TIDMATL
RNS Number : 4376Z
Atlantic Global PLC
22 September 2009
?
+------------------------------------+--------------------------------------+
| Press Release | 22 September 2009 |
+------------------------------------+--------------------------------------+
Atlantic Global Plc
("Atlantic Global" or "the Group")
Interim Results
Atlantic Global Plc (AIM: ATL), the specialist provider of Project Portfolio
Management ("PPM") software applications, today announces its Interim Results
for the six months to 30 June 2009.
Financial and Operational Summary
+---+------------------------------------------------------------------------+
|- | Turnover of GBP647,000 (2008: GBP1,120,000) |
+---+------------------------------------------------------------------------+
|- | Losses before taxation of GBP148,000 (2008: profit before taxation of |
| | GBP201,000) |
+---+------------------------------------------------------------------------+
|- | Cash balance increase of GBP106,000 since the Group's financial year |
| | end of December 2008 to GBP2,265,000 (H12008: GBP2,046,000) |
+---+------------------------------------------------------------------------+
|- | Losses per share were 0.53p for the six-month period (2008 earning per |
| | share: 0.66p) |
+---+------------------------------------------------------------------------+
|- | Continued investment in research and development of GBP202,000 (2008: |
| | GBP210,000) |
+---+------------------------------------------------------------------------+
|- | New OnDemand customers include ADP, GlaxoSmithKline and Man |
| | Investments with further orders from existing customers, including |
| | AIRCOM International, TRL Technology and GroupM |
+---+------------------------------------------------------------------------+
Adrian Bradshaw, Chairman of Atlantic Global commented:
"The first six months of 2009 represent a period in which Atlantic Global's
sales and marketing efforts were divided between our new OnDemand product and
the traditional license sales model. In addition, overall economic conditions
and the consequent reductions in customers' IT spending has impacted our half
year results.
"The introduction of the OnDemand product, together with its evolution, is
considered by the Directors to be the key to Atlantic Global's future
profitability. In particular, the enhancement of the product into areas other
than PPM will enable the core product to have wider applications in relation to
our customer's requirements.
"The Group expects an improvement during the second half of the year based on
the sales pipeline and ongoing discussions with existing and potential new
customers."
For further information please contact:
+-------------------------------------------+----------------------------+
| Atlantic Global Plc | |
+-------------------------------------------+----------------------------+
| Eugene Blaine, Managing Director | Tel: +44 (0) 1274 863 300 |
| Rupert Hutton, Finance Director | |
+-------------------------------------------+----------------------------+
| eugene.blaine@atlantic-global.com | www.atlantic-global.co.uk |
| rupert.hutton@atlantic-global.com | |
+-------------------------------------------+----------------------------+
+-------------------------------------------+----------------------------+
| Daniel Stewart & Company plc | |
+-------------------------------------------+----------------------------+
| Graham Webster / Christopher Theis | Tel: +44 (0) 207 776 6550 |
+-------------------------------------------+----------------------------+
Media enquiries:
+-------------------------------------------+----------------------------+
| Abchurch Communications | |
+-------------------------------------------+----------------------------+
| Sarah Hollins / Nick Probert | Tel: +44 (0) 20 7398 7715 |
+-------------------------------------------+----------------------------+
| nick.probert@abchurch-group.com | www.abchurch-group.com |
+-------------------------------------------+----------------------------+
Chairman's Interim Statement
Introduction
The first six months of 2009 represent a period in which Atlantic Global's sales
and marketing efforts were split between our new OnDemand product and the
traditional license sales model. The Board reports, on account of this change in
the Group's business model, that revenue was lower in the first half of 2009
despite the Group's continued introduction of the OnDemand product to both
existing and new customers. In addition, overall economic conditions and the
consequent reductions in customers' IT spending has impacted our half year
results.
Revenue was lower than in the comparative period and, as already disclosed in
our trading statement dated 24 July 2009, the Group produced a loss before
taxation.
Financial Review
Atlantic Global's losses before taxation for the six months to 30 June 2009 were
GBP148,000, compared to a profit before taxation of GBP201,000 in the first six
months of 2008. Revenue was significantly down to GBP647,000 compared to
GBP1,120,000 in the same period of 2008.
