ࡱ> hjefg [bjbj %jjV&l&&&&'''&'8ăPD&'V""DDD#?T,$& F-'#'&&DDJ'''&8D'D'''+&'D דr&'f\?P4ՏR'&'&'&&&& Press Release 27 March 2007 Atlantic Global Plc Preliminary Results Atlantic Global Plc (Atlantic Global or the Company), the specialist provider of Project Portfolio Management (PPM) software applications, today announces its Preliminary Results for the 12 months ended 31 December 2006. Financial and Operational Summary Successful return to operating profit before goodwill amortisation in the second half of 2006Strong financial position, generating a positive free cash flow of 61,000Loss before tax and goodwill amortisation reduced to 51,000 (2005: Loss 475,000), in line with expectationsTurnover comparable year on year at 1.961m (2005: 2.137m)Earnings per share, adjusted for goodwill, increased to 0.23 pence (2005: restated loss per share of 1.98 pence)Further operational efficiencies achieved during the second half of 2006Contract implementation continued, supported by a strong sales infrastructure geared toward a maturing Project Portfolio Management (PPM) marketplaceUplift in both retained and new clients, mostly notably Provident Financial, Kingston Communications, GroupM, Tiscali and Aircom InternationalStronger position on the Gartner PPM Magic QuadrantRecent expansion of the team who will support the planned growth of the business during 2007Initial months of 2007 traded in line with management expectations Eugene Blaine, Managing Director of Atlantic Global commented: We believe that the Company is in a much stronger position to take advantage of the expected growth in the Portfolio Project Management market place. As a result, the Group is confident that top line growth will improve in 2007, with the aim of delivering increased shareholder value. For further information please contact: Atlantic Global plcEugene Blaine, Managing Director  HYPERLINK "mailto:eugene.blaine@atlantic-global.com" eugene.blaine@atlantic-global.com Tel: +44 (0) 01274 863 300 Rupert Hutton, Finance Director  HYPERLINK "mailto:rupert.hutton@atlantic-global.com" rupert.hutton@atlantic-global.com Tel: +44 (0) 01274 863 300  HYPERLINK "http://www.atlantic-global.com" www.atlantic-global.com  Media enquiries: AbchurchJustin Heath/Helen Waggott Emma JohnsonTel: +44 (0) 20 7398 7700 HYPERLINK "mailto:justin.heath@abchurch-group.com" justin.heath@abchurch-group.com  HYPERLINK "http://www.abchurch-group.com" www.abchurch-group.com  Chairmans Statement Introduction Atlantic Global has worked its way through a difficult trading period and is pleased to report a return to operating profit before goodwill amortisation in the second half of 2006 (second half operating profit before goodwill amortisation 52,000, first half loss before goodwill amortisation 165,000). The Company continued to develop all aspects of the business during 2006. In particular, the Group focussed on continuing the task of building an appropriate sales infrastructure geared toward a maturing Project Portfolio Management (PPM) marketplace. We are pleased to announce that we have gained new PPM software customers including Provident Financial, Kingston Communications, GroupM, Tiscali and Aircom International. Results The Group reduced its losses during 2006 with an operating loss before interest and goodwill, of 113,000 (2005: restated loss 530,000). The turnover of the Group for 2006 was comparable to the previous year at 1,961,000 (2005: 2,137,000). The total expenditure on the Sales and Marketing functions during 2006 reduced to 1,015,000, (2005: 1,550,000). Earnings per share, adjusted for goodwill, was 0.23 pence (2005: restated loss per share of 1.98 pence). Whilst ensuring that we continue to invest and build our Company and products, the Company returned to being cash generative during 2006. The Group had net cash balances, as at 31 December 2006, of 1,600,000 compared with 1,539,000 the year before, showing an increase of 61,000. The Group remains in a strong financial position, with cash in the bank and generating a positive free cash flow. Dividend The Directors are not proposing a dividend for the year ended 31 December 2006, (2005: nil). When circumstances become appropriate the Directors will revert to their progressive dividend policy. People The Company would like to recognise and pay tribute to the employees for their hard work and professionalism during a difficult period in the Companys history. I am pleased to report that we have resumed the recruitment of additional people to key areas who will support the planned growth of the business during 2007. Strategy for the future The fundamental strategy of the Group remains unchanged. Our objective during 2006 was to achieve stability and to bring the Company back to profitability. Our objective for 2007 is to achieve consistent profitable trading, and generate moderate growth sustained by a maturing PPM marketplace where Atlantic Global has become established as an industry leader. We will continue to investigate other complementary channels to market. Acquisitions The Group is not involved in an active acquisition strategy. However