Final Results
Eckoh Technologies PLC
07 July 2005
For Immediate Release 7th July 2005
Eckoh Technologies plc
Preliminary announcement
Eckoh Technologies ("Eckoh"), one of Europe's largest speech application service
providers, today announced preliminary results for the year ended 31 March 2005.
Highlights of the Year 6 months ended 6 months ended Year ended Year ended
31 March 2005 30 Sept 2004 31 March 2005 31 March 2004
(£'000)
Turnover 40,304 39,416 79,720 62,504
Adjusted profit/(loss) before taxation* 643 241 884 (226)
Loss before taxation (8,441) (970) (9,411) (1,097)
Cash and short-term investments 13,296 9,083 13,296 10,239
* before intangible asset amortisation and impairment and exceptional items
(note 6)
Financial Highlights
• Turnover from continuing operations up 32% to £79.7m (2004 - £60.2m)
• Adjusted profit before taxation to £0.9m (2004 - loss £0.2m)
• Loss before taxation of £9.4m (2004 - loss £1.1m)
• Speech turnover up 56% to £5.0m (2004 - £3.2m)
• Cash and short-term investment balances up £3.1m to £13.3m (2004 - £10.2m)
Operational Highlights
• Acquisition of Anglia Telecom Centres Limited for up to £10.0m
• New commercial contracts with ITV, IPC Magazines, Ideal Shopping Direct,
NIE and Three Valleys Water
• Good trading performance in key areas of operation
Martin Turner, Chief Executive Officer, commented today:
"Annual turnover from continuing operations increased 32% to £79.7 million,
profit before taxation (excluding goodwill charges and exceptional items) was
£0.9 million and year end cash balances increased by £3.1m to £13.3 million.
Despite these improvements in financial and operating performance, the Board
believes that Eckoh's current share price does not fully reflect the value of
its constituent businesses, and is therefore committed to pursue a strategy to
unlock value for Eckoh shareholders."
For further enquiries, please contact
Eckoh Technologies plc
Martin Turner, Chief Executive Officer
Nik Philpot, Chief Operating Officer
Adam Moloney, Acting Group Finance Director
www.eckoh.com Tel: 08701 100 700
Buchanan Communications
Mark Edwards/Jeremy Garcia Tel: 020 7466 5000
Operating and Financial Review
Group Overview
The Group has seen strong growth during the year ended 31 March 2005 with
turnover rising 28% to £79.7m (2004 - £62.5m) and gross profit increasing to
£20.0m (2004 - £17.2m). Speech Solutions turnover rose by 56% to £5.0m (2004 -
£3.2m) as a number of new corporate contracts came on stream.
The Group generated a profit before taxation (excluding intangible asset
amortisation, impairment and exceptional items) of £0.9m (2004 - loss £0.2m).
The loss before tax for the year was £9.4m, which included £10.3m of intangible
asset amortisation and impairment charges. The loss before tax for the prior
year was £1.1m.
The Group currently operates four distinct business divisions - Eckoh Speech
Solutions, Eckoh Interactive Voice Response (IVR), Symphony Telecom and Internet
Services. Before the allocation of central costs, all four made a positive
contribution for the first time. The Group also saw strong cash generation
during the year, with year end cash and short-term investment balances
increasing by £3.1m to £13.3m (2004 - £10.2m).
On 29 April 2005, the Symphony Telecom Division was significantly enlarged with
the completion of the acquisition of Anglia Telecom Centres Limited ("Anglia")
for cash consideration of up to £10.0m. The transaction was partly financed by
£6.0m of senior debt provided by the Royal Bank of Scotland. Anglia is a
long-established and successful distributor of mobile phones and related
services to the UK SME market. Anglia's turnover for the year to 31 March 2005
totalled £30.5m and it generated pre-tax profits of £1.3m. Following completion
of this transaction, the directors are evaluating a number of strategic options
for the enlarged Symphony business.
Eckoh Speech Solutions Division
Eckoh is a European market leader in self-service call centre solutions using
advanced speech recognition and related technologies. The Company has an
exclusive partnership with BT to provide its top corporate customers with hosted
speech recognition services. To date this alliance has delivered 17 clients and
over 20 applications.
