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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Horizon Tech. | LSE:HOR | London | Ordinary Share | IE0006881506 | ORD EUR0.07 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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| 0.00 | 0.00% | 92.50 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 92.50 | GBX |
Horizon Technology (HOR) Share Charts1 Year Horizon Technology Chart |
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1 Month Horizon Technology Chart |
Intraday Horizon Technology Chart |
| Date | Time | Title | Posts |
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| 13/3/2008 | 10:23 | Horizon Technology | 44 |
| 11/9/2006 | 18:10 | Quinn Direct buys 6% of Horizon. | 11 |
| 07/4/2006 | 08:05 | Horizon Open Systems June 2005 | 5 |
| 29/7/2005 | 13:23 | Horizon technology + Chart's 03/04 | 71 |
| 22/9/2004 | 11:54 | The Horizon Technology Group Thread | 57 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 07/11/2007 07:50 by charlie11908 High Court allows Horizon to wipe losses Tuesday, 6th November 2007 01.34pm Dublin-based computer system provider Horizon Technology Group has won High Court approval to reduce its share premium account by the amount necessary to eliminate historical losses and restore the profit and loss account to a nil position. The Company has not been in a position to distribute dividends because it has had cumulative retained losses. To get over this, the ISE quoted group had previously sought and received shareholder approval to reduce the share premium account. The directors do not intend to declare a dividend in the short term but believe that it is important to eliminate the legal impediment on the payment of dividends. It says the position of its creditors is not adversely affected by the reduction. |
Posted at 06/11/2007 17:53 by tole Horizon Technology "buy"Tuesday, November 06, 2007 7:04:13 AM ET Goodbody Stockbrokers LONDON, November 6 (newratings.com) - Analyst Gerry Hennigan of Goodbody Stockbrokers maintains his "buy" rating on Horizon Technology Group Plc (ticker: HOR-GBX). In a research note published this morning, the analyst mentions that Horizon Technology has received an approval by the High Court to reduce its share premium account, restore its P&L account to a nil position and, as a result, position the company to distribute dividends. Although Horizon Technology has indicated that it does not intend to declare a dividend in the near term, the company may do so going ahead, the analyst says. |
Posted at 19/10/2007 13:38 by tole Not been posted here...Services boost Horizon Tech Created: 7 September 2007 Written by: Tim Bradshaw Like Morse, Horizon Technology is moving out of pure hardware reselling and into consulting services - but without the same heartache that has soured Morse's results recently. "We are not walking away from our investments in infrastructure," says Horizon's chief finance officer, Cathal O'Caoimh. "We are very happy to invest in two distinct areas." Earnings from applications consulting grew 78 per cent, comprising a third of group earnings; the change in mix has improved operating margins from 8.8 per cent to 14.2 per cent. Cash conversion of 167 per cent put Horizon back into a net cash position, but that's also because it hasn't retained its traditional pace of acquisitions. "There's a gap between the multiples we're prepared to pay and what some of these companies are looking for," says Mr O'Caoimh, adding that the company is "certainly still in the market" for more deals, particularly in the Irish public sector and in Oracle consulting. Oracle infrastructure software, a relatively new area for Horizon, has been slower to take off than it had hoped, but business has picked up since the half-year. Panmure Gordon expects EPS of 10.8c (7.3p) in 2007 and 11.9c (8p) in 2008 (2006: 9.2c). Horizon Technology (HOR) ORD PRICE: 66p MARKET VALUE: £ 54m TOUCH: 65-67p 12-MONTH HIGH: 80p LOW: 61p DIVIDEND YIELD: nil PE RATIO: 14 NET ASSET VALUE: 51 cents* NET CASH: 1.0m Half-year to 30 Jun Turnover (m) Pretax profit (m) Earnings per share (¢) Net div per share (¢) 2006 131 3.13 2.77 nil 2007 146 3.91 4.47 nil % change +11 +25 +61 - *includes intangible assets of 25.9m or 31 cents per share (£1=1.48) IC VIEW - GoodValue Horizon's low rating partially reflects low trading volumes in its London listing, but the shares are nonetheless good value. Last IC View: Good value, 77p, 23 March 2007 NB - Believe the figures quoted above by Panmure have since been upgraded post results to 11.09c and 12.04c, which is the lowest of the estimates I have with the majority and house brokers Shore Cap looking for 11.5c and 12.7c respectively for 2007e and 2008e. |
