Access Intelligence PLC
27 February 2004
ACCESS INTELLIGENCE PLC
CHAIRMAN'S STATEMENT
UNAUDITED INTERIM RESULTS
Period from 13 June 2003 to 30 November 2003
Results
During its first trading period, the group has incurred a loss of £26,000 due to
initial consultancy and administration charges. On 28 November we acquired the
issued share capital of Readco 261 Limited, which had three operating
subsidiaries, The Marketing Guild Limited, Wired Gov Limited and Back up and
Running plc. All three businesses provide services on a subscription basis to
small and medium sized businesses.
Outlook
In the first trading months of the year the group has started several new
initiatives, which should increase subscription and other revenues.
In the Marketing Guild we have launched a Platinum Plus service to our
membership base, which provides a higher level of service and support. This
should enhance income and also improve retention rates
In Wired Gov we have signed two agreements, one to make our information
available to an international subscriber base and the other to sell advertising
on the Web Site. It is too early to measure the success, however, we are
optimistic that both contracts will yield strong revenue
In Back up and Running we have relaunched the service to our reseller network
and increased our technical support.
We continue to look for other acquisitions that will expand our subscriber base
and increase cross-selling opportunities
Ian Savage
Chairman
27 February 2004
Background note:
Access Intelligence has three operating subsidiaries:
• The Marketing Guild which provides marketing advice and support to small
and medium sized businesses. This is in the form of newsletters,
consultancy, lead generation and members services.
• Wired Gov provides an online information service delivering press releases
from over 100 government and public sector bodies. Subscribers can
customize the service specifying the agency or topic they require.
• Backup and Running plc provides an online data storage and disaster
recovery service which the client can customize to their own requirements.
The service offers significant advantages over other alternative systems in
that it backs up automatically and can provide a complete backup history for
at least three years.
All companies operate on a subscription basis and the group intends to focus on
the revenue method as a solid platform growth both organically and by
acquisition.
ACCESS INTELLIGENCE PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the period 13 June 2003 to 30 November 2003
Unaudited
Period
13/06/03 to 30/11/03
£'000
Turnover
Continuing operations 0
Operating loss
Continuing operations 29
Loss on ordinary activities before interest 29
Interest receivable (3)
Loss before taxation 26
Taxation 0
Loss after taxation 26
Dividends 0
Retained loss in period 26
Earnings / (Loss) per share
Basic and diluted (0.1p)
ACCESS INTELLIGENCE PLC
CONSOLIDATED BALANCE SHEET
at 30 November 2003
Unaudited
30/11/03
£'000
Fixed assets
Goodwill 2502
Tangible assets 105
2607
Current assets
Debtors 40
Cash at bank 681
721
Creditors falling due within one year (448)
Net current assets 273
Total assets less current liabilities 2,880
Creditors falling due after one year (210)
2,670
Capital and reserves
Called up share capital 367
Share premium account 2,329
Profit and loss account (26)
Equity shareholders' funds 2,670
ACCESS INTELLIGENCE PLC
CONSOLIDATED CASHFLOW STATEMENT
for the period 13 June 2003 to 30 November 2003
Unaudited
Period
13/06/03 to
30/11/03
£'000 £'000
Operating loss
(26)
Movement in working capital 136
Net cash inflow from operating activities 110
Purchase of subsidiary undertaking, expenses and flotation expenses (1930)
Overdraft, net of cash, acquired with subsidiary undertaking (195)
Net cash outflow from acquisitions and disposals (2125)
Net cash outflow before use of liquid resources and financing (2015)
Issue of ordinary share capital net of redemption 2,696
Net cash inflow from financing 2696
Increase in cash in period 681
Analysis of net funds
Cash at bank and in hand 691
Overdraft (10)
681
Debt repayable by instalments:
Due within one year (56)
Due after more than one year (210)
(266)
415
Non-cash transaction
In November 2003, the Group acquired the whole of the issued share capital of
Readco 261 Limited. The consideration of £1,682,749 was satisfied by the issue
of ordinary shares in the Company.
ACCESS INTELLIGENCE PLC
UNAUDITED INTERIM ACCOUNTS
for the period 13 June 2003 to 30 November 2003
Notes
1. The company was incorporated in June 2003 and, therefore, there are no
comparative figures for the previous period.
2. The results are unaudited and they do not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985.
3. The calculation of earnings per share for the period is based on the loss
after taxation divided by the average weighted number of ordinary shares in
issue being 28,253,378
This information is provided by RNS
The company news service from the London Stock Exchange
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