Interim Statement
October 10 2000 - 3:00AM
UK Regulatory
RNS Number:2610S
RMR PLC
10 October 2000
RMR PLC
Interim Results
for the six months ended 31 August 2000
RMR plc, ("RMR"), the online conference organiser, is pleased to announce its
Interim Results for the six months ended 31 August 2000, its first results
following the flotation of the Company on the Alternative Investment Market
("AIM") in April 2000. A summary of key points follows:
Key points:
FINANCIAL
---------
Turnover up 263% to #1.11 million (1999: #0.42m)
Loss of #2.28 million (1999: (#0.07m))
Cash position of #9.73 million
Loss per share of 4.4p (1999: (0.17p))
No dividend
BUSINESS
--------
Three conferences launched since flotation
- ForBusiness2000, EnergyResource2000, VirtualBanking2000
- Continuing professional development accreditation
Eight conferences in production
Opened US office in July
- First US-based conference in progress
Michael Peagram, Chairman, commented:
"RMR has progressed well during the first half of the year. We have launched
three highly successful conferences since our flotation in April and have made
an entry into the US market with the opening of our US office. Given the
achievements of the last six months and the excellent prospects, I look
forward to the future with confidence."
RMR PLC
RESULTS
The turnover for the six month period was #1.114 million
(1999: #423k) of which 76 percent (#852k) represented
revenues generated by the online conferences, the balance
being attributable to web development (#262k). A pretax loss
of #2.278 million was incurred during this period (1999:
(#74k)) which was principally a result of the investment that
the Group has made in personnel and infrastructure to
support its ambitious growth plan. The cash position of the
Group remains strong with cash balances at 31 August 2000
of #9.731 million. For the period, there was a loss per
share of 4.44p (1999: (0.17p)). These are the Group's
first interim results following its flotation on the
Alternative Investment Market ("AIM") in April 2000.
The Group has expanded its library of conference titles
and launched two very successful events in May with another
conference which has opened in September. Both conferences launched
in May met their revenue targets. Overall, there are
currently eight conferences in production which will be
launched within the next six months. This activity
represents a substantial increase on last year when only two
events were under development during the same period.
RMR receives income for its conferences from exhibitors
paying for virtual stands and from sponsors. This income is
received during the development phase prior to a conference
being launched. The turnover figure shown in the interim
results therefore consists of income received for both
conferences launched and those currently being developed.
BUSINESS REVIEW
Online Conferences
The conferences that have been launched comprise
EnergyResource2000 (www.energyresource2000.com), and
ForBusiness2000 (www.forbusiness2000.com), which were
launched in May 2000. VirtualBanking2000
(www.virtualbanking2000.com) was launched in September 2000.
These events have proved extremely successful in attracting
large numbers of delegates, corporate sponsors and exhibitors
as well as recognised primary partners, speakers and authors.
For example, EnergyResource2000 brought together over 10,000
energy sector professionals with 50 percent from outside the
UK. The "blue chip" nature of this conference was underlined
by the participation of the World Energy Council as primary
partner, BP as sponsor and speakers such as Sir Crispen
Tickell, of the UK Government Panel on Sustainable
Development.
RMR is continuing to develop its conference model. An
example of this is the association with the Chartered
Institute of Bankers (CIB) on VirtualBanking2000. At this event,
the CIB is recognising the time that its members spend at
the conference as Continuing Professional Development (CPD).
This is significant as professionals are increasingly
required by their member institutions to demonstrate their
commitment to CPD which is generally allocated through
points awarded for attending physical events. By allocating
CPD time to attendance at an online event, RMR and the CIB
are pioneering an alternative format through which
organisations can interact with their members in maintaining
their professional development.
Web Site Development
As an adjunct to its online conference business, RMR designs
and creates web sites for corporate clients and other
organisations, this has provided valuable business during
the six month period. During this period, the Group has
continued to grow the business and develop new products such
as its portal site in autism (www.autismconnect.org.uk). In
line with the plan, RMR is continuing to produce sites for
corporate clients and large organisations.
US Expansion
RMR's conferences have always attracted considerable
international interest and as was indicated at the time of
the flotation, RMR has now established an operation in
Austin, Texas. With its status as the second most "wired"
city in the US and its position in the central time zone,
the Group believes that Austin will prove a good base for the
development of its US business. The production of the first
US event, "US Investor" is now in progress with sales of
sponsorships and exhibition stands expected to commence in
the near future.
Awards
I am pleased to report that the excellence of the Group's
conference product was recognised recently when RMR won the
"Best Project" category in the Charteris and Institute of
Directors backed "Electronic Business Transformation
Awards". The award recognises the contribution of the
Group's events, such as ForBusiness2000, in promoting e-
commerce and transforming an industry sector.
BOARD
We have made two new non-executive appointments to
strengthen the board for the future. Dr Michael Peagram
joined as Non-Executive Chairman. He is currently Deputy
Chairman of Yule Catto PLC and has substantial experience in
growing companies organically and by acquisition. We also
welcome Kazia Kantor as a Non-Executive Director. She is
presently Group Finance Director of Coats Viyella PLC.
Edmond Warner has acted as a Non-Executive Director to see
us through the initial stage since flotation and is now
stepping down. We shall retain our association with him in
his role as Chief Executive Officer of Old Mutual
Securities, the Company's stockbrokers.
PROSPECTS
Over the past six months, the number of employees has
expanded by 50 percent to 142, in line with our plan, as we
continue to grow and vigorously exploit our conferences.
I am very impressed by the professional capability we now
have within the Group. Within our total we have large
teams on direct sales (60) and web page production (40). We
are investigating other emerging product opportunities which
utilise our capability in partnership with content
producers.