Profit has been stated after sales and marketing expenditure of GBP335,000 for
the period (2008: GBP443,000). The cost savings and redeployment of resources
that the Group has continued to make during 2009 are in preparation for
significant delivery of the OnDemand business model, which has started. Demand
for Atlantic Global's consultancy services have reduced due to a decrease in
customers' requirements when buying our products as a service and delivery of
the products as Software as a Service (SaaS).
In the first half of the year, the Group has continued to maintain its
investment in research and development with costs of GBP202,000 (2008:
GBP210,000) which ensured the successful delivery of the new OnDemand suite of
products. The Group expects these products to contribute more to revenues during
the second half of 2009.
Losses per share were 0.53p for the six-month period (2008 earning per share:
0.66p).
As at 30 June 2009, the Group had cash balances of GBP2,265,000 (2008:
GBP2,046,000). Cash balances have increased by GBP106,000 since the Group's
financial year end of December 2008.
Operating Review
During the first half of 2009, Atlantic Global launched its new OnDemand
product. This launch represents a major technical achievement and we expect this
will transform the Group's commercial services and sales and marketing model
going forward.
The Group is pleased to report that ADP, Building Services Design, Cordis Bright
Ltd, CRU Strategies Ltd, EMS Group, Enzygo Ltd, Geotechnical Instruments (UK)
Ltd, GlaxoSmithKline PLC, Man Investments, MavenWire (Europe) Ltd, Plain
Healthcare, Red Embedded Consulting, SeaRoc and VILT Portugal SA have all become
new OnDemand customers. Orders received for additional products from existing
customers include TRL Technology, GlaxoSmithKline Biologicals, AIRCOM
International Limited and GroupM Media Edge. Strategic customers have also
renewed their support service contracts.
The Group has invested significant time and effort on developing and delivering
a cost effective OnDemand Service which include the following major improvements
to both the software and our processes:
+---------------+-----------------------------------------------------------+
| Multi-Tenancy | OnDemand customers use the same website to access their |
| | own implementations, resulting in a more cost effective |
| | use of our OnDemand infrastructure |
+---------------+-----------------------------------------------------------+
| Automated | A simple yet powerful function that allows customers to |
| Data Load | load their own data, meaning that our software is now |
| | truly "self service" |
+---------------+-----------------------------------------------------------+
| Integrated | Training videos and tutorials to support customer use of |
| Training | all key screens in the product, reducing support calls |
| | and ensuring efficient use of the software functionality |
+---------------+-----------------------------------------------------------+
| Further | Over 140 enhancements to make the product easier to use |
| Enhancements | were released in July 2009 |
+---------------+-----------------------------------------------------------+
| OnDemand | Allows Atlantic Global to monitor the levels of activity |
| Analytics | on each implementation, an important evaluation measure |
| | when customers are on trial |
+---------------+-----------------------------------------------------------+
These changes will improve both the speed and ease of adoption of our products
for customers whilst significantly reducing the administration and support
overheads and cost of sales for the Group. It is now possible to offer
attractive promotions to new customers at a relatively low cost to Atlantic
Global. The Group continues to refine the product and the supporting services to
ensure that customers find the service easy to evaluate and adopt.
Atlantic Global is currently working with its customers to extend the product in
two key areas, client billing and financial and resource forecasting in the next
six months, so that it provides improved support for the financial management
functions within those organisations.
Client Billing
The offering is being extended to incorporate a powerful Client Billing &
Contract Management Solution. This will manage client engagement contracts, the
addition and maintenance of purchase orders, invoice creation and will be fully
integrated into the existing time and expense and planning modules. Lastly, it
will manage the contract "Book of Work" which is the outstanding work to be
completed, allowing financial forecasting and risk management to take place. The
product is expected to be released in October 2009.
Financial & Resource Forecasting
Financial & Resource Forecasting is an extension to the current Portfolio
Project Management Solution (PPM) which is used to manage project and programme
budgets. There is an increasing need in all organisations to improve financial
forecasting and resource capability management, which is particularly
challenging in large IT departments where:
+----+-----------------------------------------------------------------------+
| - | Cost centres in the central Finance Systems are setup at a senior |
| | management level. These systems do not provide the detailed |
| | flexibility and support required to manage hundreds of people across |
| | hundreds of Projects. |
+----+-----------------------------------------------------------------------+
| - | The Finance Systems do not provide the ability to model the skills |
| | and shape of the teams which are constantly changing in response to |
| | the demands from the rest of the business, changes in technology, |
| | changes to outsourcing and partnering strategies or when the |
| | organisation is engaged in Merger and Acquisition activities. |
+----+-----------------------------------------------------------------------+
Identifying a senior sponsor or buyer is a recurring issue in the sales cycle
when selling our Project Portfolio Management (PPM) solution. These two
initiatives, client billing and Financial and Resource Forecasting, are designed
to change the focus of our product offering so that it will integrate with any
Central Finance System thereby making PPM a key component. The target audience
for this solution are Chief Executives, Finance Directors, Operations Directors
or IT Directors who wish to improve their financial forecasts and the financial
performance of their organisations. This functionality is scheduled for release
in November 2009.
