REG - Elecosoft PLC - Interim Results <Origin Href="QuoteRef">ELCO.L</Origin> - Part 2
17/09/2015 07:00
- Part 2: For the preceding part double click ID:nRSQ3056Za
Year ended
six months to 30 June 31 December
2015 2014 2014
£'000 £'000 £'000
Finance income
Bank and other interest receivable - 2 3
Finance costs
Bank overdraft and loan interest (60) (134) (209)
Finance leases and hire purchase contracts (7) (8) (15)
Total net finance cost (67) (140) (221)
8. Earnings per share
The calculations of the basic and diluted earnings per share are based on
profit after tax attributable to the ordinary equity shareholders of the
Company and the weighted average number of basic and diluted shares in issue
for the reporting period.
Year ended
six months to 30 June 31 December
2015 2014 2014
Continuing operations £415,000 £326,000 £511,000
Discontinued operations before exceptionals £0 £(117,000) £(634,000)
Discontinued operations exceptionals £0 £6,190,000 £6,190,000
Discontinued operations £0 £6,073,000 £5,556,000
Total operations profit after taxation £415,000 £6,399,000 £6,067,000
Basic weighted average number of shares 73,970,534 59,812,119 66,610,703
Dilutive effect of share options 675,000 - -
Diluted weighted average number of shares 74,645,534 59,812,119 66,610,703
Earnings/(loss) per share - basic
Continuing operations 0.6 p 0.5 p 0.8 p
Discontinued operations before exceptionals - p (0.2) p (1.0) p
Discontinued operations exceptionals - p 10.4 p 9.3 p
Discontinued operations - p 10.2 p 8.3 p
Total operations 0.6 p 10.7 p 9.1 p
Earnings/(loss) per share - diluted
Continuing operations 0.6 p 0.5 p 0.8 p
Discontinued operations before exceptionals - p (0.2) p (1.0) p
Discontinued operations exceptionals - p 10.4 p 9.3 p
Discontinued operations - p 10.2 p 8.3 p
Total operations 0.6 p 10.7 p 9.1 p
Shares held by the Employee Share Ownership Trust are excluded from the
weighted average number of shares in the period.
9. Goodwill and other intangible assets
The decrease in goodwill since 31 December 2014 of £57,000 relates to exchange
losses on the revaluation of goodwill denominated in foreign currencies. Other
intangible assets comprise capitalised development costs, acquired customer
relationships and purchased intangible assets.
10. Borrowings
The bank loans and overdrafts are repayable as follows:
at 30 June at 30 June at 31 December
2015 2014 2014
£'000 £'000 £'000
In one year or less 1,105 4,454 750
Between one and two years 750 - 750
Between two and five years 938 - 1,313
More than five years - - -
2,793 4,454 2,813
11. Accruals and deferred income
at 30 June at 30 June at 31 December
2015 2014 2014
£'000 £'000 £'000
Accruals 1,497 1,813 1,743
Deferred income 3,528 3,344 3,446
5,025 5,157 5,189
Deferred income represents income from software maintenance and support
contracts and is taken to revenue in the income statement on a straight line
basis in line with the service and obligations over the term of the contract.
12. Related Party Disclosures
Transactions between Group undertakings, which are related parties, have been
eliminated on consolidation and are not disclosed in this note.
The Directors of the Company had no material transactions with the Company
during the six months to 30 June 2015, other than a result of service
agreements. An amount of £18,000 (2014: £18,000) was paid to JHB Ketteley &Co
Limited under a lease for occupation by the Group of 66 Clifton Street,
London, EC2A 4HB and £3,000 (2014: £3,000) for a contribution to the office
costs at Burnham-on-Crouch. An amount of £20,000 was paid to The Boardroom
Partnership for recruitment services during the period of which J Cohen
(resigned 8 June 2015) is a Director.
13. Post Balance Sheet Events
On 1 July 2015 the High Court issued an order confirming the capital reduction
of Elecosoft plc. As a consequence of the Capital Reduction, the Company's
share premium account and share capital reduction shares issued pursuant to
the capitalisation of the Company's merger reserve and share based payment
reserve have been cancelled, and the nominal share capital of each Ordinary
Share has reduced from 10 pence to 1 pence each. Application has been made for
the new Ordinary Shares of 1 pence each to be admitted to AIM and admission of
the 74,867,127 new Ordinary Shares was effective on 2 July 2015.
This information is provided by RNS
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