Source - RNS
RNS Number : 1314L
Boxhill Technologies PLC
29 September 2016
 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

 

Boxhill Technologies PLC

("Boxhill" or the "Company" or the "Group")

 

Half-Yearly Report for the period ended 31 July 2016

 

29 September 2016

 

Chairman's Statement

The half year to 31 July 2016 has seen revenue grow 13% to £1.125m (£0.993m in the six months to 31 July 2015) delivering an operating profit for the six months to 31 July 2016 of £296,000. This compares to an operating profit of £330,000 for the six months ended to 31 July 2015.

The first half of the year has seen some additional administrative expenses through increased board size and ongoing costs of integrating the two companies acquired at the beginning of the year. Having said that we see a 39% improvement in comprehensive income, rising to £288,000 (from £206,000 in the first half of 2015) due to no corporation tax being chargeable.

As the Company moves forward it is now able to invest in strengthening the teams that are responsible for delivery, and we have appointed a new Head of Finance, reporting to Andrew Flitcroft, the Company's Finance Director, who will be tasked with unifying financial organisation within the Company. Additionally we are continuing to look for a new CEO and will update as and when appropriate.

The Company continues to improve its existing products as well as developing new services. . The Company has changed the name of its subsidiary Freepaymaster Ltd to Emex Technologies Ltd with effect from 26 September in order to simplify the payments division branding. Our growing network of corresponding financial institutions means that Emex Technologies Ltd will soon be able to issue virtual IBAN numbers to companies and individuals making the use of our alternative payment platforms as familiar as using an everyday bank. Integrating the Freepaymaster.com platform with our credit card gateway, means faster settlements and lower costs for our existing clients, plus our merchants can offer their customers an increased number of simple and safe ways to deposit and withdraw funds. As stated at our annual general meeting, we intend to market Casino Cash in due course, subject of course to market conditions, the Freepaymaster.com platform enabling us to manage the real time balancing of funds for casinos in order to satisfy gambling regulatory requirements.    

Prize Provision Services Limited ("PPS"), which operates The Weather Lottery, has seen significant positive change over the past quarter. Although trading decreased slightly, it has begun to make improvements across the business with many more due to be introduced in the next six months.

In August, the PPS introduced revamped marketing communications with its clients. Early indications suggest a positive impact on player numbers and the company will develop the strategy over the coming months. In addition, marketing, sales and account management will be given greater resource in order to increase sales revenue.  There is a small increase in insurance tax (9.5% rising to 10.0% on 1 October 2016) which will increase costs slightly, but following on from the launch of Direct Debit as a payment method for players, the company will introduce direct bank payments for clients before the end of September which will offset this cost.

Direct client payments are the first of a number of improvements which the clients will see. A revamped admin centre which will give clients a greater understanding of their lottery and allow clients to self-serve in a number of areas, is in production and due for release in October.

In conjunction with greater educational support being offered by the company, the self-serve elements of the revamped admin centre is expected to drive an increase player numbers for many clients.

The joint venture between Soccerdome Ltd and Nineteen Twelve Holdings Ltd (the "JV") which sees Astro Kings Ltd operating the football pitches at the Harvey Hadden Sports Village in Nottingham is in the embryonic phase. The ground is open and marketing activity being carried out to raise awareness of the facility and ultimately increase sales.

The JV is expected to reach breakeven in early 2017 with only minor financial support, if any, needed from the Company in the interim.

Boxhill's payments division has a healthy sales pipeline and the Company is actively looking at new opportunities as they occur in our dynamic market. The Company's goal is to continue to develop or acquire best-in-class payment and related software whilst maintaining positive revenue growth.

 

 

 

 

 

The Right Honourable Lord E T Razzall CBE

Executive Chairman

 

 

For further information, contact:

 

Boxhill Technologies PLC                                                                                               020 7493 9644

Tim Razzall, Executive Chairman

Website www.boxhillplc.com

 

Allenby Capital Limited (Nomad & Broker)                              

Nick Harriss/Nick Athanas/James Reeve                                                                    020 3328 5656

 

 

Notes to editors:

 

Boxhill Technologies PLC (AIM: BOX) is an AIM quoted lottery, software, gaming and leisure company.