Key assets of the Speech Solutions Division include:
• Call processing platform with over 6,000 speech recognition lines
• Highly experienced technical delivery team
• Exclusive contract with BT
• Management team with a long history in designing and managing interactive
services
• Flexible pricing model benefiting from Eckoh's group traffic volumes
Eckoh's clients utilise a multi-tenanted hosting infrastructure which ensures
their costs remain extremely competitive whilst catering for significant
variances in call volume. Eckoh has continued to increase the capacity and
capability of this hosting platform in response to the needs of its client
portfolio and has now consolidated the infrastructure into a BT facility in St
Albans and a carrier independent facility in Heathrow. The overall capacity is
now approaching 10,000 lines - 6,000 of which have speech recognition
capability. This makes Eckoh's speech platform one of the largest worldwide.
Eckoh's speech solutions are increasingly geared towards customer self-service.
This ranges from the automation of certain routine enquiries, such as branch
location or basic information requests, which are likely to be integrated as
part of the client's overall CRM solution (as in the case of TD Waterhouse where
Eckoh provide the automated share price component in a much larger CRM system),
through to a full self-service solution such as the ticket-booking service Eckoh
built and currently hosts for UGC Cinemas.
The majority of Eckoh's current clients have large and predictable inbound
traffic streams, with over 60% of current revenues recurring each month, and
most clients are signed up to long-term multi-year contracts. This enables Eckoh
management to have good visibility of future turnover and profitability. A
number of client wins during the latter part of the year, including the contract
announcement to provide a train tracker service for National Rail Enquiries, the
power outage service for Northern Ireland Electricity and the Age Verification
contract with O2, have yet to reach their full revenue potential. In addition,
since year end further new contracts have been won, particularly in the
utilities sector, with services for Three Valleys Water and NIE going live
through the BT alliance, and a two-year contract with Ideal Shopping Direct to
provide complex data capture services. Key contracts have also been renewed with
clients such as William Hill, which is a good indication that Eckoh's
proposition remains competitive and is delivering the appropriate value.
Turnover for the year grew 56% to £5.0m (2004 - £3.2m) with a gross margin of
53% (2004 - 53%). Direct operating expenses were £2.2m (2004 - £1.9m). Eckoh
management intends to continue to deliver high growth rates in this area of
operation, and is therefore increasing its sales and marketing investment in
order to maintain high levels of growth. The division has excellent operational
gearing and, provided that 50% gross margins can be maintained, further growth
will have a material impact on the Group's overall profitability. The division
made a positive contribution, before allocation of central costs, for the first
time in 2005.
Eckoh IVR Division
The Eckoh IVR Division operates in two quite distinct markets, as follows:
Advertised Services
Eckoh IVR operates a variety of consumer entertainment voice and data products
such as dating, community chat, competitions, and mobile content ("Advertised
Services") which are available to both fixed line and mobile users. Eckoh IVR
management has extensive experience running such services in over 30 countries
since 1992, and whilst these are currently offered only in the UK, management
continues to evaluate new opportunities particularly in the area of premium SMS
services, which could include expansion back into international markets. The
major risks in this area revolve around advertising restrictions and regulatory
issues.
Where appropriate, Eckoh IVR invests its own money promoting these services on
TV, radio and in print media under a number of different product brands. Since
July 2003 this includes L!VE TV as a flexible and low cost environment to test,
promote and showcase Eckoh IVR's services. Gross margins from individual
campaigns fluctuate with advertising efficiency, which is influenced by price,
seasonality, TV programming and availability.
Whilst turnover from Advertised Services remained flat at £11.6m (2004 -
£11.6m), gross profit increased by 25% to £5.0m (2004 - 4.0m). This illustrates
the success of a refocusing of management effort since last summer. Although
direct operating expenses rose to £2.3m (2004 - £2.2m), the overall performance
of the Advertised Services operation delivered a strong contribution.
Client Services
Eckoh IVR is one of the UK's largest IVR and SMS operators, and works with a
number of prominent media owners such as ITV, Trinity Mirror, Channel 4, IPC,
EMAP, and Northcliffe Newspapers. Eckoh delivers an end-to-end interactive
solution including creation, design, development, implementation, deployment,
hosting and reporting.
