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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Computerland Uk | LSE:CPU | London | Ordinary Share | GB0001500353 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 263.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2797J Computerland UK PLC 06 December 2007 CPU.L ComputerLand UK PLC Interim results for the six months ended 31 October 2007 Highlights: * Services revenues up 13% to #11.4m (2006/07 H1: #10.1m) * Total revenue up 10% to #33.9m (2006/07 H1: #30.8m) * Profit before tax* up 2% to #1.45m (2006/07 H1: #1.42m) * Earnings per share* up 3% to 9.9p (2006/07 H1: 9.6p) * Dividend per share up 8% to 2.7p (2006/07 H1: 2.5p) * Net cash at period end up 20% to #8.75m (2006/07 H1: #7.31m) * Before share-based payments, amortisation of customer intangibles and exceptional item Graham Gilbert, Chairman & CEO, commented: "I am delighted to report that our managed services, project services and product supply businesses all performed strongly during the first 6 months of our financial year." "Our managed services business enjoyed a strong performance during the half across an expanded client base." "Our clients are looking at ways to reduce their 'carbon footprint' and our server consolidation expertise has enabled them to achieve this goal." Press enquiries: ComputerLand UK PLC Tel: 0115 931 8000 Graham Gilbert, Chairman & CEO Mike Kent, Finance Director Charles Stanley Securities Tel: 0207 149 6000 Mark Taylor Biddicks Tel: 0207 448 1000 Shane Dolan Chairman's Statement Introduction I am delighted to report that our managed services, project services and product supply businesses all performed strongly during the first 6 months of our financial year. Despite a weaker than expected performance from our hardware maintenance business, we achieved record first half revenues and profit before tax*. Overall our revenues during the half increased by 10% to #33.9 million with our services revenues growing by 13% to #11.4 million. In order to address the issues in our hardware maintenance business we have implemented a number of measures to improve operating efficiency. These actions led to a much improved performance during the second quarter and we are expecting to make further progress in the remainder of our financial year. During the half we have continued to increase the proportion of sales and marketing resources focused on identifying and winning new managed services contracts. We believe that this strategy, combined with our compelling service proposition, will enable us to maximise our growth potential in the expanding market for managed services. Results In the six months to 31 October 2007 profit before tax* increased by 2% to #1.45m (2006/7 H1: #1.42m) on revenues up by 10% to #33.9m (2006/7 H1: #30.8m). Earnings per share* rose 3% to 9.9p (2006/7 H1: 9.6p). Strong operating cash flow led to net cash balances of #8.75m at the period end (2006/7 H1: #7.31m). Profit before tax and earnings per share on an IFRS GAAP basis were #1.18m (2006 /7 H1: #1.26m) and 8.1p per share (2006/7 H1: 8.4p per share) respectively. * Before share-based payments, amortisation of customer intangibles and exceptional item totalling #0.27m or 1.8p per share (2006/7 H1: #0.16m or 1.2p per share) Dividend The performance of our business during the past six months and optimism in our future prospects has led your Board to declare an interim dividend of 2.7p (2006 /07: 2.5p) per share, an increase of 8% on the preceding year. The interim dividend will be paid on 3 March 2008 to shareholders on the register on 1 February 2008. Operating Overview Our strategy is to provide medium and large organisations with a complete solution for their IT infrastructure support, implementation and acquisition requirements. We seek to differentiate ourselves by focusing on the quality and efficiency of our service delivery model. Innovative use of proven technology and methodologies enable us to deliver services which improve the effectiveness of our customers IT whilst reducing their operating costs. A review of our operations is set out below: Managed Services Our managed services business, which provides turnkey solutions for our clients' desktop and server support requirements, enjoyed a strong performance during the half. During the course of last year we added significantly to the scale of our business and I am pleased to report that we have been achieving our operating performance targets across our expanded client base. In addition to a strong performance from our existing client base, I am delighted to report that towards the end of our first half we started service delivery to a new managed service client, Whitefriars Housing Association. Project services Strong demand for our Consultancy and Project Management services has led to a particularly good performance in our projects business. Over the past six months we have delivered projects across a range of platforms and technologies including server consolidation, thin client, storage solutions and messaging. Clients are looking at ways to reduce their 'carbon footprint' and our server consolidation expertise has enabled them to achieve this goal by reducing the number of servers, and hence electricity consumed, in their businesses. Heightened environmental awareness and rising power costs are likely to create an increasing demand for our skills in this area. Hardware Support During the second half of last financial year we migrated a number of legacy software systems to a new integrated platform within our hardware maintenance business. This migration led to a number of operational issues some of which have continued to impact our performance in the current year. As a result we implemented a recovery plan that led to a significant improvement in our performance during the second quarter. Our new systems are now enabling us to deliver our clients a service of the very