Interim Results

 

TIDMCYH 
 
RNS Number : 6703E 
CybIT Holdings PLC 
24 December 2009 
 

 
 
Date: 24th December 2009 
On behalf of:     Cybit Holdings Plc ("Cybit" or "the Company" or "the Group") 
Embargoed until:    0700hrs 
 
 
Cybit Holdings Plc 
INTERIM RESULTS 
Cybit Holdings Plc (AIM: CYH), the international provider of telematics based 
products and services for the management and control of land and sea based 
assets, today announces its interim results for the six months ended 
30th September 2009. 
 
 
Financial Highlights: 
  *  Pre-tax profit increased 22% to GBP1.05m (2008: GBP0.86m) 
  *  Revenues declined by 16% to GBP10.3m (2008: GBP12.3m) 
  *  23% reduction in operating expenses from GBP4.97m to GBP3.84m 
  *  Improvement in gross margins from 58.9% to 63.5% 
 
 
 
Operational Highlights: 
  *  Major new customer wins including CLC, Hobart and UK Drainage Network. 
  *  Strong rate of renewals including May Gurney, Fowler Welch and Iron Mountain 
  *  Vehicle telematics order intake showed growth of 13% over the second half of 
  last year 
  *  Continued focus on operational efficiencies and process improvements 
 
 
 
Commenting on the results Richard Horsman, Chief Executive of Cybit, said: 
 
 
"Due to our cost saving efforts and the measures undertaken to increase 
efficiencies, we are pleased that we can report increased pre-tax profits in 
this difficult economic climate.  The market remains very challenging, but we 
are encouraged to see increased activity in certain areas, which gives us 
confidence in the longer term prospects of the telematics market." 
 
 
 
 
For further information please contact: 
 
 
+----------------------------+---------------------------+----------------------+ 
| Cybit Holdings Plc         | Redleaf Communications    | Cenkos Securities    | 
|                            |                           | Plc                  | 
+----------------------------+---------------------------+----------------------+ 
| Richard Horsman, Chief     | Emma Kane/ Rebecca        | Stephen Keys         | 
| Executive                  |                           |                      | 
+----------------------------+---------------------------+----------------------+ 
| Kevin Lawrence, Finance    | Sanders-Hewett            | Elizabeth Bowman     | 
| Director                   |                           |                      | 
+----------------------------+---------------------------+----------------------+ 
| Tel: [phone]    | Tel: [phone]  | Tel: [phone]  | 
|                            |                           | 1930                 | 
+----------------------------+---------------------------+----------------------+ 
|                            | Email:                    |                      | 
|                            | [e-mail]       |                      | 
+----------------------------+---------------------------+----------------------+ 
 
 
 
 
Notes to Editors: 
  *  Cybit operates within three core sectors:  Vehicle Telematics Solutions; 
  Maritime Solutions; and Private Mobile Radio (PMR) based tracking and precise 
  positioning solutions. Its products and services enable companies to monitor and 
  position mobile assets, manage service level agreements, enhance employee duty 
  of care and comply with legislation. 
  *  In the Vehicle Telematics sector, Cybit is one of Europe's leading Telematics 
  Service Providers (TSPs).  Approximately 2,000 business-to-business clients use 
  its fleet and asset management solutions to manage in the region of 50,000 
  mobile assets. Solutions include in-vehicle technologies, workflow management 
  and internet-based monitoring and reporting software. The Company also provides 
  consulting services to advise on legal issues such as duty of care and working 
  hours. 
  *  Cybit's Maritime Solutions business, BlueFinger, is recognised as one of the 
  world's leading suppliers of Fisheries Vessel Monitoring Systems. Bluefinger 
  provides the fisheries authority with the necessary tools for managing their 
  licensed fishing fleets and coordinating the activity of the fisheries patrol 
  vessels that enforce national fisheries policy throughout the EEZ. BlueFinger's 
  Saffire-Online system is ideal for race organisers to track the position, 
  direction and speed of each yacht and vessel in ocean going or inshore races. 
  *  Its PMR business, Cybit Positioning Solutions, provides asset-tracking and 
  security solutions for both maritime and land-based applications including 
  exploration and mining. Its precise positioning solutions assist in the location 
  and exploitation of oil, gas and mineral reserves around the globe. 
 