Highlights of the period include a very successful year handling over 28 million
calls as ITV's preferred provider of telephony services (widely regarded as the
largest contract of its type), which has resulted in a new extended contract
running until at least August 2006; a contract to supply the Trinity Mirror
group of over 240 national and regional newspapers with IVR and SMS services; a
one year extension from Northcliffe Newspapers for the provision of IVR and SMS
services to its southern group of titles, and an agreement with Channel 4 and
Cactus TV to operate the hugely successful Richard and Judy show. More recently
Eckoh IVR was awarded the highly prestigious three-year contract with the
leading UK consumer publisher IPC Magazines, beginning in June 2005, to supply
IVR and SMS services to their portfolio of magazines which sell over 330 million
copies a year.
The market is highly competitive, with a handful of large, high-profile clients
periodically putting contracts out to tender. Call handling capacity, network
resilience and responsive service support are of utmost importance to these
clients - particularly for TV-driven campaigns. However, the relative simplicity
of many media and broadcast products, together with pricing transparency have
forced profit margins lower over the past year. Eckoh management has therefore
focused efforts on its most significant customers which has enabled costs to be
reduced without compromising quality. The recent renewals of the ITV, Trinity
and Northcliffe contracts, combined with winning IPC, suggests this strategy is
already delivering results.
Eckoh is also striving to cross-sell more complex (and profitable) products and
services into this market to improve margins. For example, Eckoh provided the
first mass use of speech recognition voting for Endemol's Music Hall of Fame on
Channel 4.
As an Annex II licensed telecommunications operator with its own switched
network, Eckoh benefits from full interconnect rates on call traffic through its
network. It therefore offers wholesale network services to third parties such as
number ranges, connectivity and hosting. While associated volumes of wholesale
traffic can be high, gross margins are typically very low with most business on
short-term or no-term contracts. While Eckoh is currently not actively pursuing
wholesale business as part of a concerted marketing effort, it will continue to
exploit such opportunities as and when they arise.
High volumes generated by the ITV contract enabled turnover from Client Services
to increase by 73% to £39.0m (2004 - £22.6m), with gross profit increasing to
£3.4m (2004 - £2.9m). Direct operating expenses were £3.1m (2004 - £2.3m). In
response to falling gross margins, management undertook a review of the cost
base of its IVR operation in December to ensure that the division continues to
generate a satisfactory contribution towards central costs. This review,
combined with the new contract wins recently announced, should ensure that this
objective is achieved in 2006. Looking forward, Eckoh IVR will continue to
concentrate its efforts on competing for long-term, quality media and broadcast
business from the major UK players. The traffic volume generated by the large
media clients supports the buying effectiveness of the Group with major carriers
such as BT and Cable & Wireless.
Symphony Telecom
Symphony Telecom occupies a mid-market position as an independent
telecommunications service provider to UK SMEs. It offers a range of
directly-billed voice, data and mobile products and services that can be
combined into a single telecommunications solution for the end-user, and trades
under the "Symphony" and various affiliated brands.
Symphony is a reseller of both fixed line and mobile products and services aimed
at corporate customers with telephony needs of approximately £3,000 annually.
There are three routes to market: direct sales, seven joint ventures and a
dealer network of telephone system resellers located across the UK and Ireland.
The fixed line business provides a range of telephony services by routing
customer call traffic through the most efficient and cost effective network. It
has non-exclusive supplier arrangements with a range of fixed line carriers -
principally Energis, Cable & Wireless and MCI. These services include fixed
voice, data, private and ISDN circuits, wholesale line rental and non-geographic
numbers.
The mobile business of Symphony is one of 9 businesses in the UK to hold Service
Provider licenses for both Vodafone and O2, which were both secured in 2000.
Under these contracts, Symphony purchases network capacity from Vodafone and O2
at wholesale rates and resells a full range of retail-priced mobile services
(both voice and data) to its base of around 11,000 business connections. Mobile
sales now represent the fastest growing component of Symphony's product
offering, with annual turnover growth of around 23% over the last two years.
Symphony's turnover was £21.0m (2004 - £20.8m) with gross profit increasing to
£6.8m as a result of improved wholesale rates from network suppliers and an
increased mobile base (2004 - £6.1m). Direct operating costs increased to £5.3m
from £4.3m reflecting the costs involved in expanding the distribution network
and strengthening the sales and management teams within Symphony. Symphony
generated a contribution of £1.5m (2004 - £1.8m).