highest quality and we expect the financial performance of this business unit to continue to improve during the remainder of our financial year. Managed Product Supply Our product supply business performed well during the half as a result of demand from new managed services clients. During the course of 2008 we expect to see the first signs of demand generated by the adoption of Windows Vista in the corporate market place. People These record results have been achieved as a result of the innovation, hard work and dedication shown by our staff. I would like to extend my thanks to all of our employees for their contribution. Current trading and outlook Early indications suggest that trading during November has been in line with our expectations. We expect our business to continue to perform well during the second half of the year and are optimistic about achieving a satisfactory outcome for the year. Graham Gilbert Chairman 5 December 2007 Consolidated income statement For the six months to 31 October 2007 Six months Six months Twelve to to months to 31 October 31 October 30 April 2007 2006 2007 (Unaudited) (Unaudited) (Audited) Note #'000 #'000 #'000 --------------------------- ----- -------- -------- ------- Revenue 33,918 30,820 67,045 --------------------------- ----- -------- -------- ------- Operating profit before share-based payments, amortisation of customer intangibles and exceptional item 1,307 1,303 2,543 Share-based payments (49) (40) (121) Amortisation of customer intangibles (123) (124) (247) Exceptional item 3 (100) - - --------------------------- ----- -------- -------- ------- Operating profit 1,035 1,139 2,175 Finance income 145 121 238 Finance expense - - (2) --------------------------- ----- -------- -------- ------- Profit before tax 1,180 1,260 2,411 Income tax expense 4 (361) (411) (778) --------------------------- ----- -------- -------- ------- Profit for the period 819 849 1,633 --------------------------- ----- -------- -------- ------- Earnings per share - pence - Basic 6 8.1 8.4 16.2 - Diluted 6 8.1 8.4 16.2 --------------------------- ----- -------- -------- ------- A statement of recognised income and expense is not included as there are no unrecognised gains or losses. Consolidated balance sheet As at 31 October 2007 As at As at As at 31 October 31 October 30 April 2007 2006 2007 (Unaudited) (Unaudited) (Audited) Note #'000 #'000 #'000 ---------------------------- ----- -------- -------- -------- Non current assets Property, plant and equipment 1,095 1,220 1,173 Intangible assets 929 1,164 1,108 ---------------------------- ----- -------- -------- -------- 2,024 2,384 2,281 Current assets Inventories 1,558 1,441 1,639 Trade and other receivables 8,073 9,081 9,126 Cash and cash equivalents 8,748 7,313 8,377 ---------------------------- ----- -------- -------- -------- 18,379 17,835 19,142 Current liabilities Trade and other payables 11,633 12,125 12,797 Deferred income 3,837 3,793 3,959 Current tax liability 200 267 213 Deferred tax liability 3 - 16 ---------------------------- ----- -------- -------- -------- 15,673 16,185 16,985 ---------------------------- ----- -------- -------- -------- Net current assets 2,706 1,650 2,157 ---------------------------- ----- -------- -------- -------- Net assets 4,730 4,034 4,438 ---------------------------- ----- -------- -------- -------- Equity Issued capital 204 204 204 Share premium 1,114 1,114 1,114 Investment in own shares (340) (133) (289) Retained earnings 3,752 2,849 3,409 ---------------------------- ----- -------- -------- -------- Total equity 7 4,730 4,034 4,438 ---------------------------- ----- -------- -------- -------- Group cash flow statement For the six months to 31 October 2007 Six months Six months Twelve to to months to 31 October 31 October 30 April 2007 2006 2007 (Unaudited) (Unaudited) (Audited) Note #'000 #'000 #'000 ---------------------------- ----- -------- -------- -------- Net cash inflow from operating activities 8 1,079 1,105 3,080 Investing activities Purchases of intangible assets - computer software (26) (147) (392) Purchases of property, plant and equipment (116) (256) (502) ---------------------------- ----- -------- -------- -------- Net cash used in investing activities (142) (403) (894) ---------------------------- ----- -------- -------- -------- Financing activities Equity dividends paid (503) (2,444) (2,696) Purchase of own shares (240) (18) (224) Sale of own shares 177 67 105 ---------------------------- ----- -------- -------- -------- Net cash used in financing activities (566) (2,395) (2,815) ---------------------------- ----- -------- -------- -------- ---------------------------- ----- -------- -------- -------- Increase/(decrease) in cash and cash equivalents 371 (1,693) (629) Cash and cash equivalents at beginning of period 8,377 9,006 9,006 ---------------------------- ----- -------- -------- -------- Cash and cash equivalents at end of period 8,748 7,313 8,377 ---------------------------- ----- -------- -------- -------- Notes to the interim report 1. Basis of preparation With effect from 1 May 2006, the Group is required to report its financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Commission. This interim report to 31 October 2007 is the first financial information adopting the recognition and measurement requirements of IFRS and conforming with the IFRS accounting policies expected to be applied in the consolidated financial statements for the year ended 30 April 2008. These policies are set out on the Group's website at www.computerland.co.uk in a document which restates the financial information at 1 May 2006 (date of transition), for the year ended 30 April 2007 and for the six months ended 31 October 2006, in accordance with the IFRS accounting policies. As permitted, this interim report has been prepared in accordance with UK listing rules and not in accordance with IAS 34 'Interim Financial Reporting' and