Bartercard PLC
Bartercard PLC
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Bartercard PLC
The Directors of Bartercard announce that the Company is working with its
auditors, Grant Thornton, to finalise its audited accounts for the year to
31st March 2006. These numbers are now expected to be released shortly.
The Directors of Bartercard advise that it will report revenues of A$52m
(circa £21m) and the net loss for the year is likely to be in the order of
A$4.8 million (circa £1.9m).
This loss is attributable to non repeating costs, events and accounting
changes, which the Directors do not expect to recur. Of this amount,
A$2,143,000 (£882,000) arises from the costs associated with the
re-admission of the Company’s shares to trading on AIM via the reverse
takeover (RTO) of Universal Direct Group Plc (now Bartercard Plc) and the
subsequent closure and write-off of the Universal Direct Group businesses.
In addition, A$825,000 (£339,000) of the loss is attributable to accounting
changes associated with the first time adoption of IFRS. The remainder of
the loss is attributable to a number of trade-related items and the timing
of the sale of Sunbury brokerage in the UK for A$ 900,000 (£360,000) which
took place after the end of financial year. Lower than expected revenues
from the sale of international licences were caused by the requirement of
executives to focus on the RTO and other key strategic activities, however
the current series of international license sales for this financial year
already amounts to A$ 3.2 million (£1.3 million).
The Directors have taken a number of remedial actions in terms of costs and
overheads since the end of financial year, including a reduction in staff
in the UK and Australia and improved credit control.
The Company is reviewing with Grant Thornton and with its Nominated
Adviser, Nabarro Wells, its working capital position, future capital
raising and its reporting systems and internal financial controls.
Negotiations are currently underway for a sale and lease back of the
companies building it owns in Australia to provide funding for continued
growth in the UK and the UAE.
Separately the Directors announce that Hichens, Harrison & Co. plc has
given notice under the terms of its engagement with the Company and
therefore will cease to act as the Company’s broker as of 8 October 2006.
The Directors intend to seek the appointment of a replacement broker as
soon as possible and is already in discussion with potential candidates.
11 September 2006
-End-
Press enquiries:
Bartercard PLC 0870 920 1000
Wayne Sharp
Chairman and Chief Executive Officer
(c)DGAP 12.09.2006
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