31st Mar 2008 08:00
Rubicon Software Group PLC31 March 2008 Rubicon Software Group plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007 Rubicon Software Group plc ("Rubicon" or "the Group"; AIM: RUBI), the providerof smart decisioning and workflow automation software to the financial servicessector, announces its unaudited results for the six months ended 31 December2007. These interim statements are the first that the Group has prepared underInternational Financial Reporting Standards ("IFRS") and include reconciliationsto previously reported numbers prepared under UK GAAP. KEY POINTS : • Revenues rose 60% in comparison to prior year levels to £744,000. Annuity income accounted for 32% of this figure. • Pre-tax loss of £351,000 (2006: loss of £278,000) • Loss per share of 0.9p (2006: loss per share of 0.8p) • Annual licensing model proving attractive to clients • Regulatory changes leading to increased interest Commenting on these results, Rob Burnham, Chairman of Rubicon, said: "The 60% growth in first half revenue shows good progress against a backdrop ofvolatility in the financial services industry. We have reacted swiftly tochanging conditions within the UK non-conforming lending industry, paring backour contracted cost base to levels appropriate to meet current demand. Whilstthe uncertainty in the financial services market means that some existingcustomers and new business prospects are reluctant to commit to major capitalexpenditure, technology is still seen as key to achieving operationalefficiency. Regulatory changes later this year should also stimulate demand forRubicon's solutions. The Board remains convinced that the Group is wellpositioned to service these technology needs." Notes to Editors About Rubicon Based near Woking in Surrey, Rubicon is a provider of smart decisioning andworkflow automation software to niche markets within the UK financial servicessector, notably secured loan brokers and building societies. Its core technologyis designed to enhance the effectiveness and efficiency of customer service,fulfilment and product selection, whilst facilitating business process andchange management. Current clients include First Response Finance,Loanoptions.co.uk, Market Harborough Building Society, Mortgages plc and NortonFinance. For more information, please visit www.rubiconsoftware.com. For further information, please contact: Rubicon Software Group plc 01276 706900Alistair Hancock, Chief Executive OfficerAndrew Kirby, Finance Manager W.H. Ireland 0121 265 6330Tim Cofman/Katy Birkin CHAIRMAN'S STATEMENT As disclosed in last December's trading statement, the operating environment inthe first half of the current financial year has been challenging. With manylenders and brokers announcing redundancies and even withdrawing from certainsectors of the lending market, the "credit crunch" inevitably is deferringsignificant capital expenditure amongst both our existing clients and newbusiness prospects. Despite this, first half revenues of £744,000 were 60% higher than the sameperiod last year (2006: £464,000). Of this, £241,000 was annuity income (2006:£166,000), whilst £503,000 was derived from consultancy fees (2006: £298,000).This is in accordance with our strategy of growing our annuity revenue stream. Whilst there is less appetite for capital outlay at this time, we remain indialogue with our clients and new prospects with a view to providing pointsolutions and bespoke enhancements - as well as full implementation of theAccelerator suite - into those businesses that have been less affected by thesub-prime crisis. We are also seeing increased interest in our software as aconsequence of recent regulatory changes, specifically those related to theappropriate selection of loan products for retail customers. Furthermore, we are now offering our software on a managed service basis withlicence and professional services paid over the course of a 3-5 year contract.This is proving to be an attractive proposition to our clients, keeping theinitial costs low and giving them certainty of future costs at a time when manyof them have much reduced future growth expectations. We have recently signedone master broker on this basis and are in dialogue with several others. The Board is also actively looking to develop partner channels and new revenueopportunities, with some sizeable new business prospects in the pipeline that,if successful, have the potential to generate meaningful revenues in the secondhalf and beyond. However, due to the current business environment, the Board has deemed itprudent, given market uncertainties, not to capitalise £193,000 of softwaredevelopment undertaken in the period. We will continue to monitor demand for ournew and existing offerings with a view to future capitalisation or impairment asmarket conditions dictate. Rubicon is committed to significant investment tomaintain its technological edge and generate competitive advantage for ourclients. The changing business climate has also necessitated that we modify payment termsfor some of our clients to maintain our long-term relationships. This decisionhas resulted in bad debt charges of £76,000 for work completed during the periodfor which Rubicon will not now be paid. Largely as a result of these