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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cadogan Energy Solutions Plc | LSE:CAD | London | Ordinary Share | GB00B12WC938 | ORD 3P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.15 | 2.00 | 2.30 | 2.15 | 2.15 | 2.15 | 0.00 | 08:00:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Drilling Oil And Gas Wells | 7.55M | 1.26M | 0.0052 | 4.13 | 5.25M |
RNS Number:4783A Cadcentre Group PLC 9 November 1999 CADCENTRE GROUP PLC PROFITS INCREASE BY NEARLY 40% FOR HALF YEAR TO 30 SEPT 1999 CADCENTRE Group plc ("Cadcentre"), the Cambridge headquartered leader in the international market for computer systems which aid the design of process and power plants, has announced its unaudited results for the six months ended 30 September 1999. Key points * Unbroken record of growth maintained with 39% increase in pre-tax profits to #1.9m (1998 : #1.4m). * Turnover rose by 24% to #10.9m (1998 : #8.8m) with a broadly even balance in growth between organic and acquisition. * Operating margins improved to 16.9% (1998 : 14.4%). * Earnings per share were up 59% to 8.00p (1998 : 5.03p). * Interim dividend is being lifted to 1.8p (1998 : 1.6p) - an increase of 13%. * Cash flow remained strong with net cash of #3.5m (1998 : #4.7m) after an outlay of some #4m on acquisitions over the past twelve months. * Strong growth in revenues was achieved in Far East markets and, after last year's cornerstone contract win from BASF, there was strong follow through with sales into the chemical engineering industry in Germany. * At the start of the current financial year, Cadcentre acquired the rights to the 3D design software customer base of AEA Technology ("AEAT") for a consideration of up to $4.5m. * In September, Cadcentre acquired from Kvaerner the rights to additional software products for #1.7m. * On outlook, Chairman, Richard King stated : "We are confident of achieving a successful outcome for the financial year ending March 2000, although for this year, there may be a more even balance between the first and second half years than has historically been the case. "Looking forward over the next few years, the combination of new product and service sales opportunities within an expanding customer base is expected to result in substantial growth in revenues." Richard Longdon, Chief Executive; or John Dersley, Finance Director on 0171-466 5000 (today) and on 01223-556655 (thereafter) Steve Liebmann or Richard Darby at Buchanan Communications on 0171-466 5000 CADCENTRE GROUP PLC RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999 Results and dividend Cadcentre is pleased to announce record profits from a resumption of strong turnover growth, which is balanced evenly between organic growth and that achieved through acquisition. During the six months ended 30 September 1999, turnover increased by 24% to #10.93 million (1998: #8.80 million) and profit before tax increased by 39% to #1.90m (1998: #1.37m). Earnings per share were up 59% at 8.00p for the six months (1998: 5.03p), and an interim dividend of 1.80p per share (1998: 1.60p) will be paid on 28 January 2000 to shareholders on the register at the close of business on 6 January 2000. Operations The main thrust in recent months has been the implementation of the company's strategy to consolidate our existing position and expand our sphere of operations. This involves building on our reputation, skills and customer base in the design of process plant to become a supplier of a broader range of engineering IT systems and services, covering total project execution and operations within our chosen industries. Consolidation This started in November 1998 with the acquisition of the Cadcentre business of our Japanese distributor, but had very little effect until this financial year. Our new company in Japan, aided by a satellite office in Korea, now directly handles sales and support in those countries. The elimination of the distributor's commission means we now retain all of the revenue generated from our customers, but more importantly, we have more control over the selling effort. Coinciding with the re-awakening of the Asian market, the appreciation of the yen and our taking on responsibility for the PASCE customer base (see below), this has meant that the area has enjoyed great success in the first half of this year. Total revenue from the Far East more than doubled compared to the similar period last year. Consolidation continued in the final days of March 1999 with the