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| Date/Time | Headline | Source |
|---|---|---|
| 1 | ||
| 28-10-09 | RNS |
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RNS Number : 5174B WIN plc 28 October 2009 For immediate release 28 October 2009 WIN plc ("WIN" or the "Company") Holding(s) in Company The Company was notified on 26 October 2009 by Legal & General Group Plc of the following: TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
of existing shares to which voting rights are attached:
2. Reason for the notification (please tick the appropriate box or boxes):
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:
(if different from 3.):
5. Date of the transaction and date on which the threshold is crossed or reached:
reached: 8. Notified details:
A: Voting rights attached to shares
if possible using
the ISIN CODE
GBP 0.10
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)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Legal & General Group Plc (Direct and Indirect) (Group) (889,500 - 8.75% = Total Position) Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct and Indirect) (889,500 - 8.75% = Total Position) Legal & General Investment Management Limited (Indirect) (LGIM) (889,500 - 8.75% = Total Position) Legal & General Group Plc (Direct) (L&G) (760,093 - 7.48 % = LGAS, LGPL & PMC)
(PMC) LGPL)
(LGPL)
Proxy Voting:
N/A
to hold: N/A
voting rights: N/A
13. Additional information:
020 3124 3851 For further information contact: WIN plc Lance Moir, CFO Tel: 01494 750500 Beaumont Cornish Limited Michael Cornish Tel: 020 7628 3396 This information is provided by RNS The company news service from the London Stock Exchange END
HOLPUGBPUUPBGPR More |
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| 20-10-09 | RNS |
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RNS Number : 0846B WIN plc 20 October 2009 For immediate release 20 October 2009 WIN plc ("WIN" or the "Company") Significant Shareholding The Company was informed on 20 October 2009 of the following: TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
of existing shares to which voting rights are
attached: ii
2 Reason for the notification (please tick the appropriate box or boxes):
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: iii
4. Full name of shareholder(s)
(if different from 3.):iv
which the threshold is crossed or
reached: v
reached: vi, vii
8. Notified details:
A: Voting rights attached to shares viii, ix
if possible using
the ISIN CODE
ORD GBP0.10
GB00B02R1720
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi 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:
13. Additional information:
For further information contact: WIN plc Lance Moir, CFO Tel: 01494 750500 Beaumont Cornish Limited Michael Cornish Tel: 020 7628 3396 This information is provided by RNS The company news service from the London Stock Exchange END
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| 25-09-09 | RNS |
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RNS Number : 7206Z WIN plc 25 September 2009
WIN plc ("WIN" or the "Company") Directors Dealings The Company was informed today that on 25 September 2009 Lance Moir purchased 10,000 ordinary shares of 10p each in the Company ("Ordinary Shares") at a price of 75p per Ordinary Share. Following these dealings Lance Moir holds 26,443 Ordinary Shares, representing 0.26 per cent of the issued share capital of the Company.
ENDS Contacts:
Michael Cornish Beaumont Cornish Tel: 0207 628 3396 This information is provided by RNS The company news service from the London Stock Exchange END
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| 18-09-09 | RNS |
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RNS Number : 3206Z WIN plc 18 September 2009
WIN plc ("WIN" or "the Group") Issue of options WIN announces that on 15 September 2009, the remuneration committee of WIN awarded 125,000 new options to Graham Rivers, a director and Chief Executive of the Company pursuant to WIN's established unapproved share option schemes to subscribe for new ordinary shares at an exercise price of 67.5p per ordinary share. For further information, please contact: WIN plc
BEAUMONT CORNISH LIMITED (NOMAD) 020 7628 3396 Michael Cornish
ENDS This information is provided by RNS The company news service from the London Stock Exchange END
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| 17-09-09 | RNS |
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RNS Number : 2252Z WIN plc 17 September 2009 For immediate release 17 September 2009 WIN plc ("WIN" or "the Group") Issue of options WIN announces that on 15 September 2009, the remuneration committee of WIN has awarded 239,125 new options to existing employees pursuant to WIN's established approved and unapproved share option schemes to subscribe for new ordinary shares at an exercise price of 67.5p per ordinary share.