 
CHAIRMAN'S STATEMENT 
 
 
Despite a reduction in revenue resulting from the current global recession, 
previously reported cost measures have allowed the Company to deliver a GBP1.05m 
profit which is a 22% increase over the same period last year. 
 
 
Operational Review 
 
 
In the vehicle telematics sector, Cybit supports nearly 50,000 mobile assets for 
approaching 2,000 customers.  Order intake from our UK focused installed base 
and new business teams declined by circa 20% when compared with the same period 
last year. There was however an increase of 4% over second half performance last 
year which gives us confidence that the UK vehicle telematics market is starting 
to recover. 
 
 
New customer wins during the first half have included CLC, Hobart and UK 
Drainage Network.  Although renewal rates held up at circa 80% of units, orders 
intake was behind the same period last year. Significant expansion and renewal 
deals were however signed with existing customers including May Gurney, 
Linbrook, Fowler Welch and Iron Mountain. 
 
 
Vehicle telematics order intake at the group level was relatively flat at 
GBP8.5m but encouragingly showed growth of 13% over the second half of last 
year. This leads us to believe that the European market as a whole is slowly 
starting to recover. 
 
 
Cost and cash management continue to remain an absolute priority and we continue 
to focus on operational efficiencies and process improvements within the 
business. 
 
 
Financial Performance 
 
 
Revenue in the first half reduced by 16% from GBP12.3m to GBP10.3m when compared 
with the same period last year.  However, it is pleasing to note that as a 
result of cost saving measures implemented over the last twelve to eighteen 
months, pre-tax profit increased from GBP0.86m to GBP1.05m. 
 
 
Gross cash, excluding bank overdrafts, increased from GBP2.67m at 31st March to 
GBP3.38m at 30th September. Cash balances, including overdrafts, stood at 
GBP2.5m at September. Net cash, after all group bank borrowings, stood at 
GBP1k as a result of investment in acquisitions, own book and capital 
investment 
 
 
As at 30th September, the internal lease book included GBP7m of profit that will 
be recognised over the next three to five years. This is down from GBP7.7m at 
31st March 2009 
 
 
At the end of the period, the Group had GBP3m of cash available from the HSBC 
revolving credit facility plus an unused overdraft facility of GBP0.5m. 
 
 
Operational Performance 
 
 
Our business incorporates three sectors; Vehicle Telematics, Maritime Solutions 
and Private Mobile Radio based tracking and precise positioning. Order intake 
from our precise positioning and maritime businesses declined substantially in 
the period from GBP2.1m to GBP1.2m. This is a direct result of the current 
significant downturn in both the oil and gas exploration and fisheries 
management markets. Although order intake was down, revenues from our Cybit 
Positioning Solutions business held up as we continued to deliver against 
outstanding order commitments. We are now starting to see increased activity in 
this sector which gives us confidence in the longer term prospects. 
 
 
Within our BlueFinger Maritime business a lack of order intake during the first 
half will most likely impact the full year performance of this business. Delays 
to a number of significant projects have impacted order intake although we are 
starting to see increased activity levels which could result in an upturn 
towards the end of the fiscal year. 
 Technology 
 
 
During the first half, most of the development effort relating to 
Fleetstar-Online was focused on delivering enhancements to key areas such as 
CANbus, business/private mileage and enhancing logistics capabilities such as 
estimated time of arrival and temperature monitoring. The team also delivered a 
new map display environment which integrates digital and satellite maps. 
 
 
A significant program of work has been undertaken with the Truck24 platform. 
This involved the implementation of a new hardware and database environment 
which will improve scalability and resilience as the installed base continues to 
grow. 
 