the Company is aware that there has been considerable acquisition activity in this software sector, and would, therefore, consider opportunities that would improve shareholder value, providing they are compatible with our strategic objectives and also reasonably priced in accordance with their profitability and quality of earnings. Current Trading The year has begun in line with our expectations, continuing the strong finish to 2006. Recent improvements to our sales and implementation methodology will enable the Group to continue reviewing its performance and application to the constantly changing demands of the market. With high quality, constantly improving products, and a more enhanced sales methodology and management, the Directors believe that the Group is well placed to achieve further growth during 2007. Annual General Meeting The AGM will be held on Tuesday 1 May 2007 at 2.30pm at the Companys Head Office at Woodland Park, Bradford Road, Chain Bar, Cleckheaton, West Yorkshire, BD19 6BW. Following the formalities of the meeting we will, as in previous years, allocate time in which shareholders can meet the Directors and discuss the progress of the Group. I would extend the Boards invitation to all shareholders in the hope that as many as possible attend. Steve Allen Chairman 27 March 2007 Managing Directors Review Introduction Our primary objective during 2006 was to re-establish stability following 2005 where the Company recorded a loss. It is therefore pleasing that we have achieved this objective and produced a profit before goodwill amortisation in the second half of the year. The Group is also pleased to announce new Corporate Vision implementations within XChanging, AIRCOM International, Provident Financial, Teleca, GroupM and Kingston Communications. Throughout the year we continued our investment programme in order to establish Atlantic Global as a leading player in the maturing Portfolio Project Management (PPM) market sector. Further operational efficiencies have been achieved over the past 12 months, particularly during the second half of 2006. The Group will benefit from these improvements during 2007 and beyond. Product Development Corporate Vision Version 12 was released at the end of January 2007 where we focussed on making PPM easier to use and understand and quicker to implement. A newly formed Product Focus team supports the Groups continuous improvement programme where industry leading organisations are invited to give us feedback and to provide valuable guidance as to the future strategic direction of the product. Approximately 50% of our research and development effort during 2006 has been focussed on building the next generation of our product range. The first release of this product is scheduled for September 2007. Sales & Marketing Atlantic Global has built up a significant marketing database of contacts interested in our solutions. However, it has become apparent that, as with any emerging market, translating this interest in to revenue represents a challenge to all vendors operating in this space. The new sales process, supporting systems and new sales management are helping us to focus on translating the wide interest in PPM solutions into sales revenue. Our focus on the most proactive sales leads is expected to result in a stronger and more stable sales trend for 2007. Relationships have been maintained with the software analysts, including Gartner, where we improved our positioning on the Gartner PPM Magic Quadrant. Customer profile The Groups products continue to sell in a variety of industry sectors. Listed below are some of Atlantic Globals customers: Pharmaceuticals Computer & TelecomsFinancial & ConsultingOtherAstraZeneca Limited GlaxoSmithKline Plc GlaxoSmithKline US Pharma Sanofi Aventis LtdComputacenter UK Limited Hitachi Europe Ltd Identex Intel Ireland Ltd Interoute Limited Virgin Mobile Telecom Ltd Xchanging Ltd Echostar Int Corp NTL Telewest Orange Kingston Communication Aircom International TiscaliMan Group Plc Friends Provident Allied Irish Bank Barclays Bank Plc CNA LogicaCMG Dunnhumby HSBC Actuaries & Consultants Ltd Raft International Plc Serco Technology Provident Financial Aviva GroupMetropolitan Police Service NEC Technologies (UK) Ltd Parkside NHS Trust Scott Tallon Walker Architects Waltham Forest Council British Car Auctions Microgen Northgate Information Solutions Crown Agents SA Partners Genesis Oil & Gas Harvey Nash Hemsley Fraser Torrent Trackside Group M Our close working relationship with our customers continues and, as we develop, we see our customers, both old and new, responding to our improved abilities which we expect to continue. People As mentioned in the Chairmans statement, I would also like to take this opportunity to recognise and pay tribute to the employees for their hard work, patience and professionalism. There is clear evidence that their efforts are beginning to produce returns and I am pleased to report that we have resumed the recruitment of additional people to key areas to support the planned growth of the business during 2007. Outlook