For further information, please contact:
WIN plc
BEAUMONT CORNISH LIMITED (NOMAD) 020 7628 3396 Michael Cornish
ENDS This information is provided by RNS The company news service from the London Stock Exchange END
MSCSFEFSWSUSESU More |
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| 15-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0418Z
WIN plc
15 September 2009
15 September 2009
Embargoed until 07:00
WIN plc
("WIN", "the Company" or "the Group")
Unaudited half-yearly results for the six months ended 30 June 2009
WIN plc (AIM: WNN), the leading provider of managed services over the mobile phone, is pleased to announce its unaudited interim results for the six months ended 30 June 2009.
FINANCIAL HIGHLIGHTS
* Results in-line with Company's expectations
* Gross Profit maintained at £5.0m
* EBITDA* £1.0m (H1 2008: £1.3m)
* Underlying profit before tax* £0.6m (H1 2008: £0.9m)
* Underlying EPS* 4.3p (H1 2008: 6.7p)
* Cash balance £0.9m
* Interim dividend of 1p per share (H1 2008: 1p)
*before amortisation on acquired intangible assets of £330k (2008: £404k), impairment charges of £42k (2008: nil), share-based payment charges of £24k (2008: £65k) and non-recurring items of £171k (2008: nil)
OPERATING HIGHLIGHTS
* New contract wins for Enterprise Communicator product including Yell, Carlsberg and Sussex Police
* Managed Services expanded into new countries through contracts signed with Vodafone, T-Mobile and a leading global hi-tech electronics manufacturer
* Recommenced development of the Next Generation Messaging Platform
* Partnership with Tech Mahindra designed to generate joint initiatives in key territories
* Continued growth in Enterprise division
* New Media division one of a limited number to successfully pass the audit for the BBC's EU tendering process
Graham Rivers, Chief Executive Officer, commented:
"In the first half of 2009 we made considerable progress in stabilising gross profit and integrating previous acquisitions. Our strategy now is to focus sales on higher margin business, building upon our established reputation with leading mobile operators and some of the world's most prestigious corporations. We are pleased with the new business pipeline, particularly in our core Managed Services division and are on track to achieve expectations for the year."
For further information, please contact:
WIN plc 01494 750 500
Graham Rivers, CEO
Lance Moir, CFO
Beaumont Cornish Limited (NOMAD) 020 7628 3396
Michael Cornish
Arden Partners plc (Broker) 020 7398 1632
Richard Day
ICIS Financial PR 020 7651 8688
Tom Moriarty, Bob Huxford, Fiona Conroy
About WIN
WIN is a dynamic enabler of entertainment, information and interaction services offering organisations complete solutions from consultation and concept, through to design, development, implementation and on-going service and support.
The Company helps leading content owners, mobile operators, corporate enterprises and media & entertainment corporations engage customers, create brand loyalty, maximise revenues and reduce costs. Its services, whilst mobile-centric, embrace fixed telephony, internet, broadcast and on-demand technologies.
Headquartered in Buckinghamshire, UK, WIN has global reach, operating in overseas markets including Ireland, Germany, Austria, Hungary, Greece, Africa, Malaysia, Thailand, Singapore and the Caribbean.
WIN's vision is to be the leading enabler of mobile centric entertainment, information and interaction services.
OVERVIEW
The first half of 2009 was a period of continuing investment and restructuring during which time WIN expanded and improved its sales and marketing functions and integrated its acquisitions of Pocket Group and Quattrocomm, following the completion of their respective earn-out periods. As previously announced, the rationalisation programme is expected to reduce annual overheads by approximately £200,000 from 2010.
In the six month period to 30 June 2009 the Group won 36 new clients compared to 11 over the same period in 2008. Further investment into sales and marketing will follow as WIN seeks to capitalise on the opportunities within its markets and further extend its geographical reach.
The Company also invested in research and development during the period such that WIN now has one of the broadest offerings in the value added mobile services market for content providers and mobile operators.
