Final Results
Cheerful Scout PLC
30 October 2007
Cheerful Scout Plc / Index: AIM / Epic: CLS / Sector: Media
30 October 2007
Cheerful Scout Plc ('Cheerful Scout' or 'the Company')
Final results
Cheerful Scout plc, the AIM listed multi-media specialist, announces its results
for the year ended 30 June 2007.
Overview
• Focused on widening offering and building a broad based consultancy
through organic growth or via acquisition
• Core DVD production and design division increased market share and
delivered a number of diverse projects for a wide range of leading
distributors
• Corporate creative consultancy going through a transitional period
• Film and video production team working with an increasing number of
blue-chip companies including BP and BAA
• Events team slowed in the second half - examining how best to build on
strengths in this area
• Established joint venture to fully utilise technology and creative
abilities and take advantage of opportunities in the business intelligence
market
• Won two awards at the New York Festivals International Film & Video Awards
for films produced for the COI and the UK Home Office
• Profit before taxation and goodwill amortisation of £141,012 (2006:
£259,032)
• Turnover of £2,085,367 (2006: £2,173,163)
• Gross profit of £867,360 (2006: £864,551) and cash balances stand at
£1,039,275 (2006: £885,559)
Chairman's Statement
We continue to make progress as we diversify into new complementary areas and
build on our position as a leading multi-media creative consultancy. Our focus
has primarily been orientated around establishing a wider offering for our
clients and building a broad based consultancy, which has the ability to offer
an all encompassing solution.
We have recognised that we need to expand our offering to maintain our profile
in an ever-increasing competitive environment. The market has been tough but I
feel that although we have remained relatively flat in terms of turnover, we
have the ability and technical offering to fulfil our growth ambitions.
Financial Results
Whilst our trading subsidiary continues to be profitable, costs involved in
running a public company have increased. Our focus on building a foundation for
future growth has meant that our numbers are relatively static and as a result
the Group is reporting a profit before taxation and goodwill amortisation of
£141,012 (2006: £259,032) on a turnover of £2,085,367 (2006: £2,173,163) for the
year ended 30 June 2007. Gross profit increased 1.81% to £867,360 (2006:
£864,551) and cash balances stand at £1,039,275 (2006: £885,559). No dividend
will be payable, but the Directors continue to review this position.
The financial results of the Group for the year ended 30 June 2007 have been
prepared under United Kingdom Generally Accepted Accounting Principles (UK GAAP)
and not International Financial Reporting Standard (IFRS). The Group will adopt
IFRS principles with effect from 1 July 2007.
Operations
Cheerful Scout's two key divisions incorporate a corporate creative consultancy
and a DVD production and design facility. Whilst we were pleased with the growth
of our core DVD production and design division, which delivered a number of
diverse projects for a wide range of leading distributors, our corporate
creative consultancy has been going through a transitional period. We believe
this division has a bright future but understand the need to increase investment
and attract the right people to drive it forward.
Additionally, to fully utilise our technology and creative abilities and take
advantage of opportunities in the rapidly maturing business intelligence market
we have established a new joint venture company, which is breaking new ground
and we hope will add significant turnover in the longer term.
Corporate Creative Consultancy Division
Film and Video Programme Production
Our production team, which conceives and produces unique films and videos for a
wide range of corporations and organisations, continues to perform well. We are
working with an increasing number of blue-chip companies and believe that our
reputation is growing within the industry as a provider of choice.
We have added big names to add to our client list including BP, for whom we
created an internal film working alongside BP's chief scientist Steve Koonin.
Also, in addition to our COI and Centrica rosters, we have won a three year
contract with BAA.
Other companies we have worked for during the year include the University of
Huddersfield, the Royal Bank of Scotland and Allianz, for whom we produced two
corporate films. Additionally, we further strengthened our relationship with the
Department of Optometric Continuing Education & Training ('DOCET') when we were
contracted to produce two videos as follow-on work from the video produced in
August 2006.
I was particularly happy that our presentational abilities were recognised in
the form of the two awards, which we won at the New York Festivals International
Film & Video Awards for two films we produced for the COI and the UK Home
Office. I remain confident that through investment the Company will thrive.