 
Indirect Channels 
 
 
In general, the UK SMEs have been badly affected by the current recession and in 
common with many companies in our market, order intake from our reseller 
community has declined by circa 55% over the same period last year. We are 
starting to see signs of recovery and hope to see improvement during the final 
quarter of the current fiscal year. 
 
 
International Operations 
 
 
Truck24 
 
 
The performance of Truck24 was very strong with order intake increasing from 
circa EUR600k to EUR2.3m as a result of both new and existing customers investing in 
our technology. 
 
 
Revenue performance for the first half increased from GBP1.4m to GBP1.7m with 
the business delivering profit and cash to the Group. 
 
 
Cybit AB 
 
 
This has been another successful period of growth for our Scandinavian 
operation. Order intake for the first six months increased significantly over 
the same period last year and we now have customer installations in Sweden, 
Denmark, Norway and Finland. 
 
 
Revenues during the period increased from GBP0.2m to GBP0.6m and the business 
contributed both cash and profit to the Group. 
 
 
Acquisition of Integra Telematics Contracts 
 
 
In September, Cybit was assigned contracts to provide telematics services to 
customers of Integra Telematics, a subsidiary of Glasgow based GDS Mobile 
Communications Limited. 
 
Integra's customer base includes a significant number of infrastructure 
providers in the local government and construction sectors as well as five large 
Scottish councils. The addition of these contracts has consolidated Cybit's 
position as one of the leading providers of telematics solutions to Scottish 
based customers. As part of the deal, GDS has become a reseller and installer of 
Cybit solutions. 
 
 
Cybit has already made significant progress migrating customers from the Integra 
platform to Fleetstar-Online. 
 
 
Post period event 
 
 
Since the period end, the Board of Directors announced that they had reached 
agreement on the terms of a recommended cash acquisition of the entire issued 
and to be issued ordinary share capital of Cybit Holdings plc, by Cyberspace 
Bidco Limited, a wholly-owned subsidiary of Francisco Partners, the global 
technology-focused private equity firm. 
 
 
The Board firmly believes that this transaction is in the best interests of 
shareholders and delivers value which would take much longer to achieve as a 
listed company. The financial and operational flexibility afforded by Francisco 
Partners' private ownership will enable Cybit to continue to drive growth to the 
benefit of both our customers and employees. 
 
 
Finally, I would like to place on record my thanks to Richard and the team in 
ensuring that an offer, capable of being recommended by the Board, has been made 
to shareholders. If shareholders vote in favour and the proposed acquisition 
completes, Richard expects to leave the business following a handover period and 
I wish him well in his future ventures. 
 
 
 
 
 
 
Neil Johnson 
Chairman 
24th December 2009 
 
 
 
 
 
