Interim Results

SpaceandPeople PLC Company Registration Number SC212277 INTERIM REPORT AND ACCOUNTS FOR THE 6 MONTHS TO 30 APRIL 2005 SpaceandPeople PLC, which facilitates and manages the sale of promotional space in malls and shopping centres, announces interim results for the six months ended 30 April 2005. Highlights: Billings up 53% to £3,265,496 (£2,124,848) Turnover up by 30% to £605,137 (£464,449) Pre tax profits up 18% to £90,506 (£76,269) Venues represented increased by 5% Plans for exploiting concept overseas Outlook encouraging Chairman's Statement Following the Company's admission to AIM on 31 December 2004, I am pleased to report that in the first six months of the current year billings rose to £3,265,496 (2004 - £2,124,848). Turnover rose by 30% to £605,137 (£464,049) and net profits before tax increased by 18% to £90,506 (£76,269). The number of venues serviced by SpaceandPeople rose by 5% and the company currently represents 126 venues. During the course of the last 6 months the company decided to make a significant investment in staffing, software and office accommodation with a view to: 1. increasing the rate of acquisition of new venues; 2. improving the deployment of our sales force and its productivity; 3. executing large scale events targeted at specific market opportunities. To date the success of the first two of these changes has been evidenced by the fact that we now have 75 new venues in our pipeline and sales have increased significantly. The development of a programme of large scale events is well underway. The company has employed the former Director of Sales of the Scottish Exhibition and Conference Centre in Glasgow to manage large scale activity. We are currently holding discussions with two other prestigious UK locations in this respect. The board is confident that the investments made will lead to an increase in future profits and will facilitate the development of new income streams. The public flotation of SpaceandPeople on AIM in December 2004 has increased our profile within both the property and media sectors and has generated some interesting leads which we will develop over the ensuing months. Finally I should report that we are now in discussions with potential partners with whom we hope to exploit the SpaceandPeople concept overseas. In line with previous years we will not be paying an interim dividend to shareholders although it is our intention to recommend a final dividend. Jeremy Arnold July 11, 2005 Chairman Contact details Jeremy Arnold Chairman tel 07720 580 395 Matthew Bending Joint Managing Director tel 0705 900 3134 Nancy Cullen Joint Managing Director tel 0705 900 3135 AIM Dealing Code Stock Exchange Code; SAL Website www.spaceandpeople.com INDEPENDENT REVIEW REPORT TO SPACEANDPEOPLE PLC Introduction We have been instructed by the company to review the financial information which comprises the profit and loss account, the balance sheet, the cash flow statement and the related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of and has been approved by the Directors. The Directors are responsible for preparing the interim report in accordance with the AIM Rules of the London Stock Exchange which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of company management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of the AIM Rules of the London Stock Exchange and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Review conclusion On the basis of our review, we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 April 2005. Robb Ferguson, Chartered Accountants 5 Oswald Street, GLASGOW G1 4QR July 11, 2005 Notes(a)The maintenance and integrity of the SpaceandPeople PLC website is the responsibility of the Directors; the work carried out by Robb Ferguson, Chartered Accountants does not involve consideration of these matters and, accordingly, Robb Ferguson, Chartered Accountants accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the website.