19th Sep 2007 07:02
Moneysupermarket.com Group PLC19 September 2007 Moneysupermarket.com Group PLC Financial information for the 9 days to 30 June 2007 and proforma financial information for the 6 months to 30 June 2007 19 September 2007 Highlights Moneysupermarket.com Group PLC ("Moneysupermarket.com"), the UK's leading pricecomparison site is pleased to announce its maiden interim results for the sixmonths to 30 June 2007. Moneysupermarket.com was formed as a new holding company and it acquiredMoneysupermarket.com Financial Group Limited and its subsidiaries on 22 June2007. Accordingly the Group is presenting consolidated results for the periodfrom 22 June 2007 to 30 June 2007 for the Group. These have been presented below. Revenues in the nine day period were £4.1m, generating a net loss beforetax of £0.5m. Moneysupermarket.com is also presenting a proforma Income Statement for the sixmonths to June 2006 and June 2007 to show what the financial results would havebeen had Moneysupermarket.com acquired Moneysupermarket.com Financial GroupLimited on 1 January 2006(1). The directors believe that this will allow usersof the financial information to gain a better understanding of the underlyingperformance of the business and is consistent with the presentation made in theprospectus. The proforma results are presented below. Proforma Financial Highlights • Revenues increased by 63% from £48.2m to £78.5m with internet revenues increasing by 72% from £42.7m to £73.5m • Continued diversification across the internet business as the Travel and Home Services verticals continue to expand rapidly • Gross margins increased from 58% to 66% driven by an increase in direct to site revenues and a change in sales mix in favour of the internet business • Adjusted EBITDA(2) increased by 72% from £15.4m to £26.5m Operational Highlights • Visitors to the Group's websites increased 58% to 44.7 million • Transactions on the Group's websites increased 61% to 29 million • Improved monetisation of internet traffic with increases in RPT and RPV in each vertical • Online brand recognition increased from 40% in July 2006 to 74% in July 2007 Simon Nixon, CEO said "This has been an extremely busy six months for the Group and we haveundergone significant change. We have financed the buy out of one of thefounding shareholders and been admitted to the main market in July 2007. We havegrown the internet business by more than 70% in revenues and underlying adjustedEBITDA by a similar amount. We have continued to invest in our brand, ourconsumer offering and marketing engine. We have built a stronger platform forfuture growth. I am delighted to announce that Rob Rowley will be joining the board withimmediate effect as a non executive director to chair the Audit Committee. Robwas formerly Finance Director of Reuters and more latterly Deputy Chairman ofCable and Wireless plc. He brings with him tremendous experience which will addenormous value to the board" Notes:(1) Assuming a debt free acquisition at 1 January 2006, from which date intangible amortisation commenced, and a share option charge which reflects the average charge over the vesting period of currently unexercised options.(2) Adjusted EBITDA is calculated by the directors following certain adjustments to the historical compensation levels of the Group Directors and Senior Managers. These adjustments reflect the Group Directors' and Senior Managers' profit share, discretionary bonus, and employers National Insurance Contributions from these historical compensation levels. Following the IPO these elements of compensation no longer apply at these levels to these individuals each of whom has entered a new service contract. The charge for share based compensation relating to options issued pre-IPO have also been added back. The Directors anticipate presenting financial information on a similar basis until the final results for the year ended 31 December 2008. Thereafter the need to present proforma Income Statement will not be required because the relevant comparator period will be consistent with the current period. Overview We are pleased to report a strong set of results for Moneysupermarket.com'sfirst interims as a public company following listing on 31 July 2007. Thefollowing commentary is based on the proforma results presented on the basisdescribed above using adjusted EBITDA. Adjustments total £20.3m in the sixmonths ended 30 June 2007 and £23.8m in the corresponding period. An analysis ofthese adjustments is shown below the proforma Income Statement. Revenues grew by 63% to £78.5m and adjusted EBITDA by 72% to £26.5m. Revenuegrowth has been achieved by a combination of growth in visitors, improvement inconversion rates and increased revenue per transaction. The internet businessgenerated £73.5m of revenues representing 94% of turnover in the six months toJune 2007 compared to £42.7m in the corresponding period which represented 89%of turnover. Group gross margins increased over the period from 58% to 66% from a change