TIDMWFCA
RNS Number : 2701A
WFCA PLC
06 October 2009
?
WFCA plc
("WFCA", "the Company" or "the Group")
FINAL RESULTS
WFCA plc (AIM: WFCA.L), a leading regional advertising and marketing agency,
today announces its final results for the year ended ended 30 June 2009.
Highlights
- Gross profit increased by 75 per cent. to GBP6,057,770 (2008: GBP3,451,744).
- Profit before tax, exceptionals and discontinued operations of GBP750,113
(2008: GBP91,006).
- Substantial overhead savings from consolidating domestic operations into a
new Tunbridge
Wells head office
- Company raised additional equity of GBP2.5 million after costs.
Further enquiries:
WFCA plc
Stephen Latter, Financial Director Tel: 01892 511 085
Daniel Stewart & Company plc
Simon Leathers/Oliver Rigby Tel: 020 7776 6550
WFCA plc
Chairman's and Chief Executive's Statement
for the year ended 30th June 2009
Business Review & Summary
We are pleased to announce that the performance of WFCA during a very difficult
year has met expectations with the Group remaining both profitable and cash
generative. The Profit before tax, exceptional items and discontinued operations
of GBP750,113 compares to GBP91,006 for the comparable period last year and
reflects the financial strengthening of the Group following the acquisition of
WFCA Integrated Limited in April last year. As reported in the interim
statement, the name of the company has now been changed from Ekay plc to WFCA
plc to reflect the significance of WFCA to the Group.
The economy determined that the year ended June 2009 would be one of operational
consolidation rather than considering acquisition opportunities but the
strategic aim of developing the group both organically and by merger and
acquisition still remains. During the first half of the year, the entire
operational base was consolidated into a new Tunbridge Wells head office
removing approximately GBP900K per annum from overheads with minimal impact on
our non Tunbridge Wells based client relationships. As mentioned in the interim
statement, the loss making Channel Islands division was closed in October last
year.
In line with trading conditions generally, client activity over the financial
year has been restrained with marketing budgets below that experienced in the
previous twelve months. Furthermore, in a depressed environment, new business
opportunities have been few but we are pleased to announce that towards the end
of the financial year WFCA successfully pitched for and won several new
accounts. When the outlook within the marketing sector improves, WFCA with its
restructured cost base, remains very well placed to benefit.
As an agency we are also 'practising what we preach' and are in the process of
re-positioning our own brand to "WFCA - we create buyers". This provides
differentiation in a competitive market, is a compelling offer for clients,
prospects and staff alike and is furthermore serving to define our merger and
acquisition priorities. Our strategic goal remains that of growth from a
positioning as the largest full-service marketing services company outside of
London.
Board changes in the year resulted in Eddie Powell, the founder of Ekay plc and
Bill Jones both leaving to pursue other interests and the appointment, as a
non-executive director with effect from July 2009, of Robert Hamer who has over
twenty years of experience in the marketing sector. We are also pleased to
announce that Mark Gallagher has joined us from Manning Gottlieb OMD as
executive media director and is providing new energy and ambition within
our media and digital offering.
Clearly, this last year has placed additional strains on all aspects of trading
but none more than on the demands made upon the Group's staff. On behalf of all
the directors we would like to thank them for their total support and commitment
to the Group.
Financial Summary
Delivering a net profit before tax, exceptional costs and discontinued
operations of GBP750,113 represented a major step forward for the Group. With
the benefit of a whole year's contribution from WFCA Integrated, Gross Profit
increased from GBP3,451,744 to GBP6,057,770 with the gross margin increasing
from 7.7% to 18.1%, reflecting the improved margins achieved by providing a
wider range of marketing services. The results for the year included a strong
first half, before most clients reduced advertising budgets in response to the
recession.
The consolidated income statement also includes a net GBP7,371 loss from
exceptional items and discontinued operations. The exceptional costs of
GBP272,464 relate primarily to expenses connected with the merger of all UK
operations last year to create a single UK head office, while the profit of
GBP265,093 from discontinued operations relates to the closure of our Channel
Islands division, as fully reported in the interim statement.
Given the economic conditions and the risk of exposure to tightening supplier
credit terms within the marketing services industry during the first half of
2009, the directors believed it prudent to increase the working capital
available to the Company. Accordingly, between April and June, the Company
raised additional equity of GBP2.5 million after costs The benefit of this is
evident in the very significant improvement in the Group's working capital
position and this will continue to strengthen as a result of ongoing
profitability. All long term debt has been eliminated, current debt reduced
significantly and the net assets of the Group increased by 77% to GBP7.1 million
over the financial year.
