Ideagen
LSE : IDGP

January 18, 2012 04:48 ET

Replacement - Half year report

                                                       
                                                  Ideagen PLC
                                         ("Ideagen" or the "Company")
               Replacement - Unaudited interim results for the six months ended 31 October 2011

This  announcement  replaces  the  Company's announcement of 7.00 a.m. on 18 January  2012  where  the  primary
statements  and notes were omitted. There are no amendments and the full text of the announcement  is  set  out
below.

The  Board  of Ideagen PLC (PLUS: IGNP), a leading supplier of Compliance Solutions and On-Demand   Information
software, today announces the Company's unaudited Interim Results for the six months ended 31 October 2011.

Financial Highlights
-       Revenue up by 57% to £1.706m (2010: £1.084m)
-       Adjusted EBITDA up by 102% to £0.513m (2010: £0.254m)*
-       Adjusted PBT up by 96% to £0.48m (2010: £0.245m)**
-       Cash generated by operations of £0.59m (2010:  -£0.105m)
-       Cash and cash equivalents of £1.167m (2010: net debt of £0.041m)
-       Net Assets of £3.395m (2010: £1.056m)
*Before share based payments
**Before share based payments and amortisation of acquisition intangibles

Operational Highlights
-       Successful integration of Ideagen Software
-       5 new deals closed each with a value in excess of £150,000
-       40% organic growth in compliance business
-       95% renewal rate for recurring support and maintenance contracts
-       New 3 year Distribution agreement with SDG to market our products across the EMEA region
-       Continued investment in core product development with the release of Workbench V10.

Post Balance Sheet Event
-       Acquisition of Proquis Ltd and its US based operating subsidiary Proquis Inc.
-       Proquis recently secured contract expected to be worth approximately $10.6m
        
David  Hornsby,  CEO of Ideagen, commented: "Whilst the macro economic climate continues to be challenging  for
technology  companies, the strong value proposition Ideagen offers highly regulated organisations has  provided
the  basis  for our continued revenue and profit growth. We have built a product set that offers  a  compelling
business  case and is a priority for senior executives as legislative and regulatory pressures increase.  As  a
result,  the Company continues to trade in line with market expectations and we look forward to the forthcoming
financial period with confidence."

Enquiries:
Ideagenplc                                 Tel: 01438 347110
David Hornsby, Chief Executive

finnCap Limited                            Tel: 020 7220 0500
Marc Young/Ben Thompson (corporate finance)
Stephen Norcross (corporate broking)

Walbrook                                   Tel: 020 7933 8780
Bob Huxford/Helen Westaway (media relations)
        

Chief Executive's Statement
I  am  pleased to announce our interim results for the half year. Ideagen has continued the momentum from  last
year  and  has made exciting progress both strategically and financially in the first six months of this  year.
The Company is very well placed to enjoy further growth this year and beyond.

Following the acquisition of Ideagen Software in April 2011 the board believes that there is an opportunity  to
build  Ideagen as a global leader in compliance based information management software. There is a growing  need
for  organisations to implement Commercial off the Shelf (COTS) software to manage content and processes  in  a
highly  regulated environment. Recent sales success both in Europe and the USA would suggest that the Company's
products have the potential to be market leading on a global basis.

Since  the  period end the Company has acquired Proquis Ltd and its US based operating subsidiary Proquis  Inc.
The recent success of Proquis in securing a contract expected to be worth approximately $10.6 million to supply
a  system to support ISO 9001 standards within the Department of Veterans Affairs further supports the  Board's
view that our products have global market appeal. The Company will continue to focus its attention on supplying
software  to  highly  regulated  organisations, building shareholder value through  organic  growth  and  where
appropriate acquisitions.


David Hornsby
Chief Executive





Ideagen plc

Consolidated Statement of comprehensive income for the six months ended 31 October 2011

                                                                                Six months          Six months
                                                                                   ended             ended
                                                                              31 October 2011   31 October 2010
                                                                                     £                 £
Revenue                                                                             1,705,679           1,083,720
Cost of sales                                                                       (128,824)           (177,099)
Gross profit                                                                         1,576,855             906,621
Administration expenses                                                          (1,191,763)           (715,199)
Profit from operating activities                                                      385,092             191,422

Profit from operating activities before adjustments for the                            513,109             253,755
following:
Depreciation and amortisation                                                       (106,017)            (53,833)
Share-based payment charges                                                          (22,000)             (8,500)
Profit from operating activities                                                      385,092             191,422
                                                                                                                  
Finance costs                                                                        (4,043)             (2,379)
Profit before taxation                                                                 381,049             189,043
Taxation                                                                                                       -
                                                                                    (75,000)
Profit for the period attributable to equity holders of the parent                   306,049             189,043
                                                                                                            
Earnings per share                                                                   pence             pence
                                                                                                            
Basic                                                                                 0.44              0.37
                                                                                                            
Diluted                                                                               0.42              0.35




Ideagen plc

Consolidated Statement of Financial Position at 31 October 2011

                                                                                                 
                                                      31 October       30 April 2011        31 October
                                                         2011                                  2010
                                                                                                 
Assets and liabilities                                    £                  £                  £
                                                                                           
Non-current assets                                                                         
                                                                                                       
Intangible assets                                        3,065,569          3,113,388         1,331,707
                                                                                                       
Property, plant and equipment                               77,789             69,742            56,476
                                                                                                       
Deferred tax asset                                         213,000            213,000                 -
                                                                                                       
