ࡱ> 7 HbjbjUU D7|7|Dl$8OOOPO<P8?j(R(PR"rRrRrRrRrRrR$ ɋ`rRrRrRrRrRUrRrRUUUrRrRrRUrRUU[qtrRR xZ8TLOUst0?8s)U)tU88For Immediate Release 12 September 2002 Press Release Interim Results for the 6 months ended 30 June 2002 Turnover up 67%; Operating profits up 31%, EPS up 26%; Atlantic Global plc (Atlantic Global or the Company), the West Yorkshire based specialist software development company, announces interim results for the six months ended 30 June 2002. In his Statement to shareholders, Chairman Michael Langmore said: Despite a global downturn in economic conditions and within the technology sector our results for the period have shown further growth. This is confirmation of high levels of customer acceptance of our software products, as our clients show an increased need to maintain and improve their administration and control systems. Financial highlights (comparative figures for 2001 are proforma) Turnover up 67% to 860,000 (2001: 515,000) Operating profits before goodwill amortisation and exceptionals up 31% to 284,000 Basic EPS up 26% to 0.61p (2001: 0.39p) Net cash resources at period end of 1.8m Operational highlights Continuing substantial investment in sales and marketing Major new 3 year contract awarded by Norwich Union Life Services New blue-chip clients include: Logica; NEC Technologies; Virgin Mobile; Eclipse Petroleum Signing of first sales alliance partner Morgan Hill Consultants Ltd Release of new software products including new Contacts management system Office relocation to M62 corridor from October Commenting on current trading and prospects Mr. Langmore added: Trading since the end of June has continued in line with the Directors expectations with the signing of new customers and resellers who have agreed to resell our products. We continue to develop relationships with potential sales alliance partners and we expect to announce new agreements shortly. Our growth potential remains substantial, with our software being capable of delivering considerable control and cost reduction benefits to most types of organization worldwide. With the small but blue chip market penetration that we have so far gained, the Directors believe that Atlantic Global is capable of significant growth in future years. -ends- Enquiries: Atlantic Global Plc: Eugene Blaine, Managing Director 020 7786 9600 (today only) Rupert Hutton, Finance Director 020 7786 9600 (today only) 01274-733758 (thereafter) www.atlantic-global.co.uk Binns & Co. PR Limited Paul Vann/Charlotte Barker 020 7786 9600 Editors Note: Atlantic Global provides business management software, "Adeo", to a growing range of blue chip corporate clients in a variety of market sectors including, pharmaceutical, IT, telecommunications, financial services, local government and professional services. Customers include, Pfizer, GlaxoSmithKline, Logica, Ericssons, Virgin Mobile, Colt Telecom, Norwich Union, Computacenter, Barclays and HSBC. Adeo enables organisations to increase profit, efficiency and service levels by enhancing business processes. Adeo includes relationship management, time & expense tracking, project estimating, project costing, project management, resource scheduling, issue management and client billing functionality integrated into a single web based solution.  The Design Exchange 34 Peckover Street Bradford West Yorkshire BD1 5BD Tel: 01274 733758 website: www.atlantic-global.net Chairmans Statement Interim Report 2002 1. Introduction I am pleased to present the Groups second interim results since joining the Alternative Investment Market (AIM), for the six-month period ended 30 June 2002. Despite a global downturn in economic conditions and within the technology sector our results for the period have shown further growth. This is confirmation of high levels of customer acceptance of our software products, as our clients show an increased need to maintain and improve their administration and control systems. 