On 29 April 2005, Symphony Telecom Holdings plc completed the acquisition of
Anglia Telecom Centres Limited from TTG Europe plc for a cash consideration of
up to £10.0m. Anglia was founded in 1984 and specialises in mobile distribution
for all five UK mobile network operators (Orange, Vodafone, O2, T-Mobile and
Three). It is a registered cellular distributor for the mobile network operators
in the UK and has national coverage through a network of approximately 280
dealers. Anglia also offers fixed line telecommunication services to UK SMEs as
a reseller for Energis and Opal. Anglia's turnover for the year ended 31 March
2005 was £30.5m, generating a profit before tax of £1.3m.
The enlarged Symphony business will occupy a unique and influential position in
the growing UK business telecommunications market by offering mobile
distribution, mobile service provision and fixed line resale. The Directors are
also of the opinion that there are significant cost savings and additional
benefits to be realised by the integration of Anglia. These cost savings are
largely based on eliminating duplicate activities such as billing, customer
services, information technology, facilities and distribution. Additional
benefits are expected to include complementary product lines, geographical
coverage and a good management fit.
Internet Services (Freecom.net)
Freecom.net has built a successful business selling a full range of
complementary internet products and data services, including web-site design,
e-commerce solutions, e-mail services, connectivity (dial-up and broadband),
search engine submission and directory services, and hosting to SMEs. Eckoh
acquired Freecom.net as part of the acquisition of Intelliplus Group in
September 2003.
Freecom.net has two routes into a fragmented SME market: direct sales, primarily
targeting second generation websites from the 10+ employee SME sector, and
telesales targeting the 1-5 employee, entry-level website sector. The head
office (including outbound telesales) is based in Warrington, with a second
office in Birmingham providing all support functions.
Turnover from Freecom.net was £3.2m (2004 (7 months) - £2.0m) with a gross
profit of £2.2m (2004 (7 months) - £1.4m). Direct operating expenses were £2.1m
(2004 (7 months) - £1.2m).
Net Operating Expenses
Operating expenses include direct operating costs, amortisation and impairment
of intangible fixed assets (predominantly goodwill) and Eckoh's central costs.
Direct operating costs of the four divisions increased to £15.0m (2004 - £11.9m
excluding discontinued operations) due to increased business activity across the
entire Group, and the first full year impact following the acquisition of
Intelliplus in September 2003.
During the year an impairment review of the goodwill relating to the acquisition
of Intelliplus was carried out. The impairment review assessed whether the
carrying value of goodwill was supported by the net present value of future cash
flows derived from the business. The discounted cash flow did not support the
carrying value of goodwill and as such the goodwill has been impaired. The
impairment charge is £7.8m. Intangible asset amortisation totalled £2.5m for the
year (2004 - £1.4m).
Central costs are largely fixed in nature, and include indirect operating costs,
depreciation and corporate costs.
• Indirect operating expenses include the cost of Eckoh's central support
functions such as finance, IT and its Hemel Hempstead head office
occupation costs. These costs totalled £1.3m for the year (2004 - £1.4m).
• The depreciation charge on tangible fixed assets was £1.3m (2004 - £1.3m).
• Corporate costs include the Board of Directors, legal, secretarial, audit,
registrar, professional advisors, insurance and other plc-related costs.
These totalled £1.9m for the year (2004 - £2.0m), and were reduced in the
second half of the financial year following a cost review and management
changes during the summer.
• Restructuring costs of £0.5m in the prior year relate to the integration of
Intelliplus.
Balance sheet
Following the write-off of goodwill relating to Intelliplus, Eckoh's
shareholders' funds reduced to £9.0m as at 31 March 2005 (2004 - £18.4m). Net
current assets increased to £7.0m (2004 - £6.8m), with year end cash and short
term investment balances increasing by £3.1m to £13.3m (2004 - £10.2m) due to
cash generation from operating activities and improvements in the Group's cash
cycle.
Cash Flow Statement
Eckoh's cash and short-term investment balances increased from £10.2m to £13.3m
during the year. The Group generated cash from its operating activities of
£4.5m (2004 - £0.1m). Net capital expenditure during the year totalled £1.7m
(2004 - £0.1m income), which included further development of the speech-enabled
call-processing platform, and expenditure on a new billing and customer care
system for Symphony. Short-term investments generated £0.4m of interest (2004 -
£0.4m). Cash reserves are placed on fixed term deposits in accordance with the
Group's strict treasury policy.
