Interim Results
InterX PLC
12 February 2002
INTERX PLC
Second Quarter ('Q2') Results
Three months ended 30 December 2001
HIGHLIGHTS
• Turnover for Q2 Financial Year 2002 was £0.5m (Q1 2002: £0.5m)
• Gross profit for Q2 was £0.4m (Q1 2002: £0.1m)
• Operating loss, before restructuring charges, amortisation and
impairment of goodwill, for Q2 was £3.5m (Q1 2002: £3.7m)
• Restructuring charges for Q2 were £10.2m
• Amortisation of goodwill for Q2 was £10.2m (Q1 2002: £10.2m)
• Impairment of goodwill charge of £122.7m
• Anticipated restructuring provision in Q3 expected to be up to
£1.5m
• Share of associates' operating losses for Q2 was £5.4m (Q1 2002:
£1.4m)
• Loss for Q2 was £153.1m (Q1 2002: £14.4m)
• Loss per share, before exceptional items, amortisation and
impairment of goodwill, for Q2 was 31.98p (Q1 2002: 14.76p)
• Loss per share for Q2 was 489.62p (Q1 2002: 45.91p)
• Cash at 30 December 2001 was £6.2m (30 September 2001: £10.1m)
Simon Barker, Chief Executive, commented:
'Q2 has seen an encouraging increase in active interest in InterX Net2020 from
prospective customers and industry analysts.
However, given the lack of success in converting this interest into firm sales
orders and our current cash position, the current level of investment in
building a brand and sales channel in the current market conditions cannot be
justified.
The shape of the software business moving forward will be determined after the
conclusion of our discussions with potential partners and the completion of the
consultation process with our employees.
The future position and value of Diligenti to InterX will be determined through
the success of the current restructuring of Diligenti.
We will report back to shareholders once these actions have been concluded.'
For further information, please contact:
InterX plc 020 8817 4000
Simon Barker, Chief Executive
Simon Miesegaes, Finance Director
INTERX PLC
('InterX', the 'Company' or the 'Group')
Q2 Results
Three months ended 30 December 2001
Chairman's Statement
The Board today announces the Group's results for the three months ended 30
December 2001, the second quarter of our 2002 financial year.
We are sorry to advise shareholders that the continuing malaise in the IT
industry is severely impacting our ability to convert prospects into profitable
software license sales.
Results
Turnover and gross profit for the three month period ended 30 December 2001 (Q2
2002) were £0.5m (Q1 2002: £0.5m) and £0.4m (Q1 2002: £0.1m) respectively.
The operating loss before restructuring charges, amortisation and impairment of
goodwill for Q2 was £3.5m (Q1 2002: £3.7m). The loss, after restructuring
charges, amortisation and impairment of goodwill for Q2 was £153.1m (Q1 2002:
£14.4m). Loss per share was 489.62p (Q1 2002: 45.91p). Cash at 30 December 2001
was £6.2m (30 September 2001: £10.1m).
Prospects
We are reviewing all options available to protect our cash reserves while
retaining the ability to maximise the value of our technology and investments.
Discussions are being held concerning the licensing of our technology for resale
and consultation with our employees has begun in anticipation of significant
redundancies.
The Board will report back to shareholders when these matters have been
concluded.
Richard Jewson 12 February 2002
Chief Executive's Review
InterX Technology Limited
During Q2 we continued to develop our direct and partner sales pipelines and to
receive validation of our technology from the industry analyst community.
Indeed, at 30 December 2001, we were actively engaged, at differing points of
the sales process, with over 20 companies representing some £2m of potential
licence revenue.
However, during this period we were only able to conclude one licence sale with
a new, as opposed to existing, customer. Furthermore, since the period end, we
have failed to conclude any new licence sales. Although the sales pipeline has
continued to grow, my belief in our ability in the short term to convert these
prospects into sales has declined for three reasons:
a) the continued lack of confidence in the economy is creating
significant delay in the sales process, not only with regard to the availability
of budgets for IT projects, but also with regard to the level of urgency
accorded to new online initiatives;
b) increasingly, the trend is for companies to purchase enterprise
software from global market leaders; and
c) the continued delay in the growth of our revenue line, together with
the resulting decline in our cash reserves, has only served to increase the
concern amongst our potential customers as to our financial viability.