 

Boxhill has a range of ecommerce products that suit all merchants' and customers' needs enabling secure payments. The Company works within both regulated frameworks and in regions where traditional partners struggle to offer safe, secure services.

 

In addition, Boxhill operates the Weather Lottery, which has been in operation since 2002 and the Company holds one of the limited number of UK external lottery manager's licences.  Over £5.4 million has been raised to date for good causes and the lottery has paid over £4.9 million in prizes to winners.

 

Boxhill also has a joint venture agreement via Soccerdome Ltd operating a five a side football complex in Nottingham.



CONDENSED CONSOLIDATED INCOME STATEMENT

 



 6 month


 6 month


 18 month



Period ended


Period ended


ended



31-Jul


31-Jul


31-Jan



2016


2015


2016


Notes

(unaudited)


(unaudited)


(audited)



£'000


£'000


£'000








Revenue


                       1,125


                        993


             3,286

Cost of Sales


                         (296)


                       (243)


               (863)








Gross Profit


                          829


                        750


             2,423

Administrative expenses


                         (533)


                       (420)


            (1,453)








Operating profit before exceptional items

                          296


                        330


                970

Loss on disposal of Leasehold Land & Buildings





               (342)

Loss on disposal of subsidiary


                              -


                             -


               (430)








Profit before interest


                          296


                        330


                198

Finance expenses


                             (8)


                             -


                    -

Finance income


                              -


                             6


                   6








Profit before taxation


                          288


                        336


                204

Income tax expense


                              -


                             -


                    -








Profit for the period from continuing operations

                          288


                        336


                204

Taxation


                              -


                       (130)


               (205)








Profit / (Loss) for the period


                          288


                        206


                  (1)

Revaluation of equity investment






                342








Total comprehensive income


                          288


                        206


                341








PROFIT/(LOSS) PER SHARE







Basic (loss)/profit per ordinary share

1

0.02p


0.01p


(0.00)p








Fully diluted (loss)/profit per ordinary share

0.02p


0.01p


(0.00)p

 

 

 

 

All results derive from continuing operations.

There are no recognised income or expenses other than the loss for the period.

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

 



As at


As at


As at



31-Jul


31-Jul


31-Jan



2016


2015


2016



(unaudited)


(unaudited)


(audited)



£'000


£'000


£'000


Notes






ASSETS







Non-current assets







Property, plant and equipment


                            55


                        354


                  55

Goodwill


                       1,673


                        618


             1,673

Intangible assets


                          121


                          39


                  31

Investments in Equity Instruments


                          342


                             -


                342










                       2,191


                      1,011


             2,101

Current assets







Inventories


                              2


                            2


                   2

Trade and other receivables


                       1,183


                      1,911


                919

Cash and cash equivalents


                          364


                        285


                291










                       1,549


                      2,198


             1,212








Total Assets


                       3,740


                      3,209


             3,313








LIABILITIES







Current liabilities







Trade and other payables


                          886


                      2,152


                748

Bank and other borrowings


                              6


                          18


                   6

Convertible loan stock


                              -


                             -


             1,600










                          892


                      2,170


             2,354

Non-current liabilities







Bank and other borrowings


                              -


                             -


                    -










                          892


                      2,170


             2,354








Total Assets/(Liabilities)


                       2,848


                      1,039


                959








EQUITY







Capital and reserves attributable to equity







holders







Called up share capital

3

                       1,856


                      1,456


             1,456

Share premium account


                       3,021


                      1,738


             1,820

Revaluation reserve


                          342


                             -


                342

Retained earnings


                      (2,371)


                     (2,155)


            (2,659)








Total equity


                       2,848


                      1,039


                959

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 


Share

Share


Revaluation


Retained




Capital

Premium


Reserve


Earnings


Total


£'000

£'000


£'000


£'000


£'000



















Balance at 1 August 2014

                       1,427

                       1,723


                             -


            (2,658)


        492

Issue of new shares in the period

                           29

                            15






          44

Profit for the period






                503


        503










Balance at 31 July 2015

                       1,456

                       1,738


                             -


            (2,155)


