TIDMATL 
 
Press Release   28 September 2010 
 
 
 
                              Atlantic Global Plc 
                       ("Atlantic Global" or "the Group") 
 
                                Interim Results 
 
Atlantic  Global Plc (AIM: ATL), the  specialist provider of integrated business 
and  resource  management  software  applications,  today  announces its Interim 
Results for the six months ended 30 June 2010. 
 
Financial and Operational Summary 
 
  *   Turnover increased to  GBP728,000 (2009:  GBP647,000) 
 
  *   Profit before tax of  GBP21,000 (2009: loss of  GBP148,000) 
 
  *   Cash balance increase of  GBP78,000 since the Group's financial year end of 
      31 December 2009 to  GBP2,110,000 (2009:  GBP2,265,000) 
 
  *   Earnings per share of 0.1p (H1 09: loss of 0.53p) 
 
  *   Proposed interim dividend of 0.1 pence per share 
 
  *   Continued investment in research and development of  GBP198,000 (2009: 
       GBP202,000) 
 
  *   New SaaS customers include the British Computer Society, ESURE, Merseyside 
      Police and Experian 
 
 
Adrian Bradshaw, Chairman of Atlantic Global commented: 
 "I am pleased to report Atlantic Global's results for the six months to 30 June 
2010.  In  the first half of the  year, the Group remained profitable, continued 
to  develop a fully automated Software as a Service (SaaS) business platform and 
secured  new blue chip customers.  The Group has achieved this while maintaining 
its substantial cash reserves. 
 
"The introduction of the automated SaaS platform, which is due to be launched on 
29 October  2010, will  mark  a  significant  milestone  for the Group.  It will 
provide  an  effective  means  of  targeting  small and medium sized enterprises 
including individual departments within a larger organisation. 
 
 "Trading  remains challenging as  customers' IT budgets  remain under pressure. 
 However,  the Group is seeing  an uptake in interest  in its SaaS offering, and 
the Directors remain confident about the Group's future performance." 
 
 
                                    - Ends - 
 
For further information please contact: 
 Atlantic Global Plc 
 
 Eugene Blaine, Managing Director    Tel: +44 (0) 1274 863 300 
 Rupert Hutton, Finance Director 
 
 eugene.blaine@atlantic-global.com 
 rupert.hutton@atlantic-global.com   www.atlantic-global.co.uk 
 
 
 Daniel Stewart & Company plc 
 
 Paul Shackleton / Christopher Theis   Tel: +44 (0) 207 776 6550 
 
 
Media enquiries: 
 Abchurch Communications 
 
 Sarah Hollins / Nick Probert        Tel:  +44 (0) 20 7398 7715 
 
 nick.probert@abchurch-group.com         www.abchurch-group.com 
 
 
 
Chairman's Statement 
 
Introduction 
During  the  first  half  of  2010 the  Group  was  profitable  and  secured new 
customers.  We have extended the existing SaaS  solution to provide a fully self 
serviced SaaS platform which is scheduled for launch on 29 October 2010. 
This  fully automated SaaS platform marks  a significant milestone for the Group 
in  that customers  will be  able to  register and  immediately set up their own 
implementations  without needing  to speak  to any  support staff. This new self 
service  SaaS platform will make the trials  more relevant and will be available 
worldwide 24 hours a day, seven days per week. 
 
Financial Review 
Atlantic  Global's profit before taxation for the six months to 30 June 2010 was 
 GBP21,000,  compared to a loss before taxation of  GBP148,000 in the first six months 
of  2009. Revenue increased to  GBP728,000 compared  to  GBP647,000 in the same period 
of 2009.  Earnings per share were 0.1p for the six month period (2009 losses per 
share:  0.53p).  As at 30 June  2010, the Group had  cash balances of  GBP2,110,000 
(2009:   GBP2,265,000).  Cash balances have increased  by  GBP78,000 since the Group's 
financial year end of 31 December 2009. 
 
In  the  first  half  of  the  year,  the  Group  has  continued to maintain its 
investment  in  research  and  development  of   GBP198,000  (2009:  GBP202,000) which 
ensured the successful delivery of the new SaaS suite of products. 
 