We are therefore taking the following actions:
i) to reduce the cash burn rate and to protect our cash reserves with
immediate effect, we have entered into a consultation process with our employees
with regard to making significant redundancies. This process is anticipated to
last thirty days;
ii) to address the credibility issue, we are in discussions with a view
to licensing our technology for resale; and
iii) to increase our available cash reserves, we continue actively to
market our head office in Brentford, upon which we have a £5.4m rent deposit.
Diligenti Limited ('Diligenti')
In April 2000, as part of its fundraising at the time of the acquisition of
Cromwell Media Limited, InterX raised £20m for the acquisition and development
of PharmWeb, a pharmaceutical and health related portal, started by Manchester
University. It was the intention of the Board to use this acquisition to provide
the platform for the introduction of the IT Network business model and our
technology within the global pharmaceutical industry.
During the course of subsequent detailed due diligence it became apparent that
it was inappropriate to acquire PharmWeb. It was therefore decided, in order to
achieve the same strategic objectives, to take a 34% equity holding in a new
company called Diligenti, for £4m, and to provide Diligenti with a £16m loan
facility, due for repayment on 31 December 2001.
Diligenti intended to provide the global life-sciences industry with an
innovative new approach to communicating with patient, consumer and professional
audiences.
The majority of the funds provided by InterX were used by Diligenti to fund the
acquisition and development of a business, ClinNet Solutions LLC, a US company
that was the publisher of www.newsrounds.com, an online medical news and
intranet service for healthcare professionals in the United States. Subsequent
to the acquisition of Club Medical, the Newsrounds service was launched in
France in 2001. These services were incorporated under the brand 'Diligenti
Healthcare'.
Additional smaller acquisitions were made in the area of agrochemicals: Easychem
Inc. and Q-Global Limited, both of which were consolidated under the brand '
Konsus'.
Finally, in November 2000, Diligenti acquired 59% of the issued share capital of
Healthcomp Evaluation Services Corporation, trading as Exemplar International
Inc., ('Exemplar'), a US NASD Pink Sheets company, (symbol: 'HCEV'), for $5m.
Exemplar is a leading national provider of occupational health information and
screening services in the United States.
By December 2000, Diligenti required a second round of funding of £10m, the
majority of which was to provide additional working capital and IT investment in
Exemplar. Such was the potential of Exemplar and its strategic importance to the
future value of Diligenti, together with the urgency of the requirement for
additional funds, that I personally invested £3.3m in Diligenti at this time.
The terms of the investment valued Diligenti at over £120m. This investment was
duly disclosed in our last Annual Report.
Throughout 2001, the Diligenti group concluded the process of integrating all
the acquisitions into three trading units. By the summer of 2001, Diligenti's
executive management embarked upon the process of a third round fundraising,
with interest being expressed by certain organisations, some of which were based
in New York. These funds were to be used to repay the InterX loan of £16m and to
provide further working capital.
However, after the events of 11 September 2001, the appetite of potential
investors for such a fundraising was severely diminished. At the same time,
Diligenti Healthcare and Konsus were failing to meet internal business targets,
with the result that Diligenti's third round fundraising was never successfully
concluded. Exemplar, however, since restructuring in the middle of 2001, has
consistently hit its internal revenue targets.
InterX has been in intensive discussions with the Diligenti executive management
throughout the latter part of 2001 and into this year following the failure of
the third round fundraising. Diligenti is now in breach of the terms of the loan
agreement and InterX has been negotiating how best to resolve this situation
taking into account InterX's fixed and floating charges over the assets of
Diligenti. InterX is conducting these negotiations with due regard to the other
independent creditors of Diligenti.