items, Rubicon registered a first half pre-tax lossof £351,000 (2006 loss: £278,000). Our policy of flexing our workforce by utilising contracted developers hasenabled us quickly to scale back our resources to match the demands from ourcustomers and the anticipated new business. In addition, the permanent headcounthas been reduced. Any increases in headcount in the second half would be drivenby new business generation. These interim statements for the six months ended 31 December 2007 are the firstthat the Group has prepared under International Financial Reporting Standards ("IFRS") and include reconciliations to the previously reported numbers preparedunder United Kingdom Generally Accepted Accounting Principles ("UK GAAP"). Themost significant change is the recognition of share option expenses as requiredby IFRS 2 "Share-based payment", the impact of which is discussed in more detailin the notes to the financial statements. Looking forward, the Board retains a positive outlook for the business. Havinggrown our revenue significantly in the first half, despite market conditions,and having reduced our cost base to an appropriate level, we are confident thatwe can withstand the current market conditions and resume our strategy forgrowth when confidence returns to the market. With sales volumes under pressure,our clients' success increasingly depends upon the efficiency of their businessprocesses and the technology that they employ. Larger players in the sector seethe current hiatus as an opportunity to regroup and reassess their technologyrequirements so as to emerge in a better shape once the market recovers, whilstsmaller companies seem more open to cost-effective solutions as long as theyform part of the operational budget. Rubicon remains well positioned to serviceboth of these technology needs. R. Burnham 31 March 2008ChairmanRubicon Software Group plc CONDENSED CONSOLIDATED INCOME STATEMENTFOR THE PERIOD ENDED 31 DECEMBER 2007 6 months to 31 6 months to 31 Year to December 2007 December 2006 30 June 2007 £'000 £'000 £'000 Notes Unaudited Unaudited Unaudited Revenue 744 464 1,380Other operating income and charges (1,094) (742) (1,643) --------- --------- ---------Operating loss 4 (350) (278) (263)Finance income 1 2 2Finance charges (2) (2) (5) --------- --------- ---------Loss before tax (351) (278) (266)Income tax expense - - - --------- --------- ---------Loss for the period attributable to equity (351) (278) (266)shareholders ========= ========= ========= Loss per share (basic) 5 (0.9)p (0.8)p (0.7)p ========= ========= ========= CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE PERIOD ENDED 31 DECEMBER 2007 Share Share Share Profit capital premium option Merger and loss Total account reserve reserve account equity £'000 £'000 £'000 £'000 £'000 £'000 Balance at 30 June 2006 300 - - 596 (684) 212Loss for the period - - - - (278) (278) -------- -------- -------- -------- -------- --------Total recognised income and expense for the period - - - - (278) (278)Share options - - 5 - - 5Issue of share capital 77 393 - - - 470 -------- -------- -------- -------- -------- --------- Balance at 31 December 2006 377 393 5 596 (962) 409 ======== ======== ======== ======== ======== ========= Profit for the period - - - - 12 12 Total recognised income and expense for the period - - - - 12 12Share options - - 4 - - 4 -------- -------- -------- -------- -------- --------- Balance at 30 June 2007 377 393 9 596 (950) 425 ======== ======== ======== ======== ======== ========= Loss for the period - - - - (351) (351) -------- -------- -------- -------- -------- --------- Total recognised income and expense for the period - - - - (351) (351)Share options - - 4 - - 4 -------- -------- -------- -------- -------- --------- Balance at 31 December 2007 377 393 13 596 (1,301) 78 ======== ======== ======== ======== ======== ========= CONDENSED CONSOLIDATED BALANCE SHEETAT 31 DECEMBER 2007 6 months to 31 6 months to 31 Year to December 2007 December 2006 30 June 2007 £'000 £'000 £'000 Notes Unaudited Unaudited UnauditedASSETS Non-current assets Property, plant and equipment 6 40 35 40Intangible assets 3 228 289 289 --------- --------- --------- 268 324 329 --------- --------- ---------Current assets Trade and other receivables 383 370 514Cash and cash equivalents - 55 57 --------- --------- --------- 383 425 571 --------- --------- ---------Total assets 651 749 900 ========= ========= ========= LIABILITIES Current liabilities Trade and other payables (513) (340) (471)Overdraft (54) - - --------- --------- --------- (567) (340) (471) --------- --------- ---------Non-current liabilities Amounts owing under finance leases (6) - (4) --------- --------- ---------Total non-current liabilities (6) - (4) --------- --------- ---------Total liabilities (573) (340) (475) --------- --------- ---------Net assets 78 409 425 ========= ========= ========= EQUITY Equity attributable to equity holders of the parentShare capital 377 377 377Share premium account 393 393 393Share options 13 5 9Merger reserve 596 596 596Profit and loss account (1,301) (962) (950) --------- --------- ---------Total equity 78 409 425 ========= ========= ========= CONDENSED CONSOLIDATED CASH FLOW STATEMENTFOR THE PERIOD ENDED 31 DECEMBER 2007 