Atlantic Global has grown its SaaS revenues and now host 35 SaaS implementations 
for  a wide range of  customers that include GlaxoSmithKline,  Man Group Plc and 
VILT  (Spain and Portugal).  New SaaS customers  added during the period include 
the  British Computer  Society, ESURE,  Merseyside Police  and as  a self hosted 
customer,  Experian.  The Group expects SaaS revenues to increase further during 
the second half of 2010. 
 
Operating Review 
Having  technically  deployed  our  solution  on  a  SaaS platform during 2009, 
research  and development and marketing  resources have been focussed throughout 
2010 on  making Atlantic Global's  product offerings easier  for the customer to 
trial and adopt. 
 
During  this time, the  Group also passed  several extensive SaaS vendor audits, 
which  are  becoming  more  common  when larger organisations consider deploying 
solutions on a SaaS platform.  This has given us confidence both in terms of the 
quality  and performance of our  SaaS solution and also  in terms of the quality 
and robustness of our supporting business process. 
 
Since  Atlantic Global  first deployed  the SaaS  solution, the biggest obstacle 
that  the Group has encountered was the  degree of assistance that new customers 
required  to get themselves up and running on the solution.  The Group initially 
invested  in a significant sales effort  to support each evaluation through this 
critical  early adoption phase.  Customer feedback has been very positive once a 
client  has successfully negotiated  this critical set-up  phase in the solution 
evaluation. 
 
In an attempt to make the solution easier to adopt, Atlantic Global introduced a 
new  'Resource Centre' in April 2010 where customers can now access a wide range 
of  product literature and over  90 video tutorials that explain  how to use and 
get best value out of the products. 
 
We  also  launched  a  'Live  Demo'  area  in  April 2010 which was a read only, 
pre-configured version of the Group's solutions, allowing for interested parties 
to quickly get a look and feel for the software. 
 
Other  SaaS vendors have recently started to allow prospective customers to load 
and  edit their own data and configure the system to suit their own requirements 
without  any company intervention.   Atlantic  Global will launch a similar easy 
set-up offering that will allow access to all modules on the 29 October 2010. 
 
This new method of establishing active client prospects will increase the number 
of  new product trials,  and this will  help the Group  to increase timely sales 
conversions and help address the issue of slippage in the sales pipeline. 
 
The  ability  to  move  to  a  'remote  sales platform' will also produce a more 
predictable  business model and will enable management to establish a clear link 
between  marketing spend and revenue  generated, thereby enabling the management 
to target sales and marketing expenditure. 
 
Dividend 
The  Directors are proposing  an interim dividend  of 0.1 pence per  share to be 
paid on 5 November 2010 to shareholders on the register on 8 October 2010. 
 
Current Trading 
Trading  remains  challenging  as  customers'  IT budgets remain under pressure. 
 However,  the Group  is experiencing  a sharp  increase in penetration from its 
SaaS offering, and the Directors remain confident about the Group's performance. 
 The  addition  of  the  new  customers  listed above, the increased penetration 
within  Atlantic Global's existing 'Blue Chip' client base and a number of deals 
that  have been  introduced via  partners provide  the Directors with confidence 
going forward. 
 
Outlook 
The  introduction of the automated SaaS platform, which is due to be launched on 
29 October  2010, will  mark  a  significant  milestone  for the Group.  It will 
provide  an  effective  means  of  targeting  small and medium sized enterprises 
including  individual departments within  a larger organisation.   The Group has 
achieved this while maintaining its substantial cash reserves. 
 
On  behalf of the Board,  I would like to  thank the staff who have demonstrated 
great  levels of  skill, commitment  and patience  whilst delivering an industry 
leading SaaS solution. 
 
