Interim Results

County Contact Centres PLC 12 February 2004 COUNTY CONTACT CENTRES PLC INTERIM STATEMENT OF RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2003 Highlights 6 months ended 6 months ended 12 months 31 December 31 December ended 2003 2002 30 June (unaudited) (unaudited) 2003 (restated) (audited) £ £ £ Turnover 722,560 600,692 1,276,956 Loss on ordinary activities before tax 206,658 498,409 839,936 •Sales continue their upward trend, 20% higher than the corresponding period last year. •Cost of Sales, including Direct Labour Costs, reduced on an increased turnover. •Administrative Expenses reduced by 26% compared to the corresponding period last year. •Loss in the 6 months reduced to £206,658. Further enquiries: William Catchpole - Managing Director Stuart Gordon - Financial Director Telephone - 01473 321 800 CHAIRMAN'S STATEMENT Since my statement in the annual report for the year to 30th June 2003, Ansaback has continued its progress towards filling the call centre and whilst it still has additional capacity, this side of the business has performed satisfactorily, sales growing by 24% compared to the same period last year. Both new business and overflow business from other call centres have raised the monthly turnover to a consistently higher platform and despite inflationary wage pressure and some clients being lured away by discounted prices, Ansaback continues to increase its contribution to central overheads. The sales force, and in particular client services, have been strengthened and the Directors envisage that the need for many businesses to offer a 24-hour manned response means that we are well positioned to capitalise on these opportunities. The recent January sales show further significant growth with a record month on billable minutes, jumping up some 19% on the previous 6-month average while new accounts augur well for continuing improvements. The publicity regarding the continued outsourcing to India may alarm some of our shareholders but the companies which use a UK bureau like Ansaback are unlikely to be able to procure the services of a premier overseas call centre, due either to the volume of calls offered or the depth and quality of service required. The Ansaback business continues to provide an excellent demonstration platform for the CallScripter software while additional special features requested from clients invariably lead to further software modifications and enhancements, a recent example being a coupon input option which collates data in a format similar to the telephone enquiries. The CallScripter software division has had a steady six months generating sales at a similar level compared to the same period last year. Since a mid year reorganisation CallScripter has achieved a number of orders, including our first Dutch installation as well as a major representation in South Africa. Version 2.5 .Net was launched at the Birmingham NEC and subsequent client demonstrations have been very well received. The financial resources available to the company have allowed the second tranche of the Small Firm Loan Scheme to be called down. With this funding in place we look forward to the remainder of the year with confidence that further rapid progress will be made. In my statement in the last annual report we asked for the shareholder's understanding whilst we drove towards monthly break-even during 2004. The Director's remain convinced that this can be achieved. Peter M. Brown Chairman 12 February 2004 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 6 MONTHS ENDED 31 DECEMBER 2003 Note 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2003 2002 2003 (unaudited) (unaudited) (audited) (restated) £ £ £ Turnover 722,560 600,692 1,276,956 Cost of sales (431,510) (435,896) (879,192) ----- ----- ----- Gross profit 291,050 164,796 397,764 Administrative expenses (496,643) (672,120) (1,247,629) ----- ----- ----- Operating loss (205,593) (507,324) (849,865) Other interest receivable and similar 1,424 8,915 11,055 income Interest payable and similar (2,489) - (1,126) charges ----- ----- ----- Loss on ordinary activities before (206,658) (498,409) (839,936) taxation Tax on loss on ordinary 4 - - 51,499 activities ----- ----- ----- Loss on ordinary activities after (206,658) (498,409) (788,437) taxation deducted from reserves Basic loss per share 3 0.7p 1.9p 2.8p There are no recognised gains or losses for the period other than the loss disclosed above. CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2003 31 December 31 December 30 June 2003 2002 2003 (unaudited) (unaudited) (audited) £ £ £ Fixed assets Tangible assets 67,339 121,294 88,321 ----- ----- ----- Current assets Debtors 358,636 320,964 420,053 Cash at bank and in hand 229,824 268,316 291,943 ----- ----- ----- 588,460 589,280 711,996 Creditors: amounts falling due within one year (245,652) (242,105) (343,516) ----- ----- ----- Net current assets 342,808 347,175 368,480 ----- ----- ----- Creditors: amounts falling due after more than one year (236,667) - (76,663) ----- ----- ----- Total assets less liabilities 173,480 468,469 380,138 Capital and reserves Share capital 297,908 268,572 297,908 Share premium account 6,045,563 5,873,199 6,045,563 Merger reserve 18,396 18,396 18,396 Profit and loss account (6,188,387) (5,691,698) (5,981,729) ----- ----- ----- Shareholders' funds 173,480 468,469 380,138 CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2003 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2003 2002 2003 (unaudited) (unaudited) (audited) £ £ £ Net cash outflow from operating activities (249,389) (285,493) (673,301) Returns on investments and servicing of finance Interest received 1,424 8,915 11,055 Interest paid (2,489) - (1,126) ----- ----- ---- Net cash inflow from returns on investments (1,065) 8,915 9,929 and servicing of finance ----- ----- ----- Taxation 51,499 - 114,953 Capital expenditure and financial investment Purchase of fixed assets (3,164) (20,090) (22,989) Proceeds from sale of tangible fixed assets - 20 20 ----- ----- ----- Net cash (outflow)/ inflow from capital expenditure and financial investment (3,164) (20,070) (22,969) ----- ----- ----- Financing Proceeds from issue of new shares - - 205,350 Expenses paid in connection with share issue - - (3,650) Receipt of Bank Loan 150,000 - 100,000 Repayments of Borrowings (10,000) - (3,333) ----- ----- ----- Net cash inflow from financing 140,000 - 298,367 ----- ----- ----- Decrease in cash (62,119) (296,648) (273,021) NOTES 1. Basis of preparation of financial information The financial information contained in this statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The unaudited financial information has been prepared on the basis of the accounting policies set out in the Group's statutory accounts for the year ended 30 June 2003. The financial information relating to the 12 months ended 30 June 2003 has been extracted from the audited financial statements, which have been delivered to Companies House. 2. Ongoing business With the funding injected earlier in the year and loans secured from Barclays Bank PLC, and on the basis of internal forecasts, the Directors are of the opinion that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. However the Group continues to be dependent on the growth of Ansaback and sales of CallScripter. For these reasons the Directors have continued to adopt the going concern basis in preparing the financial statements. 3. Loss per ordinary share The calculation of loss per ordinary share is based on the loss on ordinary activities after taxation deducted from reserves divided by the weighted average number of ordinary shares in issue during the relevant period: 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2003 2002 2003 (unaudited) (unaudited) (audited) Loss on ordinary activities after taxation deducted from reserves £206,658 £498,409 £788,437 Weighted average number of ordinary shares 29,790,743 26,857,172 27,835,029 in issue during the period 4. Tax on loss on ordinary activities The tax credit represents UK corporation tax in previous years and is in respect of a repayment to the Group arising from a Research and Development claim for the period to 30th June 2002 and 30th June 2003. 5. Availability of interim statement Copies of this interim statement are being sent to the Company's shareholders and will also be available from the Company's head office at Melford Court, The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ. This information is provided by RNS The company news service from the London Stock Exchange

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