International Financial Reporting Standards
The Group expects to implement IFRS in its March 2007 financial statements. The
transition project has commenced.
Operating Loss and Net Loss
The Group incurred an operating loss for the year of £9.8m (2004 - £2.5m) after
charging £10.3m (2004 - £1.4m) of intangible asset amortisation and impairment,
predominantly in relation to the Intelliplus acquisition in 2003. Excluding
intangible asset amortisation and impairment and exceptional items, Eckoh
recorded an operating profit of £0.5m for the year compared to an operating loss
of £0.6m in 2004.
The Group recorded a loss after tax of £9.4m for the year ended 31 March 2005
(2004 - £1.0m), or 3.5p per share (2004 - 0.4p per share). The adjusted
earnings per share was 0.3p (2004 - 0.1p loss per share). Due to the uncertainty
surrounding the future benefits of net tax losses carried forward, the Group has
not recognised a deferred tax asset.
Board changes
On 25 June 2004, Brian McArthur Muscroft, Group Finance Director, resigned from
the Board in order to take up a position elsewhere. Pending the appointment of a
permanent candidate, the Group Financial Controller, Adam Moloney, has been
appointed Acting Finance Director.
Peter Reynolds, a Non-Executive director, was appointed Non-Executive Chairman
following the resignation of David Best on 5 July 2004.
Outlook
Since the start of the new financial year Eckoh has traded in line with
expectations. The Directors are confident of the financial and trading
prospects for the Group in the current financial year. They are also evaluating
a number of strategic options, and will make further announcements in due
course.
Consolidated profit and loss account
for the year ended 31 March 2005
Year Year
ended ended
31 March 31 March
2005 2004
Note unaudited audited
£'000 £'000
Turnover 79,720 62,504
Continuing operations 79,720 60,189
Discontinued operations - 2,315
Cost of sales (59,675) (45,333)
Gross profit 20,045 17,171
Net operating expenses before intangible asset amortisation and impairment (19,533) (17,754)
and restructuring costs
Amortisation of intangible assets (2,539) (1,381)
Impairment of intangible assets (7,756) -
Restructuring costs - (489)
Net operating expenses (29,828) (19,624)
Operating profit/(loss) before intangible asset amortisation and 512 (583)
impairment and restructuring costs
Continuing operations 512 (565)
Discontinued operations - (18)
Operating loss (9,783) (2,453)
Continuing operations (9,783) (2,435)
Discontinued operations - (18)
Gain on disposal of trade investment - 662
Loss on closure of discontinued operation - (424)
Gain on disposal of hardware services operation - 208
Net interest receivable 372 357
Discount on loan redemption - 553
Loss on ordinary activities before taxation (9,411) (1,097)
Taxation (6) 73
Loss on ordinary activities after taxation (9,417) (1,024)
Minority interests (23) (24)
Loss for the year (9,440) (1,048)
(Loss)/earnings per ordinary share 2
Basic and diluted loss per share (3.5p) (0.4p)
Basic and diluted earnings/(loss) per share before intangible asset 0.3p (0.1p)
amortisation and impairment and exceptional items
Statement of total recognised gains and losses
for the year ended 31 March 2005
Year Year
ended ended
31 March 31 March
2005 2004
unaudited audited
£'000 £'000
Loss for the year (9,440) (1,048)
Exchange adjustments offset in reserves (8) 37
Total recognised losses for the year (9,448) (1,011)
Consolidated balance sheet
as at 31 March 2005
31 March 31 March
2005 2004
unaudited audited
Note £'000 £'000
Fixed assets
Intangible fixed assets 918 10,422
Tangible fixed assets 1,571 1,729
2,489 12,151
Current assets
Stock 22 62
Debtors 11,021 10,873
Short term investments 7,000 6,500
Cash at bank and in hand 6,296 3,739
24,339 21,174
Creditors: amounts falling due within one year (17,353) (14,405)
Net current assets 6,986 6,769
Total assets less current liabilities 9,475 18,920
Creditors: amounts falling due after more than one year (65) (59)
Provisions for liabilities and charges (152) (454)
Net assets 9,258 18,407
Capital and reserves 3
Called up share capital 679 678
Share premium account 147 122
Merger reserve - 6,734
Profit and loss account 8,125 10,839
Total equity shareholders' funds 4 8,951 18,373
Minority interests 307 34
Capital employed 9,258 18,407
Consolidated cash flow statement
for the year ended 31 March 2005
Year Year
ended ended
31 March 31 March
2005 2004
unaudited audited
Note £'000 £'000
Net cash inflow from operating activities 5 4,475 138
Return on investments and servicing of finance
Net interest 372 357
Taxation - 87
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,167) (482)
Expenditure on intangible fixed assets (540) (57)
Disposal of trade investment - 662
(1,707) 123
Acquisitions and disposals
Purchase of subsidiary undertaking - (616)
Net cash acquired with subsidiary undertakings - 149
- (467)
Cash inflow before use of liquid resources and financing 3,140 238
Management of liquid resources
(Increase)/decrease in short-term investments (500) 3,010
Financing
Issue of shares 26 126
Loan repayments (80) (2,071)
Capital element of finance lease payments (29) (39)
(83) (1,984)
Increase in cash in the year 2,557 1,264
Notes to the preliminary results
1. Basis of preparation
The financial statements for the year ended 31 March 2005 have been
prepared using accounting policies consistent with those set out in the
Company's consolidated 2004 statutory accounts. These statements do not
constitute statutory accounts within the meaning of section 240 of the
Companies Act 1985 and are unaudited.