Accordingly, recent actions taken by the executive management of Diligenti are:
1) the business units, Diligenti Healthcare and Konsus, have been shut
down with the relevant offices in the United States, England and France closed;
and
2) a professional firm of insolvency practitioners has been retained by
Diligenti with the intention of their conducting a company voluntary arrangement
('CVA'). InterX has indicated a willingness to support the CVA on certain
conditions, one of which is that certain shareholders of Diligenti make
available their shares in Diligenti to InterX. The executive directors of
Diligenti, who are its majority shareholders, have confirmed their acceptance of
this condition, as have I.
As stated earlier, Diligenti owns 59% of the issued share capital of Exemplar.
Diligenti has also provided loans to Exemplar totalling some $11m: loans which
have certain conversion rights attached.
Exemplar now employs approximately 250 staff, has 40 mobile testing laboratories
and has affiliations, of ranging scale, with over 10,000 clinics throughout the
United States. It has over 9,000 business customers, including some of the
largest corporations in the United States.
Exemplar itself is the result of the consolidation of about 23 businesses since
1993. It floated on NASD OTC Bulletin Board in April 1999 with a market
capitalisation of $71m. Subsequently, Exemplar failed to receive clearance by
the SEC of certain documents filed during December 1999, resulting in Exemplar
being moved onto NASD Pink Sheets. Since the beginning of last year, significant
time and effort has been spent amending these filings in order to recommence
trading on the NASD OTC Bulletin Board. It is the intention of the Exemplar
board to ensure that all filings are completed by this summer.
As at 8 February 2002, there were 42.4m Exemplar shares in issue, of which only
3.5m shares were tradable, each with a market price of $0.45. Diligenti holds
24.9m of these shares (59%).
Of the $11m of Diligenti loans to Exemplar, Diligenti has the right to convert
$5m into a further 24.9m Exemplar shares. In addition, Diligenti has warrants
for a further 1m shares in Exemplar.
The balance of the Diligenti loans to Exemplar shall be used either for the
purpose of providing funds for the Diligenti CVA, for the repayment of part of
the InterX loan to Diligenti or for additional conversion, where appropriate,
into shares in Exemplar.
Financial Review
Profit and loss account
Turnover in Q2 was some £0.5m, of which £0.3m related to licence revenue.
Licence revenue included a licence sale to one new customer. The balance
represents a combination of support and maintenance income, together with
consulting work in respect of our existing customers.
Overheads continue to be tightly monitored and are consistent with the previous
quarter. The restructuring charge includes an amount of £300,000 in respect of
the restructuring made in December 2001. The charge in respect of the
restructuring to occur in March 2002 will be made in Q3 and is expected to be in
the region of £1.5m.
During Q2, additional investment was made in sales and marketing in order to
attempt to capitalise on the launch of InterX Net2020. Significant investment
was maintained in research and development costs in order to ensure the onward
development of InterX Net2020.
General and administrative costs include some £650,000 in respect of office
costs. As mentioned within the review for Q1's results, the Group's current
offices in Brentford ('27 West') have been placed on the market with a view to
moving to smaller more appropriate premises.
The following provisions have been made and form part of the restructuring
charge:
• a provision of £1.8m has been made against the rent deposit on 27 West
of £5.4m;
• a provision of £3.7m has been made against the Group's fixed assets at
27 West on the basis of their impairment; and
• a provision of £800,000 in respect of rent on the unoccupied floor
space at 27 West for the period to 31 December 2002.
The average monthly cash burn rate for Q2 of £1.0m, net of interest, is
consistent with the previous quarter.
Amortisation of goodwill for the quarter remained at £10.2m. Following a review
of goodwill, the Board has decided that, in view of the low level of sales
achieved to date and after taking into account projected future sales revenues,
goodwill is impaired and accordingly a charge of £122.7m has been made which
reflects a revised valuation of £10m.
Interest payable reflects our share of interest payable by Diligenti, our
associated company.