We believe that the Company is in a much stronger position to take advantage of the expected growth in the Portfolio Project Management market place. As a result, the Group is confident that top line growth will improve in 2007, with the aim of delivering increased shareholder value. Eugene Blaine Managing Director 27 March 2007 Consolidated Profit and Loss Account for the year ended 31 December 2006  NoteYear ended 31 December 2006Year ended 31 December Restated 2005000000Turnover1,9612,137Cost of sales(1,304)(1,802)Gross profit657335Administration and establishment expenses(951)(1,046)Operating loss before goodwill amortisation (113)(530)Goodwill amortisation(181)(181)Operating loss(294)(711)Interest receivable6255Loss on ordinary activities before taxation(232)(656)Tax on loss on ordinary activities10321Loss on ordinary activities after taxation(129)(635)Basic loss per share3(0.56)p(2.77)pFully Diluted loss per share3(0.56)p(2.60)p There are no recognised gains or losses during the current year other than the loss for the year. The Groups results for both the current and preceding years derive from continuing operations. Consolidated Balance Sheet at 31 December 2006 Note2006 2005 Restated000000000000Fixed assetsIntangible assets2,6112,792Tangible assets31542,6422,846Current assetsDebtors929960Cash at bank and in hand1,6001,5392,5292,499Creditors: amounts falling due within one year(515)(578)Net current assets2,0141,921Net assets4,6564,767Capital and reservesCalled up share capital1,1451,145Share premium account1,5781,578Merger reserve2,5382,538Profit and loss account(605)(494)Equity shareholders funds4,6564,767 These accounts were approved by the Board of Directors on 27 March 2007 and were signed on its behalf by: EA Blaine RG HuttonManaging Director Finance Director and Company Secretary Consolidated Cash Flow Statement for year ended 31 December 2006  NotesYear ended 31 December 2006Year ended 31 December restated 2005000000Reconciliation of Operating loss to cash outflow from operating activitiesOperating loss (294)(711)Depreciation2623Goodwill amortisation181181Decrease in debtors134516Decrease in creditors(63)(160)Share option charge1825Net cash inflow/ (outflow) from operating activities2(126)Cash flow statementNet cash inflow/ (outflow) from operating activities2(126)Returns on investment 6255Taxation-(74)Capital expenditure(3)(40)Free cashflow461(185)Equity dividends paid-(172)Increase/(decrease) in cash in the year61(357)Reconciliation of net cash flow to movement in net fundsMovement in net funds in the year61(357)Net funds at the start of the year1,5391,896Net funds at the end of the year1,6001,539 Notes to the accounts forming part of the financial statements 1. Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements, except as noted below: In these financial statements the following new standards have been adopted for the first time: % FRS 20  Share based payments; The accounting policy under this standard is set out below together with an indication of the effects of its adoption. The corresponding amounts in these financial statements are restated in accordance with the new policy. Basis of preparation The accounts have been prepared in accordance with applicable accounting standards and under the historical cost accounting rules. Basis of consolidation The consolidated accounts include the accounts of the Company and its subsidiary undertakings made up to 31 December 2006. The acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated Profit and Loss Account from the date of acquisition or up to the date of disposal. Under Section 230(4) of the Companies Act 1985 the Company is exempt from the requirement to present its own Profit and Loss Account. Goodwill Purchased goodwill represents the excess fair value attributed to investments in businesses or subsidiary undertakings over the fair value of the underlying net assets at the date of their acquisition. The Directors are of the opinion that the goodwill on businesses capitalised has a long economic life, as it is an inseparable part of the value of the businesses acquired and is linked to the products and services that the businesses provide. Our in-house Research and Development team continually improves the products, with all development expenditure written off as incurred. This, in the opinion of the Directors, maintains the economic life of the products and hence the goodwill. The Directors do however recognise that it is prudent to amortise goodwill over a defined period and in the light of the above have decided to write off goodwill on a straight-line basis over 20 years. The remaining useful economic life of capitalised goodwill will be reviewed annually for impairment and adjusted if required. Revenue recognition Revenue from the sale of software licences is recognised only when the software is installed. Revenue from chargeable services including consultancy, customisation and development is recognised as these services are delivered. Support income is recognised over the life of each support contract. Tangible fixed assets and