Part 2 : For preceding part double click [nRn1a5760P]
Capital expenditure 532 363 8 903 1,790 2,693
The segment assets and liabilities at 31 December 2007 and capital expenditure
for the year are as follows:
Professional Business Services£'000 Stock & Inventory Systems & Services£'000 Other£'000 Total continuing operations£'000 Discontinued operations£'000 Group£'000
Assets 10,614 6,877 8,812 26,303 9,777 36,080
Deferred tax assets 2,664
38,744
Liabilities 9,669 4,177 2,755 16,601 3,744 20,345
Current tax liabilities 700
Borrowings (excluding finance leases) 1,735
22,780
Capital expenditure 277 352 2 631 2,667 3,298
Segment assets consist primarily of property, plant and equipment, intangible
assets, inventories, receivables and operating cash. They exclude taxation.
Segment liabilities comprise operating liabilities. They exclude items such as
taxation and corporate borrowings.
Capital expenditure comprises additions to property, plant and equipment and
intangible assets.
b. Secondary reporting format - geographical segments
The Group manages its business segments on a global basis. The UK is the home
country of the parent. The Group's revenue is mainly in Europe. Revenue is
allocated based on the country in which the customer is located.
31 December 2008 31 December 2007
Continuing operations £'000 Discontinued operations £'000 Group£'000 Continuing operations £'000 Discontinued operations £'000 Group£'000
Revenue
Europe 62,508 9,691 72,199 75,825 11,273 87,098
Rest of the World 914 - 914 274 - 274
63,422 9,691 73,113 76,099 11,273 87,372
Total segment assets are allocated based on where the assets are located.
31 December 2008 31 December 2007
Continuing operations £'000 Discontinued operations £'000 Group£'000 Continuing operations £'000 Discontinued operations £'000 Group£'000
Total segment assets
Europe 14,837 - 14,837 26,212 9,777 35,989
Rest of the World 885 - 885 91 - 91
15,722 - 15,722 26,303 9,777 36,080
Capital expenditure is allocated based on where the assets are located.
31 December 2008 31 December 2007
Continuing operations £'000 Discontinued operations £'000 Group£'000 Continuing operations £'000 Discontinued operations £'000 Group£'000
Capital expenditure
Europe 903 1,790 2,693 630 2,667 3,297
Rest of World - - - 1 - 1
903 1,790 2,693 631 2,667 3,298
31 December 2008 31 December 2007
Continuing operations £'000 Discontinued operations £'000 Group£'000 Continuing operations £'000 Discontinued operations £'000 Group£'000
Analysis of revenue by category
Saleof goods 405 2,836 3,241 546 3,885 4,431
Revenue from services 63,017 6,855 69,872 75,553 7,388 82,941
63,422 9,691 73,113 76,099 11,273 87,372
4. EXCEPTIONAL ITEMS
During the year the Group incurred £1,964,000 (2007: £nil) of exceptional
reorganisation costs.
5. FINANCE (CREDIT)/COSTS
2008 2007
£'000 £'000
Interest payable on bank loans and overdrafts 127 146
Other interest payable 34 2
Interest payable on finance leases 1 1
Total finance costs 162 149
Bank interest receivable (178) (352)
Other interest receivable (49) (11)
Total finance income (227) (363)
Net finance credit - continuing operations (65) (214)
Discontinued operations interest payable 1 -
Net finance credit (64) (214)
6. TAXATION
2008 2007
£'000 £'000
Current tax
UK Corporation tax at 28% (2007: 30%) (981) 3,058
Foreign tax - 29
Adjustment in respect of prior periods - (15)
Total current tax (981) 3,072
Deferred tax
Origination and reversal of timing differences (192) (528)
Unutilised losses surrendered on disposal 807 -
Impact of change in UK tax rate - 145
Adjustment in respect of prior periods - (122)
Total deferred tax 615 (505)
Tax on (loss)/profit on ordinary activities (366) 2,567
The tax (credit)/charge is split between continuing and discontinued activities
as follows:
2008 2007
£'000 £'000
Continuing operations (1,173) 3,361
Discontinued operations 807 (794)
(366) 2,567
The (credit)/charge for the year is lower (2007: higher) than the standard rate
of corporation tax in the UK (28% (2007:30%)). The differences are explained
below:
Tax on (loss)/profit on ordinary activities
2008 2007
£'000 £'000
(Loss)/profit on ordinary activities before tax (13,929) 7,215
(Loss)/profit on ordinary activities at standard rate of (3,900)
UK corporation tax 2,165
of 28% (2007: 30%)
Effects of:
- tax losses not yet utilised 648 672
- expenses not deductible for tax purposes 2,605 228
- taxable deductions (393) (379)
- utilisation of tax losses and other deductions - (18)
- adjustment to tax charge in respect of previous periods - (137)
- fixed asset timing differences 6 (14)
- other timing differences 119 433