Balance sheet and cash flow
Debtors at 30 December 2001 primarily consist of some £17.9m in respect of the
£16.3m Diligenti loan together with accrued interest of £1.6m. The Board's
financial assessment is that while there are reasonable grounds for concluding
that these monies are expected to be recovered in full from Diligenti's interest
in Exemplar, there are a number of steps that need to be taken in order to
achieve full recovery, some of which are complex. Full recovery is therefore
uncertain and accordingly the Board has made a provision of £3.6m to reflect
this uncertainty.
The cash outflow in respect of creditors due within one year (£7.8m) is expected
to be some £2.5m. The balance relates to non cash impacting provisions,
including primarily the write back of both deferred consideration in Q3 and rent
free period accruals in the relevant periods.
In relation to the cash outflow before financing for the quarter of £3.9
million, some £424,000 was in respect of the Diligenti loan and InterX's capital
expenditure.
Going Concern
The Board has reviewed carefully the cash requirements of the Group for the next
12 months. In the absence of the successful assignment of the lease on 27 West,
the Group's current cash reserves are anticipated to be sufficient for the Group
until the end of August. Thereafter, funds are expected to be generated through
the repayment of amounts lent to Diligenti. Accordingly, the directors have
prepared the accounts on a going concern basis.
Conclusion
Q2 has seen an encouraging increase in active interest in InterX Net2020 from
prospective customers and industry analysts.
However, given the lack of success in converting this interest into firm sales
orders and our current cash position, the current level of investment in
building a brand and sales channel in the current market conditions cannot be
justified.
The shape of the software business moving forward will be determined after the
conclusion of our discussions with potential partners and the completion of the
consultation process with our employees.
The future position and value of Diligenti to InterX will be determined through
the success of the current restructuring of Diligenti.
We will report back to shareholders once these have been concluded.
Simon Barker
12 February 2002
INTERX PLC
Group profit and loss account
for the three and six months ended 30 December 2001
3 months 3 months 6 months 6 months 11 months
ended 30 ended 30 ended 30 ended 2 ended 30
December September December February June
2001 2001 2001 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000
Notes
Turnover
Product licences 315 150 465 1,163 1,163
Services 140 371 511 2,735 4,428
2 455 521 976 3,898 5,591
Cost of sales
Product licences - - - (65) (65)
Services (27) (399) (426) (6,136) (9,015)
(27) (399) (426) (6,201) (9,080)
Gross profit/(loss)
Product licences 315 150 465 1,098 1,098
Services 113 (28) 85 (3,401) (4,587)
2 428 122 550 (2,303) (3,489)
Overheads
Distribution costs
- Sales and marketing (1,162) (880) (2,042) (2,598) (4,258)
Administrative expenses
- Research and development (1,035) (1,124) (2,159) (1,520) (2,834)
- Other general and (1,729) (1,825) (3,554) (6,741) (9,861)
administrative costs
Exceptional items and
amortisation of goodwill
- Restructuring 3 (10,220) - (10,220) - (1,596)
- Gain on sale of 3 - - - - 308
investment in own shares
- Amortisation of goodwill (10,207) (10,207) (20,414) (20,414) (37,425)
- Impairment of goodwill 3 (122,687) - (122,687) - -
(145,878) (13,156) (159,034) (28,675) (51,408)
(147,040) (14,036) (161,076) (31,273) (55,666)
Operating loss before
amortisation and impairment (13,718) (3,707) (17,425) (13,162) (21,730)
of goodwill
- Amortisation of goodwill (10,207) (10,207) (20,414) (20,414) (37,425)
- Impairment of goodwill (122,687) - (122,687) - -
Operating loss 2 (146,612) (13,914) (160,526) (33,576) (59,155)
Share of associates' (5,356) (1,440) (6,796) (2,789) (4,987)
operating losses
Associate - impairment of (1,862) - (1,862) - -
goodwill
Profit on sale of fixed 4 - - - 1,905 1,905
assets
Profit on part disposal of 4 - 465 465 - -
associate
Loss on ordinary activities
before interest and taxation (153,830) (14,889) (168,719) (34,460) (62,237)
Interest receivable 575 506 1,081 1,138 2,123
Interest payable (133) (161) (294) (3) (464)
Loss on ordinary activities (153,388) (14,544) (167,932) (33,325) (60,578)
before taxation
Tax on loss on ordinary 5 - - - - -
activities
Loss on ordinary activities (153,388) (14,544) (167,932) (33,325) (60,578)
after taxation
Share of associates' minority 273 186 459 - 506
interests
Loss for the financial period 7 (153,115) (14,358) (167,473) (33,325) (60,072)
Turnover, gross profit/(loss) and operating loss for this period and the comparative periods arose from
continuing operations.