                                                         3,356,358          3,396,130         1,388,183
                                                                                                       
Current assets                                                                                         
                                                                                                       
Trade and other receivables                                955,401          1,101,508           828,902
                                                                                                       
Cash and cash equivalents                                1,167,116            762,468            37,539
                                                                                                       
                                                         2,122,517          1,863,976           866,441
                                                                                                       
Current liabilities                                                                                    
                                                                                                       
Trade and other payables                                   698,477            859,168           510,475
                                                                                                       
Borrowings                                                       -             10,000            78,512
                                                                                                       
Other financial liabilities                                187,000            187,000           300,000
                                                                                                       
Current tax liabilities                                     89,107            137,713                 -
                                                                                                       
Deferred revenue                                           686,656            576,639           309,444
                                                                                                       
Other liabilities                                          422,180            422,180                 -
                                                                                                       
                                                         2,083,420          2,192,700         1,198,431
                                                                                                       
                                                                                                       
                                                                                                       
                                                                                                       
                                                                                                       
Net assets                                               3,395,455          3,067,406         1,056,193
                                                                                                       
                                                                                                       


Ideagen plc

Consolidated Statement of Financial Position at 31 October 2011 (continued)

                                                                                                  
                                                       31 October        30 April 2011       31 October
                                                          2011                                  2010
                                                                                                  
                                                            £                  £                  £
                                                                                                         
                                                                                                         
                                                                                                         
Equity                                                                                                   
                                                                                                         
                                                                                                         
                                                                                                         
Issued share capital                                        697,316            697,316            508,623
                                                                                                         
Share premium                                             1,406,193          1,406,193                  -
                                                                                                         
Share-based payments reserve                                 83,000             61,000             25,500
                                                                                                         
Retained earnings                                         1,208,946            902,897            522,070
                                                                                                         
Equity attributable to owners of the parent               3,395,455          3,067,406          1,056,193
                                                                                                         
                                                                                                         




Ideagen plc

Consolidated Statement of cash flows for the six months ended 31 October 2011

                                                                                                 
                                                                  Six months ended       Six months ended
                                                                  31 October 2011         31 October 2010
                                                                         £                       £
Cash flows from operating activities                                                                      
Profit for the period                                                      306,049                 189,043
Depreciation of property, plant and equipment                               14,293                   6,786
Amortisation of intangible non-current assets                               91,724                  47,047
Share-based payment charge                                                  22,000                   8,500
Finance costs recognised in profit or loss                                   4,043                   2,379
Tax charge recognised in profit or loss                                     75,000                       -
Decrease/(Increase) in trade and other receivables                         146,107               (404,789)
Decrease in trade and other payables                                     (179,072)                (12,906)
Increase in deferred revenue                                               110,017                  58,935
Cash generated /(used) by operations                                       590,161               (105,005)
Corporation tax paid                                                     (123,606)                        -
Interest paid                                                                (300)                  (2,379)
Net cash generated/(used) by operating activities                          466,255                (107,384)
                                                                                                           
Cash flows from investing activities                                                                       
Payments for intangible assets                                            (43,905)                (109,718)
Payments for property, plant and equipment                                 (7,702)                  (4,335)
Net cash used by investing activities                                     (51,607)                (114,053)
                                                                                                           
Cash flows from financing activities                                                                       
Repayment of borrowings                                                   (10,000)                 (14,941)
Net cash used by financing activities                                     (10,000)                 (14,941)
                                                                                                           
Net increase / (decrease) in cash and cash equivalents during              404,648                (236,378)
the period
Cash and cash equivalents at the beginning of the period                   762,468                  220,054
Cash  and cash equivalents at the end of the period                      1,167,116                 (16,324)
                                                                                    




Notes to the interim financial information

The previously reported comparative profit for the six months to 31 October 2010 of £207,093 has been adjusted
by £18,050 to £189,043 to reflect new accounting policies adopted as a result of the transition to using IFRS
for the first time in the annual accounts to 30 April 2011. The adjustment of £18,050 is in respect of the
amortisation of acquisition intangibles which are now recognised under IFRS.

Earnings per share and adjusted profit before tax information

In order to better demonstrate the performance of the Group, adjusted earnings per share calculations and
adjusted profit before tax figures have been presented below which add back or deduct items typically adjusted
for by users of financial information.

                                                                          Six months          Six months
                                                                           ended 31            ended 31
                                                                         October 2011        October 2010
                                                                              £                   £
                                                                                            
Earnings                                                                       306,049             189,043
                                                                                                          
Adjustments:                                                                                              
                                                                                                          
Share-based payment charges                                                     22,000               8,500
Amortisation of acquisition intangibles                                         77,207              47,047
                                                                                                          
Adjusted earnings                                                              405,256             244,590
                                                                                                          
Current taxation                                                                75,000                   -
                                                                                                          
Adjusted profit before tax                                                     480,256             244,590
                                                                                                          
Basic weighted average number of shares                                     69,731,558          50,862,256
Diluted weighted average number of shares                                   73,066,796          53,789,529
                                                                                                          
Basic earnings per share                                                    0.44 pence          0.37 pence
Diluted earnings per share                                                  0.42 pence          0.35 pence
                                                                                                          
Basic adjusted earnings per share                                           0.58 pence          0.48 pence
Diluted adjusted earnings per share                                         0.55 pence          0.45 pence
                                                                                                          


Basic and diluted adjusted earnings per share are calculated using the adjusted earnings figures and the
weighted average number of shares shown above.





Contact Information

  • Ideagen