Current Trading
Trading in the third quarter of 2009 remains challenging given the ongoing
economic recession and the factors outlined above. However, the Group expects an
improvement during the second half of the year based on the sales pipeline and
ongoing discussions with existing and potential new customers.
Dividend
The Directors do not intend to propose an interim dividend for this half year.
Outlook
The introduction of the OnDemand product, together with its evolution, is
considered by the Directors to be the key to Atlantic Global's future
profitability. In particular, the enhancement of the product into areas other
than PPM will enable the core product to have wider applications in relation to
our customer's requirements.
On behalf of the Board, I would like to thank the staff who have demonstrated a
significant commitment to the Group during the development and introduction of
the OnDemand product.
Adrian Bradshaw
Chairman
22 September 2009
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2009
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | |notes | | Unaudited | | Unaudited | | Audited |
| | | | | Six | | Six | | Year |
| | | | | months to | | months to | | ended |
| | | | | 30 June | | 30 June | | 31 December |
| | | | | 2009 | | 2008 | | 2008 |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | GBP 000 | | GBP 000 | | GBP 000 |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| Revenue | | | | 647 | | 1,120 | | 2,176 |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| Cost of sales | | | | (505) | | (621) | | (1,186) |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| Gross profit | | | | 142 | | 499 | | 990 |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| Administration and other | | | | (299) | | (336) | | (686) |
| operating expenses | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| Operating (loss) / profit | | | | (157) | | 163 | | 304 |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| Finance income | | | | 9 | | 38 | | 97 |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| (Loss)/profit before tax | | | | (148) | | 201 | | 401 |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| Income tax | | 2 | | 28 | | (50) | | (81) |
| credit/(expense) | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| Profit and total | | | | (120) | | 151 | | 320 |
| comprehensive income for | | | | | | | | |
| the period attributable | | | | | | | | |
| to owners of the parent | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| (Loss) / Earnings per | | | | | | | | |
| share | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| Basic & diluted (pence) | | 3 | | (0.53)p | | 0.66p | | 1.40p |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
| | | | | | | | | |
+---------------------------+-+-------+-+------------+---+------------+--+-------------+
Consolidated Balance Sheet
as at 30 June 2009
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | Unaudited | | Unaudited | | Audited |
| | | | As at | | As at | | As at |
| | | | 30 June | | 30 June | | 31 December |
| | | | 2009 | | 2008 | | 2008 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | GBP 000 | | GBP 000 | | GBP 000 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Assets | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Non-current assets | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Intangible assets | | | 2,792 | | 2,792 | | 2,792 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Property, plant and equipment | | | 17 | | 15 | | 15 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Deferred tax asset | | | 9 | | 62 | | 9 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Total non-current assets | | | 2,818 | | 2,869 | | 2,816 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Current assets | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Trade and other receivables | | | 401 | | 918 | | 936 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Cash and cash equivalents | | | 2,265 | | 2,046 | | 2,159 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | 2,666 | | 2,964 | | 3,095 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Total assets | | | 5,484 | | 5,833 | | 5,911 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Equity and liabilities | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Liabilities | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Current liabilities | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Trade and other payables | | | 517 | | 650 | | 681 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Income tax payable | | | - | | 74 | | 28 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Total liabilities | | | 517 | | 724 | | 709 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Equity attributable to owners | | | | | | | |
| of the parent | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Share capital | | | 1,133 | | 1,145 | | 1,139 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Share premium account | | | 1,578 | | 1,578 | | 1,578 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Merger reserve | | | 2,538 | | 2,538 | | 2,538 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Retained earnings | | | (294) | | (152) | | (59) |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Capital redemption reserve | | | 12 | | - | | 6 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Total equity | | | 4,967 | | 5,109 | | 5,202 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| Total equity and liabilities | | | 5,484 | | 5,833 | | 5,911 |
+--------------------------------+---+---+------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------+---+---+------------+--+------------+--+-------------+
Summarised Consolidated Cash Flow Statement
for the 6 months ended 30 June 2009
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | Unaudited | | Unaudited | | Audited |