INTERX PLC
Group profit and loss account (continued)
for the three and six months ended 30 December 2001
3 months 3 months 6 months 6 months 11 months
ended 30 ended 30 ended 30 ended 2 ended 30
December September December February June
2001 2001 2001 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
Note
Basic and diluted loss per 6 (489.62p) (45.91p) (535.53p) (95.37p) (189.90p)
share
Less: exceptional items,
amortisation and impairment
of goodwill
Restructuring 32.68p - 32.68p - 5.05p
Gain on sale of investment in - - - - (0.97p)
own shares
Amortisation of goodwill 32.64p 32.64p 65.28p 58.43p 118.31p
Impairment of goodwill 392.32p - 392.32p - -
Profit on sale of fixed - - - (5.45p) (6.02p)
assets
Profit on part disposal of - (1.49p) (1.49p) - -
associate
Loss per share before
exceptional items, (31.98p) (14.76p) (46.74p) (42.39p) (73.53p)
amortisation and impairment
of goodwill
Group statement of total recognised gains and losses
for the three and six months ended 30 December 2001
£'000 £'000 £'000 £'000 £'000
Loss for the financial period
Group (146,040) (12,947) (158,987) (30,536) (55,203)
Share of associates (7,075) (1,411) (8,486) (2,789) (4,869)
(153,115) (14,358) (167,473) (33,325) (60,072)
Deemed disposal of part of
interest in associates
Group - - - 3,422 3,422
Share of associate - - - - (25)
- - - 3,422 3,397
Loss on foreign currency
translation
Share of associate (42) 17 (25) - (390)
(42) 17 (25) 3,422 3,007
Total recognised gains and
losses relating to the period (153,157) (14,341) (167,498) (29,903) (57,065)
INTERX PLC
Group balance sheet
at 30 December 2001
At 30 At 30 At 30June
December September 2001
2001 2001
Note (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Goodwill 10,000 142,894 153,101
Intangible assets 59 377 349
Tangible assets 687 4,474 5,060
Investments 399 2,081 3,319
11,145 149,826 161,829
Current assets
Debtors
- due within one year 16,069 19,140 18,016
- due after one year 3,615 5,423 5,423
Cash at bank, in hand and 9 6,246 10,117 16,975
term deposits
25,930 34,680 40,414
Creditors: amounts falling
due within one year (7,859) (8,604) (11,214)
Net current assets 18,071 26,076 29,200
Total assets less current 29,216 175,902 191,029
liabilities
Creditors: amounts falling due after
more than one year (17) (26) (35)
Provisions for liabilities (6,588) (108) (885)
and charges
Net assets 22,611 175,768 190,109
INTERX PLC
Group balance sheet
at 30 December 2001 (continued)
At 30 At 30 At 30June
December September 2001
2001 2001
Note (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Capital and reserves
Called up share capital 1,750 1,750 1,750
Share premium account 55,799 55,799 55,799
Capital redemption reserve 31 31 31
Other reserves 201,917 201,917 201,917
Profit and loss account (236,886) (83,729) (69,388)
Equity shareholders' funds 7 22,611 175,768 190,109
INTERX PLC
Group cash flow statement
for the three and six months
ended 30 December 2001
3 months 3 months 6 months 6 months 11 months
ended 30 ended 30 ended 30 ended 2 ended 30
December September December February June
2001 2001 2001 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000
Note
Net cash outflow from operating 8 (3,896) (4,660) (8,556) (9,831) (16,854)
activities
Returns on investments and
servicing of finance
Interest received 144 356 500 1,062 1,151
Interest paid (3) (4) (7) (3) (8)
Net cash inflow from returns on
investments and servicing of finance 141 352 493 1,059 1,143
Taxation 349 - 349 - 41
Capital expenditure and financial
investment
Purchase of intangible fixed (16) (92) (108) - (248)
assets