Dr Michael Peagram
Chairman
9 October 2000
GROUP PROFIT AND LOSS ACCOUNT
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
31 August 31 August 29 February
2000 1999 2000
#000's #000's #000's
Turnover 1,114 423 1,116
Cost of Sales (1,583) (353) (1,088)
------- ------ -------
Gross result (469) 70 28
Professional costs prior
to company flotation (255) - -
Other administrative (1,775) (143) (993)
expenses ------- ------ ------
Administrative expenses (2,030) (143) (993)
------- ------ ------
Operating loss (2,499) (73) (965)
Net interest 221 (1) (2)
------ ------ ------
Loss on ordinary (2,278) (74) (967)
activities
Taxation - - -
------ ------ ------
Loss for the period (2,278) (74) (967)
====== ====== ======
Basic loss per share (4.44) (0.17) (2.27)
CASHFLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
31 August 31 August 29 February
2000 1999 2000
#000's #000's #000's
Net cashflow from
operating activities (2,722) (22) (825)
Returns on investment
and servicing of finance
Net interest 221 (1) (2)
Capital expenditure and
financial investment
Purchase of tangible
fixed assets (656) (24) (518)
Financing
Issue of share capital 12,823 - 1,894
Repayment of borrowings - - (2)
Capital element of finance
lease borrowings (11) - (11)
Expenses paid in connection
with share issues (449) - (58)
------- ------ ------
Net cash flow from financing 12,363 - 1,823
------ ------ ------
Movement in cash 9,206 (47) 478
GROUP BALANCE SHEET
Unaudited Unaudited Audited
at 31 at 31 29
August August February
2000 1999 2000
#000's #000's #000's
Fixed assets
Tangible fixed assets 1,241 84 620
Current assets
Stocks 50 70 70
Debtors 800 272 969
Cash at bank and in hand 9,731 - 525
------ ----- -----
10,581 342 1,564
Creditors: amounts falling
due within one year (574) (265) (973)
Net current assets 10,007 77 591
Total assets less current
liabilities 11,248 161 1,211
Creditors: amounts falling
due after more than one year (122) - (46)
------ ----- ------
Net assets 11,126 161 1,165
====== ===== ======
Capital and reserves
Called up share capital 5,510 4,264 4,264
Share premium 10,650 - -
Profit and loss account (5,034) (4,103) (3,099)
------- ------ -------
Shareholders funds 11,126 161 1,165
======= ====== =======
NOTES TO THE ACCOUNTS
1. These statements do not constitute financial statements
within the meaning of section 240 of the Companies Act
1985. RMR plc was incorporated on 11 January 2000. The
Company did not trade prior to 29 March 2000 when it
acquired the entire issued share capital of RMR Design
Associates Limited by means of a share for share exchange. The
results for the six months ended 31 August 2000 and 31
August 1999 and the Balance Sheets as at that date are
unaudited. The results for the year ended 29 February 2000
are taken from the accounts of RMR Design Associates
Limited, now a wholly owned subsidiary of RMR plc, filed
with the Registrar of Companies containing an unqualified
audit report. The Balance Sheet at 29 February 2000 is
that of RMR Design Associates Limited and has been adapted
to incorporate the principals of merger accounting.
2. The loss per share figures have been calculated on the
loss on ordinary activities and the weighted average
number of shares in issue for the period of 51,300,662
(31 August 1999 and 29 February 2000: 42,640,944). The number
of shares in issue for the periods to 31 August 1999 and
29 February 2000 have been calculated using the principals
of merger accounting.
3. The interim financial statements above do not comprise
statutory accounts for the purposes of s240 of the
Companies Act 1985.
4. Reconciliation of movement in shareholders' funds
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
31 August 31 August 29 February
2000 1999 2000
#000's #000's #000's
Loss for the period (2,278) (74) (967)
Issue of shares 12,736 - -
Expenses of share
issues (584) - -
Adjustment for merger
accounting 87 (3,955) (2,058)
------ ------- -------
Net movement in
shareholders' funds 9,961 (4,029) (3,025)
Shareholders' funds at
beginning of period 1,165 4,190 4,190
------ ------ -------
Shareholders' funds at
end of period 11,126 161 1,165
The adjustment for merger accounting relates to the difference
between the nominal value of the Company's shares and the
value of share capital and share premium in its subsidiary
which arises from the merger accounting method of
consolidation adopted.
5. Net cash flow from operating activities
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
31 August 31 August 29 February
2000 1999 2000
#000's #000's #000's
Operating loss (2,499) (73) (965)
Depreciation 142 23 47
Change in stocks 20 (13) (13)
Change in debtors 34 (123) (760)
Change in creditors (419) 164 866
------- ----- -----
Net cash flow from operating (2,722) (22) (825)
activities
6. Reconciliation of net cash flow to net debt
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
31 August 31 August 29 February
2000 1999 2000
#000's #000's #000's
Increase/(Decrease)in cash 9,206 (47) 478
Cash inflow/(outflow)
from financing - (46) 2
Cash inflow from
finance leases 11 - 11
------ ------ -----
Change in net cash
resulting from cash flows 9,217 (93) 491
Inception of finance leases (106) - (65)
------ ------ -----
Movement in net cash 9,111 (93) 426
Net funds at beginning
of period 471 45 45
------ ------- -----
Net funds at end
of period 9,582 (48) 471
7.Copies of the interim accounts will be sent to
shareholders. Further copies will be available from the
Company's head office at Oakfield House, Oakfield
Industrial Estate, Stanton Harcourt Road, Eynsham, Oxon,
OX8 1TH, for the next 14 days. Telephone 01865 733733 or
email: info@rmrplc.com
10 October 2000
Rome Resources (LSE:RMR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rome Resources (LSE:RMR)
Historical Stock Chart
From Jul 2023 to Jul 2024
