For Immediate Release
29 August 2008
JUDICIUM PLC
ANNOUNCEMENT OF AUDITED RESULTS FOR YEAR ENDED 31 MARCH 2008
The directors of Judicium plc are pleased to announce the annual results of
Judicium Plc for the year ended 31 March 2008.
The principal activity of the Judicium plc group during the period, conducted
through its wholly owned subsidiary Judicium Consulting Ltd, was the provision
of regulatory consultancy and training services to private and public sector
organisations in the areas of employment law, health and safety, data
protection and intellectual property.
The key financial highlights for the year are as follows:
Year ended 31 March Audited Audited Audited
2006 2007 2008
Turnover 698,267 882,359 1,400,671
Operating profit/(loss) (11,454) (105,164) 104,441
Cost of listing on PLUS (33,738) - -
Interest income 2,628 1,790 3,208
Profit/(loss) on (42,564) (103,374) 107,649
ordinary activities
before taxation
Turnover has developed over the period as follows:
Year ended 31 March Audited Audited Audited
2006 2007 2008
Regulatory compliance 556,133 771,391 1,337,072
Legal marketing, and 142,134 110,428 63,599
other services
Total turnover 778,584 882,359 1,400,671
In the year ended 31 March 2008 the group continued to focus on increasing
revenue derived from consultancy services both as a proportion of total revenue
and overall. This included a gradual and continuing withdrawal from the
provision of legal-marketing services (acting as broker between legal service
providers and legal consumers) and a greater focus on generating growth in
consultancy services.
As at 31 March 2008, Judicium had an order book of £1,378,000 (31 March 2007, £
970,474) for its compliance contracts showing the good growth achieved in this
area.*
*This figure is calculated on the following basis:
1. where compliance contracts are for a fixed number of years the revenue for
the full unexpired term of the contract is included, even though there are
break clauses in a minority of the contracts eg a number of our contracts
are for three years with break clauses at the end of the first and second
years; and
2. where compliance contracts are continuations of earlier contracts which
have passed the initial term of the contract and so are not for a fixed
term, we have included 3 months' of revenue.
FUTURE DEVELOPMENTS
Over the coming year, the company will continue with its strategy of developing
its consultancy business, particularly through the sale of fixed-price
long-term regulatory compliance agreements. The directors consider that despite
short-term adverse economic factors, the market for regulatory consultancy is
one which offers good growth potential and that there are currently good
prospects for consolidation amongst participants in the market.
The next 12 months is likely to see organic growth of turnover slowing down to
single figures, as the company consolidates recent growth and focuses on
acquisition opportunities. Notwithstanding this, the directors believe that
revenue from existing order book plus tight control over costs will result in
significant improvement in profitability over the coming year.
Leon de Costa
Chief Executive
27 August 2008
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Notes Audited Audited
2008 2007
£ £
TURNOVER 1 1,400,671 882,359
COST OF SALES 2 (247,517) (160,699)
________ ________
GROSS PROFIT 1,153,154 721,660
Administrative expenses 2 (1,048,713) (826,824)
_______ _______
OPERATING PROFIT/(LOSS) 104,441 (105,164)
Investment income 3 3,208 1,790
_______ _______
107,649 (103,374)
Interest payable 4 - -
______ _______
PROFIT/(LOSS) ON ORDINARY ACTIVITIES 5 107,649 (103,174)
BEFORE TAXATION
Taxation 7 - -
PROFIT/(LOSS) ON ORDINARY ACTIVITIES 15 107,649 (103,174)
AFTER TAXATION
Earnings/(loss) per share 17 5.45p (5.23)p
The operating profit/(loss) for the year arises from the group's continuing
operations.
No separate statement of Total Recognised Gains and Losses has been presented
as all such gains and losses have been dealt with in the profit and loss
account.
CONSOLIDATED BALANCE SHEET
Audited Audited Audited Audited
Group Company Group Company
Notes 2008 2008 2007 2007
£ £ £ £
FIXED ASSETS
Intangible fixed assets 8 - - -
Tangible assets 9 3,428 - 6,525 -
Investments 10 - 107,649 - -
_______ _______ _______
3,428 107,649 6,525 -
_______ _______ _______
CURRENT ASSETS
Debtors 11 184,505 - 120,879 -
Cash at bank and in 192,808 - 35,488 -
hand
_______ _______ _______ _______
377,313 - 156,367 -
_______ _______ _______ _______
CREDITORS: Amounts 12 (278,584) - (168,384) -
falling due within one
year
_______ _______ _______ _______
NET CURRENT ASSETS 98,729 - (12,017) -
_______ _______ _______ _______
TOTAL ASSETS LESS 102,157 107,649 (5,492) -
CURRENT LIABILITIES
_______ _______ _______ _______
NET ASSETS 102,157 107,649 (5,492) -
CAPITAL AND RESERVES
Called up share capital 13 197,597 197,597 197,597 197,597
Merger reserve 14 (95,440) (203,089)
Profit and loss account 14 (89,948) (197,597)
_______
SHAREHOLDERS' FUNDS 15 102,157 107,649 (5,492) -
CONSOLIDATED CASH FLOW STATEMENT
2008 2007
£ £
Net cash inflow/(outflow) from 154,815 (48,692)
operating activities
Returns on Investments
Interest received 3,208 1,790
Net cash inflow from returns on 3,208 1,790
investment
Capital expenditure
Payments to acquire tangible and (703) (6,860)
intangible fixed assets
Net cash outflow for capital (703) (6,860)
expenditure
Financing
Issue of share capital - -
Net cash inflow from financing - -
Increase/(decrease) in cash 157,320 (53,762)
Reconciliation of operating profit to
net cash inflow from operating
activities
2008 2007
£ £
Operating profit/(loss) 104,441 (105,164)
Depreciation 3,800 3,874
Amortisation - 538
(Increase) in debtors (63,626) 3,213
(Decrease)/Increase in creditors 110,200 48,847
Net cash inflow/(outflow) from 154,815 (48,692)
operating activities
Analysis of changes in net funds
At Cash At
1 Apr flows 31 Mar 2008
2007
Net cash:
Cash in hand and at bank 35,488 157,320 192,808
Net funds 35,488 157,320 192,808
_ _____ ______
1. Earnings per share for the group is based on a profit for the period of £
107,649 (2006/07 loss of £103,074) and 1,957,967 shares in issue. The fully
diluted earnings per share figure are the same as the basic figure.
2. The financial information set out above does not constitute the Group 's
statutory accounts for the years ended 31 March 2007 or 31 March 2008, but
is extracted from those accounts. Statutory accounts for 2007 have been
delivered to the Registrar of Companies in England and Wales, and those for
2008 will be delivered shortly. The auditors have reported on the 2008
accounts: their report was unqualified and did not contain statements under
section 237(2) or (3) of the companies Act 1985.
3. The financial statements have been prepared under the historical cost
convention and on the going concern basis and in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting
Standards and applicable law).
For more information, please contact:
Leon de Costa
Chief Executive Officer
020 7336 8403
Roland Cornish
Beaumont Cornish Limited
Tel No: 020 7628 3396
Additional information regarding the Company can be obtained from the Company's
website. The Company's website can be accessed at www.judicium.com