 7AD
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QKLFLKKBEBBE
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| 28-07-09 | RNS |
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RNS Number : 4038W
Twenty PLC
28 July 2009
1. Identity of the issuer or the underlying issuer of
An acquisition or disposal of financial instruments which may result in the
acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):___________________________________________
obligation:
threshold is crossed or reached if different):
A: Voting rights attached to shares
CODE
B: Financial Instruments
Resulting situation after the triggering transaction
Total (A+B)
Number of voting rights % of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: n/a
Proxy Voting:
Annex Notification Of Major Interests In Shares
A: Identity of the person or legal entity subject to the notification obligation
persons)
Full name
Contact address
Phone number
Other useful information (e.g. functional relationship with the person or legal
entity subject to the notification obligation)
This information is provided by RNS The company news service from the London Stock Exchange END
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| 23-07-09 | RNS |
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RNS Number : 1908W Twenty PLC 23 July 2009
TWENTY PLC (AIM: TWE) ("Twenty" or "the Company") Result of Annual General Meeting The Board of Twenty, an investment vehicle focusing on the marketing services sector, announces that at the Annual General Meeting held today all of the resolutions were duly passed. Enquiries:
Ian Lancaster, Chief Executive
Graham Webster This information is provided by RNS The company news service from the London Stock Exchange END
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I used to work at Dataforce - the main subsidiary within Twenty PLC. In the last couple of years they have gone through a period of transforming the company from a fulfilment house to a full marketing services company. This has required a lot of investment. There is a good management team there that knows its stuff. Investment appears to be paying off as recent Forrester report named it as one of the leading marketing services companies. Would have been more profitable if client Inside Track hadn't gone bust and they should have saw that coming. With recent contract wins I think this business will have a better year this year.
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Can anyone help with understanding this company? Very few trades, very little news and a low share price. Results coming up. Does anybody have any info?
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Can anyone shed any light on this Capital Reorganisation?
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Not sure what those deals are - neither showing as buys or sells. Probably just some juggling of shares, as buys or sells of this volume (25% of issued shares) would cause a significant share price movement
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They have not been approved or issued by Interactive Investor Trading Limited.
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