 
 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Consolidated interim income statement                |             |              | 
+------------------------------------------------------+-------------+--------------+ 
| For the six months ended 30    |       |             |             |              | 
| September 2009                 |       |             |             |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
|                                |       |  Six months |  Six months |  Year ended  | 
|                                |       |             |             |    31 March  | 
|                                |       |          30 |          30 |         2009 | 
|                                |       |   September |   September |    (audited) | 
|                                |       |        2009 |        2008 |              | 
|                                |       | (unaudited) | (unaudited) |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
|                                |Notes  |         GBP |         GBP |          GBP | 
+--------------------------------+-------+-------------+-------------+--------------+ 
|                                |       |             |             |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Sales revenue                  |  3    |  10,283,010 |  12,305,835 |   25,481,505 | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Cost of sales                  |       | (3,755,142) | (5,050,944) | (10,522,898) | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Gross profit                   |       |   6,527,868 |   7,254,891 |   14,958,607 | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Administrative expenses        |       |             |             |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
|   Other operating expenses     |       | (3,838,573) | (4,966,325) |  (9,486,775) | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Depreciation and               |       |   (754,781) |   (552,134) |  (1,531,607) | 
| amortisation                   |       |             |             |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Total administrative expenses  |       | (4,593,354) | (5,518,459) | (11,018,382) | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Operating result               |       |   1,934,514 |   1,736,432 |    3,940,225 | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Finance income                 |       |       7,661 |      78,043 |       31,677 | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Finance expense                |       |   (894,507) |   (959,280) |  (1,828,047) | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Result for the period before   |       |   1,047,668 |     855,195 |    2,143,855 | 
| taxation                       |       |             |             |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Tax expense, net               |       |   (156,005) |   (246,781) |    (204,503) | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Net result for the period      |       |     891,663 |     608,414 |    1,939,352 | 
+--------------------------------+-------+-------------+-------------+--------------+ 
|                                |       |             |             |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Attributable to shareholders   |       |     891,663 |     608,414 |    1,939,352 | 
| of Cybit Holdings Plc          |       |             |             |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
|                                |       |             |             |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Earnings per share (pence)     |  5    |             |             |              | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Basic                          |       |       3.25p |       2.22p |        7.06p | 
+--------------------------------+-------+-------------+-------------+--------------+ 
| Diluted                        |       |       3.25p |       2.21p |        7.06p | 
+--------------------------------+-------+-------------+-------------+--------------+ 
 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Consolidated interim balance sheet     |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| 30 September 2009                |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |          30 |          30 |   31 March  | 
|                                  |     |   September |   September |        2009 | 
|                                  |     |        2009 |        2008 |   (audited) | 
|                                  |     | (unaudited) | (unaudited) |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |         GBP |         GBP |         GBP | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| ASSETS                           |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Non-current assets               |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Goodwill                         |     |   5,646,645 |   4,945,604 |   5,605,403 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Other intangible assets          |     |   4,720,764 |   4,638,770 |   4,814,571 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Property, plant and equipment    |     |     472,806 |     560,730 |     497,540 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Deferred tax assets              |     |     205,279 |     401,122 |     353,173 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Other non-current assets         |     |     323,495 |     115,387 |     333,131 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |  11,368,989 |  10,661,613 |  11,603,818 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Current assets                   |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Inventories                      |     |   1,518,868 |   1,511,343 |   1,620,943 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Trade and other receivables      |     |   8,441,569 |   7,834,735 |   8,393,418 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Cash and cash equivalents        |     |   3,377,893 |   2,974,752 |   2,670,931 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Total                            |     |  13,338,330 |  12,320,830 |  12,685,292 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| TOTAL ASSETS                     |     |  24,707,319 |  22,982,443 |  24,289,110 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| LIABILITIES                      |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Current liabilities              |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Trade and other payables         |     |   5,542,840 |   6,649,296 |   6,801,560 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Short term borrowings            |     |   1,386,615 |   1,111,625 |   1,050,372 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Current tax payable              |     |      38,696 |      36,069 |      12,075 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Provisions                       |     |     256,365 |           - |     291,829 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |   7,224,516 |   7,796,990 |   8,155,836 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Non- current liabilities         |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Trade and other payables         |     |     395,465 |     705,315 |     432,606 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Long-term borrowings             |     |   2,044,892 |   1,375,613 |   1,237,826 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Deferred tax                     |     |     361,088 |     393,774 |     361,088 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| TOTAL LIABILITIES                |     |  10,025,961 |  10,271,692 |  10,187,356 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| NET ASSETS                       |     |  14,681,358 |  12,710,751 |  14,101,754 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| EQUITY                           |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Share capital                    |     |   7,425,488 |   7,425,488 |   7,425,488 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Share premium account            |     |   7,591,607 |   7,591,607 |   7,591,607 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Merger reserve                   |     | (1,141,368) | (1,141,368) | (1,141,368) | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Equity reserve                         |     194,374 |     194,374 |     194,374 | 
+----------------------------------------+-------------+-------------+-------------+ 
| Foreign exchange reserve               |   (281,650) |    (29,656) |      30,409 | 
+----------------------------------------+-------------+-------------+-------------+ 
| Retained earnings                      |     892,907 | (1,329,694) |       1,244 | 
+----------------------------------------+-------------+-------------+-------------+ 
|                                        |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| TOTAL EQUITY                     |     |  14,681,358 |  12,710,751 |  14,101,754 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
 