     1,039

Shares issued less costs

                              -

                            82






          82

Revaluation of investment in equity instrument



                        342




342

Loss for the period






               (504)


       (504)










Balance at 31 January 2016

                       1,456

                       1,820


                        342


            (2,659)


        959

Issue of new shares in period

                         400

                       1,201






     1,601

Profit for the period






                288


        288



















Balance at 31 July 2016

                       1,856

                       3,021


                        342


            (2,371)


     2,848

 

 

 

 

 

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

 



 6 month


6 month


18 month



Period ended


Period ended


Period ended



31-Jul


31-Jul


31-Jan



2016


2015


2016


 Notes

(unaudited)


(unaudited)


(audited)



£'000


£'000


£'000















Net cash generated from/ (used in) operations

4

                          155


                          34


                344

Interest and financing costs


                              8


                             -


                   6

Tax paid


                              -


                             -


               (205)








Net cash (used by)/generated from operating activities

                          163


                          34


                145








Net cash (used by)/generated from discontinued






operating activities


                              -


                             -


                    -








Net cash (outflow) from operating activities

                          163


                          34


                145








Cash flow from investing activities:







Acquisition of subsidiary undertakings


                              -


                             -


                    -

Purchase of intangible assets


                           (90)


                         (10)


                 (10)

Net cash inflow on acquisition of subsidiary

                              -


                             -


                  80

Purchase of property, plant and equipment

                             -


                             -


                    -








Net cash (used in) continuing investing activities

                           (90)


                         (10)


                  70








Cash flows from financing activities:







Net proceeds from issue of shares


                              -


                             -


                  44

Proceeds from sale of treasury shares


                              -


                             -


                257

Proceeds of new bank and other loans


                              -


                             -


                    -

Repayment of borrowings


                              -


                         (18)


               (483)








Net cash from financing activities


                              -


                         (18)


               (182)








(Decrease)/increase in cash and cash equivalents:






(Decrease)/increase in cash and cash equivalents

                            73


                            6


                  33

 

Cash and cash equivalents at beginning of period

                          291


                        279


                258















Cash and cash equivalents at end of period

                          364


                        285


                291








Comprising of:







Cash and cash equivalents per the balance sheet

                          364


                        285


                291

Less:







Bank overdraft


                              -


                             -


                    -








Cash and cash equivalents for cash flow statement purposes


                          364


                        285


                291

 

 

NOTES TO THE INTERIM FINANCIAL REPORT

 

1.   Accounting policies

 

Basis of Accounting and Preparation

These interim results for the six months ended 31 July 2016 have been prepared using the historical cost and fair value conventions on the basis of the accounting policies set out below.  This interim report has been prepared in accordance with IFRS's, it is not in accordance with IAS 34 and therefore is not fully compliant with IFRS.

 

These interim results have been prepared under the historical cost convention. Areas where other bases are applied are identified in the accounting policies below.

 

The financial information set out in this interim report does not constitute statutory accounts as defined in the Companies Act 2006. The Company's statutory financial statements for the year ended 31 January 2016 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified.

 

This announcement contains certain forward-looking statements with respect to the operations, performance and financial position of the Group.  By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated.  The forward-looking statements reflect knowledge and information available at the date of the preparation of this announcement and the Company undertakes no obligation to update these forward-looking statements.  Nothing in this Interim Financial Report should be construed as a profit forecast.

 

The results for the six months ended 31 July 2016 were approved by the Board on 28 September 2016.

 

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 January and 31 July each year.  Control is achieved where the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities.

 

The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.

 

Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used into line with those used by the Group.

 

 

Business combinations

The purchase method of accounting is used for all acquired businesses as defined by IFRS3 - Business Combinations.

 

As a result of the application of the purchase method of accounting, goodwill is initially recognised as an asset being the excess at the date of acquisition of the fair value of the purchase acquisition consideration plus directly attributable costs of acquisition over the net fair values of the identifiable assets, liabilities and contingent liabilities of the subsidiaries acquired.