Events
We devise and stage dynamic and engaging live events and conferences for
corporate clients. These are truly interactive events and include high-impact 3D
visual presentations in which live elements can be created and incorporated in
real time, ultimately driving and shaping the outcome of a conference.
Earlier in the year, the team was very busy producing a number of major events
in the UK and Europe including a week long event for Allen & Overy to mark the
opening of the global law firm's new London headquarters and two events for top
corporate communications professionals in the UK in partnership with CorpComms
Magazine. However, in recent months the pace has slowed and we are now examining
how best to build on our strengths in this area. Possibilities include acquiring
a complementary outfit and additional experienced people.
DVD Production and Design Division
Our DVD production and design facility has performed well this year, increasing
its market share through the acquisition of new clients and work on numerous
high-profile titles. This has been further strengthened by a two-year contract
with Contender Entertainment Group.
We have created an extensive list of titles for the corporate and retail markets
including a number of major features such as La Vie en Rose and City of Violence
and various television series such as Life on Mars and Spooks. We are also
working with a growing number of major distribution companies including
FremantleMedia, 2 entertain, Icon, 16 Films, Clear Vision and Universal
Pictures.
We now have a strong foothold in the sector and believe that with the right
economic conditions we can gain even more market share. For this reason, we have
invested in additional high-end equipment and expect to see further growth in
this division.
Business Data Interactive Joint Venture
In August 2007 we took the decision to form a new 60/40 joint venture company,
Business Data Interactive ('BDI'), with Apperly & Associates Limited ('A&A'), to
fully optimise the potential of our proprietary visualisation software package,
which displays business data using real-time, 3D video graphics, allowing the
user rapidly to assess and compare multiple business scenarios. By combining our
technology with A&A's sophisticated analytics and advanced data mining
capabilities, BDI aims to develop powerful, bespoke computer software programmes
to analyse and display business data.
We believe our technology is at the forefront of the vast business intelligence
market and we are excited about the opportunities presenting themselves to us.
Dr James Apperly, who is fronting the new joint venture company, has
considerable experience and excellent contacts in the corporate arena. He
previously worked at leading management consultancy, McKinsey & Company, after
which he established A&A where he worked with a number of blue-chip companies
including BP and Chevron-Texaco US designing and implementing business
intelligence systems.
The Team
The team is naturally key to the success of the business and I am highly
confident in each member's abilities to help Cheerful outshine its competitors.
We use the best talent available and that includes the talent for working as a
strategic partner with our clients as well as talent in the creative, technical
and visual areas.
Our team members are dedicated to the job, expect the best of each other and
believe in our business ethic which is based on one simple aim - to make every
project the best it can be.
We have an active recruitment policy and are looking to further strengthen the
team on both the creative and sales sides.
Outlook
Having established the areas within the business which need further development,
the Company is focused on strengthening its offering through organic growth or
via acquisition. I look forward to updating shareholders on our progress.
S Appleton
Chairman
29 October 2007
Consolidated profit and loss account
For the year ended 30 June 2007
Notes Pre 2007 2007 Pre goodwill Goodwill 2006
goodwill Goodwill Total amortisation amortisation Total
amortisation amortisation and and
reorganisation reorganisation
costs costs
£ £ £ £ £ £
Turnover 2 2,085,367 - 2,085,367 2,173,163 - 2,173,163
Cost of sales (1,218,007) - (1,218,007) (1,308,612) - (1,308,612)
Gross profit 867,360 - 867,360 864,551 - 864,551
Administrative (764,188) (25,476) (789,664) (635,581) (50,499) (686,080)
expenses
Operating Profit 3 103,172 (25,476) 77,696 228,970 (50,499) 178,471
Interest 37,840 - 37,840 30,104 - 30,104
receivable
4 - - - (42) - (42)
Interest payable
and similar
charges
Profit on ordinary 141,012 (25,476) 115,536 259,032 (50,499) 208,533
activities before
taxation
Tax on profit on 5 (3,036) - (3,036) (54,000) - (54,000)
ordinary
activities
14 137,976 (25,476) 112,500 205,032 (50,499) 154,533
Retained profit
for the year
Earnings per
ordinary shares:
Basic 7 1.14796p 1.57687p
Diluted 7 1.13929p 1.56932p
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains or losses other than those passing through the
profit and loss account.