 
 
 
 
 
 
+---------------------+----------+-+-+-----------+---------+-+---+-----+-+-------------+----------+-----------+-+----------+-+-+ 
| Consolidated interim statement   |                       |     |     | 
| of changes in equity             |                       |     |     | 
+----------------------------------+-----------------------+-----+-----+ 
| 30 September 2009   |          |                                       |             |          |             |            | 
|                     |          |                                       |             |          |             |            | 
+---------------------+----------+---------------------------------------+-------------+----------+-------------+------------+ 
| Equity attributable to equity holders of Cybit Holdings                |             |                      |            |   | 
| Plc:                                                                   |             |                      |            |   | 
+------------------------------------------------------------------------+-------------+----------------------+------------+---+ 
|                                    |     Share |     Share |   Foreign |      Merger |   Equity |    Retained |      Total | 
|                                    |   capital |   premium |  exchange |     reserve |  reserve |    earnings |     equity | 
|                                    |           |   account |   reserve |             |          |             |            | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
|                                    |       GBP |       GBP |       GBP |         GBP |      GBP |         GBP |        GBP | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
|                                    |           |           |           |             |          |             |            | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Balance at 31 March 2008           | 7,425,488 | 7,591,607 |  (10,866) | (1,141,368) |  194,374 | (1,938,108) | 12,121,127 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Foreign exchange adjustments       |         - |         - |  (18,790) |           - |        - |           - |   (18,790) | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Profit for the six month period    |         - |         - |         - |           - |        - |     608,414 |    608,414 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Total comprehensive income         |         - |         - |  (18,790) |           - |        - |     608,414 |    589,624 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Balance at 30 September 2008       | 7,425,488 | 7,591,607 |  (29,656) | (1,141,368) |  194,374 | (1,329,694) | 12,710,751 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Foreign exchange adjustments       |         - |         - |    60,065 |           - |        - |           - |     60,065 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Profit for the six month period    |         - |         - |         - |           - |        - |   1,330,938 |  1,330,938 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Total comprehensive income         |         - |         - |    60,065 |           - |        - |   1,330,938 |  1,391,003 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Balance at 31 March 2009           | 7,425,488 | 7,591,607 |    30,409 | (1,141,368) |  194,374 |       1,244 | 14,101,754 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Foreign exchange adjustments       |         - |         - | (312,059) |           - |        - |           - |  (312,059) | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Profit for the six month period    |         - |         - |         - |           - |        - |     891,663 |    891,663 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Total comprehensive income         |         - |         - | (312,059) |           - |        - |     891,663 |    579,604 | 
+------------------------------------+-----------+-----------+-----------+-------------+----------+-------------+------------+ 
| Balance at 30 September 2009       | 7,425,488 | 7,591,607 | (281,650) | (1,141,368) |  194,374 |     892,907 | 14,681,358 | 
+---------------------+----------+-+-+-----------+---------+-+---+-----+-+-------------+----------+-----------+-+----------+-+-+ 
 
 
 