| | | | Six months | | Six months | | Year ended |
| | | | to 30 June | | to 30 June | | 31 December |
| | | | 2009 | | 2008 | | 2008 |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | GBP000 | | GBP000 | | GBP000 |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Cash flows from operating | | | | | | | |
| activities | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| (Loss) | | | (120) | | 151 | | 320 |
| / | | | | | | | |
| profit | | | | | | | |
| after | | | | | | | |
| tax | | | | | | | |
| for | | | | | | | |
| the | | | | | | | |
| period | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Adjustments for | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Interest | | | (9) | | (38) | | (97) |
| income | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Income | | | (28) | | 50 | | 81 |
| tax | | | | | | | |
| (credit) | | | | | | | |
| /expense | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Depreciation | | | 5 | | 6 | | 14 |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Operating (loss)/ profit | | | (152) | | 169 | | 318 |
| before changes in working | | | | | | | |
| capital and provisions | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Change | | | 535 | | 449 | | 431 |
| in | | | | | | | |
| trade | | | | | | | |
| and | | | | | | | |
| other | | | | | | | |
| receivables | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Change | | | (164) | | (118) | | (86) |
| in | | | | | | | |
| trade | | | | | | | |
| and | | | | | | | |
| other | | | | | | | |
| payables | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Income | | | - | | - | | 8 |
| tax | | | | | | | |
| received | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Cash generated from operations | | | 219 | | 500 | | 671 |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Income tax paid | | | - | | 33 | | - |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Net cash from operating | | | 219 | | 533 | | 671 |
| activities | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Cash flows from investing | | | | | | | |
| activities | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Net | | | 9 | | 38 | | 97 |
| interest | | | | | | | |
| received | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Acquisition | | | (7) | | (2) | | (10) |
| of plant | | | | | | | |
| and | | | | | | | |
| equipment | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Net cash from investing | | | 2 | | 36 | | 87 |
| activities | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Cash flows from financing | | | | | | | |
| activities | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Purchase | | | (24) | | - | | (20) |
| of own | | | | | | | |
| shares | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Dividends | | | (91) | | (69) | | (125) |
| paid | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Net cash used in financing | | | (115) | | (69) | | (145) |
| activities | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Net increase in cash and cash | | | 106 | | 500 | | 613 |
| equivalents | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Cash and cash equivalents at | | | 2,159 | | 1,546 | | 1,546 |
| the beginning of the period | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| Cash and cash equivalents at | | | 2,265 | | 2,046 | | 2,159 |
| the end of the period | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
| | | | | | | | |
+--------------------------------------------------+--+--+-------------+--+------------+--+-------------+
Statement of changes in equity
for the 6 months ended 30 June 2009
+--------------------------+----------+------------+----------+------------+------------+
| 6 months ended 30 June | Share | Share | Merger | Profit | Capital |
| 2008 | Capital | premium | reserve | and loss | redemption |
| | | account | | account | reserve |
+--------------------------+----------+------------+----------+------------+------------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Balance brought forward | 1,145 | 1,578 | 2,538 | (234) | - |
| at 1 January 2008 | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Dividends Paid | - | - | - | (69) | - |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Transactions with owners | - | - | - | (69) | - |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Profit and total | - | - | - | 151 | - |
| comprehensive income for | | | | | |
| the period | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Balance at 30 June 2008 | 1,145 | 1,578 | 2,538 | (152) | - |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| 12 months ended 31 | Share | Share | Merger | Profit | Capital |
| December 2008 | Capital | premium | reserve | and loss | redemption |
| | | account | | account | reserve |
+--------------------------+----------+------------+----------+------------+------------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Balance brought forward | 1,145 | 1,578 | 2,538 | (234) | - |
| at 1 January 2008 | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Dividends Paid | - | - | - | (125) | - |
+--------------------------+----------+------------+----------+------------+------------+
| Share buy back | (6) | - | - | (20) | 6 |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Transactions with owners | (6) | - | - | (145) | 6 |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Profit and total | - | - | - | 320 | - |
| comprehensive income for | | | | | |
| the period | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| Balance at 31 December | 1,139 | 1,578 | 2,538 | (59) | 6 |
| 2008 | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
| | | | | | |
+--------------------------+----------+------------+----------+------------+------------+
+--------------------------+-----------+-----------+-----------+-----------+------------+