is therefore not fully compliant with IFRS. The interim financial statements do not constitute statutory accounts as defined by section 240 of the Companies Act 1985. The figures for the year ended 30 April 2007 have been extracted from the statutory accounts for the year ended 30 April 2007, which were prepared in accordance with United Kingdom accounting standards (UK GAAP). These figures have been restated to conform with IFRS. The statutory accounts for the year ended 30 April 2007, published under UK GAAP, were reported on by the auditors without qualification or statement under section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies. As noted above the results for the six months ended 31 October 2006 and year ended 30 April 2007 have been restated, with the full details of the restatement available in a separate document. To aid understanding of this interim report, the effects of the restatement of revenue, profit before taxation and net assets are shown below: Six months Six months Twelve Twelve to to months to months to 31 October 31 October 30 April 30 April 2006 2006 2007 2007 (Unaudited) (Unaudited) (Audited) (Audited) #'000 #'000 #'000 #'000 --------------------- -------- -------- -------- -------- Revenue as previously reported 30,824 67,034 Maintenance contracts (IAS 18) (4) 11 --------------------- -------- -------- -------- -------- Revenue as reported under IFRS 30,820 67,045 --------------------- -------- -------- -------- -------- Profit before tax as previously reported 1,256 2,466 Goodwill amortisation (IFRS 3) 105 211 Amortisation of customer intangibles (IFRS 3) (124) (247) Maintenance contracts (IAS 18) (2) 7 Employee benefits (IAS 19) 19 (39) Lease incentives (SIC 15) 6 4 13 (55) -------- -------- --------------------- -------- -------- -------- -------- Profit before tax as reported under IFRS 1,260 2,411 --------------------- -------- -------- -------- -------- --------------------- -------- -------- -------- -------- Net assets as previously reported 4,412 4,853 Goodwill amortisation (IFRS 3) (891) (785) Amortisation of customer intangibles (IFRS 3) 793 670 Maintenance contracts (IAS 18) (157) (148) Employee benefits (IAS 19) (97) (155) Lease incentives (SIC 15) (169) (162) Deferred tax (IAS 12) (12) (9) Current tax 155 (378) 174 (415) -------- -------- --------------------- -------- -------- -------- -------- Net assets as reported under IFRS 4,034 4,438 --------------------- -------- -------- -------- -------- 2. Segmental analysis All of the group's operations are based in the UK. There is only one class of business activity undertaken by the group, being the provision of IT services and products. 3. Exceptional Item The exceptional item relates to the resignation of a former Director. 4. Income tax expense The income tax expense for the period is calculated by applying the anticipated effective rate of tax for the year ended 30 April 2008 to the profit before tax. The anticipated effective rate is 30.6% (2006/07: 32.6%). 5. Dividends After the balance sheet date, the directors declared an interim dividend of 2.7p per share (2006/07 H1: 2.5p per share). 6. Earnings per share The calculation of earnings per ordinary share is based on a profit after tax of #819,000 (2006/07 H1: profit after tax of #849,000) and on a weighted average of 10,054,417 (2006/07 H1: 10,107,588) ordinary shares in issue during the period. The calculation of diluted earnings per ordinary share is based on a profit after tax of #819,000 (2006/07 H1: profit after tax of #849,000) and weighted average ordinary shares of 10,105,876 (2006/07 H1: 10,136,088). The calculation of earnings per ordinary share before share-based payments, amortisation of customer intangibles and exceptional item, is based on a profit after tax of #997,000 (2006/07 H1: profit after tax of #966,000). This profit excludes share-based payments of #49,000 (2006/07 H1: #40,000), amortisation of customer intangibles of #123,000 (2006/07 H1: #124,000), exceptional item of #100,000 (2006/07 H1: #nil) and related tax thereon. The weighted average number of shares in issue during the period remains unaltered. 7. Reconciliation of movements in total equity Six months Six months Twelve to to months to 31 October 31 October 30 April 2007 2006 2007 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 ------------------------------ --------- -------- -------- Opening equity 4,438 5,540 5,540 Profit for the period 819 849 1,633 Dividends (503) (2,444) (2,696) Share-based payments 39 40 80 Movement in investment in own shares (63) 49 (119) ------------------------------ --------- -------- -------- Closing equity 4,730 4,034 4,438 ------------------------------ --------- -------- -------- 8. Reconciliation of operating profit to net cash inflow from operating activities Six months Six months Twelve to to months to 31 October 31 October 30 April 2007 2006 2007 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 ------------------------------ -------- ------- -------- Operating profit 1,035 1,139 2,175 Share-based payments 49 40 121 Depreciation and amortisation 393 334 732 Movement in working capital (156) (164) 586 ------------------------------ -------- ------- -------- Net operating cash inflow 1,321 1,349 3,614 Finance income received 145 121 238 Finance expense paid - - (2) Income taxes paid (387) (365) (770) ------------------------------ -------- ------- -------- Net cash inflow from operating activities 1,079 1,105 3,080 ------------------------------ -------- ------- -------- 9. The interim financial statements for the six months ended 31 October 2007 were approved by the board and authorised for issue on 5 December 2007. Copies of this interim report are being sent to all shareholders and will be available to the public from the company's registered office. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFERFSLEIID
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