 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Consolidated interim cash flow         |             |             |             | 
| statement                              |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| For the six months ended 30      |     |             |             |             | 
| September 2009                   |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |  Six months |  Six months |  Year ended | 
|                                  |     |             |          30 |    31 March | 
|                                  |     |          30 |   September |        2009 | 
|                                  |     |   September |        2008 |   (audited) | 
|                                  |     |        2009 | (unaudited) |             | 
|                                  |     | (unaudited) |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |         GBP |         GBP |         GBP | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Operating activities             |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Results for the period after tax |     |     891,663 |     608,414 |   1,939,352 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Adjustments for:                 |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|               Depreciation and   |     |     754,781 |     552,134 |   1,531,607 | 
|              amortisation        |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|               Working capital    |     | (1,550,693) |   (253,477) | (1,628,559) | 
|              changes             |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|              Finance costs       |     |     886,846 |     881,237 |   1,796,370 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|              Taxation expense    |     |     151,005 |     246,781 |     204,503 | 
|              recognised in the   |     |             |             |             | 
|              income statement    |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Cash generated from operations   |     |   1,133,602 |   2,035,089 |   3,843,273 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Corporation tax paid             |     |           - |   (346,638) |   (357,926) | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Financing costs of assigning     |     |   (840,786) |   (882,328) | (1,715,311) | 
| debts to finance companies       |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Net cash from operating          |     |     292,816 |     806,123 |   1,770,036 | 
| activities                       |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Investing activities             |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Purchase of subsidiary           |     |    (41,242) |   (999,031) |   (999,031) | 
| undertakings                     |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Purchase of property, plant and  |     |    (85,504) |   (198,283) |   (263,396) | 
| equipment                        |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Purchase of other intangibles    |     |   (557,072) |   (705,468) | (1,650,435) | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Interest received                |     |       7,661 |      78,043 |      31,677 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Net cash used in investing       |     |   (676,157) | (1,824,739) | (2,881,185) | 
| activities                       |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
|                                  |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Financing activities             |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Interest paid                    |     |    (53,721) |    (76,952) |   (112,736) | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Receipts from borrowings         |     |   1,000,000 |   1,039,503 |   1,039,503 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Finance lease repayments         |     |    (12,446) |    (17,957) |    (30,367) | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Repayment of loans               |     |   (102,949) |    (64,061) |   (219,516) | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Net cash generated from          |     |     830,884 |     880,533 |     676,884 | 
| financing activities             |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Net changes in cash and cash     |     |     447,543 |   (138,083) |   (434,265) | 
| equivalents                      |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Exchange differences             |     |         710 |       (672) |      24,120 | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Net cash and cash equivalents,   |     |   2,015,544 |   2,425,689 |   2,425,689 | 
| beginning of period              |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
| Net cash and cash equivalents,   |     |   2,463,797 |   2,286,934 |   2,015,544 | 
| end of period                    |     |             |             |             | 
+----------------------------------+-----+-------------+-------------+-------------+ 
  Selected explanatory notes 
 
 
1.  Nature of operations and general information 
 
 
Cybit Holdings plc, a public limited company, is the Group's ultimate parent 
company. It is registered in England & Wales. The address of Cybit Holdings 
plc's registered office, which is also its principal place of business, is Cybit 
House, Kingfisher Way, Hinchingbrooke Business Park, Huntingdon, Cambridgeshire 
PE29 6FN. 
 
 
Cybit Holdings plc's shares are listed on the London Stock Exchange's 
Alternative Investment Market (AIM). Cybit Holdings plc's consolidated full year 
financial statements are presented in British Pounds (GBP), which is also the 
functional currency of the ultimate parent company. 
 
2. Accounting policies and basis of preparation 
 
 
These consolidated interim financial statements have been prepared in accordance 
with the accounting policies expected to be followed for the year ending 31 
March 2010. These policies are consistent with those of the annual financial 
statements for the year ended 31 March 2009 which are based on the recognition 
and measurement principle of International Financial Reporting Standards (IFRS) 
as adopted by the European Union, except for the adoption of IAS 1 "Presentation 
of Financial Statements (Revised 2007) and IFRS 8 "Operating Segments". The 
financial statements have been prepared under the historical cost convention. 
The impact of showing items at fair value, such as share options, is not 
material. 
 