6 months to 6 months to Year to 31 December 2007 31 December 2006 30 June 2007 £'000 £'000 £'000 Notes Unaudited Unaudited Unaudited Loss before interest and taxation (351) (278) (263)Adjustments for: - Share option charges 4 5 9 - Depreciation and amortisation 69 83 180 - Decrease / (increase) in trade and other receivables 132 91 (51) - Increase / (decrease) in trade and other payables 39 (65) 58 --------- --------- ---------Cash flows from operating activities (107) (164) (67)Interest paid (2) (2) (5)Tax paid - - - --------- --------- ---------Net cash from operating activities (109) (166) (72) --------- --------- --------- Cash flows from investing activities Interest received - 2 2Purchase of property, plant and equipment (3) (2) (8)Software development - (89) (179) --------- --------- ---------Net cash used in investing activities (3) (89) (185) --------- --------- ---------Cash flows from financing activities Proceeds from issue of share capital - 470 470Repayment of loans - (100) (100)Payment of finance lease liabilities (4) (1) (2) --------- --------- ---------Net cash (used in)/generated by investing (4) 369 368activities --------- --------- --------- Net (decrease) / increase in cash and cash (116) 114 111equivalentsCash and cash equivalents at beginning of period 51 (60) (60) --------- --------- ---------Cash and cash equivalents at end of period (65) 54 51 ========= ========= ========= Notes to the financial statements 1. Publication of non-statutory accounts The financial information set out above does not constitute statutory accountsas defined in Section 240 of the Companies Act 1985. The figures for the yearended 30th June 2007 have been extracted from the statutory financial statementsprepared under United Kingdom Generally Accepted Accounting Principles ("UKGAAP"), which have been filed with the Registrar of Companies. The auditors'report on those financial statements was unqualified. The auditors have issuedan unqualified report on the full financial statement and remuneration reportcontaining no statement under section 237 (2) or section 237 (3) of theCompanies Act 1985. In the opinion of the Directors, the financial informationpresents fairly the financial position, results of operations and cash flows forthe period in conformity with IFRS consistently applied. The interim report forthe six months ended 31 December 2007 was approved by the Directors on 31 March2008. Rubicon Software Group plc's consolidated interim financial statements arepresented in Pounds Sterling (£), which is the functional currency of all Groupcompanies. Rubicon Software Group plc and its subsidiaries' ('the Group') principalactivity is consultancy and design, development and provision of computersoftware. The Group's solutions are sold to customers in the financial servicessector to automate business processes relating to client interaction, workflowmanagement, Internet, Intranet and Local Area Network based solutions. Rubicon Software Group plc is the Group's ultimate parent company. It isincorporated and domiciled in England and Wales. The address of Rubicon SoftwareGroup plc's registered office, which is also its principal place of business, isRubicon House, Guildford Road, West End, Woking, Surrey GU24 9PW. RubiconSoftware Group plc's shares are listed on the AIM Market of the London StockExchange. 2. Basis of preparation These interim condensed consolidated financial statements are for the six monthsended 31 December 2007. They do not include all of the information required forfull annual financial statements, and should be read in conjunction with theconsolidated financial statements of the Group for the year ended 30 June 2007. They have been prepared in accordance with IAS 34 "Interim Financial Reporting"and the requirements of IFRS 1 "First-time Adoption of International FinancialReporting Standards" relevant to interim reports, because they are part of theperiod covered by the Group's first IFRS financial statements for the year ended30 June 2008. These condensed consolidated interim financial statements (the interim financialstatements) have been prepared under the historical cost convention inaccordance with the accounting policies set out in note 7 which are based on therecognition and measurement principles of IFRS in issue as adopted by theEuropean Union (EU) and are effective at 30 June 2008 or are expected to beadopted and effective at 30 June 2008, the first annual reporting date at whichthe Group are required to use IFRS accounting standards adopted by the EU. The policies have changed from the previous year when the financial statementswere prepared under applicable UK GAAP. The comparative information has beenrestated in accordance with IFRS. The changes to accounting policies areexplained in note 7, together with an illustration of the effects of thetransition to IFRS in note 8. The date of transition to IFRS was 1 July 2006(transition date). The accounting policies that have been applied in the opening balance sheet havealso been applied throughout all periods presented in these financialstatements. These accounting policies comply with each IFRS that is mandatoryfor accounting periods ending on 30 June 2008. 