Adrian Bradshaw 
Chairman 
28 September 2010 
 
 
Consolidated Statement of Comprehensive Income 
for the six months ended 30 June 2010 
 
 
 
 
 
                                             Unaudited   Unaudited       Audited 
 
                                                   Six         Six          Year 
 
                                       notes months to   months to         ended 
 
                                               30 June     30 June   31 December 
 
                                                  2010        2009          2009 
 
 
 
 
 
                                                  GBP 000        GBP 000          GBP 000 
 
 
 
Revenue                                            728         647         1,350 
 
Cost of sales                                    (436)       (505)         (927) 
 
 
                                            ----------- ----------- ------------ 
Gross profit                                       292         142           423 
                                            ----------- ----------- ------------ 
 
 
Administration and other 
operating expenses                               (278)       (299)         (569) 
 
 
                                            ----------- ----------- ------------ 
Operating profit / (loss)                           14       (157)         (146) 
 
 
 
Finance income                                       7           9            16 
                                            ----------- ----------- ------------ 
Profit / (loss) before tax                          21       (148)         (130) 
 
Income tax credit                        2         1          28               - 
                                            ----------- ----------- ------------ 
 
 
Profit and total comprehensive 
income for the period attributable 
to owners of the parent                             22       (120)           130 
 
 
 
 
 
Earnings/(loss) per share 
 
 
 
Basic & diluted (pence)                  3        0.1p     (0.53)p       (0.57)p 
                                            ----------- ----------- ------------ 
 
 
 
 Consolidated Balance Sheet 
 as at 30 June 2010 
 
 
 
 
                                        Unaudited       Unaudited        Audited 
 
                                          As at             As at        As at 
 
                                          30 June         30 June    31 December 
 
                                             2010            2009           2009 
 
 
 
 
 
                                             GBP 000            GBP 000           GBP 000 
 
Assets 
 
Non-current assets 
 
Intangible assets                           2,792           2,792          2,792 
 
Property, plant and equipment                   9              17             13 
 
Deferred tax asset                             52               9             52 
                                       -----------     ----------- ------------- 
Total non-current assets                    2,853           2,818          2,857 
 
Current assets 
 
Trade and other receivables                   485             401            507 
 
Income tax receivable                           -               -             12 
 
Cash and cash equivalents                   2,110           2,265          2,032 
                                       ----------------------------------------- 
                                            2,595           2,666          2,551 
 
 
                                       ----------------------------------------- 
Total assets                                5,448           5,484          5,408 
 
 
 
Equity and liabilities 
 
 
 
Liabilities 
 
Current liabilities 
 
Trade and other payables                      497             517            479 
                                       -----------     ----------- ------------- 
Total liabilities                             497             517            479 
 
 
 
 
 
Equity attributable to owners of 
the parent 
 
Share capital                               1,123           1,133          1,123 
 
Share premium account                       1,578           1,578          1,578 
 
Merger reserve                              2,538           2,538          2,538 
 
Retained earnings                           (310)           (294)          (332) 
 
Capital redemption reserve                     22              12             22 
                                       -----------     ----------- ------------- 
 
Total equity                                4,951           4,967          4,929 
                                       -----------     ----------- ------------- 
 
                                       ----------------------------------------- 
Total equity and liabilities                5,448           5,484          5,408 
 
 
 
 
Summarised Consolidated Cash Flow Statement 
for the 6 months ended 30 June 2010 
 
 
                                                                         Audited 
                                Unaudited           Unaudited         Year ended 
                               Six months          Six months                31 
                               to 30 June          to 30 June           December 
                                     2010                2009               2009 
 
                                      GBP000                 GBP000                GBP000 
 
Cash flows from 
operating activities 
 
      Profit/(loss) 
after tax for the 
period                                 22               (120)              (130) 
 
Adjustments for 
 
 
 Interest income                      (7)                 (9)               (16) 
 
      Income tax 
(credit)                              (1)                (28)                  - 
 
      Depreciation                      4                   5                 10 
                              ------------       -------------       ----------- 
Operating 
profit/(loss) before 
changes in working 
capital and provisions                 18               (152)              (136) 
 
      Change in trade 
and other receivables                  22                 535                429 
 
      Change in trade 
and other payables                     18               (164)              (202) 
 
      Income tax 
received                               13                   -                  - 
                              ------------       -------------       ----------- 
 
 
Cash generated from 
operations                             71                 219                 91 
 
Income tax paid                         -                   -               (83) 
                              ------------       -------------       ----------- 
Net cash from 
operating activities                   71                 219                  8 
 
 
                              ------------       -------------       ----------- 
Cash flows from 
investing activities 
 