acquisition of the PASCE 3D design software customer base of AEA Technology. This opened up over 70 active customers to reinforce our position in plant design and means that Cadcentre now has the world's largest installed customer base in high-end 3D plant design systems. The first of those customers have now taken advantage of favourable terms to transfer their usage to Cadcentre's PDMS product. Completion of a PASCE/PDMS translator tool is set for mid-December and Cadcentre will be offering a comprehensive migration service. Expansion On 13 September 1999 the Company acquired SCOPE, an integrated suite of project management software systems. Now renamed FOCUS, version 8.1 will be shipped in November 1999. Just as Cadcentre's PDMS is used in the design office to achieve consistent, buildable designs, eliminating re-work caused by design errors, so FOCUS extends this efficiency drive to the entire fabrication and construction cycle. FOCUS provides precise details of project activity to support the sourcing, planning and control of materials, contractors, equipment and costs. The main competition for FOCUS is our customers' in- house systems, which are expensive to maintain and generally less comprehensive, less integrated and less effective than FOCUS. Revenue growth As mentioned, the new offices in the Far East have enjoyed a good start with the Yokohama office in Japan being warmly welcomed by our users. Although some of the increased revenue in this region was purchased, much of the business in the last six months has been generated from new customers: five in Japan, one in the Philippines, two in Korea and two in China. Following the major sale to BASF last year, our German operation continued its drive into the chemical industry, adding six of its eight new customers from within that industry and growing its total sales by a further 38% over the previous year. Revenue growth in the USA totalled 18% largely as a result of the PASCE acquisition. France gained little benefit from the acquired businesses, but grew its net sales by 13%. The International Division, which covers the rest of Europe including the UK and east as far as India, grew revenue by 14%. This includes revenue from PASCE customers, support revenue from the first few days of FOCUS and the consolidation of the Norwegian subsidiary (previously a minority interest). Finance Strong cash generation has resulted in net cash balances at the end of six months of #3.48 million (1998: #4.66 million) after utilisation of approximately #4 million on acquisitions in the last twelve months. Outlook It is best to look towards the future in two parts. First, the short term. There is some immediate uncertainty over our customers' investment intentions before the full impact of the millennium issues can be assessed, especially within the US market. On a sectoral view, a majority of our new customers in the first half year were linked to the chemical industry (19) while the recovery in the price of oil has yet to feed through into sales to the oil and gas sector (8 new customers). The energy sector was also stable (8 new customers). Overall, the Board is confident of achieving a successful outcome for the financial year ending March 2000, although for this year, there may be a more even balance between the first and second half years than has historically been the case. Looking forward over the next few years, the combination of new product and service sales opportunities within an expanding customer base is expected to result in substantial growth in revenues. Richard King Chairman CONSOLIDATED PROFIT AND LOSS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999 6 months ended Year ended 30 September 31 March 1999 1998 1999 (unaudited)(unaudited) (audited) #'000 #'000 #'000 Turnover 10,929 8,798 17,861 Cost of sales (4,640) (3,883) (6,575) Gross profit 6,289 4,915 11,286 Other operating expenses (net) (4,446) (3,644) (8,448) Operating profit 1,843 1,271 2,838 Interest receivable 61 96 171 Interest payable and similar charges (4) - (8) Profit on ordinary activities before taxation 1,900 1,367 3,001 Tax on profit on ordinary activities (570) (531) (1,105) Profit on ordinary activities after taxation 1,330 836 1,896 Dividends paid and proposed (298) (265) (797) Profit retained for the period 1,032 571 1,099 Basic earnings per share 8.00p 5.03p 11.41p Diluted earnings per share 7.94p 4.92p 11.21p Dividend per equity share 1.80p 1.60p 4.80p Consolidated statement of total recognised gains and losses for the six months