Posted at 07/9/2007 11:41 by tole Horizon Technology profits jump by 25pc in first halfFriday September 07 2007 HORIZON Technology, the specialist in the integration and distribution of information technology products, has reported interim results showing a 25pc jump in profits before tax to 3.9m for the half year to June 30, 2007. The improvement came on the back of its decision to focus on service provision and exit the hardware distribution business which had acted as a drag on earnings. Horizon's chief executive Gary Coburn said. "The successful integration of acquisitions completed in 2006 and our increased services orientation is delivering performance and growth." The group generated 8.8m cash flow from operations and eliminated net debt at the end of the period, with net cash of 1m instead of net debts of around 7m a year ago. Horizon said its enterprise applications and services division increased earnings by 78pc year-on-year and generated one third of the group's earnings. It also said the expansion of services within the group's Irish operations means that 58pc of group profits were generated in Ireland during the period stated. The company's own broker Shore Capital said the results were "some way ahead of our expectations" and has decided to upgrade both the 2007 and 2008 forecast as a result. While it had predicted revenues of 139m and earnings of 4.5c eps, the company reported revenues of 145m with earnings pitched at 51c a share. "The cash performance of the business has been particularly strong," the broker said. Horizon's market position is continuing to strengthen, which should bode well for future margin development, the broker said, adding that a proposed capital reduction raises the possibility of dividend payments in the near future. |
Posted at 06/9/2007 16:59 by tole Would have hoped chart wise this has bottomed and now a good move today to close above 65pFurther summary on results... Enterprise growth on the Horizon By John Kennedy 06.09.2007 - Irish technology services player Horizon Technology Group plc has seen gross profits increase 44pc for the first six months of the year, based on revenues of 146.3m which were up 11pc on last year. Horizon chief executive Gary Coburn attributed the half year performance to growth in the company's enterprise application and services businesses, up 78pc in the six months, which now account for a third of the group's earnings. "The successful integration of acquisitions completed in 2006 and our increased services orientation is delivering performance and growth," Coburn said. The company reported a 27pc increase in earnings before interest and taxes (EBIT) to 4.6m, up from 3.1m a year earlier. Horizon's chief financial officer Cathal O'Caoimh said that operating margins are up 40 basis points to 3.2pc. "Very positive cash flow generated 8.8m funds from operations and eliminated net debt at the period end," O'Caoimh said. "Horizon is well positioned, both operationally and financially, to deliver continued earnings growth." |
Posted at 06/9/2007 10:04 by tole Hi Yump - Would have thought the Net Debt element must have played its part. Along with their reliance on Sun Platforms. Though as picked up from Goodbody's update today - would have thought that clarity on their business model was what was required.Horizon (Buy, Closing Price EUR0.95) H107 First Glance- Positive Outturn Analyst: Gerry Hennigan Horizon's H107 results provide, as expected, a greater degree of clarity on the model going forward post a period of significant M&A activity. With the model now concentrated in the network infrastructure and application consulting markets in the UK and Ireland the questions were whether Horizon could: achieve revenue growth in the competitive UK market; and deliver the desired expansion in margins and profitability targeted by management. On a continuing basis revenue of EUR146.3m increased 11% annually and 15% sequentially, albeit with the benefit of the aforementioned acquisitions. 81% of sales originated from the UK, the remainder from Ireland. Gross margin of 18.5% was ahead of forecast (15.8%), which, combined with a revenue outcome 3% ahead of forecasts, and despite a significant increase in the cost base (26% ahead of expectation), resulted in fully diluted adj. EPS by our estimate of 5.2c. That compared with our forecast of 4.9c and the 3.7c recorded for the previous period. Gross and trading margins in Ireland (44.0% and 14.2%) continue to outperform that in the UK (12.4 and 2.4%) and that dynamic, given an expectation that growth will largely emanate from latter, warrants attention. Net debt was eliminated over the period, with Horizon in a net cash position to the tune of EUR1.0m, a considerable improvement on our forecast of EUR12.0m and EUR9.2m at the end of December. The outlook statement has a familiar ring to it with management indicating that the services markets in the UK and Ireland continue to grow, albeit in the single-digit percentage range. Pressure on margins is described as modest. Based on a previous session-closing price of EUR0.95 and our pre-results forecasts, valuation at 8.3x FY07 and 7.5x FY08 adjusted earnings, particularly in light of the very solid outturn, looks decidedly undemanding. Risks remain, the obvious one being the heavy exposure to the Sun infrastructure market (c50% - c.60% of sales), but the level of discount is hardly warranted, in our view. |