insales away from the intermediary business to higher margin internet businesstogether with a significant increase in the proportion of internet revenues thatare derived from direct to site traffic for which there are no directlyassociated expense recorded in cost of sales. The improvement in mix has beendriven by increased brand awareness supported by continued investment in TVadvertising which commenced in March 2006, and a focus on Search EngineOptimisation (SEO) which has maintained and improved the Group's rankings in thefree listings in the major search engines for key search terms. The Group has continued to invest for growth over the period. The adjusted costbase before the amortisation of intangible assets has doubled from £13.2m to £26.4m. The majority of the increase is attributable to an increase in Distribution expenses which consist primarily of TV advertising, marketing and PR expenses. These have grown significantly from £2.7m in the first half of 2006 to £9.9m in 2007. TV advertising did not commence until March 2006 and the 2007 results therefore include a full six months activity compared to four months in 2006. However there was generally a step increase in activity over the first half of 2007. The success of this has been demonstrated by a significant improvement in online brand recognition up from 40% in July 2006 to 74% in July 2007 as measured by a You Gov survey regularly commissioned for the Group. Adjusted staff costs have increased by £3.5m to £10.2m. Headcount increased from413 to 576 from June 2006 to June 2007 over the period primarily in IT andoperations. The Group is committed to continued investment in its people andconsumer offering. The majority of its IT and operations headcount, 270 as atJune 2007 are working on developments to its existing channels, and on newchannels or opportunities. Other costs including irrecoverable VAT increased by £2.5m as the business grewaccentuated by a change in mix towards sales which were exempt from VAT.Adjusted EBITDA margins improved from 31.9% in the six months to June 2006 to33.8% in the six months to June 2007. Group revenues are presented and discussed below by vertical and business unit. 30 June 2007 30 June 2006 £000 % £000 % Money 38,315 49% 23,969 50%Insure 25,322 32% 14,519 30%Travel 7,517 10% 3,507 7%Home Services 2,325 3% 285 1%Other 47 0% 384 1% ------------- ------------- ------------- -------------Total internet 73,526 94% 42,664 89% Intermediary 4,949 6% 5,495 11% ------------- ------------- ------------- -------------Total 78,475 100% 48,159 100% ============= ============= ============= ============= Internet Business The Group transacted across 25 different channels as at the end of June 2007 andacross four different verticals being Money, Insurance, Travel and HomeServices. Money The money vertical currently offers the consumer the ability to search for andcompare personal finance products including business finance, credit cards,current accounts, mortgages, personal loans and savings accounts. It alsoincludes elements of the Group's lead business (PAA) and advisory business(MCAT) together with advertising revenues that derive revenues from moneyproducts. The KPIs for the money vertical are shown below Money 30 June 2007 30 June 2006 Change Visitors (000) 13,959 11,603Transactions (000) 6,102 5,561Revenue (£000) - click based revenue 28,947 17,409 66%Revenue (£000) - other 9,368 6,560 43%Revenue (£000) - total 38,315 23,969 60%RPV £2.74 £2.07RPT £4.74 £3.13 Revenues in the money vertical have grown in total by 60% from £24.0m to £38.3mand transaction revenue by 66% from £17.4m to £28.9m. Growth has been driven bya switch away from unsecured lending products to secured lending products whichgenerate higher revenues. For the Group this has significantly improved therevenue per transaction and revenue per visitor which have increased by 51% and32% respectively. The Group records transactions at the point that the consumer leaves the Group'swebsites to a contracted provider's website. The recorded conversion rate fellover the period from 48% to 44% as a number of the secured loan applications arenow hosted on the Group's website. A commercial relationship that requires thatthe Group hosts an application generates less recorded transactions than onewhich is based on a click through although typically commands a higher RPT thana click through arrangement. Other revenues have also grown strongly in the period particularly advertisingrevenues and we launched a new leads bidding scheme in quarter 4 2006 which webelieve has the potential to drive significant growth in the future. Insurance The Insurance vertical currently offers the ability for the consumer to searchand compare insurance quotations for breakdown, dental, home, life, medical,mortgage payment protection, motor, payment protection, pet and travelinsurance. It also includes elements of the Groups lead business (PAA) andadvisory business (MCAT) together with advertising revenues that derive revenuesfrom