Key Financial Data

Consolidated income statement

For the year ended 31 December 2008

	Ordinary 2008	Exceptional 2008	Total 2008	2007
	£’000	£’000	£’000	£’000

Revenue	13,913	-	13,913	12,671
Cost of Sales	(833)	-	(833)	(766)

Gross Profit	13,080	-	13,080	11,905
Selling expenses	(6,345)	(343)	(6,688)	(5,691)
Administrative expenses	(2,501)	(93)	(2,594)	(2,434)
Product development	(2,047)	(9)	(2,056)	(1,917)
Net other operating income	60	-	60	12

Earnings before interest, tax, depreciation and amortisation (EBITDA)	2,247	(445)	1,802	1,875
Depreciation	(205)	-	(205)	(213)
Amortisation	(509)	-	(509)	(390)

Operating Profit	1,533	(445)	1,088	1,272
Interest income	34	-	34	27
Interest expense	(198)	-	(198)	(211)

Profit before taxation	1,369	(445)	924	1,088
Taxation	(75)	-	(75)	(420)

Profit after taxation	1,294	(445)	849	668

Earnings per share – pence (basic)			2.28	1.79
Earnings per share – pence (fully diluted)			2.27	1.77
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Consolidated balance sheet

For the year ended 31 December 2008

	2008	2007
	£’000	£’000

Assets
Non-current assets
Property, plant and equipment	854	1,043
Goodwill	3,066	3,055
Other intangible assets	3,837	2,909
Investments	1	1
Deferred tax	239	147

	7,997	7,155

Current assets
Inventories	14	18
Trade and other receivables	7,904	6,364
Current tax	105	53
Financial assets	-	111
Cash and cash equivalents	1,632	812

	9,655	7,358

Total assets	17,652	14,513


Liabilities
Non-current liabilities
Bank loans and borrowings	1,119	1,976
Other creditors	13	19
Deferred tax	637	539
Provisions for liabilities	638	524

	2,407	3,058

Current liabilities
Trade and other payables	846	649
Current tax	368	150
Bank loans and borrowings	3,374	1,496
Deferred revenue	1,701	1,457
Financial liabilities	122	43
Other creditors	2,192	2,072

	8,603	5,867

Total liabilities	11,010	8,925

Equity
Issued share capital	186	186
Share premium	1,860	5,860
Other reserves	26	179
Retained earnings	4,570	(279)

Total equity	6,642	5,588

Total equity and liabilities	17,652	14,513

Approved by the Board of Directors on 8th April 2009
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Consolidated cash flow statement

For the year ended 31 December 2008

	2008	2007
	£’000	£’000

Cash flows from operating activities
Cash generated from operations	1,916	1,746
Interest paid	(213)	(218)
Taxes paid	(39)	(169)

Net cash from operating activities	1,664	1,359

Cash flows from investing activities
Acquisition of subsidiaries net of cash acquired	-	1
Payment of deferred consideration	(587)	(539)
Purchase of property, plant and equipment	(173)	(97)
Proceeds from sale of property, plant and equipment	247	26
Purchases of intangible assets	(197)	(45)
Capitalised product development	(1,008)	(1,026)
Sales of financial asset	118	106
Interest received	34	29

Net cash used in investing activities	(1,566)	(1,545)

Cash flows from financing activities
Payments of finance lease liabilities	(81)	(70)
Loans	524	462
Loans repaid	(613)	(546)

Net cash used in financing activities	(170)	154

Net decrease in cash and cash equivalents	(72)	340
Cash and cash equivalents at beginning of year	(16)	343
Exchange gains/losses on cash and cash equivalents	180	19

Cash and cash equivalents at end of the year	92	(16)

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Consolidated statement of changes in equity

	Share Capital	Share Premium	Share Based Compensation	Translation Reserve	Other Reserves	Retained Earnings	Total Equity
	£’000	£’000	£’000	£’000	£’000	£’000	£’000

As at 1 January 2007	186	5,860	71	(142)	10	(1,053)	4,932
Profit for the year	-	-	-	-	-	668	668
Movement for the year	-	-	35	-	-	-	35
Transfer	-	-	(106)	-	-	106	-
Current translation differences	-	-	-	(49)	2	-	(47)

As at 31 December 2007	186	5,860	-	(191)	12	(279)	5,588
Profit for the year	-	-	-	-	-	849	849
Transfer	-	(4,000)	-	-	-	(4,000)	-
Current translation differences	-	-	-	203	2	-	205

As at 31 December 2008	186	1,860	-	12	14	4,570	6,642

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UPDATED: 6th September 2010

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