2. Financial Review To enable more useful comparisons of the Groups performance to be made, we have, as last year, included historical proforma results of the Groups performance to be compared against the actual results for the six months to 30 June 2002. I am delighted to report that operating profit before amortisation of goodwill and exceptional costs has increased by 30.9% to 284,000, compared to a proforma basis for the first six months of 2001 of 217,000. Turnover has increased by 67.0% to 860,000 from a proforma level of 515,000 in the same period in 2001. The profit before tax for the period was 230,000 (2001: 120,000 on a proforma basis, including exceptional cost of 101,000). It is the Directors view that these results are highly satisfactory when viewed against the general economic background and technology sector. The increase in sales generation is a real reflection of the growth of our Company, whereas profit growth has been affected by the additional ongoing AIM administration costs incurred as a result of our listing on the market on 4 June 2001. In the six months to 30 June 2002, these costs amounted to 65,000 (compared to 11,000 in the first six months of 2001). Operating profit margin before goodwill and exceptional costs of 284,000 as stated above for 2002 and 217,000 for 2001, was 33% and 42% respectively. The reason for this drop in margins is explained in the Operating Review below. Earnings per share before goodwill and exceptional costs of 1.03p were generated for the six-month period, (2001: 0.94p). Comparison of the reported earnings per share with the previous period does not reflect the underlying profit growth of the business, due to the additional charges for the AIM administration costs as noted above. As at 30 June 2002 the Group had net cash resources of 1,800,000, being cash at bank and on deposit. The reduction in our net cash position, from 2,123,000 as at 30 June 2001, was due to a number of significant factors, being the payment of a large proportion of the costs incurred in the listing on AIM, the payment of 225,000 deferred consideration to the vendors of the Atlantic business and the payment of a final cash dividend for 2001 of 104,000. Many of these payments are of a one off nature and at an operational level the Company remains cash generative. 3. Income Recognition In view of the recent press coverage, relating to how companies account for sales revenue and therefore profits, I believe that it would be useful to restate again, what our policy is. Turnover represents the amounts invoiced and receivable, for the Groups software licenses, consultancy and support services. We only account for sales directly to our customers and following the installation of a software license. The invoice would usually include an amount for ongoing support. This support element is deferred and recognised, on an equal monthly basis, over the whole period that the support is to be provided for. Income from the sale of software licenses is recognized only when the software is installed. The Group does not capitalize any costs incurred on research and development, or in bidding for any sale and writes all such costs off to the profit and loss account as they are incurred. 4. Dividend The Directors have previously announced and can confirm their intention to pursue a progressive dividend policy. At the current time, the Directors believe that any dividend should be proposed at the end of the year and therefore do not intend to commence a policy of paying an interim dividend on this occasion. 5. Operating Review The first half of 2002 has proved to be a period during which we maintained our momentum and achieved some considerable success in several areas: First major contract with Norwich Union Life Services Ltd. with a three-year support period Expansion of our blue chip client base with further contracts including: Logica Plc NEC Technologies Virgin Mobile Eclipse Petroleum Signing of our first sales alliance partner Morgan Hill Consultants Ltd. Release of new software products including our new Contacts management system, which is an efficient and easy to use Customer Relationship tool Total re-branding of our software suite under the new name of Adeo Launch of our new website  HYPERLINK "http://www.atlantic-global.net/" www.atlantic-global.net Continuous investment in research and development As previously announced, following the listing on AIM in 2001, our strategy has been to accelerate the growth of our company with the recruitment of new sales personnel and a significantly increased marketing budget. The immediate effect of this has been to increase our running costs and is the reason why our profit margin has fallen in the six months to 30 June 2002. Investment of this type will take some time to show results but the Directors believe that the progress being made will benefit our profit generation in the medium term. We have outgrown our current leased premises in Bradford and will be re-locating outside Bradford into other leased premises towards the M62 motorway from October 2002. The new address will be: Maple House, Woodland Park, Bradford Road, Chain Bar, Cleckheaton BD19 6BW The new location will be more efficient for travel and improve the accommodation for all of our personnel. The additional cost is not material. 6. Outlook The Groups substantial emphasis on product quality and customer partnerships has enabled us to gain market share. We believe that our current product offering is of a very high quality, represents superior value for money and a quick return on investment. Our software products are extremely competitive and are suitable for companies in a wide range of sectors ensuring that we are not reliant on any individual sector of the economy. Our expenditure on research and development will continue to enhance the attractiveness of our software. Our growth potential remains substantial, with our software being capable of delivering considerable control and cost reduction benefits to most types of organisation in any part of the world. With the very small, but blue chip, market penetration that we have so far gained the Directors believe that Atlantic Global is capable of significant growth in future years. We continue to discuss and develop our relationships with potential sales alliance partners and we expect to announce new agreements shortly. Trading since the end of June 2002 has continued in line with the Directors expectations with the signing of new customers including Cattles Plc, a fully listed financial services group and Basilica Computing, a computer reseller, who have agreed to resell our products. There is no doubt that economic conditions in general, and in particular in the IT sector are challenging, we are experiencing this, and we expect this trend to continue. We are unlikely to be totally immune to these trends. The progress made during the first six months could not have been achieved without the hard work and dedication of our personnel. I would, once again, compliment and thank them for all their efforts. With our teams ability having been proven in both good and bad times the Directors look forward to the future with confidence. Michael Langmore Chairman September 2002 ATLANTIC GLOBAL PLC Consolidated profit and loss account for the six months ended 30 June 2002 (notes)ProformaProformaSix months to 30 June 2002 (Unaudited) 000Six months to 30 June 2001 (Unaudited) 000Year ended 31 December 2001 (Unaudited) 000Turnover8605151,205Cost of sales(287)(158)(350)------------------------Gross profit573357855Administration and establishment expenses(380)(254)(601)Operating profit before goodwill amortisation and exceptional costs 284 217 495Goodwill amortisation(91)(13)(104)Exceptional costs-(101)(137)------------------------Operating profit193103254Interest receivable371760------------------------Profit on ordinary activities before taxation 230 120 314Tax on profit on ordinary activities4(96)(40)(115)------------------------Profit on ordinary activities After taxation13480199Dividends proposed--(104)Retained profit for the period134 =====80 =====95 ===== Adjusting earnings per share 5 1.03p 0.94p 2.99pBasic earnings per share50.61p0.39p1.36pDiluted earnings per share50.57p0.39p1.36p Consolidated balance sheet As at 30 June 2002 As at 30 June 2002 (Unaudited) 000As at 30 June 2001 (Unaudited) 000As at 31 