In the interim results we reported that, following a ruling by the High Court in
June 2008, the Special Reserve of GBP6.5 million has been merged within
distributable retained earnings. However, we are not recommending the payment of
a dividend from this year's profit at this stage in the Group's development.
Outlook
Overall it has been a sound financial performance in a very demanding year. With
the cost reduction exercise and refinancing of the Group's working capital both
completed, the Group is now well positioned to grow both organically and by
acquisition.
Bob Morton Michael Richards
ChairmanChief Executive
WFCA plc
Group Income Statement for the Year Ended 30th June 2009
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | Year | Year ended |
| | | | | ended | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | 30th June | 30th June |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | Before |Exceptional | 2009 | 2008 |
| | |Exceptional | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | Items | Items | Total | Total |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | GBP | GBP | GBP | GBP |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Revenue | | 33,387,852 | - | 33,387,852 | 44,474,052 |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Direct costs | | 27,330,082 | - | 27,330,082 | (41,022,308) |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Gross profit | | 6,057,770 | - | 6,057,770 | 3,451,744 |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Other operating income | | 8,700 | - | 8,700 | 22,604 |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Operating costs before | | (5,221,925) | (272,464) | (5,494,389) | (6,690,894) |
| share option credit and | | | | | |
| release of provision | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Release of provision | | - | - | - | 115,000 |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Share option | | (14,100) | - | (14,100) | 17,131 |
| (charge)/credit | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Total operating cost | | (5,236,025) | (272,464) | (5,508,489) | (6,558,763) |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Depreciation | | (95,210) | - | (95,210) | (116,858) |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Total operating | | 735,235 | (272,464) | 462,771 | (3,201,273) |
| profit/(loss) | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Interest income | | 14,878 | - | 14,878 | 54,670 |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Profit /(loss) before | | 750,113 | (272,464) | 477,649 | (3,146,603) |
| taxation | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Income tax | | (128,123) | - | (128,123) | 54,456 |
| (charge)/credit | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Profit / (Loss) before | | 621,990 | (272,464) | 349,526 | (3,092,147) |
| Discontinued Operations | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Profit from Discontinued | | 265,093 | - | 265,093 | - |
| Operations | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Profit/(loss) for the | | | | | |
| year attributable | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| to equity holders of the | | 887,083 | (272,464) | 614,619 | (3,092,147) |
| parent | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Earnings per share | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Basic earnings/loss per | | | | 0.37p | (4.62)p |
| share | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
| Diluted earnings/loss | | | | 0.36p | (4.23)p |
| per share | | | | | |
+--------------------------+------+-------------+-------------+-------------+--------------+
There were no gains or losses for the year other than those recognised in the
income statement.
WFCA plc
Group and Company Balance Sheets at 30th June 2009
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | Group | Company |
+-----------------------------------------+----------+-----------------------------+-----------------------------+
| | | As at | As at | As at | As at |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | 30th June | 30th June | 30th June | 30th June |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | 2009 | 2008 | 2009 | 2008 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | GBP | GBP | GBP | GBP |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Assets | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Non-current assets | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Property, plant and equipment | | 291,135 | 470,746 | 156,341 | 200,046 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Goodwill | | 8,497,907 | 8,497,907 | - | - |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Investments in subsidiaries | | - | - | 10,100,509 | 10,100,509 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | 8,789,042 | 8,968,653 | 10,256,850 | 10,300,555 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Current Assets | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Trade and other receivables | | 3,697,583 | 7,636,070 | 1,106,945 | 1,854,939 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Cash and short term deposits | | 80,917 | 757,249 | 8,753 | 1,304 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | 3,778,500 | 8,393,319 | 1,115,698 | 1,856,243 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Total Assets | | 12,567,542 | 17,361,972 | 11,372,548 | 12,156,798 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Equity and Liabilities | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Share capital | | 2,657,809 | 1,568,088 | 2,657,809 | 1,568,088 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Share premium | | 1,383,648 | - | 1,383,648 | - |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Special reserve | | - | 6,499,126 | - | 6,499,126 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Retained earnings | | 3,076,760 | (4,051,085) | 2,627,316 | (3,464,752) |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | 7,118,217 | 4,016,129 | 6,668,773 | 4,602,462 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Non Current Liabilities | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Long term borrowings | | - | 1,030,983 | - | 1,000,000 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Current Liabilities | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Trade and other payables | | 5,207,472 | 12,011,838 | 4,591,995 | 6,400,324 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Provisions for other liabilities and | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Charges | | 192,376 | 302,202 | 111,780 | 154,012 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Corporate income tax payable | | 49,477 | 820 | | - |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Total Liabilities | | 5,449,325 | 13,345,843 | 4,703,775 | 7,554,336 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| Total Equity and Liabilities | | 12,567,542 | 17,361,972 | 11,372,548 | 12,156,798 |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----------------------------------------+----------+--------------+--------------+--------------+--------------+
WFCA plc
Statement of Changes in Equity for the Year Ended 30th June 2009
Group
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| | Share | Share | Retained | Special | |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| | Capital | Premium | Earnings | Reserve | Total |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 1st July 2008 | 1,568,088 | - | (4,051,085) | 6,499,126 | 4,016,129 |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| Charge for share options | - | - | 14,100 | - | 14,100 |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| Profit for the year | - | - | 614,619 | - | 614,619 |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| Total recognised income and | 1,568,088 | - | (3,422,366) | 6,499,126 | 4,644,848 |
| expense for the year | | | | | |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue of share capital | 1,089,721 | 1,484,682 | - | - | 2,574,403 |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue costs | - | (101,034) | - | - | (101,034) |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| Transfer from special reserve | - | | 6,499,126 | (6,499,126) | - |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 30th June 2009 | 2,657,809 | 1,383,648 | 3,076,760 | - | 7,118,217 |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+---------------------------------+-----------+-----------+-------------+-------------+-----------+
Company
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| | Share | Share | Retained | Special | |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| | Capital | Premium | Earnings | Reserve | Total |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 1st July 2008 | 1,568,088 | - | (3,464,752) | 6,499,126 | 4,602,462 |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| Charge for share options | - | - | 14,100 | - | 14,100 |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| Loss for the year | - | - | (421,158) | - | (421,158) |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| Total recognised income and | 1,568,088 | - | (3,871,810) | 6,499,126 | 4,195,404 |
| expense for the year | | | | | |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue of share capital | 1,089,721 | 1,484,682 | - | - | 2,574,403 |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| Issue costs | - | (101,034) | - | - | (101,034) |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| Transfer from special reserve | - | | 6,499,126 | (6,499,126) | - |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| Balance at 30th June 2009 | 2,657,809 | 1,383,648 | 2,627,316 | - | 6,668,773 |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
| | | | | | |
+----------------------------------+-----------+-----------+-------------+-------------+-----------+
WFCA plc
Consolidated and Company Cash Flow Statement
For the Year Ended 30th June 2009
+--------------------------------------+-------------+-------------+-------------+-------------+
| | Group | Company |
+--------------------------------------+---------------------------+---------------------------+
| | As at | As at | As at | As at |
+--------------------------------------+-------------+-------------+-------------+-------------+
| | 30th June | 30th June | 30th | 30th June |
| | | | June | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| | 2009 | 2008 | 2009 | 2008 |
+--------------------------------------+-------------+-------------+-------------+-------------+
| | GBP | GBP | GBP | GBP |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Cash Flows from Operating Activities | | | | |
| | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Profit / (Loss) from operations | 462,771 | (3,201,273) | (56,408) | (2,503,405) |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Share option charge / (credit) | 14,100 | (17,131) | 14,100 | (17,131) |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Discontinued operations | (393,110) | 2,386,462 | (393,110) | 2,051,150 |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Impairment of property, plant & | - | 41,205 | - | 41,205 |
| equipment | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Depreciation of property, plant & | 95,210 | 116,857 | 50,176 | 42,393 |
| equipment | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Operating cash flows before movement | 178,971 | (673,880) | (385,242) | (385,788) |
| in working capital | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Loss on sale of property, plant & | 2,873 | 60,989 | (3,670) | 1,323 |