Balance Sheets
As at 30 June 2007
Notes Group Company
2007 2006 2007 2006
£ £ £ £
Fixed assets
Intangible assets 8 817,003 793,194 - -
Tangible assets 9 91,159 129,678 - -
Investments 10 - - 1,700,000 1,700,000
908,162 922,872 1,700,000 1,700,000
Current assets
Stock 2,285 2,268 - -
Debtors 11 465,339 615,914 249,534 519,669
Cash at bank and in hand 1,039,275 885,559 918,983 742,811
1,506,899 1,503,741 1,168,517 1,262,480
Creditors: amounts falling 12 (237,569) (361,621) (15,456) (11,276)
due within one year
Net current assets 1,269,330 1,142,120 1,153,061 1,251,204
Total assets less current 2,177,492 2,064,992 2,853,061 2,951,204
liabilities
Net assets 2,177,492 2,064,992 2,853,061 2,951,204
Capital and Reserves
Called up share capital 13 1,225,000 1,225,000 1,225,000 1,225,000
Special reserves 14 1,747,416 1,747,416 1,747,416 1,747,416
Profit and loss account 14 (794,924) (907,424) (119,355) (21,212)
Total capital employed 15 2,177,492 2,064,992 2,853,061 2,951,204
Approved by the Board and authorised for issue on 29 October 2007.
P Litten, Director
N J Newman, Director
Consolidated cash flow statement
For the year ended 30 June 2007
2007 2006
£ £ £ £
Net cash inflow from operating 258,123 231,209
activities
Returns on investments and
servicing of finance
Interest received 37,840 30,104
Interest paid - (42)
Net cash inflow for returns on 37,840 30,062
investments and servicing of
finance
Taxation - -
Capital expenditure and financial
investment
Payments to acquire intangible (95,802) (66,052)
assets
Payments to acquire tangible assets (46,445) (31,417)
Net cash outflow for capital (142,247) (97,469)
expenditure
Increase in cash in the year 153,716 163,802
Notes to the consolidated cash flow statement
For the year ended 30 June 2007
1) Reconciliation of operating profit to net cash 2007 2006
inflow
from operating activities £ £
Operating profit 77,696 178,471
Depreciation of tangible assets 84,964 113,891
Amortisation of intangible assets 71,993 71,993
Increase/(decrease) in debtors 150,575 (373,968)
(Decrease)/increase in creditors within one year (127,088) 241,879
(Increase) in stock (17) (1,057)
Net cash inflow from operating activities 258,123 231,209
2) Analysis of net funds 1 July 2006 Cash flow 30 June 2007
£ £ £
Net cash:
Cash at bank and in hand 158,916 (29,051) 129,865
Liquid resources:
Bank deposits 726,643 182,767 909,410
Net funds 885,559 153,716 1,039,275
3) Reconciliation of net cash flow to movement in net 2007 2006
funds
£ £
(Decrease)/Increase in cash in the year (29,051) 158,916
Cash inflow from movement in liquid resources 182,767 4,886
Change in net funds resulting from cash flows 153,716 163,802
Movement in net funds in the year 153,716 163,802
Opening net funds 885,559 721,757
Closing net funds 1,039,275 885,559
Notes to the consolidated financial statements
For the year ended 30 June 2007
1 Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historical cost convention.
1.2 Compliance with accounting standards
The financial statements are prepared in accordance with applicable accounting
standards.
1.3 Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial
statements of the Company and its subsidiary undertakings made up to 30 June
2007. The results of subsidiaries sold or acquired are included in the profit
and loss account up to, or from the date control passes. Intra-group sales and
profits are eliminated fully on consolidation.
1.4 Turnover
Turnover represent amounts receivable for goods and services, net of VAT and
trade discounts and has been derived from its principal activity.
1.5 Goodwill and impairment
Goodwill arising on acquisition is written off in equal annual instalments over
its estimated useful economic life of 20 years.
The carrying value of goodwill is reviewed for impairment in periods if events
or changes in circumstances indicate the carrying value may not be recoverable.
These reviews assess the recoverable amount by reference to the net present
value of expected future cash flows of the relevant income generating
unit at a discount rate of 2.8%. Impairment losses are recognised in the period
in which they are identified.