December 2001 (Unaudited) 000Fixed assetsTangible assets642052Goodwill3,5503,1983,516------------------------3,6143,2183,568===============Current assetsDebtors592353329Cash at bank and in hand1,8002,1232,147------------------------2,3922,4762,476Creditors: amounts falling due within one year (531) (837) (886)------------------------Net current assets1,8611,6391,590------------------------Total assets less current liabilities5,4754,8575,158Creditors: amounts falling due after more than one year - (24) -------------------------Net assets5,4754,8335,158===============Capital and reservesCalled up share capital1,1371,0361,036Share premium account1,5451,0751,121Shares to be issued reserve in relation to 2002 maximum deferred consideration 87 281 525Other reserves2,5382,5382,538Profit & loss account168(97)(62)------------------------Equity Shareholders funds 5,4754,8335,158=============== Summarised group cash flow statement For the 6 months ended 30 June 2002 Six months to 30 June 2002 000 Proforma Six months to 30 June 2001 000Proforma 12 months to 31 December 2001 000Cash inflow from operating activitiesOperating profit before goodwill Amortisation and exceptional costs 284 217 495Goodwill amortisation(91)(13)(104)Exceptional costs-(101)(137)---------------Operating profit193103254Depreciation14616Goodwill amortisation9113104Increase in debtors(265)(211)(167)(Decrease)/increase in creditors(64)484226---------------Net cash (outflow)/inflow from operating activities (31) 395 433Returns on investment391355Taxation--(60)Capital expenditure(26)(183)(48)---------------Free cash flow(18)225380Acquisitions and disposals 2001 deferred consideration paid (225) - -Equity dividends paid in respect of year ended 31 December 2001 (104) - ----------------Cash (outflow)/inflow before management of liquid resources and financing (347) 225 380---------------Management of liquid resources and financing250(1,200)(2,050)Financing-1,4491,318------------------Net (decrease)/increase in cash in the period(97)474(352)============ Notes to the interim report The interim financial statements for the six months ended 30 June 2002 have been prepared using accounting policies consistent with those set out in the annual report and accounts of Atlantic Global Plc for the year ended 31 December 2001. The interim financial information for the six months ended 30 June 2002 is unaudited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The information has been reviewed by the Companys auditors. Atlantic Global acquired Atlantic EC Limited on 29 May 2001. In order to enable more useful comparisons of the Groups performance proforma results have been included in this interim report. The proforma results for the six months ended 30 June 2001 and the twelve months ended 31 December 2001 represent the actual consolidated results of the Group from 1 January 2001 plus the results of Atlantic EC Limited from 1 January 2001 until its acquisition by the Group. The tax charge for the period is based on the anticipated effective tax rate for the year to 31 December 2002. Earnings per share Six months ended 30 June 2002 000Proforma Six months ended 30 June 2001 000Proforma Year ended 31 December 2001 000Profit after tax13480199Adjustments - Goodwill amortisation9113104 - Exceptional costs-101137-------------------------Adjusted profits225194440===============Number 000Number 000Number 000Weighted average number of shares in issue21,80620,72014,685Dilutive effect of maximum deferred consideration shares 233 - 1,422Options and warrants1,277--------------------------Diluted number of shares23,31620,72016,107===============Basic earnings per share (based on profit after tax)0.61p0.39p1.36pDiluted earnings per share (based on profit after tax)0.57p0.39p1.36pAdjusted earnings per share (based on adjusted profits)1.03p0.94p2.99p Copies of this interim report are being sent to all shareholders. Further copies of this interim report and the Companys annual report to 31 December 2001 are available from: Mr R Hutton, Finance Director & Company Secretary, Atlantic Global Plc, The Design Exchange, 34 Peckover Street, Bradford, West Yorkshire BD1 5BD and, following 1 October, Maple House, Woodland Park, Bradford Road, Chain Bar, Cleckheaton, BD19 6BW Website: wwwatlantic-global.net e-mail:  HYPERLINK "mailto:info@Atlantic-global.co.uk" info@Atlantic-global.co.uk PAGE  PAGE 1 DXo C suq z !!