| 6 months ended 30 June | Share | Share | Merger | Profit | Capital |
| 2009 | Capital | premium | reserve | and loss | redemption |
| | | account | | account | reserve |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| | | | | | |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| Balance brought forward | 1,139 | 1,578 | 2,538 | (59) | 6 |
| at 1 January 2009 | | | | | |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| Dividends Paid | - | - | - | (91) | - |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| Share buy back | (6) | - | - | (24) | 6 |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| | | | | | |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| Transactions with owners | (6) | - | - | (115) | 6 |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| | | | | | |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| Loss and total | - | - | - | (120) | - |
| comprehensive income for | | | | | |
| the period | | | | | |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| | | | | | |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| Balance at 30 June 2009 | 1,133 | 1,578 | 2,538 | (294) | 12 |
+--------------------------+-----------+-----------+-----------+-----------+------------+
| | | | | | |
+--------------------------+-----------+-----------+-----------+-----------+------------+
Notes to the interim report
Basis of preparation
1. The interim financial information has been prepared on the basis of the
recognition and measurement requirements of adopted IFRSs as at 30 June 2009
that are effective (or available for early adoption) at 31 December 2009. Based
on these adopted IFRSs, the Directors have applied the accounting policies,
which they expect to apply when the annual IFRS financial statements are
prepared for the year ending 31 December 2009.
The group has chosen not to adopt IAS 34 (Interim Financial Statements) in
preparing these interim financial statements and therefore the interim financial
information is not in full compliance with International Financial Reporting
Standards.
The financial information set out in this interim report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
figures for the year ended 31 December 2008 have been extracted from the
statutory financial statements which have been filed with the Registrar of
Companies. The auditor's report on those financial statements was unqualified
and did not contain a statement under Section 237(2) of the Companies Act 1985
The presentation of these interim financial statements has been changed to that
required by the revised IAS 1 'Presentation of Financial Statements'. This has
resulted in the inclusion of a Consolidated Statement of Comprehensive Income
and changes to the formatting of the Consolidated Statement of Changes in
Equity.
The adoption of IFRS 8 has not changed the segments that are disclosed in these
interim financial statements because in the previous annual and interim
financial statements, segments were already based on the internal management
reporting information that is regularly reviewed by the chief operating decision
maker. There is considered to be only one reportable segment of the group.
The group's accounting policies remain as stated in the group's full annual
accounts for the year ended 31 December 2008 (except for the adoption of IAS
1Presentation of Financial Statements (Revised 2007) and IFRS 8 Operating
Segments).
Tax and EPS
2. The tax charge for the period is based on the anticipated effective tax
rate for the year to 31
December 2009.
3. Basic loss or earnings per share are calculated on the loss for the period
of GBP120,000 (2008: profit of
GBP151,000) and on 22,663,350 ordinary
shares, being the weighted average number of ordinary shares
in issue
in the period (2008: 22,899,350 ordinary shares).
Independent review report to Atlantic Global Plc
Introduction
We have been engaged by the company to review the financial information in the
half-yearly financial report for the six months ended 30 June 2009 which
comprises the Consolidated Statement of Comprehensive Income, Consolidated
Balance Sheet, the Summarised Consolidated Cash Flow Statement, the Statement of
Changes in Equity and the related notes.
We have read the other information contained in the half yearly financial
report which comprises only the Chairman's Interim Statement 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 guidance contained
in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information
performed by the Independent Auditor of the Entity'. Our review work has been
undertaken so that we might state to the company those matters we are required
to state to them in a 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
conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The AIM rules of the London Stock Exchange require that the
accounting policies and presentation applied to the financial information in the
half-yearly financial report are consistent with those which will be adopted in
the annual accounts having regard to the accounting standards applicable for
such accounts.
As disclosed in Note 1, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
financial information in the half-yearly financial report has been prepared in
accordance with the basis of preparation in Note 1.
Our responsibility
Our responsibility is to express to the Company a conclusion on the financial
information in the half-yearly financial 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 financial information in the half-yearly financial report for the six
months ended 30 June 2009 is not prepared, in all material respects, in
accordance with the basis of accounting described in Note 1.
GRANT THORNTON UK LLP
CHARTERED ACCOUNTANT
LEEDS
22 SEPTEMBER 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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