In addition, WIN resumed its investment into the Next Generation Messaging Platform ("NGMP") which should enable the full upgrade of the Company's core messaging platform resulting in the automation of a large number of tasks and a substantial increase in capacity. The project will incur capitalised costs of approximately £1.3m this year and £0.9m in 2010. On completion, in 2010, the new platform should provide WIN with significant cost savings and increased revenue opportunities.
The NGMP development contract was awarded to Indian-based global system integration and business transformation specialists Tech Mahindra, and the two companies are working together to develop joint initiatives in key new territories.
The first half of 2009 has been a period of further significant operational development. During the past three years WIN has re-positioned itself from being a mobile content aggregation company to a three-tiered multinational provider of managed services to leading mobile network operators, content owners, corporate enterprises, broadcasters and media corporations.
Although this transformation has taken longer than expected, WIN is now better positioned to take advantage of the many significant opportunities within its growing markets and looks forward to the remainder of the year with confidence.
Board changes
Richard Joyce will be standing down as Chairman of WIN and Michael de Kare Silver, an existing non-executive director of the Company, will become Chairman with effect from today. Richard Joyce became Chairman of WIN in 2002 and has guided the Company over the last seven years including its admission to trading on AIM in 2004. The Board is grateful to Richard for his invaluable contribution over this period. In addition to his role at WIN, Michael de Kare Silver has extensive experience as a director of public companies including GUS plc as director in charge of interactive and e-commerce and further appointments with a number of fully listed and private companies. The Board intends to consider further non-executive appointments to the Board in due course.
OPERATING REVIEW
Products and Services
During the first half of 2009 WIN has been focused on productising the Company's various offerings with the aim of introducing them into new, local markets. In addition to our ongoing aggregation services, WIN's core products include:
* Enterprise Communicator - A web-based communication tool used by customers for marketing campaigns, debt collection, reminders, policy renewals, meter readings and staff or customer communications. During the period WIN secured a number of contract wins for Enterprise Communicator including Yell, Carlsberg and Sussex Police as well as contract extensions with existing customers in the finance, utility logistics and service industries.
* Portal in a Box - A fully managed mobile portal and mobile-commerce solution, Portal in a Box enables mobile operators to rapidly bring a full content mobile portal to market. This helps clients exploit revenue opportunities whilst enabling customer acquisition and retention. WIN has outsourced portal solutions to leading brands for many years, including T-Mobile, AOL and Vodafone.
* Multi-Media Console ("MMC") - A product designed for broadcasters and publishers to generate and respond to audience participation. MMC is used by TV and radio stations to manage call-ins, texts and voting.
* iVu - A recently launched new audio and video streaming platform which enables content to be downloaded or streamed to a mobile phone. The system delivers an optimised experience to the consumer depending upon the capabilities of the mobile handset, facilitating feature-rich streaming content for mobile operators, content companies and consumers. iVu enables the streaming of music, audio books, video juke-box, TV channels and video calling.
Divisional Summary
Managed Services involves the outsourced management of operator portals and is WIN's core division and the key to future growth. The division delivered a promising performance during the period, with an increase in gross profit of 11% compared to the same period in 2008.
Steady progress was made during the first half with contract wins with Sony Ericsson, Vodafone, and T-Mobile. Since the period end WIN has also seen an encouraging pipeline of new business, including a recent contract win for the Enterprise Communicator product.
Enterprise saw gross profit growth of 9% over the comparable period in 2008. There was a decline in margin percentage terms owing to competitive pricing-pressure and extended sales cycles from blue-chip clients resulting from the wider economic downturn. However, the Board is confident that the Enterprise market will continue to develop, as progress has been made since the period end with a number of existing clients. Furthermore, WIN now contracts directly with clients such as Fujitsu and Centrica, who formerly contracted through Vodafone, and since the period end has launched a brand new service for E-On.
New Media comprises two categories: legacy premium rate business and new interactive services. Premium rate continues to decline, in line with WIN's strategic migration away from this area of business. Greece, which accounts for 24% of premium rate revenues, significantly outperformed expectations during the period although this rate of growth is not expected to continue owing to the imminent tightening of regulations in Greece.