Posted at 06/9/2007 08:58 by tole Interims out...Horizon Technology Group plc Interim Results for the six months to 30 June 2007 The first half of 2007 was a period of continued and significant progress, financially and strategically: Financial highlights: * Revenue increased 11%; Gross profit increased 44% * EBIT increased 27% - EBIT margin increased 40 basis points to 3.2% * Diluted EPS increased 21% * Strong cash conversion in the first half - 167% of EBITA * Compound EPS growth of 27% since 2003 Strategic highlights: * Increasing services orientation within Horizon's business: * 78% growth in application consulting and services earnings * One third of group earnings now comes from application consulting and services * Delivering earnings growth from acquisitions * Maintaining high market share with existing key vendors * Profitably building market share with new vendor partners * Investing & developing in new partnerships The results reflect continued earnings improvement, increased financial capacity and the group's ability to deliver performance and growth. Gary Coburn, Horizon's Chief Executive Officer, said: "We are encouraged by the growth in our enterprise application and services businesses in the six months, which now represent a third of the group's earnings. Our enterprise infrastructure division continues to diversify its revenue base and improve expense productivity. The successful integration of acquisitions completed in 2006 and our increased services orientation is delivering performance and growth." Cathal O'Caoimh, Horizon's Chief Financial Officer, noted: "We are pleased to report another period of progress against every financial measure. EBIT is up by 27% and operating margins up 40 bps to 3.2%. Very positive cash flow generated Euro8.8m funds from operations and eliminated net debt at the period end. Horizon is well positioned, both operationally and financially, to deliver continued earnings growth." Update by Davy (House Broker) Price 95c Target: 140.0c Issued: 15/03/07 Previous: 130.0c Issued: 16/03/06 Horizon has released (September 6th) its interim results for the six months to June 30th 2007. Results are very positive and broadly in line with our forecasts. Revenue was 146.31 (Davy: 144.5), EBITDA 5.58 (Davy: 5.0) and diluted adjusted EPS 5.11c (Davy: 5.1c). An increased focus on higher-margin service-based revenues has led to a 22% increase in adjusted EPS, a 20% increase in EBITDA and generated significant cash. Management confirmed that 33% of profits are now generated through application consulting and IT services, while the share of UK-generated revenues increased to 80%. The increase in service-based profits is significant and has been driven by the Irish Client Solutions Division, and also by an increased service constituent in infrastructure revenues in the UK and Ireland. Regarding last year's acquisitions, management confirmed that Equip, EPC and WBT were delivering earnings ahead of expectations. In addition, the exclusive UK Oracle partnership is expected to generate profits in H2, as is the recently set up Data Management Division. Horizon Enterprise Systems, which focuses on IBMspecific enterprise products and services, generated its first material profits in H1. In terms of cashflow, the group had a very strong H1, resulting in net cash at the end of the period of 1m. This is an increase of 8m on the 7m debt on December 31st 2006. There will be an analyst briefing this morning which will provide more detail, but we do not anticipate changing our full-year numbers. |
Posted at 05/9/2007 11:17 by tole BUY recommendation out today from Goodbody Brokers.Horizon (Buy, Closing Price 0.94) H107 Results tomorrow Analyst: Gerry Hennigan Horizon is scheduled to release H107 results on tomorrow, a period which will mark the first full six month contribution from all three acquisitions (EquIP Technology, EPC and WBT) completed in 2006. That, along with the disposal of the distribution franchise (wholly confined to Ireland), should give greater visibility on the revised model, which is now firmly focussed on network infrastructure and application consulting. We are forecasting H1 sales of 141.9m and adjusted EPS of 4.9c. On a continuing basis, our H1 revenue outcome would represent annual growth of 8% and a sequential increase of 12%. Within the revenue line points of note will include: the proportional contribution from the geographic spheres of operation (UK and Ireland); and the strength or otherwise of each of the two broad revenue categories (infrastructure and application consulting) due to the divergence of margin achieved. The dynamic will warrant attention, in our view, particularly in light of exposure to Sun platforms, from which 50% - 60% of revenue is derived. A clear objective of recent M&A activity, in our view, was to provide the platform for revenue growth in the UK, while at the same time concentrating the model in higher margin revenue streams. Divestment of the distribution business has partly aided that transition, as has an increase in the relative exposure to application consulting. Past commentary would also suggest the prospect for further dealflow. While the model transition has created a degree of uncertainty over the past year, current valuation at 8.2x FY07 and 7.4x FY08 adj. earnings is undemanding. A solid H1 outturn should, thus, provide a 'floor' for the share price. |
