SpaceandPeople PLC
21 June 2007
SpaceandPeople PLC
Company Registration Number SC212277
INTERIM REPORT AND ACCOUNTS FOR THE 6 MONTHS TO 30 APRIL 2007
SpaceandPeople PLC, which facilitates and manages the sale of promotional space
in malls and shopping centres, announces interim results for the six months
ended 30 April 2007.
Highlights:
Billings up 23% to £5,251,000 (£4,261,000)
Turnover up by 5% to £954,329 (£905,606)
Pre tax profits up 70% to £241,643 (£142,228)
European expansion plans progressing well
SpaceandPeople PLC
Chairman's Statement
I am pleased to report to Shareholders that the net profit before tax for the
half year to 30th April, 2007 has increased by 70% from £142,228 to £241,643
further increasing our rate of growth over the last 4 years.
In the first six months of this year billings have increased 23% from £4,261,000
to £5,251,000 and turnover increased from £905,606 to £954,329. Based on the
venues now represented the total weekly footfall has increased to 27.1 million
people.
As I reported last year, we won the account of Hammerson France and have since
then increased our French team in Glasgow to seven. This is in anticipation of
extending our client base in France, negotiations for which are in an advanced
stage. Over this period, discussions have also been taking place in Germany
which we again hope to conclude shortly. Announcements will be made to
Shareholders when contracts have been signed.
Your directors are confident that shareholders may look forward to a successful
second half year.
In line with previous years, we have paid an interim dividend to shareholders
amounting to 1.5p per share, (2006 - 1p).
Finally, I have to tell you that this is the last Chairman's Statement that I
will be writing to you as I will be resigning as Chairman of this company with
effect from the end of this month. I will be succeeded by David Henderson-
Williams who has been a director of the company since October 2006. David
Henderson-Williams is very highly regarded in the property world. With Hark
Group he has acquired and managed The Forge Shopping Centre, Glasgow and more
recently The Arcades, Ashton-under-Lyne and Telford Shopping Centre in
conjunction with joint venture partners. He was previously a main board member
at Chesterfield Properties Plc and CEO of their USA business, where he undertook
retail developments with major American developers such as General Growth and
McArthur Glen.
I leave the company's board with, on the one hand, regret and, on the other
hand, a profound degree of faith in its future.
Jeremy Arnold
Chairman
June 20, 2007
Contact details
David Henderson-Williams Chairman Tel: 0207 1821840
Matthew Bending Joint Managing Director Tel: 0705 900 3134
Nancy Cullen Joint Managing Director Tel: 0705 900 3135
AIM Dealing Code Stock Exchange Code: SAL
Website www.spaceandpeople.com
INDEPENDENT REVIEW REPORT TO SPACEANDPEOPLE PLC
Introduction We have been instructed by the company to review the financial
information for the six months ended 30 April 2007 which comprises the profit
and loss account, the balance sheet, the cash flow statement and the related
notes. We have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
Directors' responsibilities The interim report, including the financial
information contained therein, 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 interim figures should be
consistent with those applied in preparing the preceding annual accounts except
where any changes, and the reasons for them, are disclosed.
Review work performed We conducted our review in accordance with guidance
contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in
the United Kingdom. A review consists principally of making enquiries of
company management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit and therefore provides a lower level
of assurance than an audit. Accordingly we do not express an audit opinion on
the financial information. This report, including the conclusion, has been
prepared for and only for the company for the purpose of the AIM Rules of the
London Stock Exchange and for no other purpose. We do not, in producing this
report, accept or assume responsibility for any other purpose or to any other
person to whom this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
Review conclusion On the basis of our review, we are not aware of any material
modifications that should be made to the financial information as presented for
the six months ended 30 April 2007.
Campbell Dallas, Chartered Accountants
7 Glasgow Road, Paisley
June 20, 2007
Notes
(a)The maintenance and integrity of the SpaceandPeople PLC website is the
responsibility of the Directors; the work carried out by Campbell Dallas,
Chartered Accountants does not involve consideration of these matters and,
accordingly, Campbell Dallas, Chartered Accountants accept no responsibility for
any changes that may have occurred to the interim report since it was initially
presented on the website.
(b)Legislation in the United Kingdom governing the preparation and dissemination
of financial information may differ from legislation in other jurisdictions.