3. Research and development Research and development costs incurred in the period amounted to £193,000 allof which has been expensed, as the IFRS recognition criteria cannot currently bemet. In 2006, £89,000 of research and development cost was capitalised. 4. Operating loss The Group operates a share-based compensation plan. The fair value of theemployee services received under the plan is recognised as an expense in thecondensed consolidated income statement. Fair value is determined using theBlack-Scholes Option Pricing Model. The amount to be expensed over the vestingperiod is determined by reference to the fair value of share options. The operating loss is stated after adoption of IFRS 2 "Share-based payment". TheGroup recognised total expenses of £5,000 for the six months ending 31 December2006 and £4,000 for the six months ending 31 December 2007. The financial effectof these adjustments is shown below: Condensed consolidated income statement 6 months to 6 months to Year to 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Unaudited Unaudited Unaudited Revenue 744 464 1,380Other operating income and charges (1,091) (737) (1,634) ---------- ---------- ----------Operating loss before share-based payments (347) (273) (254)Share-based payment expense (4) (5) (9) ---------- ---------- ---------- Operating loss (351) (278) (263) ---------- ---------- ---------- 5. Loss per share The relevant figures used in the calculation are stated below: 6 months to 6 months to Year to 31 December 31 December 30 June 2007 2006 2007 £'000 £'000 £'000 Unaudited Unaudited Unaudited Loss attributable to shareholders (351) (278) (263) Weighted average number of shares outstanding 37,699,995 34,854,343 36,265,474 At 31 December 2007, the Company had 1,789,875 share options outstanding. Noneof these options were exercised in the period so there is no dilutive effect onthe Group's earnings per share. 6. Property, plant and equipment During the period the Group acquired £7,000 of computer hardware (2006: £6,000) 7. Accounting policies Basis of consolidation The Group financial statements consolidate those of the company and all of itssubsidiary undertakings up to 31 December 2007. Subsidiaries are entities overwhich the Group has the power to control the financial and operating policies soas to obtain benefits from its activities. The Group obtains and exercisescontrol through voting rights. Intra-group transactions are eliminated on consolidation and all figures relateto external transactions only. Amounts reported in the financial statements ofsubsidiaries have been adjusted where necessary to ensure consistency with theaccounting policies adopted by the Group. Business combinations completed prior to the date of transition to IFRS The Group has elected not to apply IFRS 3 Business Combinations retrospectivelyto the business combinations prior to the date of transition. Accordingly the classification of the combination (acquisition, reverseacquisition or merger) remains unchanged from that used under UK GAAP. Assetsand liabilities are recognised at the date of transition if they would berecognised under IFRS, and are measured using their UK GAAP carrying amountimmediately post-acquisition as deemed cost under IFRS, unless IFRS requiresfair value measurement. Reverse acquisition accounting In June 2006 the Company became the legal parent of Rubicon Software Limited andits subsidiaries in a share for share transaction. The Company's continuingoperations and executive management were those of Rubicon Software Limited.Accordingly, the substance of the combination was that Rubicon Software Limitedhad acquired Rubicon Software Group plc in a reverse acquisition. Under the requirements of the Companies Act 1985, it would normally be necessaryfor the Company's consolidated accounts to follow the legal form of the businesscombination. In that case the pre-combination results would be those of theacquired Rubicon Software Group plc and Rubicon Software Limited would beincluded only in relation to its performance from 8 June 2006. However, thiswould portray the combination as the acquisition of Rubicon Software Limited byRubicon Software Group plc and would, in the opinion of the directors, fail togive a true and fair view of the substance of the business combination.Accordingly, the directors have adopted reverse acquisition accounting as thebasis for consolidation in order to give a true and fair view. The adoption of reverse acquisition accounting impacts the financial statementsin a number of different ways. The principle effect is for the consolidatedincome statement to incorporate a full year's trading results of RubiconSoftware Limited and its subsidiary undertakings and 4 months of RubiconSoftware Group plc which had previously been a shell company. The directorsbelieve that by adopting reverse acquisition accounting, the consolidated incomestatement more accurately reflects the actual trading results of the Group. Under reverse acquisition accounting an adjustment within shareholders funds isrequired to eliminate the cost of acquisition in the issuing company's books,and introduce a notional cost of acquiring the smaller issuing company based onthe fair value of its shares. A further adjustment is required to show the sharecapital of the legal parent in