insurance products. The KPIs are shown below(3) Insurance 30 June 2007 30 June 2006 Change Visitors (000) 10,029 6,894Transactions (000) 6,730 4,185Revenue (£000) - click based revenue 21,959 12,881 70%Revenue (£000) - other 3,363 1,638 105%Revenue (£000) - total 25,322 14,519 74%RPV £2.52 £2.11RPT £3.26 £3.08 Revenues in the Insurance vertical have grown by 74% from £14.5m to £25.3m andtransaction revenue by 70% from £12.9m to £22.0m. Revenue per transactionincreased marginally by 5% and pricing has generally held firm in the insurancechannels across the period. Non click revenues increased by 105% over the perioddriven by advertising and the launch of the leads bidding scheme referred toabove which has enabled the Group to retail insurance leads through its on lineauction platform. Notes:(3) As noted in the prospectus the Group's visitor numbers during the period between June 2006 and May 2007 were understated due to certain visitors not being assigned a unique global user ID. The issue was resolved in May 2007 and has not impacted visitor numbers in the Insurance vertical after May 2007. The Group has not been able to quantify the exact extent of the understatement. Travel The travel vertical currently offers the consumer the ability to search for andcompare airport parking, car hire, flights, hotels, and package holidays. The KPIs for the travel vertical are shown below Travel 30 June 2007 30 June 2006 Change Visitors (000) 17,773 9,203Transactions (000) 15,291 7,876Revenue (£000) - click based revenue 6,537 3,199 104%Revenue (£000) - other 980 308 218%Revenue (£000) - total 7,517 3,507 114%RPV £0.42 £0.38RPT £0.43 £0.41 Revenues in the travel vertical have grown by 114% from £3.5m to £7.5m andtransaction revenue by 104% from £3.2m to £6.5m. Growth has been driven byincreasing visitor numbers which have grown 93% over the period and improvedconversion rates. There has also been some impact in sales mix, where hotels andcar hire account for a greater proportion of revenues in the first half of 2007than they did in 2006, whilst flights have correspondingly declined as aproportion of revenues. Hotels and Car Hire are higher commission products andthis combined with improved conversion rates have improved the RPV by 11% overthe period. Home Services The Home Services vertical was launched in 2006. It offers consumers theopportunity to search for and compare products for broadband, mobile telephone,shopping and utilities. The KPIs are shown below.(4) Home Services 30 June 2007 30 June 2006 Change Visitors (000) 2,901 609Transactions (000) 894 420Revenue (£000) - click based revenue 2,250 285 690%Revenue (£000) - other 75 -Revenue (£000) - total 2,325 285 716%RPV £0.80 £0.47RPT £2.52 £0.68 Revenues in the Home Services vertical have grown by £2m to £2.3m in the sixmonths ended June 2007. Revenues in H1 were substantially generated on a perclick basis from a white label utilities offering. Late in 2006 the Groupdeveloped its own product offering and introduced a number of channels inaddition to utilities, a number of which the Group is remunerated on a perapplication basis with the Group hosting the application. This tends to drivedown conversion rates and increase the revenue per transaction. Notes: (4) The KPIs in respect of 2006 have been presented to strip out the effect of the new car channel which was discontinued in the second half of 2006 Other Other includes discontinued revenue lines notably new cars. Intermediary Business Intermediary revenues declined from £5.5m to £4.9m over the period. In June 2006the Group disposed of its 50% shareholding in HLP partnership a networkbusiness. This contributed £0.8m of revenues in 2006 and nil profit. Trading inthe underlying business remains stable. Restructuring As noted above on 22 June 2007 Moneysupermarket.com Group PLC a companycontrolled by Simon Nixon purchased the entire share capital ofMoneysupermarket.com Financial Group Limited by way of a share for shareexchange and a cash payment of £162m to one of the founder shareholders. Thistransaction will have a number of impacts on the accounts of the Group both inthe current period and subsequent periods. At 30 June 2007 the transactions toacquire the founder shareholders shares and create the new statutory structurehad been completed and are reflected within these accounts. The Group incurredtotal transaction costs relating to the acquisition of Duncan Cameron's shares,the raising and draw down of the required financing and the IPO of approximately£16m. The acquisition was funded by an all senior debt facility of £150m. The companyincurred costs of approximately £3.5m directly associated with the raising anddraw down of the loan facility. The debt was repaid from the proceeds of the IPOon 31 July 2007. The costs incurred will therefore be expensed over the periodfrom 22 June 2007 to 31 July 2007. This has resulted in an additional financecharge in the period of £0.8m in the accounts with the balance to be charged inthe second half of the year. The