}$~$$$$$(("0J0L0M0Ƚ鏈5\ 0JOJQJjOJQJU5OJQJ\ 5>*\CJOJQJ]ja 5CJOJQJU\]5CJOJQJ\]aJ5CJOJQJ\ CJOJQJ6CJOJQJ]CJOJQJ jCJUCJ jCJU4CD$ & Fa$$a$$a$$a$$a$F$$Iflv0z`'64 la $$Ifa$$IfHH-WXoC   C o p 4 u 7$8$H$ $^`a$$a$$a$$ & Fa$>rstuZ[CD$a$$a$RSm n z { !!!!\"]""### #.#@#A###$a$$$$$$$'''''((((((())**U,V,,,../// 0!0"030<0K0L0a0b0000000000 $$Ifa$$If$a$$a$ M0000000000+1,1Z1[1i1s1t11111111111111222W2]2g2h2i2k2m2n2222222222222 3 33331323f3p3q3v3w3333333334 4 4 4#4+4,4V4Y4^4b4g4h4i44444CJOJQJaJ 5>*CJ\>*CJ 5>*\>*Z000000000 111&18ypppppppppp $$Ifa$$If$$Iflr4%:844 la &1,171C1H1T1Z1[1d1e1i1m1s1md$$Iflr4%:844 la $$Ifa$ $$Ifa$ s1t1111111111vm```xZmm$If $$If]a$ $$Ifa$ $$Ifa$$$Iflr4%:844 la 1111111111111vlmvmm $$Ifa$$$Iflr4%:844 la $$Ifa$ 1111122 22vm``` $$If]a$ $$Ifa$$$Iflr4%:844 la $$Ifa$22W2X2Y2]2^2b2c2g2Tvpgggggg $$Ifa$$If $$Ifa$$$Iflr4%:844 la g2h2i2j2k2l2m2vmmmm $$Ifa$ $$Ifa$$$Iflr4%:844 lam2n22222222222vm`m`vmm` $$If]a$ $$Ifa$ $$Ifa$$$Iflr4%:844 la 22222222rxi```` $$Ifa$ $$Ifa$$$Iflr4%:844 la $$If]a$2222222|vmmmm $$Ifa$ $$Ifa$$$Iflr4%:844 la22 3 3 3333333(313|vmmmmxvmmmm $$Ifa$ $$Ifa$$$Iflr4%:844 la 1323P3`3a3b3f3g3k3l3p3q3r3vvmmmmmmmv $$Ifa$ $$Ifa$$$Iflr4%:844 la r3s3t3u3v3w333333vmgZZZ $$If]a$$If $$Ifa$$$Iflr4%:844 la $$Ifa$ 3333333333333xvmmmmvmmmm $$Ifa$ $$Ifa$$$Iflr4%:844 la 334444 4 4 4!4#4%4+4pvmmmm|vmmmm $$Ifa$ $$Ifa$$$Iflr4%:844 la +4,4K4L4P4V4Y4_4b4h4i4j44vmmmmmmmvv $$Ifa$ $$Ifa$$$Iflr4%:844 la 444444444444pg $$Ifa$$$Iflr4%:844 la $$Ifa$$If 44444444455%595:5^55555555555555666&6'6.6:6;6K6M6N6V6Z6b6c6|6666666666666777!7"7;7G7H7I7R7d7e7777777778888%81828G8J8K8c8i8>* 5>*\ 5>*CJ\CJOJQJaJ>*CJ 5>*CJ\W444444444444vmgvb$a$$If $$Ifa$$$Iflr4%:844 la $$Ifa$ 4555555555 5%58595:5@5H5M5Y5_5e5m5r5~55555 $$Ifa$ $$Ifa$$a$555555555555555D~~~~l~p~ $$Ifa$n$$Ifl\ b " I#644 la $$Ifa$5555556 66666 6&6'6t~P~P $$Ifa$n$$Ifl\ b " I#644 la $$Ifa$'6(6.646:6;6J6K6L6M6N6V6Z6^6b6~L~Tn$$Ifl\ b " I#644 la $$Ifa$ $$Ifa$b6c6|6666666666666~~~t~~~P~~ $$Ifa$ $$Ifa$n$$Ifl\ b " I#644 la66666666677777~qqqqqqt~ $$If]a$ $$Ifa$n$$Ifl\ b " I#644 la $$Ifa$ 7!7"757;7A7G7H7I7R7[7d7e77~t~u $$Ifa$ $$Ifa$n$$Ifl\ b " I#644 la $$Ifa$ 7777777777777~qqt $$If]a$ $$Ifa$n$$Ifl\ b " I#644 la $$Ifa$ 777778 888888%8+818~x~Pn$$Ifl\ b " I#644 la $$Ifa$ $$Ifa$1828G8H8I8J8K8c8i8o8u8v8888d~~~~~~ $$Ifa$ $$Ifa$n$$Ifl\ b " I#644 lai8u8v88888889999#9$9:9>9H9I9J9S9e9f9999999999999:":z:{::::::::::;;$;%;);*;<;>;J;K;^;_;p;t;|;};;;;;;;;;;;;;;;;;;;;;;;;; 5>*\>* 5>*CJ\>*CJCJOJQJaJ 5>*CJ\W88888888888899~ $$Ifa$n$$Ifl\ b " I#644 la $$Ifa$ 9999#9$9:9>9C9H9I9J9S9\9~qq~t $$If]a$n$$Ifl\ b " I#644 la $$Ifa$ $$Ifa$ \9e9f99999999999~qqP~ $$If]a$ $$Ifa$n$$Ifl\ b " I#644 la $$Ifa$ 999999999999999:::::":#:,:::B:G:M:V: $$Ifa$ $$Ifa$$a$V:c:o:t:z:{:::::~uu $$Ifa$ $$Ifa$o$$Ifl\hp#44 la $$Ifa$ :::::::::::::::P $$Ifa$ $$Ifa$m$$Ifl\hp#44 la::;;;$;%;&;';(;);*;<;|||ooo $$If]a$ $$If]a$ $$Ifa$m$$Ifl\hp#44 la <;>;D;J;K;L;R;X;^;_;p;t;x;|;|Ps|xs $$Ifa$m$$Ifl\hp#44 la $$If]a$ $$Ifa$ |;};~;;;;;;;;;;;;;X $$Ifa$ $$Ifa$m$$Ifl\hp#44 la;;;;;;;;;;;;;; $$Ifa$m$$Ifl\hp#44 la $$Ifa$ ;;;;;;;;;;<<<<|sss|ss $$Ifa$ $$Ifa$m$$Ifl\hp#44 la $$If]a$ ;;;<<<<1<2<l<v<w<y<{<|<<<<<<<<<<<<<<<<<<<<<<========R=Y=_=`=a=b=d=e=======>>$>%>8>9>f>j>z>{>>>>>>>>>>>>>>>>>??BICaJ CJOJQJ>*>*CJCJOJQJaJ 5>*CJ\W<<<%<+<1<2<f<g<l<m<q<r<Pwjj $$If]a$ $$Ifa$ $$Ifa$ $$Ifa$m$$Ifl\hp#44 la r<v<w<x<y<z<{<|<<<<<<<ss $$If]a$ $$Ifa$m$$Ifl\hp#44 la $$Ifa$ <<<<<<<<<<<<<<|Ls|s $$Ifa$m$$Ifl\hp#44 la $$Ifa$ $$If]a$ <<<<<<<<<<<<==|||Pssst| $$Ifa$ $$If]a$ $$Ifa$m$$Ifl\hp#44 la = ========R=S=Y=Z=\=s0ssss $$If]a$ $$Ifa$m$$Ifl\hp#44 la $$Ifa$ \=]=_=`=a=b=c=d=e======s@ss $$If]a$ $$Ifa$m$$Ifl\hp#44 la $$Ifa$ =========>>>>>Ppss $$If]a$ $$Ifa$m$$Ifl\hp#44 la $$Ifa$ > >$>%>&>,>2>8>9>f>j>r>z>{>Psssd $$If]a$ $$Ifa$m$$Ifl\hp#44 la $$Ifa$ {>>>>>>>>>>>>>>s\sm$$Ifl\hp#44 la $$Ifa$ $$If]a$ $$Ifa$ >>>>>>>>>>?? 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