WIN's strategy for New Media is to focus on new interactive services. WIN has established a number of important relationships including with the BBC, which uses WIN's Multi-Media Console (MMC) product. During the period the BBC entered WIN for its EU tendering process and WIN became one of a limited number of companies to pass the auditing process set by Deloitte.
New services launched in the half include an ITN alerts service, a contract with Digital Chocolate to deliver mobile games, Yell 118 247 information services, Centrica retention campaigns, the AA breakdown text service and Barclaycard statement alerts.
FINANCIAL REVIEW
Gross profit remained stable at £5.0 million, in spite of the impact of the loss of £250k from the direct to consumer business. Performance in the Managed Services business largely offset the anticipated declines in the premium rate business.
The segmental performance at gross profit level was as follows:
H1 2009 H1 2008
£'000 £'000
Enterprise 750 688
New Media 1,164 1,528
Managed Services 3,068 2,758
4,982 4,974
Overheads rose by 7% due largely to continuing investment into WIN's sales force. Consequently, underlying EBITDA* for the period decreased by 23% to £1.0m (H1 2008: £1.3m) and underlying profit before tax* decreased by 33% to £0.6m (H1 2008: £0.9m).
The Board estimates that the Company's rationalisation programme will reduce annualised costs by approximately £200,000. WIN's objective is to contain the overall level of overheads as the new investment in developing products and marketing is offset by further efficiency savings.
We have presented these results consistently with the format of prior years and the table below illustrates the analysis from reported profit before tax to underlying profit before tax.
Group Trading Summary
H1 2009 H1 2008
£'000 £'000
Revenue 19,675 19,449
Profit before tax 28 416
Share option costs 24 65
Amortisation of IFRS3 and other intangibles 330 404
Impairment 42 -
Non-recurring costs 171 -
Underlying profit before tax 595 885
Adjusted effective tax rate 20.4% 23.2%
Adjusted earnings per share 4.3p 6.7p
Reported profit before tax was £28k after charging £372k (2008: £404k) for acquired amortisation and impairment, £24k (2008: £65k) share-based payment charges and non-recurring charges relating to transaction costs and redundancies of £171k (2008: nil).
Underlying EPS* decreased by 36% to 4.3p (H1 2008: 6.7p). WIN has declared an interim dividend of 1p (2008: 1p) which will be payable on 23 October 2009 to shareholders on the register on 25 September 2009.
During the period the Company's cash position has been strong despite increasing the level of capital expenditure on NGMP. As at the 30 June 2009, the cash position was temporarily depressed by the late payment from certain operators at £933k (2008: £2,347k). On 1 July 2009, the cash position amounted to £1.8m and on 1 September 2009 was £2.4m.
The Company has yet to agree formally the consideration for the final earn-out payment in respect of the acquisition of Pocket Group with its former owners. It is possible that the resolution of this matter will take some time.
Outlook
In the first half of 2009 WIN made considerable progress in reducing costs, integrating previous acquisitions and stabilising gross profit.
The Company's strategy now is to consolidate its position by focusing sales on higher margin business, building upon its established reputation with leading mobile operators and some of the world's most prestigious corporations. WIN is pleased with the new business pipeline, particularly in its core Managed Services division and is on track to achieve expectations for the year.
Graham Rivers
Chief Executive Officer
WIN plc
Responsibility statement of the Directors in respect of the half-yearly financial report
We confirm that to the best of our knowledge:
* The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
* The interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transaction described in the last annual report that could do so.
By order of the Board
Graham Rivers CEO
Lance Moir CFO
14 September 2009
WIN plc
Condensed Consolidated Income Statement
for the six months ended 30 June 2009
Six months ended Six months ended
30 June 2009 30 June 2008
(unaudited) (unaudited)
Note £'000 £'000
Revenue 19,675 19,449
Cost of sales (14,693) (14,475)
Gross profit 4,982 4,974
Other administrative expenses (4,315) (3,911)
Amortisation (587) (622)
Charge in relation to share based payments (24) (65)
Impairment charges (42) -
Administrative expenses (4,968) (4,598)
Operating profit 14 376
Financial income 14 40
Profit before tax 28 416
Taxation (charge) / credit 9 (121) 276
(Loss) / profit for the period (93) 692
Earnings per share 11
- basic (0.9) p 6.9 p
- diluted (0.9) p 6.7 p
Loss for the period is attributable to the equity holders of the Company.