SpaceandPeople PLC
Profit and Loss Account
Interim Period to 30 April 2007
6 Months to 6 Months to Year Ended
30-Apr-07 30-Apr-06 31-Oct-06
TURNOVER 954,329 905,606 1,933,303
Administrative expenses 746,403 779,015 1,519,012
--------- --------- --------
207,926 126,591 414,291
Other operating income 6,961 2,400 11,787
--------- --------- --------
OPERATING PROFIT 214,887 128,991 426,078
Interest receivable and similar
income 26,756 13,237 28,865
--------- --------- --------
241,643 142,228 454,943
Interest payable and similar charges - - -
--------- --------- --------
PROFIT ON ORDINARY ACTIVITIES BEFORE
TAXATION 241,643 142,228 454,943
Tax on profit on ordinary activities (60,410) (1,507) (106,440)
--------- --------- --------
PROFIT FOR THE FINANCIAL YEAR AFTER
TAXATION 181,233 143,735 348,503
========= ========= ========
Earnings per share 1.59p 1.26p 3.1p
Diluted earnings per share 1.56p 1.24p 3.0p
SpaceandPeople PLC
Balance Sheet
Interim Period to 30 April 2007
30-Apr-07 30-Apr-06 31-Oct-06
FIXED ASSETS:
Intangible assets - - -
Tangible assets 88,440 41,131 68,263
Investments - - -
--------- -------- ---------
88,440 41,131 68,263
--------- -------- ---------
CURRENT ASSETS:
Debtors 654,083 569,997 728,739
Cash at bank and in
hand 916,873 504,365 1,011,597
--------- -------- ---------
1,570,956 1,074,362 1,740,336
CREDITORS: Amounts falling
due within one year 790,329 462,927 951,265
--------- -------- ---------
NET CURRENT ASSETS: 780,627 611,435 789,071
TOTAL ASSETS LESS
CURRENT LIABILITIES: 869,067 652,566 857,334
========= ======== =========
CAPITAL AND RESERVES:
Called up share
capital 114,120 114,000 114,000
Share Premium 1,380 - -
Special reserve 232,809 232,809 232,809
Profit and loss
account 520,758 305,757 510,525
--------- -------- ---------
SHAREHOLDERS' FUNDS: 869,067 652,566 857,334
========= ======== =========
RECONCILIATION OF MOVEMENT
IN SHAREHOLDERS' FUNDS
Profit for the period 181,233 143,735 348,503
Dividends (171,000) (114,000) (114,000)
--------- -------- ---------
10,233 29,735 234,503
New share issued in
the period 1,500 - -
--------- -------- ---------
Net addition to
shareholders' funds 11,733 29,735 234,503
Opening shareholders'
funds 857,334 622,831 622,831
--------- -------- ---------
Closing Shareholders'
Funds 869,067 652,566 857,334
========= ======== =========
Equity interests 869,067 652,566 857,334
========= ======== =========
SpaceandPeople PLC
Cashflow Statement
Interim Period to 30 April 2007
30-Apr-07 30-Apr-06 31-Oct-06
Net cash (outflow)/ inflow
from operating activities 83,521 (48,605) 512,462
Returns on investments and
servicing of finance 26,756 13,237 28,865
Taxation - - (35,235)
Capital expenditure
and financial investment (35,501) (18,056) (52,284)
Equity dividends paid (171,000) (114,000) (114,000)
(96,224) (167,424) 339,808
Financing 1,500 -
(Decrease)/ Increase in cash in the period (94,724) (167,424) 339,808
Reconciliation of net cash flow
to movement in net funds
Operating profit 214,887 128,991 426,078
Depreciation charges 15,323 8,588 15,684
Loss on sale of fixed asset - - -
Transfer of fixed asset investment - - -
Increase in debtors 74,656 (76,508) (235,250)
(Decrease)/Increase in creditors (221,345) (109,676) 305,950
Net cash (outflow)/ inflow
from operating activities 83,521 (48,605) 512,462
SpaceandPeople PLC
Notes to the Interim Report and Accounts
for the 6 months to 30 April 2007
NOTE 1: The interim report and accounts, which were approved by the board on
June 15, 2007, are unaudited but have been reviewed by the auditors and their
independent review report is set out on page 3. The interim report and accounts
are not full accounts within the meaning of Section 240 of the Companies Act
1985. The figures for the year ended 31st October, 2006 have been extracted
from the Company's full accounts for that year, which received an unqualified
Auditors' Report that did not contain a statement under section 237(2) or (3) of
the Companies Act 1985. The accounts for the year ended 31st October, 2006,
have been filed with the Registrar of Companies.
NOTE 2: The interim statement has been prepared in accordance with the
accounting policies set out in the Company's Annual Report and Accounts for the
year ended 31st October, 2006.
NOTE 3: Earnings per share
6 Months to 6 Months to Year ended
30-Apr-07 30-Apr-06 31-Oct-06
(Unaudited) (Unaudited) (Audited)
Weighted average number of 1p
Ordinary Shares:
For basic earnings per share 11,412,000 11,400,000 11,400,000
Effect of dilutive share options:
For diluted earnings per share 11,623,000 11,563,000 11,636,000
NOTE 4: DISTRIBUTION - Copies of this interim report and accounts are being sent
to all shareholders and additional copies are available from the Company's
registered office at 141 St James Road, Glasgow G4 0LT.
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