- rate differential on certain tax losses (66) -
- origination and reversal of timing differences (192) (528)
- unutilised losses surrendered on disposal 807 -
- impact of change in UK tax rate - 145
Total tax (credit)/charge (366) 2,567
7. DISCONTINUED OPERATIONS
The results of the discontinued operations are summarised below:
2008 2007
£'000 £'000
Profit on disposal of Retail Software business 2,135 -
Fair value adjustment of Retail Software business assets (8,328) -
Net loss on disposal of Retail Software business (6,193) -
Loss for the year after tax of the Retail Software business (3,794) (2,734)
Total loss of the Retail Software business (9,987) (2,734)
Loss for the year after tax of Christie Corporate Finance (176) (340)
(10,163) (3,074)
7A. RETAIL SOFTWARE BUSINESS
On 30 September 2008 the Group completed the disposal of its Retail Software
business for consideration of E4,000,000 cash, translating to £3,164,000 on
exchange. Associated costs of disposal were £1,367,000, with net liabilities on
disposal amounting to £338,000, resulting in a profit on disposal of £2,135,000
as set out below:
£'000
Consideration received 3,164
Costs (1,367)
Net liabilities at 30 September 2008 338
Profit on disposal 2,135
Prior to the completion of the disposal of the Software business an adjustment
to fair values was recognised of £8,328,000 as follows:
£'000
Intangible assets - Goodwill 3,085
Intangible assets - Other 4,566
Current tax assets 677
8,328
The results for the Retail Software business are presented below:
2008 2007
£'000 £'000
Revenue 9,671 11,014
Employee benefit expenses (7,692) (7,905)
1,979 3,109
Depreciation, amortisation and impairment (244) (1,540)
Other operating expenses (4,722) (5,097)
Operating loss (2,987) (3,528)
Taxation (807) 794
Loss for the period after tax (3,794) (2,734)
The net cash flows after tax of this discontinued operation are as follows:
2008 2007
£'000 £'000
Operating activities (332) 1,981
Investing activities (742) (2,668)
Net cash outflow (1,074) (687)
7B. CHRISTIE CORPORATE FINANCE
On 1 August 2008 Christie Corporate Finance was closed. This was previously
included in the Professional Business Services segment. From this date it has
been classified as a discontinued operation.
The results for Christie Corporate Finance are presented below:
2008 2007
£'000 £'000
Revenue 20 259
Employee benefit expenses (168) (377)
(148) (118)
Other operating expenses (27) (222)
Operating loss (175) (340)
Total finance costs (1) -
Loss for the period (176) (340)
8. DIVIDENDS
2008 2007
Group and Company £'000 £'000
Interim
2007 interim, paid October 2007 (1.50p) - 362
2008 interim, paid October 2008 (0.50p) 123 -
Final
2006 final, paid June 2007 (2.75p) - 668
2007 final, paid June 2008 (2.75p) 671 -
794 1,030
9. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary shares
in issue during the year, which excludes the shares held in the Employee Share
Ownership Plan (ESOP) trust.
31 December 2008 31 December 2007
£'000 £'000
(Loss)/profit from continuing operations attributable to (3,400) 7,722
equity holders of the Company
(10,163) (3,074)
Loss from discontinued operations attributable to equity
holders of the Company
(Loss)/profit from total operations attributable to (13,563) 4,648
equity holders of the Company
31 December 2008 31 December 2007
Thousands Thousands
Weighted average number of ordinary shares in issue 24,486 24,310
74 610
Adjustment for share options
Weighted average number of ordinary shares for diluted 24,560 24,920
earnings per share
31 December 2008 31 December 2007
Pence Pence
Basic earnings per share
Continuing operations (13.88) 31.76
(41.51) (12.64)
Discontinued operations
Total operations (55.39) 19.12
Fully diluted earnings per share
Continuing operations (13.88) 30.99
Discontinued operations (41.51) (12.34)
Total operations (55.39) 18.65
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Company has only one category of dilutive
potential ordinary shares: share options. The basic and diluted loss per share
is the same, as the exercise of share options would reduce the loss per share
and is, therefore, anti-dilutive.
The calculation is performed for the share options to determine the number of
shares that could have been acquired at fair value (determined as the average
annual market share price of the Company's shares) based on the monetary value
of the subscription rights attached to outstanding share options. The number of
shares calculated as above is compared with the number of shares that would have
been issued assuming the exercise of the share options.