(b)Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions. SpaceandPeople Plc Profit and Loss Account 6 Months to 6 Months to Year ended 30-Apr-05 30-Apr-04 31-Oct-04 (Unaudited) (Unaudited) (Audited) TURNOVER 605,137 464,449 1,033,723 Administrative expenses 522,761 389,032 844,913 82,376 75,417 188,810 Other operating income - - 310 OPERATING PROFIT 82,376 75,417 189,120 Interest receivable and 8,130 2,022 7,661 similar income 90,506 77,439 196,781 Interest payable and - 1,170 1,264 similar charges PROFIT ON ORDINARY 90,506 76,269 195,517 ACTIVITIES BEFORE TAXATION Tax on profit on ordinary - - - activities PROFIT FOR THE FINANCIAL 90,506 76,269 195,517 PERIOD AFTER TAXATION Dividends - - 56,000 90,506 76,269 139,517 Retained profit/(deficit) 5,417 (424,281) (424,281) brought forward 95,923 (348,012) (284,764) Transfer from share premium - - 290,181 SURPLUS/(DEFICIT) CARRIED 95,923 (348,012) 5,417 FORWARD Earnings per share 0.8p 0.8p 16.6p Diluted earnings per share 0.79p 0.79p 15.62p SpaceandPeople Plc Balance Sheet 30-Apr-05 30-Apr-04 31-Oct-04 (Unaudited) (Unaudited) (Audited) FIXED ASSETS: Intangible assets 145 1,456 517 Tangible assets 24,875 23,298 17,344 Investments 10,002 - 10,002 35,022 24,754 27,863 CURRENT ASSETS: Debtors 345,553 276,316 321,201 Cash at bank and in hand 274,353 145,389 280,435 619,906 421,705 601,636 CREDITORS: Amount falling 212,196 159,481 279,273 due within one year NET CURRENT ASSETS: 407,710 262,224 322,363 TOTAL ASSETS LESS CURRENT 442,732 286,978 350,226 LIABILITIES: CAPITAL AND RESERVES: Called up share capital 114,000 11,200 112,000 Special reserve 232,809 623,790 232,809 Profit and loss account 95,923 (348,012) 5,417 SHAREHOLDERS' FUNDS: 442,732 286,978 350,226 Reconciliation of movement in shareholders' funds Profit for the period 90,506 76,269 195,517 Dividends - - (56,000) 90,506 76,269 139,517 New shares issued in period 2,000 - - Net addition to 92,506 76,269 139,517 shareholders'funds Opening shareholders' funds 350,228 210,709 210,709 CLOSING SHAREHOLDERS' FUNDS 442,732 286,978 350,226 EQUITY INTERESTS 442,732 286,978 350,226 SpaceandPeople Plc Cash Flow Statement 6 Months to 6 Months to Year ended 30-Apr-05 30-Apr-04 31-Oct-04 (Unaudited) (Unaudited) (Audited) £ £ £ Net cash(outflow)/inflow (2,458) 33,603 283,522 from operating activities Returns on investments and 8,130 852 6,397 servicing of finance Capital expenditure (13,748) (5,799) (16,892) and financial investment Equity dividends paid - - (56,000) (8,074) 28,656 28,606 Financing 2,000 - (53,333) (Decrease)/Increase in cash (6,074) 28,656 163,694 in the period Reconciliation of net cash flow to movement in net funds (Decrease)/Increase in cash (6,074) 28,656 163,694 in the period Change in net funds (6,074) 28,656 163,694 resulting from cash flows Movement in net funds in (6,074) 28,656 163,694 the period Net funds at beginning of 280,427 116,733 116,733 period Net funds at end of period 274,353 145,389 280,427 Reconciliation of operating profit to net cash Operating profit (82,376) 75,417 189,120 Depreciation charges 6,586 5,464 13,448 Increase in debtors (24,351) (50,183) (95,068) (Decrease)/Increase in (67,069) 2,905 176,022 creditors Net cash (outflow)/inflow (2,458) 33,603 283,522 from operating activities SpaceandPeople PLC Notes to the Interim Report and Accounts for the 6 months to 30 April 2005 NOTE 1: The interim report and accounts, which were approved by the board on July 11, 2005, are unaudited but have been reviewed by the auditors and their independent review report is set out on page 3. The interim report and accounts are not full accounts within the meaning of Section 240 of the Companies Act 1985. The figures for the year ended 31st October, 2004 have been extracted from the Company's full accounts for that year, which received an unqualified Auditors' Report that did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The accounts for the year ended 31st October, 2004, have been filed with the Registrar of Companies. NOTE 2: The interim statement has been prepared in accordance with the accounting policies set out in the Company's Annual Report and Accounts for the year ended 31st October, 2004. NOTE 3: Earnings per share 6 Months to 6 Months to Year ended 30-Apr-05 30-Apr-04 31-Oct-04 (Unaudited) (Unaudited) (Audited) Weighted average number of 1p 11,333,333 1,120,000 1,175,233 Ordinary Shares: For basic earnings per share Effect of dilutive share options: For diluted 11,496,333 1,121,062 1,190,031 earnings per share NOTE 4: DISTRIBUTION Copies of this interim report and accounts are being sent to all shareholders and additional copies are available from the Company's registered office at 141 St James Road, Glasgow G40LT.
UK 100

Latest directors dealings