Goodwill arising on acquisitions before the date of transition to IFRS is subject to alternative policies for valuation as described below.

 

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

 

Intangible assets

An intangible asset is considered identifiable only if it is separable or arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.

 

For intangible assets with finite useful lives, amortisation is calculated so as to write off the cost of an asset less its estimated residual value over its economic life as follows:

 

Software development                    - 10 years

Website development costs          -  3 years

 

In addition to amortisation, at each balance sheet date the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.  If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).  Recoverable amount is the higher of fair value less costs to sell and value in use.  An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.  Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.

 

Financial instruments

Financial assets and financial liabilities are recognised on the Group's balance sheet when the Group becomes a party to the contractual provisions of the instrument.

 

Goodwill

Goodwill arising on consolidation represents the excess cost of acquisition over the group's interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition.

 

Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed.  Goodwill arising on acquisition before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date.

 

On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

 

Revenue recognition

Lottery turnover represents takings received for entry into the lottery prize draws. Revenue is recognised upon receipt of the money for the period that the draw takes place. Payment processing turnover is recognised when transactions are processed.

 

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

 

The tax currently payable is based on taxable profits for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

 

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that sufficient taxable profits will be available to allow all, or part, of the asset to be recovered.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

 

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Useful lives are reviewed annually by the Directors.

 

Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives using the straight-line method, on the following bases:

 

Property                                           -  5% per annum

Fixtures, fittings and equipment    - 25% per annum

 

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in income. Where there is evidence of impairment, fixed assets are written down to their recoverable amount.

 

 

Leased assets

Rentals payable under non-onerous operating leases are expensed in the income statement on a straight-line basis over the lease term.

 

Impairment of tangible and intangible assets excluding goodwill

 

At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired.

 

Recoverable amount is the higher of fair values less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimate of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 

Foreign currencies

The individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group company are expressed in Pounds Sterling, which is the functional currency of the Group, and the presentation currency for the consolidated financial statements.

 

In preparing the financial statements of the individual companies, transactions in currencies other than the entity's function currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical costs in a foreign currency are not retranslated.

 

Exchange differences are recognised in profit or loss in the period in which they arise.

 

 

 

 

Share based payments

Other than for business combinations, the only share based payments of the Group are equity settled share options and certain liability settlements. The Group has applied the requirements of IFRS 2 Share-based Payments.

 

For share options granted an option pricing model is used to estimate the fair value of each option at grant date. That fair value is charged on a straight line basis as an expense in the income statement over the period that the holder becomes unconditionally entitled to the options (vesting period), with a corresponding increase in equity.

 

For shares issued in settlement of fees and/or liabilities, the Directors estimate the fair value of the shares at issue date and that value is charged on a straight line basis as an expense in the income statement (for fees) or reduction in the balance sheet liability (for liabilities) with a corresponding increase in equity.

 

Inventories

Inventories are stated at the lower of cost and net recognised value. Cost comprises direct materials using the first in first out (FIFO) basis. Net recognised value represents the estimated selling price less estimated costs of completion, marketing and selling.

 

Cash and cash equivalents

Cash and cash equivalents comprise of cash on hand and demand deposits and are subject to an insignificant risk of changes in value.

 

Trade receivables

Trade receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in profit and loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate compound at initial recognition.

 

Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts.

 

Financial liability and equity

Financial liabilities and equity instruments are classified according to the substance of the contractual agreements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recognised at the amount of proceeds received net of costs directly attributable to the transaction. To the extent that those proceeds exceed the par value of the shares issued they are credited to a share premium account.

 

Bank borrowings

Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in profit or loss using effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.

 

Trade payables

Trade payables are not interest-bearing and are stated at their nominal value.

 

Provisions

Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material.

 

 

 

2.   Earnings per ordinary share

The calculation of basic earnings per share and diluted earnings per share is based on the results and weighted average number of ordinary shares as follows:

 

 

 



Period ended


Period ended


Period ended



31-Jul


31-Jul


31-Jan



2016


2015


2016



(unaudited)


(unaudited)


(audited)



£'000


£'000


£'000








Attributable to equity


                          288


                        206


                  (1)








Weighted average number of







ordinary shares:














Basic      


           1,570,115,484


1,455,829,770


1,452,352,425








Fully diluted


           1,578,215,484


1,463,929,770


1,460,452,425

 

 

The fully diluted number of ordinary shares includes 8.1 million options, to subscribe for new Ordinary shares of 0.1p each, which were issued in June 2010.  None of these options have been exercised in the period.