 
3. Segment Analysis 
 
The Group has one principal activity and operating segment and makes sales to a 
variety of global destinations. An analysis of sales revenue by geographical 
market is given below: 
+--------------------------------+-------------+-------------+-------------+ 
|                                |  Six months |  Six months |  Year ended | 
|                                |          30 |          30 |    31 March | 
|                                |   September |   September |        2009 | 
|                                |        2009 |        2008 |   (audited) | 
|                                | (unaudited) | (unaudited) |             | 
+--------------------------------+-------------+-------------+-------------+ 
|                                |         GBP |         GBP |         GBP | 
+--------------------------------+-------------+-------------+-------------+ 
|                                |             |             |             | 
+--------------------------------+-------------+-------------+-------------+ 
| United Kingdom                 |   7,072,175 |   9,226,524 |  18,991,237 | 
+--------------------------------+-------------+-------------+-------------+ 
| Rest of Europe                 |   3,038,992 |   2,604,540 |   5,766,026 | 
+--------------------------------+-------------+-------------+-------------+ 
| Africa                         |           - |     269,570 |      57,787 | 
+--------------------------------+-------------+-------------+-------------+ 
| Middle East                    |     136,760 |     194,341 |     617,915 | 
+--------------------------------+-------------+-------------+-------------+ 
| Rest of world                  |      35,083 |      10,860 |      49,540 | 
+--------------------------------+-------------+-------------+-------------+ 
|                                |  10,283,010 |  12,305,835 |  25,481,505 | 
+--------------------------------+-------------+-------------+-------------+ 
 
 
4.  Share issues 
 
 
There were no issues of shares during the period under review. 
 
5.  Earnings Per Share 
 
The calculation of the basic earnings per share is based on the profits 
attributable to the shareholders of the Group divided by the weighted average 
number of shares in issue during the period. All earnings per share calculations 
relate to continuing operations of the Group. 
+--------------------------------+---------------+--------------+------------+ 
|                                |       Profits |     Weighted |      Basic | 
|                                |  attributable |      average |   earnings | 
|                                |            to |    number of |  per share | 
|                                |  shareholders |       shares |  amount in | 
|                                |               |              |      pence | 
+--------------------------------+---------------+--------------+------------+ 
| Six months ended 30 September  |       891,663 |   27,451,768 |      3.25p | 
| 2009                           |               |              |            | 
+--------------------------------+---------------+--------------+------------+ 
| Six months ended 30 September  |       608,414 |   27,451,768 |      2.22p | 
| 2008                           |               |              |            | 
+--------------------------------+---------------+--------------+------------+ 
| Year ended 31 March 2009       |     1,939,352 |   27,451,768 |      7.06p | 
+--------------------------------+---------------+--------------+------------+ 
 
 
The calculation of the diluted earnings per share is based on the profits 
attributable to the shareholders of the Company divided by the weighted average 
number of shares in issue during the period, as adjusted for dilutive share 
options. All earnings per share calculations relate to continuing operations of 
the Group. 
 
 
+--------------------------------+---------------+--------------+------------+ 
|                                |               |     Dilutive |    Diluted | 
|                                |               |      options |   earnings | 
|                                |               |              |  per share | 
|                                |               |              |  amount in | 
|                                |               |              |      pence | 
+--------------------------------+---------------+--------------+------------+ 
| Six months ended 30 September  |               |            - |      3.25p | 
| 2009                           |               |              |            | 
+--------------------------------+---------------+--------------+------------+ 
| Six months ended 30 September  |               |      105,385 |      2.21p | 
| 2008                           |               |              |            | 
+--------------------------------+---------------+--------------+------------+ 
| Year ended 31 March 2009       |               |       12,550 |      7.06p | 
+--------------------------------+---------------+--------------+------------+ 
 
 
 
 
6.  Financial Statements 
 
 
The interim financial information included in this report does not constitute 
statutory accounts for the purposes of section 434 of the Companies Act 2006. 
The full accounts for the year ended 31 March 2009 which were prepared under 
IFRS and which received an unqualified report from the auditors, and did not 
contain a statement under s237(2) or (3) of the Companies Act 1985, have been 
filed with the Registrar of Companies. Comparative figures for the period ended 
30 September 2008 contained within this report were published in a press release 
on 3 December 2008. 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR FELFIDSUSEIE