the consolidated balance sheet rather than thatof the acquirer. The resulting differences have been debited to the MergerReserve. Revenue Revenue is the total amount receivable by the Group for goods supplied andservices provided, excluding VAT and trade discounts. Revenue is recognised ongoods and services as set out below: Consultancy and software development contracts Consultancy and software development contracts are recognised in line with theperformance of the contract, typically: • For time and materials contracts, the number of days worked in the period at the contracted rates and any materials consumed in the period. • Where a contract involves delivery of several different elements and is not fully delivered or performed by the year end, revenue is recognised based on the proportion of the fair value of the elements delivered to the fair value of the overall contract. Licence income - perpetual If the sale is unconditional and the revenue earned is non-refundable, the valueof software licence income is taken to the income statement in full upondelivery of the software to the client as this point represents full performanceof the sale. If the sale is conditional then the value of the software licenceincome is taken to the income statement once User Acceptance (UAT) has beenachieved, which binds the transaction as non-refundable. Licence income - periodical Annual software licence income is recognised evenly over the contracted licenceperiod. Support and maintenance Support and maintenance income is recognised evenly over the contract term. Share-based payments The company issues equity-settled share-based payments to certain employees(including directors). Equity-settled share-based payments are measured at fairvalue at the date of grant. The fair value determined at the grant date of theequity-settled share-based payments is expensed to the income statement on astraight-line basis over the vesting period, together with a correspondingincrease in equity (via a credit to the share option reserve), based upon thecompany's estimate of the shares that will eventually vest. Fair value is measured using the Black-Scholes pricing model. The expected lifeused in the model has been adjusted, based on management's best estimate, forthe effects of non-transferability, exercise restrictions and behaviouralconsiderations. Upon exercise of share options, the proceeds received net of attributabletransaction costs are credited to share capital, and where appropriate to sharepremium. Where the terms of an equity-settled transaction are modified, as a minimum anexpense is recognised as if the terms had not been modified. In addition, anexpense is recognised for any increase in the value of the transaction as aresult of the modification, as measured at the date of modification. Where an equity-settled transaction is cancelled, it is treated as if it hadvested on the date of cancellation, and any expense not yet recognised for thetransaction is recognised immediately. However, if a new transaction issubstituted for the cancelled transaction, and designated as a replacementtransaction on the date that it is granted, the cancelled and new transactionsare treated as if they were a modification of the original transaction, asdescribed in the previous paragraph. Pension costs The Company operates a money purchase pension scheme for all Directors andemployees. The assets of the scheme are held separately from those of the Group.The annual contributions payable are charged to the income statement. Intangible assets Expenditure on research (or the research phase of an internal project) isrecognised as an expense in the period in which it is incurred. Development costs incurred on specific projects are capitalised when they can bereliably measured and the project to which they are attributable are separatelyidentifiable, are technically feasible, demonstrate future economic benefit, andwill be used or sold by the Group once completed. Development costs not meetingthe criteria for capitalisation are expensed as incurred. Following completionof the development the capitalised cost is amortised on a straight line basisover the period during which the Group is expected to benefit, typically threeyears. The cost of internally generated software comprises all directly attributablecosts necessary to create, produce, and prepare the asset to be capable ofoperating in the manner intended by management. Directly attributable costsinclude third party costs and employee costs incurred on software development,along with an appropriate portion of relevant overheads. Careful judgement by the directors is applied when deciding whether therecognition requirements for development costs have been met. This is necessaryas the economic success of any product development is uncertain and may besubject to future technical problems at the time of recognition. Judgements arebased on the information available at each balance sheet date. In addition, allinternal activities related to the research and development of new softwareproducts are continuously monitored by the Directors. Property, plant and equipment Property, plant and equipment is stated at cost, net of depreciation and anyprovision for impairment. Depreciation