10. NOTES TO THE CASH FLOW STATEMENT
Cash (used in)/generated from operations
2008 Group
£'000 2007
£'000
Continuing operations
(Loss)/profit for the year (3,400) 7,722
Adjustments for:
- Taxation (1,173) 3,361
- Finance credit (65) (214)
- Impairment of investments in subsidiaries - -
- Depreciation 890 1,010
- Amortisation of intangible assets 16 23
- Profit on sale of property, plant and equipment (28) -
- Loss on sale of intangible assets 13 -
- Foreign currency translation 279 236
- Increase in provision for other liabilities and charges 1,861 295
- Movement in available-for-sale financial asset 19 9
- Movement in share option charge 98 121
- Movement in retirement benefit obligation (1,069) (1,945)
- Increase in non-current other receivables - -
Changes in working capital (excluding the effects exchange differences on consolidation):
- Increase in inventories - (4)
- Decrease/(increase) in trade and other receivables 1,260 (3,064)
- (Decrease)/increase in trade and other payables (3,473) (1,573)
Cash (used in)/generated from continuing operations (4,772) 5,977
Discontinued operations
Loss for the year (10,163) (3,074)
Adjustments for:
- Taxation 807 (794)
- Finance cost 1 -
- Depreciation 211 207
- Amortisation and impairment of intangible assets 33 1,333
- Losson sale of property, plant and equipment - 10
- Fair value adjustment of Retail Software business assets 8,328 -
- Profit on sale of Retail Software business (2,135) -
- Foreign currency translation (529) (24)
- Movement in retirement benefit obligation - (11)
Changes in working capital (excluding the effects exchange differences on consolidation):
- Increase in inventories (145) (68)
- (Increase)/decrease in trade and other receivables (837) 4,094
- Increase in trade and other payables 3,947 302
Cash (used in)/generated from discontinued operations (482) 1,975
Cash (used in)/generated from operations (5,254) 7,952
11. RECONCILIATION OF MOVEMENT IN NET FUNDS
Cash flow As at
£'000 31 December
As at 2008
1 January Non-cash movement £'000 £'000
2008
£'000
Cash in hand and at bank 10,593 (8,674) 409 2,328
Invoice discounting - (700) - (700)
Debt due after one year (1,275) 1,275 - -
Debt due within one year (460) 460 - -
Finance leases due within one year (8) 2 - (6)
8,850 (7,637) 409 1,622
Financial information
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2008 or 2007, but is derived
from those accounts. Statutory accounts for 2007 have been delivered to the
Registrar of Companies and those for 2008 will be delivered following the
Company's Annual General Meeting. The auditors have reported on those accounts;
their reports were unqualified, did not draw attention to any matters by way of
emphasis and did not contain statements under either Section 237(2) or (3) of
the Companies Act 1985.
Key dates
The Annual Report and Financial Statements are scheduled to be posted to
shareholders in early May. The Annual General Meeting of the Company is
scheduled to take place at 10am on Wednesday 17 June 2008 at 39 Victoria Street,
London, SW1H 0EU.
Group Companies
Professional Business Services
Christie + Co
Christie + Co is the leading specialist firm providing business intelligence in
the hospitality, leisure, retail and care sectors. With offices across the UK,
it focuses on agency, valuation services, investment and consultancy activity in
its key sectors. Internationally, it operates from offices in the UK, Finland,
France, Germany and Spain.
www.christie.comwww.christiecorporate.com
Christie Finance
Christie Finance has over 30 years' experience in financing businesses in the
hospitality, leisure, care and retail sectors. Its excellent relationships with
the clearing banks, centralised lenders, finance houses and building societies
make it the market leader in providing finance solutions for purchase or
re-financing in its specialist sectors.
www.christiefinance.com
Christie Insurance
With over 30 years' experience arranging business insurance in the hospitality,
leisure, care and retail sectors, Christie Insurance is a leading company in its
markets. Its excellent contacts with the UK's leading insurers enable it to
provide a premier service including tailored insurance schemes.
www.christieinsurance.com
Stock & Inventory Systems & Services
Orridge
Europe's longest established stocktaking business specialising in all fields of
retail stocktaking including high street, warehousing and factory. It also has a
specialised pharmacy division providing valuation and stocktaking services. A
full range of stocktaking and inventory management solutions is provided for a
wide range of clients in the UK and Europe.
www.orridge.co.uk
Venners
The leading supplier of stocktaking, inventory, control audit and related stock
management services to the hospitality sector. Bespoke software and systems
enable real time management reporting to its customer base using the most
up-to-date technology.
www.venners.com
Vennersys
Vennersys provides software and systems to the leisure and hospitality sectors.
It operates in the UK and North America and includes cinemas and visitor
attractions among its clients.
www.vennersys.com
This information is provided by RNS
The company news service from the London Stock Exchange
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FR UNOBRKOROUAR
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