      Net interest 
received                                7                   9                 16 
 
      Acquisition of 
plant and equipment                     -                 (7)                (8) 
 
 
                              ------------       -------------       ----------- 
Net cash from 
investing activities                    7                   2                  8 
                              ------------       -------------       ----------- 
 
 
Cash flows from 
financing activities 
 
      Purchase of own 
shares                                  -                (24)               (52) 
 
      Dividends paid                    -                (91)               (91) 
 
 
                              ------------       -------------       ----------- 
Net cash used in 
financing activities                    -               (115)              (143) 
 
 
 
 
                              ------------       -------------       ----------- 
 
 
Net increase in cash 
and cash equivalents                   78                 106              (127) 
 
Cash and cash 
equivalents at the 
beginning of the 
period                              2,032               2,159              2,159 
 
 
                              ------------       -------------       ----------- 
Cash and cash 
equivalents at the end 
of the period                       2,110               2,265              2,032 
 
 
                              ------------       -------------       ----------- 
 
Statement of changes in equity 
for the 6 months ended 30 June 2010 
 
 
6 months ended 30 June 2009                    Share  Merger   Profit    Capital 
                                       Share premium reserve and loss redemption 
                                     Capital account          account    reserve 
 
                                         GBP000     GBP000     GBP000      GBP000        GBP000 
 
 
 
Balance brought forward at 1 January 
2009                                   1,139   1,578   2,538     (59)          6 
 
Dividends Paid                             -       -       -     (91)          - 
                                    -------------------------------------------- 
Share buy back                           (6)       -       -     (24)          6 
                                    -------------------------------------------- 
 
 
Transactions with owners                 (6)       -       -    (115)          6 
 
 
 
Loss and total comprehensive income 
for the period                             -       -       -    (120)          - 
 
 
                                    -------------------------------------------- 
Balance at 30 June 2009                1,133   1,578   2,538    (294)         12 
 
 
 
 
 
 
 
12 months ended 31 December 2009               Share  Merger   Profit    Capital 
                                       Share premium reserve and loss redemption 
                                     Capital account          account    reserve 
 
                                         GBP000     GBP000     GBP000      GBP000        GBP000 
 
 
 
Balance brought forward at 1 January 
2008                                   1,139   1,578   2,538     (59)          6 
 
Dividends Paid                             -       -       -     (91)          - 
 
Share buy back                          (16)       -       -     (52)         16 
                                    -------------------------------------------- 
 
 
Transactions with owners                (16)       -       -    (143)         16 
 
 
 
Loss and total comprehensive income 
for the period                             -       -       -    (130)          - 
 
 
                                    -------------------------------------------- 
Balance at 31 December 2009            1,123   1,578   2,538    (332)         22 
 
 
 
 
6 months ended 30 June 2010                    Share  Merger   Profit    Capital 
                                       Share premium reserve and loss redemption 
                                     Capital account          account    reserve 
 
                                         GBP000     GBP000     GBP000      GBP000        GBP000 
 
 
 
Balance brought forward at 1 January 
2010                                   1,123   1,578   2,538    (332)         22 
 
 
 
Profit and total comprehensive 
income for the period                      -       -       -       22          - 
 
 
                                    -------------------------------------------- 
Balance at 30 June 2010                1,123   1,578   2,538    (310)         22 
 
 
 
 
 
Notes to the interim report 
 
 
Basis of preparation 
 
 1. The  interim financial  information has  been prepared  on the  basis of the 
    recognition  and  measurement  requirements  of  adopted IFRSs as at 30 June 
    2010 that  are effective  (or available  for early  adoption) at 31 December 
    2010. Based   on  these  adopted  IFRSs,  the  Directors  have  applied  the 
    accounting  policies,  which  they  expect  to  apply  when  the annual IFRS 
    financial statements are prepared for the year ending 31 December 2010. 
 
 
    The  group has chosen not to  adopt IAS 34 (Interim Financial Statements) in 
preparing these interim financial statements and therefore the interim financial 
information  is not  in full  compliance with  International Financial Reporting 
Standards. 
 