ended 30 September 1999 6 months Year ended ended 31 30 September March 1999 1998 1999 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Profit for the period 1,330 836 1,896 Translation (loss) gain (33) (10) 10 arising on consolidation 1,297 826 1,906 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 1999 At 30 At 31 September March 1999 1998 1999 (unaudited)(unaudited) (audited) #'000 #'000 #'000 Fixed assets Software rights 1,686 - - Goodwill 2,538 - 2,648 Tangible assets 3,151 2,670 2,927 Investments - 6 6 7,375 2,676 5,581 Current assets Debtors 6,657 6,953 6,863 Cash 3,484 4,661 4,307 10,141 11,614 11,170 Creditors Amounts falling due within one year (7,728) (6,097) (8,021) Net current assets 2,413 5,517 3,149 Total assets less current liabilities 9,788 8,193 8,730 Creditors Amounts falling due after more than one year - (18) (7) Provisions for liabilities and charges (66) - - Net assets 9,722 8,175 8,723 Capital and reserves Called-up share capital 1,662 1,662 1,662 Share premium account 6,833 6,833 6,833 Profit and (loss) account 1,227 (320) 228 9,722 8,175 8,723 CONSOLIDATED CASH FLOW FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999 6 months ended Year ended 30 September 31 March 1999 1998 1999 (unaudited)(unaudited) (audited) #'000 #'000 #'000 Net cash inflow from operating activities 2,651 1,793 3,588 Returns on investments and servicing of finance 57 (95) 163 Taxation (581) (679) (1,072) Capital expenditure and financial investment (2,401) (408) (1,345) Acquisitions (19) - (929) Equity dividends paid (532) (398) (665) Cash (outflow)/inflow before management of liquid resources and financing (825) 213 (260) Management of liquid resources - 150 1,400 Financing (17) (100) (126) (Decrease)/increase in cash in the period (842) 263 1,014 Notes 1 Analysis of turnover by destination 6 months ended Year ended 30 September 31 March 1999 1998 1999 #'000 #'000 #'000 United Kingdom 1,431 1,774 3,218 Europe, Middle East and Africa 4,601 3,700 7,861 Americas 3,068 2,472 5,028 Far East 1,829 852 1,754 10,929 8,798 17,861 2 Interim ordinary dividend The proposed interim dividend of 1.8p per ordinary share will be payable on 28 January 2000 to shareholders on the register on 6 January 2000. 3 Earnings per ordinary share 30 September 31 March 1999 1998 1999 Profit on ordinary activities after tax #1,330,000 #836,000 #1,896,000 Ordinary shares of 10p each in issue 16,622,000 16,622,000 16,622,000 Diluted ordinary shares of 10p each 16,760,414 16,993,839 16,920,350 4 Comparative figures The comparative figures for the financial year ended 31 March 1999 do not constitute statutory accounts for that financial year. These figures have been extracted from the audited accounts for that year, which have been delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 5 Year 2000 Compliance Year 2000 compliance continued to be high on the agenda of Cadcentre and its customers throughout the year. Year 2000 compliant versions of all Cadcentre's major software products (including PDMS, PEGS, Design Manager, REVIEW Reality and HyperPlant) were prepared and made available to customers before the end of 1998, on both the Windows NT and UNIX platforms. Within Cadcentre itself, the IT department has responsibility for ensuring that all internal software and hardware systems are Year 2000 compliant, and they have been in liaison with all Cadcentre's major suppliers. Any critical systems that have been identified as non-compliant have been replaced by Year 2000 compliant systems. The resultant costs of ensuring compliance have been met from within existing IT budgets and hence no material additional expense has been incurred, or is expected to be incurred, in connection with the group's Year 2000 compliance plan. It is Cadcentre's stated policy that our internal systems and Year 2000 compliant releases of all our products shall perform in compliance to the BSI definition DISC DP2000-1 'A definition of Year 2000 Conformity Requirements'. INDEPENDENT REVIEW REPORT TO CADCENTRE GROUP PLC Introduction We have been instructed by the company to review the financial information set out above and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The Listing Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of Cadcentre management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30th September 1999. Arthur Andersen 9th November 1999 Chartered Accountants Betjeman House 104 Hills Road Cambridge CB2 1LH END IR ALLVALELTIAA
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