| equipment | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Decrease in receivables | 2,886,472 | 772,621 | 775,242 | 475,103 |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Decrease in payables | (4,139,506) | (2,554,241) | (1,350,686) | (628,043) |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Cash consumed by operations | (1,071,190) | (2,394,511) | (964,356) | (537,405) |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Income tax received / (paid) | - | 33,263 | - | - |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Net cash from operating activities | (1,071,190) | (2,361,248) | (964,356) | (537,405) |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Cash Flows from Investing Activities | | | | |
| | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Interest received | 14,877 | 54,670 | 1,112 | 12,492 |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Acquisition of subsidiary net of | - | (2,417,593) | - | (3,505,706) |
| cash required | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Cash relating to discontinued | (134,363) | - | - | - |
| operations | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Proceeds from sale of property, | - | 29,887 | - | 1,000 |
| plant & equipment | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Purchase of property, plant & | (54,087) | (115,016) | (2,800) | (9,524) |
| equipment | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Net cash from investment activities | (173,573) | (2,448,052) | (1,688) | (3,501,738) |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Cash Flows from Financing Activities | | | | |
| | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Proceeds on issue of shares | 1,391,515 | 2,521,326 | 1,391,515 | 2,521,326 |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Costs of share issue | (100,930) | (64,000) | (101,034) | (64,000) |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Net cash from financing activities | 1,290,585 | 2,457,326 | 1,290,481 | 2,457,326 |
+--------------------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Net increase/(decrease) in cash and | 45,822 | (2,351,974) | 324,437 | (1,581,817) |
| cash equivalents | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Cash and cash equivalents at 1st | (685,602) | 1,666,372 | (496,631) | 1,085,186 |
| July 2008 | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Cash and cash equivalents at 30th | (639,780) | (685,602) | (172,194) | (496,631) |
| June 2009 | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Represented by: | | | | |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Cash & short term deposits | 80,917 | 757,249 | 8,753 | 1,304 |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Bank overdrafts | (720,697) | (1,442,851) | (180,947) | (497,935) |
+--------------------------------------+-------------+-------------+-------------+-------------+
| Total cash and cash equivalents | (639,780) | (685,602) | (172,194) | (496,631) |
+--------------------------------------+-------------+-------------+-------------+-------------+
WFCA plc
Notes to the Consolidated Financial Statements
For the Year Ended 30th June 2009
1. Operating costs
+----------------------------------+-------+-------------+-------------+
| | | Group |
+----------------------------------+-------+---------------------------+
| | | Year ended | Year ended |
+----------------------------------+-------+-------------+-------------+
| | | 30th June | 30th June |
+----------------------------------+-------+-------------+-------------+
| | | 2009 | 2008 |
+----------------------------------+-------+-------------+-------------+
| | Notes | GBP | GBP |
+----------------------------------+-------+-------------+-------------+
| | | | |
+----------------------------------+-------+-------------+-------------+
| Total staff costs | 4 | 3,965,687 | 2,637,988 |
+----------------------------------+-------+-------------+-------------+
| Establishment costs | | 272,867 | 272,151 |
+----------------------------------+-------+-------------+-------------+
| Other operating costs (net) | | 1,269,935 | 3,648,624 |
+----------------------------------+-------+-------------+-------------+
| | | | |
+----------------------------------+-------+-------------+-------------+
| Total operating costs | | 5,508,489 | 6,558,763 |
+----------------------------------+-------+-------------+-------------+
| | | | |
+----------------------------------+-------+-------------+-------------+
| Other Operating costs include: | | | |
+----------------------------------+-------+-------------+-------------+
| | | | |
+----------------------------------+-------+-------------+-------------+
| Loss on disposal of plant and | | 2,873 | 60,989 |
| equipment | | | |
+----------------------------------+-------+-------------+-------------+
| | | | |
+----------------------------------+-------+-------------+-------------+
| Operating lease rentals: | | | |
+----------------------------------+-------+-------------+-------------+
| Property | | 162,330 | 189,446 |
+----------------------------------+-------+-------------+-------------+
| Plant and equipment | | 29,828 | 26,882 |
+----------------------------------+-------+-------------+-------------+
| | | | |
+----------------------------------+-------+-------------+-------------+
| Auditor's remuneration: | | | |
+----------------------------------+-------+-------------+-------------+
| Audit fees payable to Brebners | | 20,000 | 36,625 |
+----------------------------------+-------+-------------+-------------+
| Audit fees payable to other | | - | 15,754 |
| auditors | | | |
+----------------------------------+-------+-------------+-------------+
| Other services - tax and | | 15,605 | 21,668 |
| assurance | | | |
+----------------------------------+-------+-------------+-------------+
| | | | |
+----------------------------------+-------+-------------+-------------+
Exceptional Items
The exceptional items primarily comprise staff termination costs resulting
from the acquisition of WFCA
Integrated Limited in April 2008.