Posted at 04/9/2007 14:56 by tole DAVY Brokers BUY recommendation out today.Horizon Technology H1 results preview; share of service-based profits is key Price 94c Target: 140.0c Issued: 15/03/07 Previous: 130.0c Issued: 16/03/06 Horizon is due to release H1 results on September 6th. We are forecasting H1 revenues of 144.5m and EBITDA of 5m with an adjusted EPS of 5.1c. Because Sun's financial year ends on June 30th, Horizon usually has a higher proportion of sales in H1, with profits weighted towards H2. As well as an update from the Enterprise Systems group, we will look for news from the Clarity unit on progress with the Oracle partnership in the UK, which became an exclusive partnership on June 1st. Also of interest will be management's comments on the integration of Equip, EPC and WBT as well as the recently set-up Data Management unit. Horizon has indicated in the past that approximately 33% of profits are based on IT services; any increase in this number will be positive. Recognising the fact that a significant portion of profits are based on IT services, it is the key factor in valuing Horizon. |
Posted at 02/9/2004 08:02 by blackbear Hehe thanx denpotResult's look stunning , yet another 29% earning's growth in just 6 month's RNS Number:5183C Horizon Technology Group PLC 02 September 2004 Horizon Technology Group plc Dublin: HOR.I London: HOR.L ADR OTC:HZNTY Interim Results for the six months to 30 June 2004 First Half EPS growth of 29% 2 September 2004, London and Dublin Horizon Technology Group plc, a leading system integrator and distributor of information technology products in the UK and Ireland, announces its interim results for the six months to 30 June 2004. Financial & Operational Highlights * Turnover growth of 17.3% driven by market share gains in the UK and Ireland. * First-half operating profit increased 31.6% year-on-year to Euro3.3 million, representing the fifth consecutive increase in half-yearly operating profit. * Adjusted diluted earnings per share increased 29% to 4.29 cent. * Over the last five half-years, operating profit and adjusted diluted EPS have increased by a compounded half-yearly 22.5% and 35.8% respectively. * Net asset value per share increased 26% year on year. * Continuing focus on productivity and efficiency has increased turnover per head by 20% to over Euro1.5 million. Commenting on the 2004 first half results, Samir Naji, Horizon's Chairman said: "Horizon's turnover growth, at 17.3%, was significantly ahead of the broader market. Sustainable efficiency and productivity gains are driving growth in market share and delivering superior financial performance. Active management of these factors translates to a 28.8% growth in adjusted diluted EPS during the period in review. Horizon's unique combination of leading market positions, proven relationships with blue-chip customers and leading IT vendors, a solid financial base, cost leadership and a strong management team continue to provide us with the capacity to deliver superior financial performance." Cathal O'Caoimh, Horizon's Chief Financial Officer also commented: "These results reflect our ability to deliver consistency, performance and growth. Our focus on operational efficiency and cost containment has translated a 9.7% increase in gross profit into a 31.6% increase in EBIT. Our competitive advantages and operational gearing have enabled the group to increase earnings at a faster rate than growth in revenue. We are well positioned to continue to deliver growth in shareholder value ahead of the market." ABOUT HORIZON Horizon Technology Group plc is a leading technical integrator and distributor of information technology products in the UK and Ireland. Providing enabling technologies and services, Horizon assists organisations in maximising the business benefits from their information technology investment, while minimising disruption and risk. The group partners with world-leading hardware manufacturers, independent software vendors, system integrators and value-added resellers to deliver complete turnkey solutions to the customer. Horizon operates through two trading divisions - Enterprise Solutions and Distribution and Channel Services. Enterprise Solutions: This division assists customers with the implementation of their IT strategies through the provision of infrastructure, application development, implementation consulting and training services. Its customer base consists primarily of blue-chip corporations and government departments in the UK and Ireland. Distribution and Channel Services: Horizon is the leading value-added distributor of computer and networking products in Ireland, offering leading edge supply chain management and technical services to global technology vendors and value-added resellers. Founded in 1988, Horizon has offices in Dublin, Lisburn, Cork and Manchester. Annualised turnover exceeds Euro300 million. For more information about Horizon, visit www.horizon.ie Investor, analyst and media enquiries: Mark Kenny K Capital Source Tel: +353-1- 631 5500 Email: mkenny@kcapitalsourc Paul McSharry/Joe Doyle Financial Dynamics Ireland Tel: +353-1-663 3600 Email: paulmc@fdireland.ie RESULTS OVERVIEW Horizon Technology Group plc's interim results reflect the group's ability to deliver consistency, performance and growth. Significant operational progress was achieved in each division. Turnover increased by 17.3%, while EBIT increased by 31.6% and diluted adjusted EPS increased 28.8%. Half-yearly operating profit increased for the fifth consecutive time, reflecting the consistency of the group's performance. Over the last five half-years, operating profit and diluted adjusted EPS