WIN plc
Condensed Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2009
Six months ended Six months ended
30 June 2009 30 June 2008
(unaudited) (unaudited)
£'000 £'000
(Loss) / profit for the period (93) 692
Other comprehensive income
Foreign currency translation differences for foreign (130) (5)
operations
Total comprehensive income for the period
attributable to equity holders of the Company (223) 687
WIN plc
Condensed Consolidated Statement of Changes in Equity
for the six months ended 30 June 2009
(unaudited) Share Shares to Share Capital redemption reserve Merger Translation reserve Retained earnings Total
capital be issued premium £'000 reserve £'000 £'000 £'000
£'000 £'000 £'000 £'000
Note
Balance at 1 January 2008 1,008 168 2,288 656 9,040 (83) (1,439) 11,638
Profit for the period - - - - - - 692 692
Foreign currency translation differences for foreign - - - - - (5) - (5)
operations
Total comprehensive income for the period - - - - - (5) 692 687
Share based payments - - - - - - 65 65
Dividends paid 10 - - - - - - (120) (120)
Balance at 30 June 2008 1,008 168 2,288 656 9,040 (88) (802) 12,270
Loss for the period - - - - - - (1,056) (1,056)
Foreign currency translation differences for foreign - - - - - 12 - 12
operations
Total comprehensive income for the period - - - - - 12 (1,056) (1,044)
Increase in fair value of available-for-sale - - - - - - 100 100
financial asset
Shares to be issued - (94) - - - - - (94)
Share based payments - - - - - - 27 27
Dividends paid - - - - - - (102) (102)
Balance at 31 December 2008 1,008 74 2,288 656 9,040 (76) (1,833) 11,157
Loss for the period - - - - - - (93) (93)
Foreign currency translation differences for foreign - - - - - (130) - (130)
operations
Total comprehensive income for the period - - - - - (130) (93) (223)
Shares issued 7 - 44 - - - - 51
Shares to be issued - (74) - - - - - (74)
Share based payments - - - - - - 24 24
Dividends paid 10 - - - - - - (102) (102)
Balance at 30 June 2009 1,015 - 2,332 656 9,040 (206) (2,004) 10,833
WIN plc
Condensed Consolidated Unaudited Statement of Financial Position
As at 30 June 2009
30 June 2009 31 December 2008
(unaudited) (a)
£'000 £'000
Note
Non-current assets
Property, plant and equipment 12 1,460 1,219
Goodwill 3,395 3,404
Acquired intangible assets 1,595 1,984
Development costs 1,345 1,087
Intangible assets 6,335 6,475
Other financial assets 200 200
Total non-current assets 7,995 7,894
Current assets
Trade and other receivables 12,532 9,102
Cash and cash equivalents 933 3,352
Tax receivables 80 61
Total current assets 13,545 12,515
Total assets 21,540 20,409
Current liabilities
Trade and other payables (9,988) (8,553)
Total current liabilities (9,988) (8,553)
Non-current liabilities
Deferred tax liability (672) (658)
Provisions (47) (41)
Total non-current liabilities (719) (699)
Total liabilities (10,707) (9,252)
Net assets 10,833 11,157
Equity
Share capital 1,015 1,008
Shares to be issued - 74
Share premium 2,332 2,288
Capital redemption reserve 656 656
Merger reserve 9,040 9,040
Translation reserve (206) (76)
Retained earnings (2,004) (1,833)
Total equity attributable to equity holders of the Company 10,833 11,157
(a) The year ended 31 December 2008 figures are extracted from the audited financial statements for the year ended 31 December 2008.