proforma Income Statements have been preparedon a debt free basis and consequently there have been no costs recognised inrespect of the debt raised in them. The acquisition gave rise to £127.2m of goodwill and the recognition of £207.2mof intangibles. Individual intangibles will be amortised over their useful lives(which are in the range of 3-10 years) with a charge of £25.2m per annum in thefirst 3 years in the full year accounts. A charge of £0.6m has been included inthe accounts covering the period from 22 June 2007 to 30 June 2007. A full sixmonths charge of £12.6m is included in the proforma Income Statement. Animpairment review will be performed on goodwill on at least an annual basis toassess its carrying value. Costs incurred wholly in preparation for the IPO have been included within otherdebtors as at 30 June 2007. These will be written off to share premium in thesecond half of the current year. Cash Balance As at 31 July 2007 the Group had net cash balance of £45.6m. At the end of Julyapproximately £6m of costs relating to the restructuring had not yet been paid. Dividend The board will not be declaring an interim dividend as previously disclosed inthe prospectus. It anticipates declaring a final dividend in February 2008 inrespect of the year ended 31 December 2007 of two thirds of the annual targetedpayout ratio representing one third of adjusted net income. Outlook Trading in Q3 has started very strongly supported by the poor summer weatherwhich the board believe has increased internet activity generally and helpeddrive revenues. To date the business has not seen any impact of the weakening inthe credit markets. The money vertical continues to trade strongly with revenuessignificantly ahead of the same period last year although forward visibilityremains unchanged. The Group has accelerated its TV advertising in the thirdquarter focussing on both Travel and Insurance although it currently anticipatesthat this will significantly reduce in Q4 particularly in the run up to theChristmas period. Analysts Presentation There will be a presentation for investors and analysts at Credit Suisse, Level32, Tower 42, 25 Old Broad Street, London, EC2N 1HQ at 9.30am this morning. For Further Information Moneysupermarket.com Group PLC Simon Nixon Chief Executive Officer 020 7353 4200 Paul Doughty Chief Financial Officer 020 7353 4200 Alexander Cowen-Wright Public Relations Manager 07802 455893 Tulchan Communications David Trenchard 020 7353 4200 Celia Gordon-Shute 020 7353 4200 Unaudited Proforma Income Statementfor the 6 month period ended 30 June 2007 Note 2007 2006 £000 £000Continuing operationsRevenue 78,475 48,159 -------- --------Internet 73,526 42,664Intermediary 4,949 5,495 -------- -------- Cost of sales (26,348) (20,208) -------- --------Gross profit 52,127 27,951Other operating income - 193Distribution expenses (9,853) (2,743) -------- --------Administrative expenses - excluding directors' andsenior managers' profit share and discretionary bonuses, and share based compensation (29,105) (23,105) Administrative expenses - directors' and seniormanagers' profit share and discretionary bonuses (4,881) (8,581)Administrative expenses - share based compensation (2,113) (2,113) -------- -------- Administrative expenses (36,099) (33,799) -------- --------Operating profit 6,175 (8,398)Financial income 582 255Financial expense - (2) -------- --------Net finance costs 582 253 -------- --------Profit before tax 6,757 (8,145) ======== ======== Adjusted EBITDAOperating profit above 6,175 (8,398) Directors' and senior managers' profit share anddiscretionary bonuses 4,881 8,581Share based compensation 2,113 2,113Amortisation of intangibles 12,600 12,600Depreciation 743 475 -------- --------Adjusted EBITDA 26,512 15,371 ======== ======== Notes Basis of Preparation The proforma results show the trading results of Moneysupermarket.comGroup PLC for the 6 months ended 30 June 2006 and 30 June 2007 adjusted forthe following assumptions; • The acquisition of Moneysupermarket.com Financial Group Limited by Moneysupermarket.com Group PLC occurred debt free on 1 January 2006. • The charge included within the proforma for the share options is the average expected charge over the vesting period of options to be exercised following the IPO. The board regards an adjusted EBITDA figure as being the most meaningfulprofit measure for this period. The following adjustments have been madeto the proforma results • The acquisition of Moneysupermarket.com Financial Group Limited by Moneysupermarket.com Group PLC gave rise to £207.2m of intangibles. These are to be written off over a period of 3-10 years with a charge of £25.2m per annum to be recorded in each of the first three years. This has been shown within administrative expenses as a charge of £12.6m in 2006 and 2007 proforma Income Statements. • Following the IPO, Directors and Senior Management compensation was revised and the individuals entered into new service agreements to reflect the new compensation levels. Directors