have increased by a compounded half-yearly 22.5% and 35.8% respectively. In the first half of 2004, the IT markets in the UK and Ireland experienced the initial stages of a measured recovery, in line with the board's expectation. Industry unit volumes grew at rates of 15% to 20% but continued unit price depreciation, albeit at a lower rate than in 2003, limited industry turnover growth to approximately 5%. Against that backdrop, Horizon's turnover, at Euro150.8 million, increased 17.3% year-on-year. Horizon's above average turnover growth was a direct result of continued market share gains in all of the group's key areas of operation. The Enterprise Solutions division's turnover grew by 16.4% while turnover in the Distribution and Channel Services division grew by 18.5%. The group's strategy has been to compete aggressively on price and service in order to increase market share and earnings. This top and bottom line strategy has resulted in a contraction in gross profit margin from 11.6% in the first half of 2003 to 10.9% in the first half of 2004. However, strong turnover growth and a focus on efficiency have delivered an increase in gross profit. First half gross profit, at Euro16.4 million, is up 9.7% on the first half of 2003 and up 15.9% on the second half of 2003. The group, through increased efficiencies and reduced costs, continues to deliver on its stated objective of increasing earnings, independent of turnover growth. The group translated a 9.7% increase in gross profit into a 31.6% increase in EBIT. As a percentage of turnover, EBIT has increased from 2.0% to 2.2%, and annualised turnover per employee increased by 20% to over Euro1.5 million. This financial performance reflects Horizon's competitive advantages - leading market positions, cost leadership and efficient processes, a strong financial position and proven relationships with blue-chip customers and global IT vendors. The following market share gains have been achieved during the first half: * The group's UK enterprise infrastructure and services operation increased its market share following a number of large ticket implementations. Horizon is now one of Sun Microsystems' largest partners in the combined area of the UK and Ireland. * In Ireland, the group's enterprise applications and services operation has built on its market-leading position and delivered strong growth. Horizon achieved a number of large project wins in the telecommunications and finance sectors, including projects in O2, Hibernian Insurance and IIB. * The group's distribution and channel services operation in Ireland increased its market share with unit shipment growth of over 30% - in a market which delivered 20% unit growth. This division has added another of Ireland's largest resellers to its client base and Horizon is now the primary HP source to eight of the ten largest Irish resellers. The following table sets out a summary of the profit and loss account for the six months to June 2004 and a comparison with the two previous six-month periods. Six months to Six months to Six months to 30 June 2004 31 Dec 2003 30 June 2003 Euro'000 Euro'000 Euro'000 Turnover 150,800 121,754 128,520 Gross profit 16,363 14,120 14,914 EBITDA 4,665 3,946 3,924 EBIT 3,326 2,583 2,527 Retained profit 2,107 151 148 EPS (Diluted adjusted - Euro cent) 4.29 3.78 3.33 The group continued its focus on cost control and efficiency gains during this period. Average headcount in the six months to June 2004 was 198, broadly unchanged from 2003. This figure is skewed by an increase in revenue generating technical consultants offset by a reduction in back office headcount. Consultant utilisation rates inclusive of new headcount remain very high at around 90%. The group's cash flow and financial position remains strong. Net asset value per share increased 26%, year on year. However, an Euro11.8 million net cash outflow from operating activities led to net debt of Euro8.1 million at the period end. This compares to net cash balances of Euro4.4 million at the end of 2003. This step change arises as a result of a reduction in supplier credit terms - creditors' days were reduced from 70 to 56 days over the six months while the group trimmed stock days and debtors' days marginally. Horizon retains significant financial capacity with unused credit facilities at 30 June of approximately Euro25 million. Horizon's net debt is well within comfortable levels representing less than one times annualised EBITDA and a debt/ equity ratio of 32 / 68. Interest cover, at 7.7 times, improved from 7.2 times in the first half of 2003. As in prior years, the interim taxation charge is an estimate based on the current expected full year tax rate. The group has successfully reduced the future lease obligations for properties that lay vacant after the restructuring process. Since January, Horizon has entered into three sub-let agreements and surrendered three leases. The directors have re-assessed the balance sheet provisions for future rental and associated payments and concluded that, at Euro4.7 million, the level of provision is adequate. OUTLOOK In the first half of 2004, the IT markets in the UK and Ireland experienced the initial stages of a measured recovery. The board anticipates that this measured recovery will continue. Unit volumes and services