Oleeo : Interim statement for the six months to 31 January 2019

OLEEO PLC

Interim statement for the six months to 31 January 2019

Chairman's statement

Dear Shareholder

I am pleased to announce the interim results of Oleeo Plc ("Oleeo") for the half year to 31 January 2019.

Financial Review

Half year revenues were marginally higher at £5.14m compared to £5.06m in the first half of 2017 -18 whilst administrative expenses - principally employment costs - were £270k higher at £4.95m,

As a consequence, operating profits for the six months decreased from £389k to £194k.

Outlook

Whilst we expect to see some improvement in sales in the second half year these will be accompanied by an increase in costs as we continue to invest in product enhancement and put client success at the heart of Oleeo's business.

A competitive market place, known reductions in client subscriptions, and economic uncertainty provide continued pressure on sales and profits and a highly challenging and uncertain outlook for the foreseeable future.

I would like to thank the Oleeo team for their dedication to our clients and their ongoing support.

Charles Hipps

Chairman, Oleeo Plc

OLEEO PLC

CONSOLIDATED INCOME STATEMENT

For the 6 Months Ended 31 January 2019
		Unaudited	Unaudited	Audited
		6 months ended	6 months ended	Year to
		31 Jan 2019	31 Jan 2018	31 Jul 2018
		£	£	£
Revenue	5,139,096	5,063,331	9,981,563
Total administrative expenses	4,945,337	4,674,072	9,508.835
		_________	_________	_________
Operating Profit	193,759	389,259	472,728
Finance income	40,854	5,363	17,776
		_________	_________	_________
Profit	on ordinary activities	234,613	394,622	490,504
before	taxation
Income tax	47,500	80,000	98,233
		_________	_________	_________
Profit for the Period	187,113	314,622	392,271
		_________	_________	_________
Earnings per share
Basic		2.45p	4.15p	5.16p
		_________	_________	_________
Diluted	2.43p	4.10p	5.10p
		_________	_________	_________

OLEEO PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 January 2019
	Unaudited	Unaudited	Audited
	31 January 2019	31 January 2018	31 July 2018
	£	£	£
Assets
Non-current assets
Property, plant and equipment	192,156	173,279	200,619
Current assets
Trade and other receivables	2,627,859	2,294,334	1,712,532
Short term Investments	2,750,000	-	7,750,000
Cash and cash equivalents	8,121,655	10,951,314	3,503,758
Total current assets	13,499,514	13,245,648	12,966,290
Total assets	13,691,670	13,418,927	13,166,909
Equity
Issued capital	7,628	7,610	7,620
Share premium	1,713,256	1,679,930	1,690,158
Capital redemption reserve	725	708	708
Translation reserve	6,643	(3,369)	6,409
Retained earnings	8,316,213	8,330,603	8,414,702
Total equity	10,044,465	10,015,482	10,119,597
Non-current liabilities
Deferred tax	30,148	21,822	30,148
Current liabilities
Trade and other payables	3,587,128	3,295,919	2,977,024
Income tax	__29,929	__85,704	__40,140
Total current liabilities	3,617,057	3,381,623	3,017,164
Total liabilities	3,647,205	3,403,445	3,047,312
Total equity and liabilities	13,691,670	13,418,927	13,166,909

OLEEO PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

For the 6 Months Ended 31 January 2019
	Unaudited	Unaudited	Audited
	6 months ended	6 months ended	Year to
	31 Jan 2019	31 Jan 2018	31 July 2018
	£	£	£
Cash flows from operating activities
Operating profit	193,759	389,259	472,728
Depreciation	61,269	54,686	112,570
Exchange difference on translation of foreign
operations	234	(2,181)	7,598
Loss on disposal of fixed assets	-	-	10,637
Share based payments	7,500	7,500	13,951
(Increase)/decrease in receivables	(915,327)	(840,226)	(258,425)
Increase/(decrease) in payables	610,104	112,352	(206,543)
	_________	_________	_________
	(42,461)	(278,610)	152,516
Taxation	(57,711)	(115,030)	(170,501)
	_________	_________	_________
Net cash (outflow)/inflow from operating	(100,172)	(393,640)	(17,985)
activities
	_________	_________	_________
Cash flows from investing activities
Interest received	40,854	5,363	17,776
Purchase of property, plant and equipment	(52,806)	(57,116)	(152,978)
Short term investments	5,000,000	-	(7,750,000)
	_________	_________	_________
Net cash inflow/(outflow) from investing	4,988,048	(51,753)	(7,885,202)
activities
	_________	_________	_________
Cash flows from financing activities
Proceeds from issue of shares	23,123	30,930	41,168
Purchase of own shares	(26,400)	-	-
Equity dividends paid	(266,702)	(265,510)	(265,510)
	_________	_________	_________
Net cash outflow from financing activities	(269,979)	(234,580)	(224,342)
	_________	_________	_________
Increase/(decrease) in cash in the year	4,617,897	(679,973)	(8,127,529)
Cash and cash equivalents at beginning of year	3,503,758	11,631,287	11,631,287
	_________	_________	_________
Cash and cash equivalents at end of year	8,121,655	10,951,314	3,503,758
	_________	_________	_________

OLEEO PLC

Notes to the interim financial statements

1a) The basic earnings per share has been calculated by dividing the profit by the weighted average number of shares in issue during the relevant periods.

b)The diluted earnings per share takes into account the potential issue of further shares as a result of the exercise of share options.

2This interim report was approved by the board of directors on 29 April 2019.

The financial information contained in this interim report does not comprise statutory accounts as defined by the Companies Act 2006.

The interim financial information has been prepared using accounting polices consistent with those adopted by Oleeo Plc in its financial statements for the year ended 31 July 2018.

The financial information for the year ended 31 July 2018 is an extract from the latest company accounts. These accounts received an unqualified auditor's report and have been filed with the Registrar of Companies.

The financial information for the periods ended 31 January 2018 and 2019 is unaudited and has not been reviewed by the company's auditors.

Enquiries:

Oleeo Plc

Charles Hipps, Chief Executive Officer,

Telephone: [phone] Email: [e-mail].

Panmure Gordon (UK) Limited

Nominated advisor

Alina Vaskina

Telephone: [phone]