and certain senior management profit share, discretionary bonus and employers National Insurance Contributions have been added back to reflect the fact that following admission on 31 July 2007 these elements of compensation no longer apply to these individuals. Each of them has entered into a new service contract. • Share option charges relating to Directors, senior management and other members of staff have been added back to calculate adjusted EBITDA. Prior to the acquisition of Moneysupermarket.com Financial Group Limited it issued options on terms that will not be offered moving forward. It does however anticipate awarding shares under the terms of the Group's Long Term Incentive Plan (LTIP) in the future to key staff on substantially different terms. As at 30 June 2007 no awards under the LTIP had been made and hence there is no charge included in the Proforma results in either 2006 or 2007. Income statementfor the 9 days ended 30 June 2007 Note 2007 2007 £000 £000 Turnover 2 4,111 Cost of sales (1,341) --------Gross profit 2,770 Distribution expenses (545) Administrative expenses - excluding directors and senior (1,470)managers profit share and discretionary bonuses and share based compensationAdministrative expenses - directors and senior (24)managers profit share and discretionary bonusesAdministrative expenses - share based compensation (158) Administrative expenses (1,652) --------Operating profit 573Financial income 35Financial expense (1,069) --------Net finance costs (1,034) -------- Loss on ordinary activities before taxation (461)Tax on loss on ordinary activities 90 --------Loss for the period (371) ======== Consolidated Balance Sheetat 30 June 2007 Note 2007 2007 £000 £000Non-current assetsProperty, Plant and Equipment 7,233Intangible assets 4 206,583Goodwill 127,172Deferred tax assets 133 -------- 341,121Current assetsTrade and other receivables 21,977Prepayments 2,733Cash and cash equivalents 19,130 -------- 43,840 --------Net assets 384,961 ======== Non-current liabilitiesDeferred tax liabilities 62,000 -------- 62,000Current liabilitiesLoans and borrowings 150,000Trade and other payables 32,216 -------- 182,216 --------Total liabilities 244,216 EquityCalled up share capital 97Other reserves 140,861Profit and loss account (213) -------- 140,745 -------- 384,961 ========= Cash Flow Statementfor the 9 days ended 30 June 2007 Note 2007 2007 £000 £000Cash flows from operating activities Loss for the period (371)Adjustments for:Amortisation of intangible assets 630Net finance costs 1,034Equity settled share-based payment transactions 158Income tax (90) --------Operating profit before changes in working capital 1,361 Changes in trade and other receivables 316Changes in prepayments (1,331)Changes in trade and other payables (1,096) -------- (750) Interest paid -Income tax paid - --------Net cash used in operating activities (750) Cash flows from investing activitiesInterest received 35 Acquisition of subsidiary, net of cash acquired (164,450)Cash acquired with subsidiary 14,295 --------Net cash used in investing activities (150,120) -------- (150,870)Cash flows from financing activitiesNet new borrowings 150,000Loan from a related party 20,000 --------Net cash from financing activities 170,000 --------Net increase in cash and cash equivalents 19,130 --------Cash and cash equivalents at 30 June 2007 19,130 ======== Notes(forming part of the financial information set out above) 1 Accounting policies Basis of preparation This interim financial information has been prepared using the following accounting principle accounting policies: Revenue Recognition: The Group generates fees from internet lead generation through a variety of contractual arrangements. The Group receives revenue from customers either (i) for the sale of the lead itself or (ii) if and when the customer themselvesmakes an onward sale as a result of the lead. The Group's policy is to recogniserevenue and associated costs for leads (i) in the period that the lead was generated and transferred to the Group's customer, and (ii), recognise commissions in the period that the transaction completes for the Group'scustomer. Commissions are recognised within the Intermediary business on completed transactions in the period that a transaction completes. Revenue is recognised net of value added tax. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. Assets under construction are not depreciated until brought into use. The estimated useful lives are as follows: Buildings - 50 years Plant and equipment (including IT equipment) - 3 years Fixtures and fittings - 5 years Office equipment - 5 years Research and development Expenditure on research activities, undertaken with the prospect of gaining technical knowledge and understanding, is charged to the income statement when incurred. Development expenditure is recognised as an asset if, and only if, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be reliablymeasured. If either of these is not met, development expenditure is charged to the income statement when incurred Intangible assets During the period the Group's parent undertaking, Moneysupermarket.com Group PLC acquired the entire issued share capital of Moneysupermarket.com Financial GroupLimited. As a consequence of this acquisition and the requirements of IFRS 3, the Group has recognised intangible assets including brands, customerrelationships, customer contracts and technology which have been recognised on the basis that they are separable, arise from contractual or other legal rights,and can be measured reliably. Future economic benefits are expected to flow fromthe assets, which are carried at fair value, and are to be amortised to the income statement over an estimated useful economic life of between 3 and 10years. These additional intangible assets are subject to impairment testing. The acquisition of Moneysupermarket.com Financial Group Limited by Moneysupermarket.com Group PLC was completed by a series of separate transactions. The shares in Moneysupermarket.com Financial Group Limited acquired by Moneysupermarket.com Group PLC from Simon Nixon have been accounted for at book value as a share for share exchange between parties under common control. The remaining shares acquired by Moneysupermarket.com Group PLC were not acquired in transactions between parties under common control and have been recorded at fair value with the excess of the fair value of the consideration paid for these shares in Moneysupermarket.com Financial Group Limited over the fair value of its separable assets accounted for as goodwill. Goodwill is not amortised and its carrying value is subject to annual impairment test. Employee benefits Share-based payment transactions The share option programme allows certain Group employees to acquire shares of the ultimate parent company; these awards are granted by the ultimate parent. The fair value of options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjustedto reflect the actual number of share options that vest except where forfeitureis due only to share prices not achieving the threshold for vesting. Short term benefits Short term employee benefit obligations are measured on an undiscounted basis and are recognised in the income statement as the related service is provided. A provision is recognised for the amount expected to be paid under short term cash bonus or profit sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service providedby the employee and the obligation can be estimated reliably. Net financing costs Net financing costs comprise interest payable and interest receivable, and are recognised in the income statement as they accrue, using the effective interest method. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates toitems recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for:the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in abusiness combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. 2 Segmental analysis 2007 Turnover £000 By activityInternet 3,862Intermediary 249 -------- 4,111 ======== 3 Earnings per share Basic and diluted loss per share has been calculated on the following basis. 2007 £000 Loss after taxation (for basic and diluted earnings (371)per share) --------Basic weighted average ordinary shares in issue (millions) 485.3 Dilutive effect of share based instruments (millions) 13.6 Diluted weighted average ordinary shares in issue (millions) 498.9 --------Basic loss per ordinary share (pence) (0.08) ========Diluted loss per ordinary share (pence) (0.08) ======== 4 Intangible fixed assets Marketing Customer Customer Technology Total related relationship list related £000 £000 £000 £000 £000CostAdditions 132,100 68,500 713 5,900 207,213Disposals - - - - - -------- -------- -------- -------- --------At end of period 132,100 68,500 713 5,900 207,213 ======== ======== ======== ======== ========AmortisationCharged in period 330 245 6 49 630 -------- -------- -------- -------- --------At end of period 330 245 6 49 630 ======== ======== ======== ======== ========Net book valueAt 30 June 2007 131,770 68,255 707 5,851 206,583 ======== ======== ======== ======== ======== 5 Reconciliation of movements on reserves Share Other Retained Total capital reserves earnings £000 £000 £000 £000 Share capital issued and paid up 97 - - 97Arising on acquisition of subsidiary - 140,861 - 140,861Profit and loss accounts - - (371) (371)Share based payment expense - - 158 158 -------- -------- -------- --------At 30 June 2007 97 140,861 (213) 140,745 ======== ======== ======== ======== 6 Post balance sheet events On 31st July 2007, Moneysupermarket.com Group PLC completed its IPO and was admitted to the main list of the London Stock Exchange. Net proceeds from the flotation after deducting the cost of the acquisition, costs relating to the raising of finance and the IPO totalled approximately £164m and was used to repay in full the £150m loan. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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