Interim Results

County Contact Centres PLC 06 February 2007 County Contact Centres PLC 06 FEBRUARY 2007 COUNTY CONTACT CENTRES PLC INTERIM STATEMENT OF RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2006 Highlights 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2006 2005 2006 (unaudited) (unaudited) (audited) £ £ £ Turnover 1,726,652 1,313,410 2,921,879 Profit on ordinary activities 150,640 30,485 171,417 before taxation •A six-month profit to December 2006 of £150,640 compared to a profit of £30,485 for the corresponding prior year period, an increase of £120,155 •Profit increased by 394% compared to the corresponding prior year period •Turnover increased by 31% compared to the corresponding prior year period •CallScripter OEM (Original Equipment Manufacturer) contract with ININ now active •New CallScripter and Ansaback contracts signed for launch in early 2007 •Inland Revenue Research and Development claim settled Further enquiries: William Catchpole Managing Director Stuart Gordon Financial Director Telephone 01473 321 800 Chairman's statement The Board is pleased to report that the strong progress achieved during our last financial year has continued into the first half of the current year, with both divisions performing well. Profit before taxation in the period has increased to £150,640 (2005: £30,485) on turnover of £1,726,652 (2005: £1,313,410). The Board would like to congratulate and thank the executives and staff whose hard work has contributed to the Group's success. Ansaback Ansaback saw a significant uplift in traffic in the run up to Christmas with November recording a record high for billable minutes. This trend follows previous years and, unless our client base shifts substantially, we anticipate this being repeated in 2007. New contracts secured during the period continue to build the business. These contracts, along with the retention of our client base, are key to the continued progress of this division. CallScripter CallScripter continues to make steady progress with new installations commissioned in the UK and more recently in Canada, Holland and Sweden. Its marketing opportunities are increasing on a domestic and, more importantly, on a global basis. Following the success of the ININ conference in Prague in the early part of the year, we were invited to the ININ Worldwide Partner Conference to further promote the EasyScripter application. This event, which was held at the ININ headquarters in Indianapolis, was attended by over 150 reseller partners and offered a unique opportunity to present to such a key audience. With General Availability of the EasyScripter Inbound and Outbound options confirmed in December 2006, the ININ OEM collaboration has now started to bear fruit with installations in the USA, Australia, Holland and Switzerland. Further, following demonstrations of the latest release of CallScripter (V4), ININ have requested the inclusion of our Reporting Module into the OEM agreement. This again is encouraging, as it should generate additional revenue from future reseller contracts. Financial Against the background of the Group's profitability our cash balance increased during the period to £334,614. The Group is cash generative and the Directors consider that the existing resources will continue to be adequate for its working capital and investment requirements. As noted in a number of previous reports, an Inland Revenue inquiry has been on going regarding a Research and Development payment in respect of the period ended 30th June 2002. This inquiry has now been resolved with the Group agreeing to repay £15,000. The Board has decided it is now appropriate to recognise a deferred tax asset and this has been included in the interim accounts. Outlook The outlook for the remainder of the year is encouraging and the Board believes the Group is well positioned for a good year. Philip Dayer Chairman 6th February 2007 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 6 MONTHS ENDED 31 DECEMBER 2006 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2006 2005 2006 Note (unaudited) (unaudited) (audited) £ £ £ Turnover 1,726,652 1,313,410 2,921,879 Cost of sales (942,788) (686,215) (1,682,012) ----- ----- ----- Gross profit 783,864 627,195 1,239,867 Administrative expenses (631,703) (591,798) (1,066,953) ----- ----- ----- Operating profit 152,161 35,397 172,914 Other interest receivable and 3,007 593 8,951 similar income Interest payable and similar (4,528) (5,505) (10,448) charges ----- ----- ----- Profit on ordinary activities before taxation 150,640 30,485 171,417 Tax on profit on ordinary 23,000 - - activities ----- ----- ----- Profit on ordinary activities after taxation added to reserves 173,640 30,485 171,417 ========= ======== ======== Basic profit per share 0.6p 0.1p 0.6p There are no recognised gains or losses for the period other than the profit disclosed above. CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006 31 December 31 December 30 June 2006 2005 2006 (unaudited) (unaudited) (audited) £ £ £ Fixed assets Tangible assets 63,331 5,470 40,317 ----- ----- ----- Current assets Debtors 635,121 456,262 490,444 Cash at bank and in hand 334,614 138,476 299,892 ----- ----- ----- 969,735 594,738 790,336 Creditors: amounts falling due within one year (535,154) (395,356) (492,958) ----- ----- ----- Net current assets 434,581 199,382 297,378 ----- ----- ----- Total assets less current 497,912 204,852 337,695 liabilities Creditors: amounts falling due after more than one year (65,155) (86,667) (78,578) ----- ----- ----- Total assets less liabilities 432,757 118,185 259,117 ========= ======== ======== Capital and reserves Share capital 297,908 297,908 297,908 Share premium account 6,045,563 6,045,563 6,045,563 Merger reserve 18,396 18,396 18,396 Profit and loss account (5,929,110) (6,243,682) (6,102,750) ----- ----- ----- Shareholders' funds 432,757 118,185 259,117 ========= ======== ======== CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2006 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2006 2005 2006 (unaudited) (unaudited) (audited) £ £ £ Net cash inflow from operating activities 100,855 45,815 249,915 Returns on investments and servicing of finance Interest received 3,007 593 8,951 Interest paid (3,438) (5,505) (9,831) Interest element of finance leases (1,090) - (617) ----- ----- ----- Net cash outflow from returns on investments and servicing of finance (1,521) (4,912) (1,497) ----- ----- ----- Capital expenditure and financial investment Purchase of fixed assets (15,200) (3,118) (21,681) Proceeds from sale of tangible - 5,350 5,350 fixed assets ----- ----- ----- Net cash (outflow)/inflow from capital expenditure and financial investment (15,200) 2,232 (16,331) ----- ----- ----- Financing Repayments of borrowings (25,000) (25,000) (50,000) Capital element of finance leases (24,412) - (2,536) ----- ----- ----- Net cash outflow from financing (49,412) (25,000) (52,536) ----- ----- ----- Increase in cash 34,722 18,135 179,551 ========= ======== ======== 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 2006. The financial information relating to the 12 months ended 30 June 2006 has been extracted from the audited financial statements, which have been delivered to Companies House. 2. Profit per ordinary share The calculation of the profit per ordinary share is based on the profit on ordinary activities after taxation added to 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 2006 2005 2006 (unaudited) (unaudited) (audited) Profit on ordinary activities after taxation added to reserves £173,640 £30,485 £171,417 Weighted average number of ordinary shares In issue during the period 29,790,743 29,790,743 29,790,743 3. Taxation In June 2004 the Inland Revenue raised a routine inquiry into certain aspects of the tax computation of the subsidiary, County Contact Centres (UK) Limited, for the year ended 30th June 2002 including the Research and Development tax credits of £51,499 received in respect of that year. This inquiry is now settled with the Group agreeing to repay £15,000. In addition, due to the Group's profitable position, a deferred tax asset of £38,000 has now been recognised. 4. 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. A copy is also available to download on the corporate page of the Group website at www.countycontactcentres.com. END This information is provided by RNS The company news service from the London Stock Exchange

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