WIN plc
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 June 2009
Six months ended Six months ended
30 June 2009 30 June 2008
(unaudited) (unaudited)
Note £'000 £'000
Cash flow from operating activities
(Loss) / profit for the period (93) 692
Adjustments for:
Depreciation 197 285
Amortisation 587 622
Impairment charges 42 -
Foreign exchange rate movement 6 (35)
Financial income (14) (40)
Equity settled share based payment expenses 24 65
Taxation 121 (276)
Operating profit before changes in working 870 1,313
capital
Changes in trade and other receivables (3,557) (1,181)
Changes in trade and other payables 1,460 (667)
Changes in provisions and employee benefits 19 (19)
Cash utilised from operating activities (1,208) (554)
Tax (paid) / received (130) 57
Net cash from operating activities (1,338) (497)
Cash flows from investing activities
Interest received 14 40
Acquisition of subsidiaries net of cash acquired (51) (1,157)
Acquisition of property, plant and equipment (439) (123)
Capitalised development expenditure (454) (477)
Net cash from investing activities (930) (1,717)
Cash flows from financing activities
Dividends paid 10 (102) (120)
Net cash from financing activities (102) (120)
Net decrease in cash and cash equivalents (2,370) (2,334)
Cash and cash equivalents at 1 January 3,352 4,651
Effect of exchange rate fluctuations on cash held (49) 30
Cash and cash equivalents at 30 June 933 2,347
WIN plc
Notes to the Condensed Consolidated Unaudited Half Yearly Financial Statements
1. Reporting entity
WIN plc (the "Company") is a company domiciled in the UK. The condensed consolidated interim financial statements of the Company for the six months ended 30 June 2009 comprise the Company and its subsidiaries (together referred to as the "Group").
The consolidated financial statements of the Group as at and for the year ended 31 December 2008 are available upon request from the Company's registered office at 1 Cliveden Office Village, Lancaster Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3YZ or at www.winplc.com.
2. Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2008. The comparative figures for the financial year ended 31 December 2008 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 237(2) or 237(3) of the Companies Act 1985.
These condensed consolidated interim financial statements were approved by the Board of Directors on 14 September 2009.
3. Significant accounting policies
Except as described below, the accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2008.
Changes in accounting policies
In the current financial year the Group has adopted IAS 1 Presentation of Financial Statements (Revised) and IFRS 8 Operating Segments, which became effective as of 1 January 2009:
IAS 1 Presentation of Financial Statements (Revised) includes the requirement to present a Statement of Changes in Equity as a primary statement and introduces the possibility of either a single Statement of Comprehensive Income (combining the Income Statement and a Statement of Comprehensive Income) or to retain the Income Statement with a supplementary Statement of Comprehensive Income. The second option has been adopted by the Group. As this standard is concerned with presentation only it does not have any impact on the results or net assets of the Group.
IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker ("CODM"). By contrast IAS 14 Segmental Reporting required business and geographical segments to be identified on a risks and rewards approach. The business segmental reporting basis used by the Company in previous years are those which are reported to the CODM, so the changes to the segmental reporting for 2009 are in respect of the additional disclosure only.
4. Estimates
In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2008.
5. Segmental information
All revenue was derived from the Group's principal activity. The Group is organised in three distinct business divisions based on products and services, as adopted by the board and senior management of the Group in the year ended 31 December 2008. Accordingly the segmentation between Managed Services, New Media and Enterprise is based on the Group's management and internal reporting structure. The management only reviews turnover and gross profit in these segments. The majority of the operating costs and assets relate to the major platforms of the business which operate across all segments and so there is no meaningful allocation of these assets. Only direct costs such as sales costs can be directly attributed to the primary segments, but as these may be redeployed to meet business needs, no analysis below gross profit has been provided. For each of the strategic business units, the CODM reviews internal management reports on a monthly basis.
The operations in each of the Group's reportable segments are the same as explained in the audited accounts for the year ended 31 December 2008. There have been no changes to the basis of segmentation or the measurement basis for the segment profit or loss since 31 December 2008.