2. Share capital
+--------------------------+-----------+-----------+-------------+-------------+
| | Year | Year | Year | Year |
| | ended | ended | ended | ended |
+--------------------------+-----------+-----------+-------------+-------------+
| | 30th | 30th | 30th June | 30th June |
| | June | June | | |
+--------------------------+-----------+-----------+-------------+-------------+
| | 2009 | 2008 | 2009 | 2008 |
+--------------------------+-----------+-----------+-------------+-------------+
| | GBP | GBP | No. | No. |
+--------------------------+-----------+-----------+-------------+-------------+
| | | | | |
+--------------------------+-----------+-----------+-------------+-------------+
| Authorised: | | | | |
+--------------------------+-----------+-----------+-------------+-------------+
| Ordinary shares of 1p | 5,000,000 | 2,000,000 | 500,000,000 | 200,000,000 |
| each | | | | |
+--------------------------+-----------+-----------+-------------+-------------+
| | | | | |
+--------------------------+-----------+-----------+-------------+-------------+
| Issued and fully paid: | | | | |
+--------------------------+-----------+-----------+-------------+-------------+
| Ordinary shares of 1p | 2,657,809 | 1,568,088 | 265,780,908 | 156,808,717 |
| each | | | | |
+--------------------------+-----------+-----------+-------------+-------------+
| | | | | |
+--------------------------+-----------+-----------+-------------+-------------+
On 4th June 2009 the company's authorised capital was increased from
GBP2,000,000 to GBP5,000,000 by the creation of 300,000,000 new ordinary shares
of 1p each ranking pari passu with the existing share capital.
On the same day resolutions were passed to allot and issue 44,100,000 shares via
a placing and allot and issue 64,433,333 shares to certain directors in
consideration for the cancellation of loans and other liabilities due to them.
These issues resulted in GBP1,479,667 being credited to the share premium
account.
On various other dates during the year 438,850 further ordinary shares of 1p
each were issued under various share option schemes. The amount paid in excess
of the nominal value, amounting to GBP5,015, was credited to the share premium
account.
3. Earnings per share
+-----------------------------------------+-------------+-------------+
| | Group |
+-----------------------------------------+---------------------------+
| | Year ended | Year ended |
+-----------------------------------------+-------------+-------------+
| | 30th June | 30th June |
+-----------------------------------------+-------------+-------------+
| | 2009 | 2008 |
+-----------------------------------------+-------------+-------------+
| | GBP | GBP |
+-----------------------------------------+-------------+-------------+
| | | |
+-----------------------------------------+-------------+-------------+
| Basic EPS | | |
+-----------------------------------------+-------------+-------------+
| Reported earnings (GBP) | 614,619 | (3,092,147) |
+-----------------------------------------+-------------+-------------+
| Reported EPS | 0.37p | (4.62)p |
+-----------------------------------------+-------------+-------------+
| | | |
+-----------------------------------------+-------------+-------------+
| Diluted EPS | | |
+-----------------------------------------+-------------+-------------+
| Diluted reported earnings (GBP) | 614,619 | (3,092,147) |
+-----------------------------------------+-------------+-------------+
| Reported diluted EPS | 0.36p | (4.23)p |
+-----------------------------------------+-------------+-------------+
| | No. | No. |
+-----------------------------------------+-------------+-------------+
| Weighted average number of ordinary | | |
| shares | | |
+-----------------------------------------+-------------+-------------+
| Issued ordinary shares at 1st July 2008 | 156,808,717 | 39,130,900 |
+-----------------------------------------+-------------+-------------+
| Effect of shares issued during the year | 7,936,927 | 27,808,228 |
+-----------------------------------------+-------------+-------------+
| Weighted average number of shares for | 164,745,644 | 66,939,128 |
| basic EPS | | |
+-----------------------------------------+-------------+-------------+
| | | |
+-----------------------------------------+-------------+-------------+
| Weighted average number of ordinary | | |
| shares | | |
+-----------------------------------------+-------------+-------------+
| Dilutive share options 1 outstanding | 77,700 | 583,450 |
+-----------------------------------------+-------------+-------------+
| Dilutive share options 2 outstanding | 3,700,000 | 4,800,000 |
+-----------------------------------------+-------------+-------------+
| Dilutive share options 3 outstanding | 1,000,000 | - |
+-----------------------------------------+-------------+-------------+
| Unapproved share options | 850,000 | 850,000 |
+-----------------------------------------+-------------+-------------+
| | | |
+-----------------------------------------+-------------+-------------+
| Weighted average number of shares for | 170,373,344 | 73,172,578 |
| diluted EPS | | |
+-----------------------------------------+-------------+-------------+
| | | |
+-----------------------------------------+-------------+-------------+
4. Accounting estimates and judgements
Management has discussed with the Audit Committee the development,
selection and disclosure of the
Group's critical accounting policies
and estimates and the application of these policies and estimates.
As permitted by Section 408 of the Companies Act 2006, the profit and
loss account of the parent
Company is not presented as part of these
financial statements. The parent Company's loss for the
financial
year amounted to GBP421,158.
5.Report and Accounts
The Company's report and accounts together with the notice of the Annual
General Meeting will be sent to
shareholders in due course. The
Company will make a further announcemement once these have been
sent
to shareholders and are available on the website.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UVUNRKURRRAA
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