depreciation Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows: Computer equipment 33.3% per annumOffice furniture 20.0% per annumLeasehold improvements 33.3% per annum Post-retirement benefits The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The amount charged against profits represents the contributions payable to the scheme in respect of the accounting period. Research and development expenditure Expenditure on Research and Development is written off to the Profit and Loss Account in the period in which it is incurred. Taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by Financial Reporting Standard 19. Cash and liquid resources Cash, for the purpose of the Cash Flow Statement, comprises cash in hand and deposits repayable on demand, less overdrafts payable on demand. Liquid resources are current asset investments which are disposable without curtailing or disrupting the business and are either readily convertible into known amounts of cash at or close to their carrying values or traded in an active market. Liquid resources comprise term deposits of less than one year (other than cash) and investments in money market managed funds. Leases Operating lease rentals are charged to the profit and loss account on a straight-line basis over the period of the lease. Share based payments The Group has adopted FRS 20 share based payments in respect of the current accounting period. The financial statements reflect the fair value of providing employee share options and the corresponding increase in shareholders equity. Prior years results have been adjusted to reflect this charge. The effect is shown in Note 25. The share option programme allows employees to acquire shares of the Company. The fair value of options granted after 7 November 2002 and those not yet vested as at 31 December 2006 is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using the Black Scholes pricing model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where variations are due only to share prices not achieving the threshold for vesting. 2. Dividends Year ended 31 December 2006Year ended 31 December 2005000000On ordinary shares of 5pFinal dividends paid in respect of prior year but not recognised as liabilities in that year: 0.75 p (2005: 0.75p) - 172 3. Earnings per share Year ended 31 December 2006Year ended 31 December Restated 2005000000Loss on ordinary activities after taxation(129)(635)AdjustmentsGoodwill amortisation181181Adjusted profit/(loss) on ordinary activities after taxation52(454) NumberNumber000000Weighted average number of shares in issue22,89922,899Dilutive effect of share options-1,507Fully diluted weighted average number of shares in issue22,89924,406RestatedBasic loss per share (based on loss after tax)(0.56)p(2.77)pFully diluted loss per share (based on loss after tax)(0.56)p(2.60)pAdjusted earnings/(loss) per share (based on adjusted profit/(loss))0.23p(1.98)p The adjusted earnings per share has been calculated due to the material effect of goodwill charged in the financial statements. Share options in issue do not have a dilutive impact on the loss per share calculations. 4. Free cashflow Free cash flow represents the amount of cash generated and useable to the advantage of the Companys shareholders either in the form of return to shareholders or for acquisitions that will enhance the companys net worth. 5. Copies of Atlantic Global Report and Accounts Further copies of the interim and annual reports of the Company are available from: Mr R Hutton, Finance Director & Company Secretary, Atlantic Global Plc, Maple House, Woodland Park, Bradford Road, Chain Bar, Cleckheaton, West Yorkshire, BD19 6BWWebsite address: HYPERLINK "http://www.atlantic-global.com" www.atlantic-global.com Email:  HYPERLINK "mailto:info@atlantic-global.com" info@atlantic-global.com      PAGE  PAGE 14 "$MN/0Rlo  1 2 h i j ĸvdvWv0JCJOJQJ^JaJ#j CJOJQJU^JaJjCJOJQJU^JaJ6aJCJOJQJ^JCJOJQJ^JaJmH sH CJOJQJ]^JaJCJOJQJ^JaJ5CJOJQJ^JaJCJOJQJ^JaJ\\aJ5CJOJQJaJ5CJOJQJaJCJOJQJaJjCJOJQJUaJ!"#$89MN/w $Bdh]Ba$Bdh]BI$$Ifl0#  64 la$ A$If]Aa$ A$If]AA]A$A]Aa$ [[[/0RSw4N$$Ifl0r$S!%44 laBdhd$If\$]B & FBdhd$If\$]BBdh]B $Bdh]Ba$nop>N$$Ifl0r$S!%44 laBdhd$If\$]B & FBdhd$If\$]BN$$Ifl0r$S!%44 la !jkl,@`L$$Ifl0r$S!%44 laN$$Ifl0r$S!%44 laBdhd$If\$]B & FBdhd$If\$]Bl( ) Dyd|y lBdhd$If\$]BBdhd$If\$]B & FBdhd$If\$]BL$$Ifl0r$S!%44 la %Bdhd$If\$]B ) * m n o uiiiiccA]A $Adh]Aa$ $Bdh]Ba$Bdh]BL$$Ifl0r$S!%44 la lBdhd$If\$]B & FBdhd$If\$]B    1 ( C lq$  Adh$If]Aa$ Adh$If]AM$$Ifl0b$*644 la$Adh$If]Aa$Adhx$If]A    % & ( C D p q r Ϩn^RNCCJOJQJ^JaJ6aJ5CJOJQJ^JaJ5CJOJQJ^JaJmHsH 0JCJOJQJ^JaJmHsH+jCJOJQJU^JaJmHsH%jCJOJQJU^JaJmHsH 0JCJOJQJ^JaJmH sH +jCJOJQJU^JaJmH sH %jCJOJQJU^JaJmH sH CJOJQJ^JaJmH sH CJOJQJ^JaJmHsH $Adh$If]Aa$Adhx$If]AAdh]AO$$Ifl0b$*644 la G tt Adh]AAdh]AA]AA]A$Adh$If]Aa$ Adh$If]AM$$Ifl0b$*644 la # $ % D E G H s t u  tu]^壗zlzl嗈l``5CJ OJQJ^JaJ 5CJOJQJ\^JaJ5CJ OJQJ\^JaJ CJOJQJ^JaJmH sH 5CJOJQJ^JaJ5CJOJQJ^JaJCJaJ#jCJOJQJU^JaJ0JCJOJQJ^JaJ#jCJOJQJU^JaJCJOJQJ^JaJjCJOJQJU^JaJ% WJAdhEƀ]A Bdhx]BAdh]AJAdhEƀ]Adii`WWBdh]BAdh]AJAdhEƀ]ALBdhEƀ]BY i^SJ?? 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