Purchase of tangible fixed assets (41) (72) (113) (3,085) (4,414)
Sale of tangible fixed assets - - - 16,245 16,246
Loan to associate (367) (2,377) (2,744) (13,256) (13,640)
Net cash outflow for capital expenditure
and financial investment (424) (2,541) (2,965) (96) (2,056)
Acquisitions and disposals
Acquisition of subsidiary - - - - (200)
undertaking
Disposal of subsidiary - - - - 8
undertaking
Part disposal of associate (32) - (32) - -
Net cash outflow from (32) - (32) - (192)
acquisitions and disposals
Net cash outflow before management of liquid
resources and financing (3,862) (6,849) (10,711) (8,868) (17,918)
INTERX PLC
Group cash flow statement
for the three and six months
ended 30 December 2001
(continued)
3 months 3 months 6 months 6 months 11 months
ended 30 ended 30 ended 30 ended 2 ended 30
December September December February June
2001 2001 2001 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000
Note
Management of liquid resources
Cash placed on term deposits (15,500) (8,654) (24,154) (20,008) (73,758)
Term deposits matured 11,000 23,904 34,904 - 58,508
Net cash (outflow)/inflow from
management of liquid resources (4,500) 15,250 10,750 (20,008) (15,250)
Financing
Issue of ordinary share capital - - - 380 422
Capital element of finance lease (9) (9) (18) (19) (33)
rental payments
Net cash (outflow)/inflow from (9) (9) (18) 361 389
financing
(Decrease)/increase in cash in (8,371) 8,392 21 (28,515) (32,779)
the period
Reconciliation of net cash flow
to movement in net funds
(Decrease)/increase in cash in (8,371) 8,392 21 (28,515) (32,779)
the period
Net cash outflow from decrease in
debt and lease financing 9 9 18 19 33
Net cash outflow/(inflow) from increase/
(decrease) in liquid resources 4,500 (15,250) (10,750) 20,008 15,250
Change in net funds resulting (3,862) (6,849) (10,711) (8,488) (17,496)
from cash flows
Net funds at start of period 9 10,056 16,905 16,905 34,401 34,401
Net funds at end of period 9 6,194 10,056 6,194 25,913 16,905
INTERX PLC
Notes to the financial statements
for the three and six months ended 30 December 2001
1. Basis of preparation
The comparative figures for the period ended 30 June 2001 have been extracted from the Group's
statutory accounts to that date. These accounts received an unqualified audit report, did not
contain a statement under section 237(2) or 237(3) of the Companies Act 1985 and have been
filed with the Registrar of Companies. This interim statement, which is unaudited and does not
constitute statutory accounts, has been prepared on the basis of the accounting policies laid
down in those statutory accounts. The accounting policies adopted in respect of the period are
consistent with those of the previous period.
2 Segmental information
During the period the Group operated only in one business segment, namely technology. Turnover,
gross profit/(loss) and operating losses for the periods related entirely to operations in the
UK.
3. Exceptional items reported before operating loss
The restructuring costs arose from redundancy programmes, associated write-downs and other
provisions in February 2001 and December 2001.
The gain on sale of investment in own shares in 2001 resulted from the sale of shares under
option in the InterX Technology Employee Benefit Trust.
The goodwill that arose on the acquisition of Cromwell Media has been impaired
to a carrying amount of £10m.
4. Exceptional items reported after operating loss
The profit on sale of fixed assets relates to the disposal, in October 2000, to the new owners
of Ideal, of two properties occupied by Ideal.
