Exceptional items of GBP0.2m (H1 11/12: GBPnil) comprise onerous
lease costs incurred in respect of the integration of the WTD
business in Chicago. Amortisation of acquired intangibles of
GBP0.4m (H1 11/12: GBPnil) arose as a result of the Spread
Intelligence and WTD acquisitions in FY 11/12.
Profit Before Tax
Profit before tax was GBP0.2m (H1 11/12: Loss of GBP0.1m).
Profit After Tax
Profit after tax was GBP0.1m (H1 11/12: Loss GBP0.1m). The Group
continues to recognise a deferred tax asset of GBP1.5m (H1 11/12:
GBP1.6m) in respect of tax losses accumulated in previous
years.
Cash Flow
As at 30 September 2012 the Group was debt free and had net cash
of GBP2.0m (30 September 2011: GBP1.1m, 31 March 2012: GBP2.2m).
The net cash outflow for the period was GBP0.2m (H1 11/12: outflow
GBP2.2m).
Cash in-flow from operating activities was GBP0.7m (H1 11/12:
outflow of GBP1.6m). This included a reduced working capital
outflow compared to the prior year of GBP1.3m (H1 11/12: outflow of
GBP2.6m).
During the half, the Group has continued to invest in its
infrastructure and product set to support revenue growth and,
consequently, incurred GBP0.3m of capital expenditure (H1 11/12:
GBP0.3m) and GBP1.1m (H1 11/12: GBP1.1m) of capitalised investment
in product development.
Mark Carlisle
Chief Financial Officer
* Before share based payment charges, exceptional items,
acquisition costs and (in the case of adjusted operating profit)
amortisation of acquired intangibles as set out in the condensed
consolidated statement of comprehensive income
Cautionary statement
This Interim Management Report (IMR) has been prepared solely to
provide additional information to shareholders to assess the
Group's strategies and the potential for those strategies to
succeed. The IMR should not be relied on by any party or for any
other purpose. The IMR contains forward-looking statements. These
statements are made by the directors in good faith based on the
information available to them up to the time of their approval of
this report and such statements should be treated with caution due
to the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking information.
This IMR has been prepared for the Group as a whole and
therefore gives greater emphasis to those matters which are
significant to FFastFill plc ("the Company") and its subsidiary
undertakings when viewed as a whole. This report is available in
electronic format from the Company's website,
www.ffastfill.com/investor-relations/financial-reports.
Condensed Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2012
Note Six months ended 30 Sept 2012 Six months ended 30 Sept 2011 Year to 31 March
2012
Adjusted Note i Total Adjusted Note i Total Adjusted Note i Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) audited audited audited
--------------- ----- ------------- ------------- ------------- ------------- ------------- ------------- --------- --------- ---------
Continuing
operations
Revenue 3 10,940 - 10,940 7,255 - 7,254 17,249 - 17,249
Cost of sales (2,215) - (2,215) (877) - (877) (2,659) - (2,659)
--------------- ----- ------------- ------------- ------------- ------------- ------------- ------------- --------- --------- ---------
Gross profit 8,725 - 8,725 6,377 - 6,377 14,590 - 14,590
Operating
expenses (6,222) (747) (6,969) (5,574) (217) (5,574) (10,767) (1,014) (11,781)
EBITDA 2,503 (747) 1,756 1,020 (217) 803 3,823 (1,014) 2,809
Depreciation (208) - (208) (135) - (135) (312) - (312)
Amortisation (933) (419) (1,352) (795) - (795) (1,586) (277) (1,863)
--------------- ----- ------------- ------------- ------------- ------------- ------------- ------------- --------- --------- ---------
Operating
profit/(loss) 1,362 (1,166) 196 90 (217) (127) 1,925 (1,291) 634
Finance income 36 - 36 20 - 20 40 - 40
Finance costs (70) - (70) - - - (64) - (64)
--------------- ----- ------------- ------------- ------------- ------------- ------------- ------------- --------- --------- ---------
Profit/(loss)
before tax 1,328 (1,166) 162 110 (217) (107) 1,901 (1,291) 610
Tax 5 (86) - (86) (9) - (9) (6) - (6)
--------------- ----- ------------- ------------- ------------- ------------- ------------- ------------- --------- --------- ---------
Profit/(loss)
for the
period 1,242 (1,166) 76 101 (217) (116) 1,895 (1,291) 604
Other
comprehensive
income, net
of tax
Exchange
translation
differences
on foreign
operations (37) 44 (74)
--------------- ----- ------------- ------------- ------------- ------------- ------------- ------------- --------- --------- ---------
Total
comprehensive
income/(loss)
for the
period 39 (72) 530
Basic earnings
per share 6 0.02p (0.03)p 0.14p
Adjusted basic
earnings per
share 6 0.26p 0.02p 0.44p
Fully diluted
earnings per
share 6 0.01p (0.03)p 0.12p
Adjusted fully
diluted
earnings
per share 6 0.25p 0.02p 0.41p
--------------- ----- ------------- ------------- ------------- ------------- ------------- ------------- --------- --------- ---------
Profit/(loss) for the period and total comprehensive
income/(loss) for the period are attributable to equity holders of
the Company.
Note i: Share based payment, exceptional items, acquisition
costs and amortisation of acquired intangibles as set out in Note 4
to the condensed set of interim financial statements
Condensed Consolidated Statement of Financial Position
as at 30 September 2012
Note 30 September 30 September 31 March
2012 2011 2012
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------- ----- ------------- ------------- -----------
Assets
Non-current assets
Goodwill 10,770 8,493 10,766
Other intangible assets 8,732 5,843 8,989
Property, plant and equipment 1,552 1,129 1,191
Deferred tax assets 1,506 1,484 1,553
------------------------------- ----- ------------- ------------- -----------
22,560 16,949 22,499
Current assets
Trade and other receivables 7,949 5,697 7,663
Cash and cash equivalents 2,007 1,133 2,196
------------------------------- ----- ------------- ------------- -----------
9,956 6,830 9,859
Total assets 32,516 23,779 32,358
------------------------------- ----- ------------- ------------- -----------
Liabilities
Current liabilities
Trade and other payables (7,073) (6,016) (7,919)
Net current assets 2,883 814 1,940
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