1.6 Development costs
Development expenditure is written off to the profit and loss account in the
year in which it is incurred, unless the directors are satisfied as to the
technical, commercial and financial viability of individual projects. In this
situation, the expenditure is deferred and amortised over the period during
which the company is expected to benefit. Development costs of current projects
will be amortised over 4 years.
1.7 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost less
estimated residual value of each asset over its expected useful life, as
follows:
Leasehold land and buildings straight line over the life of the lease
Fixtures, fittings and equipment 25% straight line
1.8 Leasing
Rentals payable under operating leases are charged against income on a straight
line basis over the lease term.
1.9 Investments
Fixed asset investments are stated at cost less provision for diminution in
value.
1.10 Stock
Stock is valued at the lower of cost and net realisable value.
1.11 Deferred taxation
The accounting policy in respect of deferred tax reflects the
requirements of FRS19 - Deferred tax. Deferred tax is provided in full in
respect of taxation deferred by timing differences between the treatment of
certain items for taxation and accounting purposes. Deferred tax is measured on
a non-discounted basis.
1.12 Pensions
The pension costs charged in the financial statements represent the
contributions payable by the Group during the year in accordance with FRS17.
1.13 Financial instruments
The Group does not enter into derivative transactions and does not trade in
financial instruments. For the purpose of note 20, short term debtors and
creditors are not treated as financial assets or financial liabilities.
1.14 Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated
into sterling at the rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. All differences are taken to profit and loss account.
1.15 Share-based payment schemes
The fair value of equity rights is estimated using the Binomial model at the
date of grant to key employees and is dependent on factors such as the exercise
price, expected volatility, option price and risk free interest rate. The fair
value is then amortised through the Income Statement on a straight-line basis
over the vesting period. Expected volatility is determined based on the
historical share price volatility for the Company. Further information is given
in note 19 to the financial statements.
2 Turnover
Geographical market 2007 2006
£ £
United Kingdom 1,923,918 2,008,332
Europe 161,449 144,061
Rest of the world - 20,770
2,085,367 2,173,163
3 Operating Profit
Operating profit is stated after charging: 2007 2006
£ £
Amortisation of intangible assets 71,993 71,993
Depreciation of tangible assets 84,964 113,891
Auditors' remuneration (Company £4,750) - statutory audit 13,000 13,000
Operating leases 84,232 83,545
4 Interest Payable
2007 2006
£ £
Other Interest - 42
5 Taxation
2007 2006
£ £
Current year tax 3,036 -
Deferred tax
Deferred tax charge for the year - 54,000
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation 115,536 208,533
Profit on ordinary activities before taxation multiplied by 21,952 39,621
standard rate of UK corporation tax of 19% (2006 - 19%)
Effects of:
Non deductible expenses 753 232
Depreciation add back 21,027 21,683
Capital allowances (11,408) (12,140)
Research and development allowances (28,338) (20,825)
Other tax adjustments (950) (28,571)
(18,916) (39,621)
Current tax charge 3,036 -
6 Loss for the financial year
As permitted by section 230 of the Companies Act 1985, the holding company's
profit and loss account has not been included in these financial statements.
The loss for the financial year is made up as follows:-
2007 2006
£ £
Holding company's loss for the financial year (98,143) (53,453)
Transfer to special reserves (See Note 14) - 32,241
Retained loss for the year (98,143) (21,212)
7 Earnings per ordinary share
Basic earnings per share are calculated by dividing the profit attributable to
ordinary shareholders of £112,500 (2006: £154,533) using a weighted average of
9,800,000 (2006: 9,800,000) ordinary shares in issue during the year.
Diluted earnings per share are adjusted for share options granted to employees
where the exercise price is less than the price of the Company's ordinary shares
during the year. These adjustments give rise to an increase of 74,597 (2006:
47,162) ordinary shares.