    The financial information set out in this interim report does not constitute 
statutory  accounts  as  defined  in  sections  434 and 435 of the Companies Act 
2006.  The  figures for the year ended 31 December 2009 have been extracted from 
the  statutory financial statements which have  been filed with the Registrar of 
Companies.   The auditor's report on  those financial statements was unqualified 
and did not contain a statement under section 498(2) and 498(3) of the Companies 
Act 2006. 
 
    The  group's accounting policies remain as stated in the group's full annual 
accounts for the year ended 31 December 2009. 
 
Tax and EPS 
 
2.  The tax charge for the period is based on the anticipated effective tax rate 
for the year to 31 December 
2010. 
 
3.    Basic loss  or earnings  per share  are calculated  on the  profit for the 
period  of  GBP22,000 (2009:  loss of  GBP120,000)  and on 22,471,350 ordinary shares, 
being  the weighted  average number  of ordinary  shares in  issue in the period 
(2009: 22,899,350 ordinary shares). 
 
 
Independent review report to Atlantic Global Plc 
 
Introduction 
We  have been engaged by the company  to review the financial information in the 
half-yearly  financial  report  for  the  six  months  ended  30 June 2010 which 
comprises  the  Consolidated  Statement  of  Comprehensive  Income, Consolidated 
Balance Sheet, the Summarised Consolidated Cash Flow Statement, the Statement of 
Changes in Equity and the related notes. 
 
We have read the other information contained in the half yearly financial report 
which  comprises only the Chairman's Interim Statement and considered whether it 
contains  any  apparent  misstatements  or  material  inconsistencies  with  the 
information in the condensed set of financial statements. 
 
This  report is made solely to the company in accordance with guidance contained 
in  ISRE  (UK  and  Ireland)  2410, 'Review  of  Interim  Financial  Information 
performed  by the Independent Auditor  of the Entity'. Our  review work has been 
undertaken  so that we might state to  the company those matters we are required 
to  state to them  in a review  report and for  no other purpose. To the fullest 
extent  permitted by law,  we do not  accept or assume  responsibility to anyone 
other  than  the  company,  for  our  review  work,  for this report, or for the 
conclusion we have formed. 
 
Directors' responsibilities 
The half-yearly financial report is the responsibility of, and has been approved 
by,  the directors. The AIM rules of  the London Stock Exchange require that the 
accounting policies and presentation applied to the financial information in the 
half-yearly  financial report are consistent with those which will be adopted in 
the  annual accounts  having regard  to the  accounting standards applicable for 
such accounts. 
 
As  disclosed  in  Note  1, the  annual  financial  statements  of the group are 
prepared  in  accordance  with  IFRSs  as  adopted  by  the  European Union. The 
financial  information in the half-yearly financial  report has been prepared in 
accordance with the basis of preparation in Note 1. 
 
Our responsibility 
Our  responsibility is to express  to the Company a  conclusion on the financial 
information in the half-yearly financial report based on our review. 
 
Scope of review 
We  conducted our  review in  accordance with  International Standard  on Review 
Engagements  (UK  and  Ireland)  2410, 'Review  of Interim Financial Information 
Performed  by  the  Independent  Auditor  of  the Entity' issued by the Auditing 
Practices  Board for use  in the United  Kingdom. A review  of interim financial 
information  consists of making enquiries,  primarily of persons responsible for 
financial  and  accounting  matters,  and  applying  analytical and other review 
procedures.  A review is substantially less in  scope than an audit conducted in 
accordance  with  International  Standards  on  Auditing  (UK  and  Ireland) and 
consequently  does not enable us to obtain  assurance that we would become aware 
of all significant matters that might be identified in an audit. Accordingly, we 
do not express an audit opinion. 
 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe 
that  the financial information in the  half-yearly financial report for the six 
months  ended  30 June  2010 is  not  prepared,  in  all  material  respects, in 
accordance with the basis of accounting described in Note 1. 
 
GRANT THORNTON UK LLP 
AUDITOR 
LEEDS 
 
 
 
[HUG#1447130] 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Atlantic Global Plc via Thomson Reuters ONE 
 

Atlantic Global (LSE:ATL)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Atlantic Global Charts.
Atlantic Global (LSE:ATL)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Atlantic Global Charts.