delivered will continue to grow but, as a result of unit price performance improvements, industry turnover growth will be measured. Horizon has continued to deliver consistent superior performance and sustained earnings growth. It has continued to increase its market penetration and leverage its competitive advantage and cost efficiencies to deliver significant earnings growth. Horizon's medium-term objective is to sustain the recent pace of earnings growth. The group's strategy is to continue to drive its competitive advantages to grow revenue and to utilise its operational gearing to increase earnings at a faster rate than turnover growth. Horizon is well positioned to convert market share gains and any further upturn in market demand into superior returns for its shareholders. Samir Naji Chairman 1 September 2004 OPERATING REVIEW for the six months to 30 June 2004 DIVISIONAL ANALYSIS The group operates through two separate trading divisions - Enterprise Solutions division and Distribution & Channel Services division. The performance of each division is detailed below. ENTERPRISE SOLUTIONS DIVISION This division assists customers in implementing IT strategies through the provision of IT infrastructure, development and consulting services. Its customer base is predominantly comprised of blue-chip companies. The division includes the Irish and UK-based enterprise infrastructure and services (EIS) businesses and the Irish enterprise application and services (EAS) business. It has a current full time equivalent staff count of 140 employees. Six months to Six months to Six months to 30 June 2004 31 Dec 2003 30 June 2003 Euro'000 Euro'000 Euro'000 Turnover 83,697 67,052 71,896 Gross profit 12,417 10,637 11,451 Gross margin 14.8% 15.9% 15.9% The division's turnover, at Euro83.7 million increased 16.4% on the first half of 2003 and 24.8% on the second half of 2003. All businesses within the division posted turnover growth with the fastest rate of growth occurring in the UK EIS operation. The group competed aggressively on price and service to increase market share. This strategy, combined with a change in the sales mix, resulted in growth in gross profit of 16.7% to Euro12.4 million and a modest decline in gross profit margin from 15.9% to 14.8% year-on-year. Sectors within the group's EIS business that were particularly strong in the half-year included finance, telecommunications and government. Major wins included a 10,000-seat implementation of Linux-based software in AIB Bank and a data centre for the Irish Revenue Commissioners. In the group's Irish EAS business, strong demand for data warehousing projects continued but this growth was surpassed by demand for applications and bespoke development projects. New wins included projects in O2, Hibernian Insurance and IIB. In June, the group announced that it had entered into an agreement with BMC Software to establish a new Business Service Management (BSM) unit within its EAS business. This unit will provide a complete range of BMC Software services including sales, consulting, implementation and support to existing and new BMC Software customers. BSM is a fast-growing segment of the IT market and represents an exciting opportunity for the group. DISTRIBUTION AND CHANNEL SERVICES DIVISION Clarity Distribution is Ireland's leading value-added distributor of computer and IT products. It offers leading edge supply chain management services to resellers and to global technology vendors. This division operates in the Irish market and has a current full time equivalent staff count of 51 employees. Six months to Six months to Six months to 30 June 2004 31 Dec 2003 30 June 2003 Euro'000 Euro'000 Euro'000 Turnover 67,103 54,702 56,624 Gross profit 3,946 3,482 3,463 Gross margin 5.9% 6.4% 6.1% Turnover in the distribution and channel services division increased 18.5% on the first half of 2003 and 22.7% on the second half of 2003. The division used its cost leadership position to increase market share - a strategy that led to growth in gross profit of 13.9% to Euro3.95 million while gross profit margin declined marginally from 6.1% to 5.9%. Industry PC volumes grew approximately 20% year-on-year but the continuing reduction in unit prices, albeit at a lower rate than last year, has restricted growth in total industry turnover. Clarity's unit shipments increased by over 30% reflecting the success of our strategy of competing on both cost leadership and service. As competition within the PC and low-end server market continues to intensify, margins have declined. However, Clarity has a cost leadership position in the Irish IT distribution sector and continues to focus on systems development, as well as on cost control, to maintain its position as the most efficient supply chain operator in the market. Clarity has leveraged its efficiencies to increase its share of the Irish HP distribution market and has added additional re-sellers to its client base during the period. Clarity is now the primary HP supplier to eight of the top ten resellers in Ireland. CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months to 30 June 2004 Unaudited Unaudited Audited Six months to Six months to Year ended 30 June 2004 30 June 2003 31 Dec 2003 Note Euro'000 Euro'000 Euro'000 TURNOVER 2 150,800 128,520 250,274 ________ ________ ________ GROSS PROFIT 2 16,363 14,914 29,034 ________ ________ ________ EARNINGS BEFORE INTEREST, DEPRECIATION AND GOODWILL AMORTISATION (EBITDA) 4,665 3,924 7,870 Depreciation (516) (633) (1,269) Amortisation of intangibles (823) (764) (1,491) ________ ________ ________ OPERATING PROFIT (EBIT) 3,326 2,527 5,110 NON-OPERATING EXCEPTIONAL ITEMS: Disposal and termination of business units - (1,693) (3,426) ________ ________ ________ 3,326 834 1,684 Net interest charge (431) (353) (670) Unwinding of discount factor (162) (164) (328) ________ ________ ________ PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 2,733 317 686 Taxation on profit on ordinary activities (626) (169) (385) ________ ________ ________ PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 2,107 148 301 Minority interests (including non-equity minority - - (2) interests) ________ ________ ________ PROFIT RETAINED FOR THE FINANCIAL PERIOD AND 2,107 148 299 ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY ________ ________ ________ Earnings per share: 3 Basic earnings per ordinary shares (cent) 3.00 0.23 0.46 Basic earnings per ordinary shares adjusted* 4.40 1.66 3.25 (cent) Diluted earnings per ordinary shares (cent) 2.93 0.21 0.44 Diluted earnings per ordinary shares adjusted* 4.29 1.52 3.13 (cent) *Earnings per share adjusted for amortisation of intangibles and unwinding of discount factor. GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months to 30 June 2004 Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Profit attributable to members of the parent company 2,107 148 299 Exchange difference on retranslation of net assets (106) (371) (417) of subsidiary undertakings __________ __________ __________ TOTAL RECOGNISED GAINS/(LOSSES) 2,001 (223) (118) RELATING TO THE PERIOD __________ __________ __________ MOVEMENTS ON PROFIT AND LOSS ACCOUNT for the six months to 30 June 2004 Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 At 1 January 2004 (45,848) (45,690) (45,690) Profit retained for the financial period 2,107 148 299 Re-translation of overseas subsidiaries (net) (106) (371) (417) Redemption of minority interest preference shares - - (40) __________ __________ _________ At 30 June 2004 (43,847) (45,913) (45,848) __________ __________ _________ The profit and loss account is analysed as follows: Parent Company (46,901) (49,304) (47,118) Subsidiary undertakings 6,549 6,886 4,765 Cumulative goodwill previously written off directly (3,495) (3,495) (3,495) against reserves __________ __________ _________ (43,847) (45,913) (45,848) __________ __________ _________ CONSOLIDATED BALANCE SHEET at 30 June 2004 Unaudited Unaudited Audited 30 June 2004 30 June 2003 31 Dec 2003 Note Euro'000 Euro'000 Euro'000 FIXED ASSETS Intangible assets 8,894 9,271 8,174 Tangible assets 3,714 4,224 3,843 __________ __________ __________ 12,608 13,495 12,017 __________ __________ __________ CURRENT ASSETS Stocks 18,538 15,136 16,130 Debtors 53,268 35,782 40,685 Cash at bank and in hand 11,876 17,786 11,251 __________ __________ __________ 83,682 68,704 68,066 CREDITORS: amounts falling due within 4 (74,349) (61,618) (59,532) one year __________ __________ __________ NET CURRENT ASSETS 9,333 7,086 8,534 __________ __________ __________ TOTAL ASSETS LESS CURRENT LIABILITIES 21,941 20,581 20,551 CREDITORS: amounts falling due after more than 5 (24) (1,263) (62) one year PROVISIONS FOR LIABILITIES AND CHARGES (4,666) (5,687) (5,906) __________ __________ __________ 17,251 13,631 14,583 __________ __________ __________ CAPITAL AND RESERVES Called up share capital 5,023 4,755 5,023 Shares to be issued after period end 1,834 3,085 1,167 Share premium 69,788 67,134 69,788 Profit and loss account (43,847) (45,913) (45,848) Cost of shares of the company held in an ESOP (15,547) (15,547) (15,547) __________ __________ __________ Shareholders' funds (all equity interests) 17,251 13,514 14,583 Minority interests: Non-equity - 117 - __________ __________ __________ 17,251 13,631 14,583 __________ __________ __________ CONSOLIDATED CASH FLOW STATEMENT for the six months to 30 June 2004 Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Note Euro'000 Euro'000 Euro'000 CASH (OUTFLOW)/INFLOW FROM OPERATING 6 (11,783) (1,221) 1,394 ACTIVITIES __________ __________ __________ RETURNS ON INVESTMENT AND SERVICING OF FINANCE Net interest paid (425) (334) (625) Dividends paid to minority interests - - (2) Interest element of finance lease rental (7) (31) (57) payments __________ __________ __________ NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS (432) (365) (684) AND SERVICING OF FINANCE __________ __________ __________ TAXATION Irish corporation tax (paid)/refund (313) 66 15 Overseas taxation refund/(paid) 250 - (327) __________ __________ __________ NET CASH (OUTFLOW)/INFLOW FROM TAXATION (63) 66 (312) __________ __________ __________ CAPITAL EXPENDITURE Payments to acquire tangible fixed assets (355) (158) (435) Receipts from sales of tangible fixed assets 3 4 32 __________ __________ __________ NET CASH OUTFLOW FROM INVESTING ACTIVITIES (352) (154) (403) __________ __________ __________ ACQUISITIONS AND DISPOSALS Purchase of subsidiary undertakings (97) (206) (3,495) Sale of subsidiaries 16 (555) 473 Purchase of minority interest - - (157) _________ _________ __________ NET CASH