Depreciation is calculated to write off the cost of an asset, less its estimatedresidual value, over the useful economic life of that asset as follows: Leasehold properties 10%Office equipment 25% Material residual value estimates are updated as required, but at leastannually, whether or not the asset is revalued. Leased assets In accordance with IAS 17, the economic ownership of a leased asset istransferred to the lessee if the lessee bears substantially all the risks andrewards related to the ownership of the leased asset. The related asset isrecognised at the time of inception of the lease at the fair value of the leasedasset or, if lower, the present value of the minimum lease payments plusincidental payments, if any, to be borne by the lessee. A corresponding amountis recognised as a finance leasing liability. The interest element of leasing payments represents a constant proportion of thecapital balance outstanding and is charged to the income statement over theperiod of the lease. All other leases are regarded as operating leases and the payments made underthem are charged to the income statement on a straight line basis over the leaseterm. Lease incentives are spread over the term of the lease. Operating leases Leases in which a significant portion of the risks and rewards of ownership areretained by the lessor are classified as operating leases. Costs in respect ofoperating leases are charged to the income statement on a straight line basisover the lease term. Rent free periods received in entering into a lease arealso accounted for over the lease term. Taxation Current tax is the tax currently payable based on taxable profit for the year. Deferred income taxes are calculated using the liability method on temporarydifferences. Deferred tax is generally provided on the difference between thecarrying amounts of assets and liabilities and their tax bases. However,deferred tax is not provided on the initial recognition of goodwill, nor on theinitial recognition of an asset or liability unless the related transaction is abusiness combination or affects tax or accounting profit. Deferred tax ontemporary differences associated with shares in subsidiaries and joint venturesis not provided if reversal of these temporary differences can be controlled bythe group and it is probable that reversal will not occur in the foreseeablefuture. In addition, tax losses available to be carried forward as well asother income tax credits to the group are assessed for recognition as deferredtax assets. Deferred tax liabilities are provided in full, with no discounting. Deferredtax assets are recognised to the extent that it is probable that the underlyingdeductible temporary differences will be able to be offset against futuretaxable income. Current and deferred tax assets and liabilities are calculatedat tax rates that are expected to apply to their respective period ofrealisation, provided they are enacted or substantively enacted at the balancesheet date. Changes in deferred tax assets or liabilities are recognised as a component oftax expense in the income statement, except where they relate to items that arecharged or credited directly to equity (such as the revaluation of land) inwhich case the related deferred tax is also charged or credited directly toequity. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits. Trade receivables Trade receivables are recognised initially at fair value. A provision forimpairment of trade receivables is established when there is objective evidencethat the Group will not be able to collect all amounts due according to theoriginal contractual terms. The amount of the provision is the differencebetween the asset's carrying value and the value of the estimated future cashflows. The amount of the provision is recognised in the income statement withinother operating charges. Equity Equity comprises the following: "Share capital" represents the nominal value of equity shares. "Share premium" represents the excess over nominal value of the fair value ofconsideration received for equity shares, net of expenses of the share issue. "Share options reserve" represents equity-settled share-based employeeremuneration until such share options are exercised. "Merger reserve" represents the difference between the nominal and fair value ofshares issued for the acquisition of subsidiary undertakings in accordance withsection 131 of the Companies Act 1985. "Profit and loss reserve" represents retained profits. 8. Effect of transition to IFRS 6 months to 31 6 months to Year to 30 December 31 December June 2007 2006 2007 £'000 £'000 £'000 Unaudited Unaudited Unaudited Total equity under UKGAAP 65 404 416IFRS adjustment value 13 5 9Total equity under IFRS 78 409 425 Operating loss under UKGAAP (347) (273) (254)IFRS adjustment value (4) (5) (9)Operating loss under IFRS (351) (278) (263) The IFRS adjustments relate solely to share options expensed in each period andthe corresponding movement in reserves. 9. Availability of Interim Report Copies of this interim report are available from the Company's Registered Officeat Rubicon House, Guildford Road, West End, Surrey, GU24 9PW or via theCompany's website (www.rubiconsoftware.com). 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