- Part 2: For the preceeding part double click ID
credit
(1,792)
(366)
7. DISCONTINUED OPERATIONS
The results of the discontinued operations are summarised below:
2008 £'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 period after tax of the Retail Software business (3,794)
Total loss of the Retail Software business (9,987)
Loss for the period after tax of Christie Corporate Finance (176)
(10,163)
Loss for the period after tax of Christie Corporate Finance
(176)
(10,163)
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:
2008 £'000
Consideration received 3,164
Costs (1,367)
Net liabilities at 30 September 2008 338
Profit on disposal 2,135
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:
2008 £'000
Intangible assets - Goodwill 3,085
Intangible assets - Other 4,566
Current tax assets 677
8,328
677
8,328
The results for the Retail Software business are presented below:
2008 £'000
Revenue 9,671
Employee benefit expenses (7,692)
1,979
Depreciation, amortisation and impairment (244)
Other operating expenses (4,722)
Operating loss (2,987)
Taxation (807)
Loss for the period after tax (3,794)
Taxation
(807)
Loss for the period after tax
(3,794)
The net cash flows after tax of this discontinued operation are as follows:
2008 £'000
Operating activities (332)
Investing activities (742)
Net cash outflow (1,074)
Net cash outflow
(1,074)
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 £'000
Revenue 20
Employee benefit expenses (168)
(148)
Other operating expenses (27)
Operating loss (175)
Total finance costs (1)
Loss for the period (176)
Total finance costs
(1)
Loss for the period
(176)
8. DIVIDENDS
Group and Company 2009 £'000 2008 £'000
Interim
2008 interim, paid October 2008 (0.50p) - 123
Final
2007 final, paid June 2008 (2.75p) - 671
- 794
2007 final, paid June 2008 (2.75p)
-
671
-
794
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 31
December 2008 £'000
December
2009 £'000
Loss from continuing operations attributable to equity holders of the Company (2,053) -
(3,400) (10,163)
Loss from discontinued operations attributable to equity holders of the Company
Loss from total operations attributable to equity holders of the Company (2,053)
(13,563)
31 31
December 2008 Thousands
December
2009 Thousands
Weighted average number of ordinary shares in issue 24,722 1
24,486 74
Adjustment for share options
Weighted average number of ordinary shares for diluted earnings per share 24,723
24,560
31
December
2009
Thousands
31 December 2008
Thousands
Weighted average number of ordinary shares in issue
24,722
1
24,486
74
Adjustment for share options
Weighted average number of ordinary shares for diluted earnings per share
24,723
24,560
31 December 2009 Pence 31 December 2008 Pence
Basic earnings per share
Continuing operations (8.30) - (13.88) (41.51)
Discontinued operations
Total operations (8.30) (55.39)
Fully diluted earnings per share
Continuing operations (8.30) (13.88)
Discontinued operations - (41.51)
Total operations (8.30) (55.39)
Continuing operations
(8.30)
(13.88)
Discontinued operations
-
(41.51)
Total operations
(8.30)
(55.39)
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 operations
Group Company
2009 2008
2009 2008
£'000 £'000
£'000 £'000
Continuing operations
(Loss)/profit for the year (1,949)
(3,400) 392 (8,163)
Adjustments for:
- Taxation
(1,752) (1,173) (779) (189)
- Finance costs/(credit)
47 (65) (176) (7,626)
- Impairment of investments in
subsidiaries - - 13 3,313
- Depreciation
641 890 - -
- Amortisation of intangible
assets 66 16 - -
- Loss/(profit) on sale of
property, plant and equipment 5 (28) - -
- Loss on sale of intangible
assets - 13 - -
- Foreign currency translation
30 279 - (352)
- Increase in provision for
other liabilities and charges 321 1,861 - -
- Movement in
available-for-sale financial asset (141) 19 (141) 19
- Movement in share option
charge 92 98 1 1
- Movement in retirement
benefit obligation 225 (1,069) 9 (77)
- Increase in non-current
other receivables (84) - - -
Changes in working capital (excluding the effects exchange differences on consolidation):
- Increase in inventories
(1) - - -
- Decrease/(increase) in trade
and other receivables 982 1,260 (2,933) 1,021
- (Decrease)/increase in trade
and other payables (658) (3,473) (667) 1,769
Cash used in continuing operations (2,176)
(4,772) (4,281) (10,284)
Discontinued operations
Loss for the year -
(10,163) - -
Adjustments for:
- Taxation
- 807 - -
- Finance costs
- 1 - -
- Depreciation
- 211 - -
- Amortisation and impairment
of intangible assets - 33 - -
- Fair value adjustment of
Retail Software business assets - 8,328 - -
- Profit on sale of Retail
Software business - (2,135) - -
- Foreign currency translation
- (529) - -
Changes in working capital (excluding the effects exchange differences on consolidation):
- Increase in inventories
- (145) - -
- Increase in trade and other
receivables - (837) - -
- Increase in trade and other
payables - 3,947 - -
Cash used in discontinued operations -
(482) - -
Cash used in operations (2,176)
(5,254) (4,281) (10,284)
-
-
Depreciation
-
211
-
-
-
Amortisation and impairment of intangible assets
-
33
-
-
-
Fair value adjustment of Retail Software business assets
-
8,328
-
-
-
Profit on sale of Retail Software business
-
(2,135)
-
-
-
Foreign currency translation
-
(529)
-
-
Changes in working capital (excluding the effects exchange differences on consolidation):
-
Increase in inventories
-
(145)
-
-
-
Increase in trade and other receivables
-
(837)
-
-
-
Increase in trade and other payables
-
3,947
-
-
Cash used in discontinued operations
-
(482)
-
-
Cash used in operations
(2,176)
(5,254)
(4,281)
(10,284)
11. RECONCILIATION OF MOVEMENT IN NET FUNDS
As at 1 January 2009 £'000 Cash flow £'000 As at 31
December 2009 £'000
Cash and cash equivalents 2,328 1,208 3,536
Bank overdrafts - (1,813) (1,813)
Invoice discounting (700) (181) (881)
Finance leases due within one year (6) 6 -
1,622 (780) 842
(181)
(881)
Finance leases due within one year
(6)
6
-
1,622
(780)
842
Financial information
The financial information set out above does not constitute the Company's statutory accounts for the years ended 31
December 2009 or 2008, but is derived from those accounts. Statutory accounts for 2008 have been delivered to the
Registrar
of Companies and those for 2009 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 498(2) or (3) of the Companies Act 2006.
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 16 June 2010 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.com
www.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
Pinders
Pinders is the UK's leading specialist business appraisal, valuation and consultancy company, providing professional
services to the licensed leisure, retail and care sectors, and also the commercial and corporate business sectors. Its
Building Consultancy Division offers a full range of project management, building monitoring and building surveying
services.
www.pinders.co.uk
www.pinderpack.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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