The profit on the part disposal of the stake in an associate relates to the disposal of 12.5%
in ComputerWeekly.com Limited during September 2001. The residual interest of 12.5% is now
being accounted for as a trade investment.
5. Taxation
There is no taxation charge or credit for the period.
6. Loss per share
The loss per share is calculated by reference to the
following losses and numbers of shares:
3 months 3 months 6 months 11 months
ended ended ended ended
30 December 30 September 2 February 30 June
2001 2001 2001 2001
(unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000
Loss for the financial period
After exceptional items, amortisation
and impairment of goodwill (153,115) (14,358) (33,325) (60,072)
Exceptional items, amortisation and
impairment of goodwill 143,114 9,742 18,509 36,808
Before exceptional items, amortisation
and impairment of goodwill (10,001) (4,616) (14,816) (23,264)
No. of shares No. of No. of No. of
shares shares shares
Weighted average number of shares
Weighted average ordinary shares in
issue during period 34,999,181 34,999,181 34,924,226 34,977,215
Weighted average ordinary shares held
by Group's employee benefit trusts (3,726,737) (3,726,737) - (3,344,487)
For basic and diluted loss per share 31,272,444 31,272,444 34,924,226 31,632,728
INTERX PLC
Notes to the financial statements
for the three and six months ended 30 December 2001 (continued)
7. Share capital and reserves
Movements in share capital and
reserves were as follows:
Share Share Capital Other Profit and Total
capital premium redemption reserves loss account
reserve
£'000 £'000 £'000 £'000 £'000 £'000
At 1 July 2001 1,750 55,799 31 201,917 (69,388) 190,109
Loss for the period - - - - (14,358) (14,358)
Other recognised gains and losses - - - - 17 17
At 30 September 2001 1,750 55,799 31 201,917 (83,729) 175,768
Loss for the period - - - - (153,115) (153,115)
Other recognised gains and losses - - - - (42) (42)
At 30 December 2001 1,750 55,799 31 201,917 (236,886) 22,611
8. Reconciliation of operating
loss to net cash flow from
operating activities
3 months 3 months 6 months 6 months 11 months
ended 30 ended 30 ended 30 ended 2 ended 30
December September December February June
2001 2001 2001 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000
Operating loss (146,612) (13,914) (160,526) (33,576) (59,155)
Depreciation charges 353 325 678 738 1,105
Impairment of tangible fixed 3,455 - 3,455 - -
assets
Amortisation of goodwill 10,207 10,207 20,414 20,414 37,425
Impairment of goodwill 122,687 - 122,687 - -
Amortisation of intangible 47 44 91 48 112
fixed assets
Impairment of intangible fixed 273 - 273 - -
assets
Write down of investment in own 34 17 51 - -
shares
Elimination of share of sale to - - - 102 102
associate
(Profit)/loss on disposal of - (5) (5) 90 70
fixed assets
(9,556) (3,326) (12,882) (12,184) (20,341)
Decrease/(increase) in debtors 5,676 1,326 7,002 (2,343) (835)
(Decrease)/increase in (16) (2,660) (2,676) 4,696 4,322
creditors
Net cash outflow from operating (3,896) (4,660) (8,556) (9,831) (16,854)
activities
INTERX PLC
Notes to the financial statements
for the three and six months ended 30 December 2001 (continued)
9. Analysis of net funds
At 1 Cash flow At 30 Cash flow At 30
July September December
2001 2001 2001
(unaudited)
(audited) (unaudited)
£'000 £'000 £'000 £'000 £'000
Cash at bank and in hand 1,725 8,392 10,117 (8,371) 1,746
Term deposits 15,250 (15,250) - 4,500 4,500
16,975 (6,858) 10,117 (3,871) 6,246
Finance leases (70) 9 (61) 9 (52)
Total net funds 16,905 (6,849) 10,056 (3,862) 6,194
This report will be available on
the Company's website at
www.interx.com.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 22nd November 2024
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