 

 

3.     Share capital  

 



As at


As at


As at



31-Jul


31-Jul


31-Jan



2016


2015


2016



£'000


£'000


£'000








Issued and fully paid:







1,855,829,770 ordinary shares of 0.1p each

                 1,856


                      1,456


             1,456

 

 

4.     Cash used in Operations      

 

 



Period ended


Period ended


Period ended



31-Jul


31-Jul


31-Jan



2016


2015


2016



£'000


£'000


£'000








Profit/(Loss) attributable to equity holders


                          288


                        205


                  (1)

Finance costs


                             (8)


                             -


                    -

Finance income


                              -


                             -


                  (6)

Depreciation of tangible fixed assets


                              1


                            9


                  35

Amortisation of intangible assets


                              -


                             -


                   1

Loss on disposal of subsidiary


                              -


                             -


                430

Loss on disposal of Leasehold Land & Buildings

                              -


                             -


                342

Share based payments


                              -


                             -


                    -

Loss on disposal of subsidiary


                              -


                             -


                    -

Decrease/(Increase) in inventories


                              -


                             -


                    -

Decrease/(increase) in debtors


                         (264)


                       (249)


               (972)

(Decrease)/increase in creditors


                          138


                          69


                515















Cash generated from/ (used in) operations

                          155


                          34


                344

 

 

5. Transactions with related parties

 The transactions set out below took place between the Group and certain related parties.

 

Lord E T Razzall

 Lord E T Razzall, a director, charged the Group £12,000 (six months ended Jul 2015: £12,000; eighteen months ended Jan 2016: £36,000) in the period, for directorship services provided, via an entity trading as R T Associates. At the period end R T Associates was owed £16,200 (Jul 2015: £21,200; Jan 2016: £16,200).

 

Andrew J A Flitcroft

Andrew Flitcroft, a director, charged the Group £16,500 (six months ended Jul 2015 £16,500; eighteen months ended Jan 2016: £49,500) in the period, for directorship and company secretarial services provided, via an entity FS Business Limited. At the period end FS Business Limited was owed £52,650 (Jul 2015: £47,850; Jan 2016: £52,650).

 

Mr Flitcroft is a director of SVS Securities PLC, during the period the Group earned fees of £nil (six months ended Jul 2015: £3988; eighteen months ended Jan 2016: £9,228) from SVS Securities PLC.

 

Philip I Jackson

During the period Philip Jackson was a director of PhilliteD UK Limited. During the period the Group earned net fees from the provision of services to Group clients by PhilliteD UK Limited of £314,424 (six months ended Jul 2015 £416,952; eighteen months ended Jan 2016: £1,155,466). At the period end the Group was owed £356,444 from PhilliteD UK Limited (Jul 2015: £109,643; Jan 2016: £727,833). The services provided to the Group's clients by PhilliteD UK Limited were at cost to the Group with no profit or uplift being made by PhilliteD UK Limited.

 

James Rose

James Rose is a director of Prize Provision Services Limited ("PPSL") a wholly owned subsidiary of Boxhill Technologies PLC. During the period James Rose charged PPSL £30,000 for consultancy services via an entity 1912 Management Limited (six months ended Jul 2015: £31,000; eighteen months ended Jan 2016: £90,000). At the period end 1912 Management Services Limited was owed £117,950 (Jul 2015: £90,000; Jan 2016: £95,458).

 

 

6.   Interim Financial Report

The unaudited interim financial report, which is the responsibility of the directors and was approved by them on 28 September 2016, does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.

 

This report is available on Boxhill Technologies PLC's website at www.boxhillplc.com. Copies are available from the Company at its registered office:

 

39 St James's Street, London, SW1A 1JD, United Kingdom


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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