Revenue Gross Profit
Six months ended Six months ended Six months ended Six months ended
30 June 2009 30 June 2008 30 June 2009 30 June 2008
£'000 £'000 £'000 £'000
Enterprise 1,916 1,477 750 688
New Media 13,669 14,440 1,164 1,528
Managed Services 4,090 3,532 3,068 2,758
Total 19,675 19,449 4,982 4,974
Admin expenses (4,968) (4,598)
Operating profit 14 376
Financial income 14 40
Profit before tax 28 416
6. Statement of Principal Risks and Uncertainties
Pursuant to the requirements of the Disclosure and Transparency Rules, WIN provides the following information on its principal risks and uncertainties:
The ability to produce new products that satisfy the target markets
WIN operates in a market where new products and services are required. WIN is developing these in anticipation of market trends; these products may not entirely meet the markets' needs or competitors may develop alternative solutions. WIN develops new services for customers which may then be subject to consumer uptake by their customers, leading to uncertainty about the level of future revenue growth.
Competitive pressures
WIN operates in a number of market places subject to local and global competition. Competitive pressures in certain markets may lead to pricing pressure, and thus lower margins, or to new entrants in such markets. WIN seeks long term contracts, but competitive pressure may be evident at the time of renewal.
Factors outside WIN's control such as a downturn in the industry and increased regulation
Whilst WIN operates across a number of markets and thus has resilience in diversification, a downturn in the demand for services provided to mobile operators and general consumer demand in services provided to content owners could affect the level of future revenues.
WIN operates in markets subject to regulatory pressures, from both Ofcom and PPP in the UK. Increased regulation may impact the demand for WIN's services within the New Media segment as well as reducing general demand by end consumers for content based services. Regulation is already high in some markets, such as Germany and there may be increased regulation in other markets, such as Greece.
The departure of key personnel
WIN is a growing business and the loss of key technical or sale personnel may cause a temporary slowing of growth.
Financial risks
WIN is largely a UK based business, but has growing revenues denominated in Euro; a decline in the Euro may lead to a modest decline in sterling denominated profits. Credit risk is mostly with the major mobile operators, who are considered credit worthy. There are low credit risks to smaller businesses and these are controlled by withholding payments. Credit risks may occur if regulatory fines are levied on WIN which we are subsequently unable to recover from the non-compliant customer due to financial pressures. WIN attempts to contain these risks by withholding advance payments where such risks are seen.
Integration of acquired businesses
WIN has a strategy of acquiring businesses. Integration of these businesses may take longer than anticipated or may involve the loss of key personnel.
7. Directors' Remuneration
Six months ended Six months ended
30 June 2009 30 June 2008
(unaudited) (unaudited)
£'000 £'000
Directors' emoluments 211 241
Company contribution to 45 40
defined contribution
stakeholder pension scheme
256 281
8. Related Party Transactions
The Directors consider there to be no ultimate controlling party.
During the period there were payments to R W Joyce, a Director of the Company, totalling £11,000 (six months ended 30 June 2008: £6,000) for consultancy services.
Directors of the Company and their immediate relatives control 5% of the voting shares of the Company.
9. Taxation
Tax is charged at 20.4% for the six months ended 30 June 2009 (31 December 2008: 23.2%) representing the best estimate of the average annual effective tax rate expected for the full year, applied to the pre-tax income of the six month period.
10. Dividends
Six months ended Six months ended
30 June 2009 30 June 2008
£'000 £'000
Final dividend of 1 pence (2008: 1.2 102 120
pence) per ordinary share proposed
and paid during the year relating to
the previous year's results
102 120
11. Earnings per share
Six months Six months
ended ended
30 June 2009 30 June 2008
(Loss) / profit for the period £ (93,000) £692,000
Weighted average number of shares in 10,118,176 10,081,455
issue
Fully diluted weighted average number 10,145,676 10,273,673
of shares in issue
Basic earnings per share (0.9) p 6.9 p
Diluted earnings per share (0.9) p 6.7 p
Diluted earnings per share calculations reflect the dilutive effect of employee share option schemes.
12. Property, plant and equipment
During the period the Group incurred approximately £439,000 (30 June 2008: £123,000, 31 December 2008: £950,000) on additions to plant and equipment. It also wrote off property, plant and equipment of £nil (30 June 2008: £nil, 31 December 2008: £387,000).
A copy of this announcement is available from the Company's website at www.winplc.com.
ENDS
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