The balances and results as at 31 March 2004 have been extracted from the
statutory accounts, which have been filed with the Registrar of Companies.
The auditors' report on those accounts was unqualified and did not contain
any statement under section 237 of the Companies Act 1985.
The preliminary results for the year ended 31 March 2005 were approved by
the Board on 6 July 2005 and will be posted on the Company's web site,
www.eckoh.com, on 7 July 2005.
2. (Loss)/earnings per ordinary share of 0.25p each
Year Year
ended ended
31 March 31 March
2005 2004
£'000 £'000
Profit/(loss) for the year before the following: 855 (177)
Intangible asset amortisation and impairment (10,295) (1,381)
Restructuring costs - (489)
Loss on closure of discontinued operation - (424)
Gain on disposal of hardware services operation - 208
Discount on loan redemption - 553
Gain on disposal of trade investment - 662
Loss for the year (9,440) (1,048)
Weighted average number of shares in the year:
Basic and diluted 271,226,435 237,801,055
The dilutive effect of share options in issue and shares to be issued is not
material enough to impact on the disclosed earnings per share for the year ended
31 March 2005. In addition no dilution of losses per share will arise due to
losses in the year.
3. Share capital and reserves
Ordinary Share Profit
share premium Merger and loss
capital account reserve account
£'000 £'000 £'000 £'000
At 1 April 2004 678 122 6,734 10,839
Loss for the year - - - (9,440)
Net exchange adjustments - - - (8)
Shares issued under the share option schemes 1 25 - -
Realisation of merger reserve - - (6,734) 6,734
At 31 March 2005 679 147 - 8,125
4. Reconciliation of movement in equity shareholders' funds
Year Year
ended ended
31 March 31 March
2005 2004
£'000 £'000
Opening equity shareholders' funds 18,373 11,589
Loss for the year (9,440) (1,048)
Share consideration for acquisition of subsidiary undertaking - 7,707
Net movement in contingent share consideration - (38)
Employee share options exercised 26 126
Exchange adjustments offset in reserves (8) 37
Closing equity shareholders' funds 8,951 18,373
5. Net cash inflow from operating activities
Year Year
ended ended
31 March 31 March
2005 2004
Operating loss (9,783) (2,453)
Depreciation of tangible fixed assets 1,319 1,339
Amortisation and impairment of intangible fixed assets 10,295 1,381
Decrease in stock 40 625
(Increase)/decrease in debtors (148) 598
Increase/(decrease) in creditors/provisions 2,745 (1,412)
Loss on disposal of tangible fixed assets 7 60
4,475 138
6. Adjusted profit/(loss) before taxation
Year Year
ended ended
31 March 31 March
2005 2004
Loss before taxation (9,411) (1,097)
Adjust for:
Amortisation of intangible fixed assets 2,539 1,381
Impairment of intangible fixed assets 7,756 -
Restructuring costs - 489
Gain on disposal of trade investment - (662)
Loss on closure of discontinued operation - 424
Gain on disposal of hardware services operation - (208)
Adjusted profit/(loss) before taxation - (553)
884 (226)
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