OUTFLOW FROM ACQUISITIONS AND (81) (761) (3,179) DISPOSALS _________ _________ __________ CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES (12,711) (2,435) (3,184) AND FINANCING NET CASH (OUTFLOW)/INFLOW FROM FINANCING 7(c) (61) (237) 2,278 CASH OUTFLOW FROM MANAGEMENT OF LIQUID (404) - - RESOURCES __________ __________ __________ DECREASE IN CASH 7(b) (13,176) (2,672) (906) __________ __________ __________ NOTES TO THE INTERIM FINANCIAL STATEMENTS for the six months to 30 June 2004 1. BASIS OF PREPARATION The interim financial statements for the six months ended 30 June 2004 have been prepared in accordance with the accounting policies set out in the financial statements for the year ended 31 December 2003. The interim financial statements for the six months ended 30 June 2004 are unaudited. The summary financial statements for the year ended 31 December 2003 represent abbreviated versions of the group's full accounts for that period, on which the Auditors issued an unqualified audit report. 2. SEGMENTAL INFORMATION Segmental information in relation to turnover and gross profit is given in the operating review. 3. EARNINGS PER ORDINARY SHARE Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 The computation of basic and diluted earnings per share is set out below: Numerator Profit after tax and minority interests 2,107 148 299 Amortisation of intangibles 823 764 1,491 Unwinding of discount factor 162 164 328 __________ __________ _________ Adjusted profit before amortisation and 3,092 1,076 2,118 unwinding of discount factor __________ __________ _________ Denominator Weighted average number of shares in issue for 70,263 64,815 65,241 the period ('000) Dilutive potential ordinary shares: Deferred consideration - 5,477 1,297 Employee share options 1,746 387 1,053 __________ __________ _________ Diluted weighted average number of ordinary 72,009 70,679 67,591 shares ('000) __________ __________ _________ Earnings per share: Basic earnings per ordinary shares (cent) 3.00 0.23 0.46 Basic earnings per ordinary shares adjusted* 4.40 1.66 3.25 (cent) Diluted earnings per ordinary shares (cent) 2.93 0.21 0.44 Diluted earnings per ordinary shares adjusted* 4.29 1.52 3.13 (cent) *Earnings per share adjusted for amortisation of intangibles and unwinding of discount factor. 4. CREDITORS: amounts falling due within one year 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Trade Creditors 33,196 26,792 37,876 Accruals 17,466 17,701 12,797 PAYE/PRSI 393 (26) (31) VAT 2,176 1,226 1,472 Corporation taxation 1,086 372 529 Overseas taxation 71 404 71 Bank borrowings 19,860 14,983 6,698 Acquisition loan note - 37 - Obligations under finance leases 101 129 120 __________ __________ ___________ 74,349 61,618 59,532 __________ __________ ___________ 5. CREDITORS: amounts falling due after more than one year 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Obligations under finance leases 24 138 62 Other creditors and accruals - 1,125 - __________ __________ ___________ 24 1,263 62 __________ __________ ___________ 6. RECONCILIATION OF OPERATING PROFIT TO NET CASH(OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Operating profit 3,326 2,527 5,110 Non-operating exceptional items - (1,693) (3,426) Non-cash exceptional items (1,853) (848) (732) Depreciation and amortisation of 1,339 1,397 2,760 intangibles Loss on disposal of tangible fixed assets 6 2 (8) (Increase)/decrease in debtors (11,939) 4,669 (1,661) (Increase)/decrease in stocks (1,978) 2,439 1,283 Decrease in creditors (684) (9,714) (1,932) ___________ ___________ ___________ Net cash (outflow)/inflow from operating (11,783) (1,221) 1,394 activities ___________ ___________ ___________ 7. ANALYSIS OF NET DEBT AND FINANCING AND RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT (a) Analysis of net debt 31 Dec 2003 Translation 30 June 2004 Opening Cashflow Adjustment Closing Euro'000 Euro'000 Euro'000 Euro'000 Cash 11,251 (88) 309 11,472 Overdraft (6,698) (13,088) (74) (19,860) ________ ________ ________ ________ 4,553 (13,176) 235 (8,388) Liquid resources* - 404 - 404 Finance lease (182) 61 (4) (125) obligations ________ ________ ________ ________ 4,371 (12,711) 231 (8,109) ________ ________ ________ ________ * Liquid resources include monies held on deposit, which are pledged as security on lease obligaitons. (b) Reconciliation of net cash flow to movement in net debt Euro'000 Decrease in cash in period (13,176) Cash outflow from decrease in debt and lease financing 61 Cash outflow from increase in liquid resources 404 __________ Change in net debt resulting from cash flows (12,711) Translation adjustment 231 __________ Movement in net debt in the period (12,480) Net cash at 31 December 2003 4,371 __________ Net debt at 30 June 2004 (8,109) __________ (c) Net cash (outflow)/inflow from financing Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Net movements in short term borrowings - (20) (60) Net movements in long term borrowings - (99) (99) Issue of ordinary share capital - - 2,785 Expenses on issue of ordinary share - (8) (150) capital Capital element of finance lease (61) (110) (198) rental payments __________ __________ __________ Net cash (outflow)/inflow from (61) (237) 2,278 financing __________ __________ __________ |
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