8 Intangible fixed assets
Group Goodwill Development Costs Total
£ £ £
Cost
At 1 July 2006 2,728,292 436,343 3,164,635
Additions - 95,802 95,802
At 30 June 2007 2,728,292 532,145 3,260,437
Amortisation
At 1 July 2006 2,324,924 46,517 2,371,441
Charge for the year 25,476 46,517 71,993
At 30 June 2007 2,350,400 93,034 2,443,434
Net book value
At 30 June 2007 377,892 439,111 817,003
At 30 June 2006 403,368 389,826 793,194
9 Tangible fixed assets
Group Leasehold land Fixtures, fittings Total
and buildings and equipment
£ £ £
Cost
At 1 July 2006 142,218 727,142 869,360
Additions 4,360 42,085 46,445
At 30 June 2007 146,578 769,227 915,805
Depreciation
At 1 July 2006 104,761 634,921 739,682
Charge for the year 28,311 56,653 84,964
At 30 June 2007 133,072 691,574 824,646
Net book value
At 30 June 2007 13,506 77,653 91,159
At 30 June 2006 37,457 92,221 129,678
10 Fixed asset investments
Company Shares in
subsidiary
£
Cost
At 1 July 2006 and 30 June 2007 3,144,213
Impairment
At 1 July 2006 and 30 June 2007 (1,444,213)
Valuation as at 30 June 2007 1,700,000
In the opinion of the directors, the aggregate value of the Company's investment
in subsidiary undertakings is not less than the amount included in the balance
sheet.
Holdings of more than 20%
The Company holds more than 20% of the share capital of the following companies:
Company Country of Shares held
registration
or incorporation Class %
Subsidiary undertakings
Centralfix Limited England and Wales Ordinary 100
nVision Technology Limited England and Wales Ordinary 100
The principal activity of these undertakings for the last relevant financial
year was as follows:
Company Principal activity
Centralfix Limited Provision of business communication services
nVision Technology Limited Dormant
11 Debtors
Group Company
2007 2006 2007 2006
£ £ £ £
Trade debtors 363,333 516,023 - -
Amounts owed by group undertakings - - 241,117 511,681
Other debtors 37,250 39,014 - -
Prepayments and accrued income 64,756 60,877 8,417 7,988
465,339 615,914 249,534 519,669
Other debtors include £35,473 (2006: £35,473) rental deposit which is secured by
a charge in favour of the landlords.
12 Creditors: amounts falling due within one year
Group Company
2007 2006 2007 2006
£ £ £ £
Trade creditors 98,113 170,593 - -
Amounts due to group undertakings - - 1 1
Taxes and social security costs 70,595 76,126 - -
Accruals and deferred income 68,861 114,902 15,455 11,275
237,569 361,621 15,456 11,276
13 Share capital
2007 2006
£ £
Authorised
28,000,000 Ordinary shares of 12.5p each 3,500,000 3,500,000
Allotted, called up and fully paid
9,800,000 Ordinary shares of 12.5p each 1,225,000 1,225,000
During the year every 25 issued and unissued ordinary shares of 0.5 pence were
consolidated into 1 ordinary share of 12.5 pence in the capital of the Company.
The Company has entered into a scheme to provide share option incentives for key
employees. A total of 72,000 ordinary shares of 12.5p each have been offered at
an option price of 62.5p per share exercisable between 3 and 10 years after the
date of grant, which was 1 May 2002. An additional 244,200 ordinary shares of
12.5p each have been offered at an option price of 18.75p per share exercisable
between 3 and 10 years after the date of grant, which was 28 October 2004.
During the year 22,600 (2006: 32,000) options to subscribe for ordinary shares
lapsed.
Further information can be found in note 19.
14 Statement of movements on reserves
Group Special reserves Profit and loss
account
£ £
Balance at 1 July 2006 1,747,416 (907,424)
Retained profit for the year - 112,500
Balance at 30 June 2007 1,747,416 (794,924)
Company Special Reserves Profit and loss
account
£ £
Balance at 1 July 2006 1,747,416 (21,212)
Retained loss for the year - (98,143)
Balance at 30 June 2007 1,747,416 (119,355)
In the previous year the Company successfully applied to the High Court of
Justice to transfer to a special reserve the sum of £3,360,169 being the balance
of the share premium account. In addition accumulated losses of £1,612,753 to
30th November 2005 were also transferred to the special reserve with the
approval of the High Court of Justice.
15 Reconciliation of total capital employed
Group 2007
£
Profit for the financial year 112,500
Opening shareholders' funds 2,064,992
Closing shareholders' funds 2,177,492
Company 2007
£
Loss for the financial year (98,143)
Opening shareholders' funds 2,951,204
Closing shareholders' funds 2,853,061
16 Financial commitments
At 30 June 2007 the Group had annual commitments under non-cancellable operating
leases as follows:
Land and Building
2007 2006
£ £
Expiry date:
In over five years 84,232 83,545
17 Directors' emoluments
2007 2006
£ £
Emoluments for qualifying services 150,000 127,500
Directors' remuneration includes £15,000 (2006: £12,750) which has been
capitalised as development costs.
18 Related party transactions
During the year, £37,595 (2006: £21,715) was charged by Harris & Trotter LLP in
respect of professional services. N J Newman is a member of that firm.
Cheerful Scout Plc is a guarantor for the lease entered into by Centralfix
Limited, its subsidiary undertaking.
19 Employees
Number of employees 2007 2006
The average monthly number of employees
(including directors) during the year was: Number Number
Production 17 13
Administration 4 4
21 17
Employment costs 2007 2006
£ £
Wages and salaries 596,140 498,535
Social security costs 69,305 53,091
Pension costs 1,172 172
666,617 551,798
Share options incentives
The Company has set up an EMI Share option scheme for key employees. The maximum
term of current arrangements under the EMI scheme ends on 27 October 2014. Upon
vesting, each option allows the holder to purchase one ordinary share at the pre
agreed option price.
At 30 June 2007, the following share options have not been exercised:
Date of Grant Number of shares Exercise price per share
1 May 2002 72,000 62.50p
28 October 2004 221,600 18.75p
Changes in accounting policies
In line with the requirements of FRS 20 share-based payments, the Group has
changed its policy on the accounting of share options issued as detailed below.
There is no adjustment required to prior years as this was not material.
Share-based payments
The Group has applied the requirements of FRS 20 share-based payments from 1
July 2006. In accordance with the transitional provisions, FRS 20 has been
applied to all grants of equity instruments after 7 November 2002 that were
unvested as of 1 July 2006.
The Group issues equity-settled share-based payments to employees.
Equity-settled share-based payments are measured at fair value at the date of
grant. The fair value as determined at the grant date of equity-settled
share-based payments is expensed on a straight line basis over the vesting
period, based on the Group's estimate of shares that will eventually vest.
Fair value is measured by using the Binomial model. The expected life used in
the model has been adjusted based on management's best estimate for the effect
of non-transferability, exercise restrictions and behavioural considerations.
This is the first year of adoption of FRS 20 share-based payments.
The fair value of the options is calculated using the Binomial model assuming
the following assumptions:
Grant date 28 October 2004
Share price at grant date 16.25p
Exercise price 18.75p
Expected life 4 years
Contractual life 10 years
Risk free rate 6%
Expected volatility 43%
Expected dividend rate 0%
Fair value option 5.9868p
The fair value calculated gives rise to a potential adjustment in the accounts
of £3,943 for the current year and £6,572 for the prior year. In the opinion of
the directors, no adjustment to the financial statements is required as the
amounts are considered to be immaterial.
20 Treasury activities and financial instruments
The Group's financial instruments comprise cash and liquid resources. The main
risks arising from the group's financial instruments are the interest rate
risks. The Board reviews and agrees policies for managing these risks.
Interest rate risk profile of financial assets
The interest rate profile of the financial assets of the Group at 30 June 2007
is as follows:
Financial assets on which Floating rate financial Total
no interest is earned assets
£ £ £
5,000 1,034,275 1,039,275
Sterling
The floating rate financial assets comprise cash deposits on money
market deposits at monthly rates.
Fair value of financial assets
The Group's book value of the financial assets equates to their fair values.
21 Pension costs Defined contribution
The Group makes pre-defined contributions to employees' personal pension plans.
Contributions payable by the Group for the year were £1,172 (2006: £172).
22 Post Balance Sheet Events
Subsequent to the year end, Cheerful Scout Plc formed a new company, Business
Data Interactive Limited, in a joint venture with Apperly & Associates Limited,
to take advantage of opportunities in the fast growing Business intelligence
market.
Under the terms of the agreement, Cheerful Scout Plc, which will own 60% of
Business Data Interactive Limited, will invest £200,000 and licence the
intellectual property for its proprietary visualisation software products to the
new business.
23 Control
There is no overall controlling party.
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